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Author: Larry Brantley

Articles by: Larry Brantley
17Sep
Do Elections Affect the Economy and Job Market?

Do Elections Affect the Economy and Job Market?

There’s an Election? Who knew?

The answer is WE ALL DO! 

Election season can be challenging for most of us. The constant barrage of commercials, fundraisers and “competing lawn signage” can be exhausting. The best part of the election for many is when it’s completed. 

Elections can have an effect on the labor market, consumer confidence, as well as business leaders whose confidence is often shaken. However, when we look historically at how elections have impacted the unemployment, stock market and dollar value we see that the election itself has little effect. Here are some charts that better explain these stats. With less than 60 days to the national election, my hope for all of you is to seek truth, compassion, ideas, and confidence that your vote will be used wisely and support the initiatives that matter to you, your business and your community.

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The market charts were created from data prior to President Biden stepping down from the ticket. “Each presidency also faced different and unique economic challenges. Trump went through a period of historic low interest rates and a once-in-a-lifetime pandemic; on the other hand, the Biden administration encountered a high interest rate environment, global inflation, and two wars.”-Moheb Hanna- market analyst. Current trading on the DOW as of 9/17/24 is over 41,000.

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The unemployment rate (with the exception of the global pandemic) has continued to go down and has teetered around 4%.

The US dollar is a unique currency that may appreciate or depreciate for different reasons; it is the world’s reserve currency and a haven that investors flock to at times of uncertainty. It is also highly impacted by US economic performance and interest rates. The US dollar significantly declined as Trump assumed the presidency in 2016. The DXY fell from 102.00 to 89.00, then recovered to 93.00 as Trump’s presidency ended. It is worth remembering that COVID significantly impacted the weakness of the USD during Trump’s last year as president.

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The DXY’s initial reaction as Biden took office was a decline; however, it wasn’t as much as the decline witnessed when Trump did. The index declined from 93.00 to 90.00, and shortly after, it began its recovery back up to 112.00 in September 2022. The US dollar’s appreciation during Biden’s presidency was mainly due to the Federal Reserve interest rate hikes and the war in Ukraine. The dollar index declined from its peak at 112.00 and has been trading from 102.00 to 106.00 since October 2022.

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While each of these show adjustments, the key takeaway from my perspective is that the election itself does not have a long term impact on economic factors.  The leaders and the choices made during their administration set the future course.

Something to think about.

https://www.oanda.com/us-en/trade-tap-blog/markets-events/us-election-economic-metrics-to-follow/

29Dec

Your Purpose – Career Choices 

New Year, new potential job? I have recommended to many individuals that as the  current year winds down, it is a good time to look back and reflect on where they are in  their careers.  

Purpose plays a critical role in an individual’s career choice today more than ever. I recently heard a podcast on this topic. Lynne Twist is a well known speaker and author on this subject. In one of her books, Lynne quotes  the author and activist Howard Thurman, “Don’t ask what the world needs. Ask what  makes you come alive, and go do it. Because what the world needs is people who have  come alive.” Job satisfaction and longevity today is closely tied to personal satisfaction  and contentment. 

Don’t ask what the world needs. Ask what  makes you come alive, and go do it. Because what the world needs is people who have  come alive.

Lynne Twist

Below is a Venn “purpose” diagram that I like which helps an individual to look at where  they are in their current career. These answers will change for you depending on your  life and career stage. In my 20+ years of placing talent, I have never seen purpose rank  as important to people when selecting a new job or role. Be honest with yourself when  answering these questions. We’re here to assist as well as advise companies and individuals on their growth strategies in this new year.

I challenge employers to evaluate their current business portfolio and how they want to  grow or change. I found using a Venn diagram beneficial in making key decisions.  

2024 will be a year of change and growth! Let us be a part of yours!

04Dec

On Your Mark. Get Set. GO! 

2024 looks to be a rebound year similar to 2021 after the lockdown phase of the  Covid-19 Pandemic. Much like 2021, I believe there will be a race to gain market  share, and ultimately claim the top talent/jobs in the market. All of my  conversations the last 3 months support this direction.  

Some signs of changes in 2024 include- new job seekers, new staff hires, relocation  (yes it is back), business mergers, office expansion to new markets and new product  offerings. 

There are several key indicators showing the strength of the economy. (Much better  than same time in 2020)  

An unemployment rate has remained below 4% for 2 yrs., currently at 3.9. The  college degree professional unemployment rate, however, is below 2%. (bls.gov)

* U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first  indicated (Report from 11/29/23- https://www.bea.gov/data/gdp/gross-domestic product)  

* On Black Friday (11/24/23), consumers spent $9.8 billion in U.S. online sales,  according to Adobe, up 7.5% from a year ago. Cyber Monday (11/27/23) topped  that, as e-commerce spending in the U.S. totaled $12.4 billion, up 9.6% year over  year. (cnbc.com) 

* Price of gasoline nationally has been down 10 weeks straight. More than 25  cents less than a year ago. National average is $3.25 with many states below $3  a gallon. (ap.com) 

* The Federal Reserve and many financial leaders are stating that the likelihood  of recession is less than 50%.

Employers are showing much more confidence  towards growing businesses and expanding staff. 

We look forward to being a part of your plans for 2024! I am excited to see what the  year has in store for all of us! 

12Oct

The Power of Diversity, Equity, and Inclusion in Talent Acquisition

In today’s ever-evolving business landscape, the term “diversity, equity, and inclusion” (DE&I) has transcended buzzword status to become a defining factor for organizations seeking to thrive in the modern workplace. More than just a moral imperative, DE&I plays a pivotal role in driving innovation, enhancing decision-making, and improving talent attraction and retention.

As the business world grows increasingly complex and global, companies are discovering that a diverse workforce is not only a competitive advantage but a prerequisite for long-term success. In this comprehensive exploration, we delve into the profound impact of DE&I in talent acquisition and unveil strategies that empower organizations to harness its full potential.

The Power of DE&I

Diversity, in all its dimensions, brings a richness of perspectives and experiences to the workplace. In a diverse environment, employees are exposed to different viewpoints and ways of thinking, fostering a creative atmosphere that sparks innovation. Varied backgrounds lead to fresh solutions and novel approaches to challenges.

Consider a scenario in which a multinational tech company aims to design a cutting-edge smartphone. A diverse team, consisting of individuals from different cultural backgrounds, age groups, and gender identities, can contribute unique insights that ensure the product’s design is not limited by a single worldview. These distinct perspectives often lead to groundbreaking features and functionalities that cater to a broader consumer base.

In essence, DE&I becomes a catalyst for innovation, driving organizations to push the boundaries of what’s possible.

Diverse groups of decision-makers tend to consider a wider range of viewpoints, resulting in more comprehensive and well-rounded choices. In an increasingly complex world, this diversity of thought is a competitive advantage. Organizations that welcome diverse perspectives are more likely to foresee potential challenges, anticipate market shifts, and adapt swiftly to change. The outcome is more balanced, forward-thinking decisions.

A diverse board of directors, for example, can more adeptly navigate unforeseen economic downturns, as each member brings their unique expertise to the table. This diversity of thought minimizes the risk of groupthink, which can hinder effective decision-making.

Strategies for DE&I in Talent Acquisition

To harness the full potential of DE&I in talent acquisition, organizations should consider the following strategies:

Eliminate Bias in Recruitment: Bias, whether conscious or unconscious, can hinder diversity efforts in recruitment. To mitigate this, organizations should implement a range of techniques, such as blind resume reviews, diverse interview panels, and structured interview processes. These measures reduce bias and ensure that candidates are assessed fairly based on their qualifications and experience rather than any other factors.

Collaborate with Diverse Networks: Engaging with various professional organizations and networks is a valuable way to tap into a broader talent pool. Attending conferences and events that focus on DE&I in the industry provides opportunities for networking and outreach to candidates from diverse backgrounds. Collaborating with these organizations is an effective method for expanding talent acquisition efforts.

Develop Inclusive Job Descriptions: Job descriptions should be crafted using inclusive language to avoid gendered or biased terms. In addition to being mindful of the language used, it’s crucial to highlight the organization’s commitment to diversity and equal opportunity in job postings. This sends a clear message to potential candidates about the organization’s DE&I values.

Training and Education: Providing training and education on DE&I to hiring teams is essential. These programs help staff understand the importance of diversity and inclusion and how to avoid discriminatory practices during the hiring process. Education should be ongoing to ensure that hiring teams remain aligned with the organization’s DE&I goals.

Regularly Evaluate and Adjust Strategies: DE&I is not a one-time initiative but an ongoing commitment. Organizations should regularly assess their talent acquisition strategies to ensure they remain aligned with their DE&I goals and make adjustments as needed. Ongoing evaluation and adjustment of these strategies are key to maintaining progress.

In the contemporary business landscape, diversity, equity, and inclusion are no longer optional but imperative. Organizations that fully embrace DE&I enjoy the benefits of a richer, more innovative, and inclusive workplace. This translates into a competitive edge, as diverse teams drive creativity and decision-making. To maximize the power of DE&I, organizations must implement strategies to eliminate bias in recruitment, collaborate with diverse networks, develop inclusive job descriptions, provide training and education, and regularly evaluate and adjust their talent acquisition strategies. By doing so, companies not only attract top-tier talent but also foster a culture that celebrates differences and empowers employees to thrive in a diverse, equitable, and inclusive environment.

05Oct

The Post-Pandemic Workplace

It is important to always keep a finger on the pulse of the economy. Every day we experience real-time job market fluctuations based on the active roles and interviews we are managing. However, we saw a need to get feedback from others in the market who are not involved in our company’s inner workings. We conducted a pulse survey via LinkedIn, whose target audience attended a seminar in Texas where I spoke, in May 2022. The goal was to get quick feedback on basic questions in the current workplace. We closed the live survey after we had 100 respondents. We looked at:

  • Gender of audience
  • Age ranges
  • Experience Level
  • Job Change status
  • Work Environment preference

Below are the responses.

 While we did provide a broad array of gender options, we had no respondents who identified as other than male or female in our 100 replies.  We were pleased with the diverse mix of experience levels. This cross section showed a broad general market view.  Chaloner typically focuses on roles requiring 5+ years of experience. We had several student/entry level people complete the survey. The pandemic job market for recent graduates entering the workforce is very different from what most of us experienced. In many instances, they have not met their boss in person or entered a company office.  Prior to the pandemic we did see a significant number of candidates who identified working from home at least one day a week.  Roughly 70% of our respondents currently work at least 1 day a week from home.  Salaries have increased. The largest increase we have observed is in the tech, biomedical, and biotech space. That segment has seen an approximate 15-20% increase between June 2021 and February 2022. The agency workplace has been more aggressive in capturing talent by quickly making a competitive offer to avoid counteroffers.  50% of the people who responded have changed jobs during the pandemic timeframe.  People saw the potential of making more money as the primary reason for a job change.  While we have all used multiple video conference software, Zoom has led the pack by far. “Zoom fatigue” and “Zoom bombing” are new terms that did not exist prior to the pandemic.  When we asked respondents who changed jobs during the pandemic if they made a trip to the physical workspace, almost 80% confirmed they did. Below is a graphic that shows the differences between a candidate driven job market and an employer driven job market. For the last 2 years we have seen a very competitive “candidate” market. However, as we inch closer to a potential recession, we are seeing more changes toward an “employer” market. The hiring process has slowed. Salaries are still staying level.  As of Q1 2022, we have seen a trend of at least 25% of all job openings now totally remote (as reflected in this diagram from Ladders, Inc).

Questions to ask when working or interviewing from home:

  • Do you have a private space with no interuptions?
  • Do you have updated video meeting tools? / Can you access a variety of video meeting tools, based on employer preference
  • When buying/renting, is there a work space?
  • Do you have/need printers, scanners, computers, monitors?
  • Is there appropriate lighting for video call?
  • Do you have phone support?

 Final thoughts:

  • When interviewing, ask if the firm has a covid vaccination policy. Depending on the market, many firms are mandating all employees be vaccinated and boosted.If a firm is currently working remotely, ask “what is the return to office policy?” We are now seeing a hybrid model introduced in Summer 2022, with 2-3 days in office for many workplaces.Be sure to ask about a travel policy if your role depends on travel. Each market you visit may have different guidelines (like mine TX and NYC). Should you test positive for Covid, does the company cover additional lodging and healthcare support when you are away from home.

Things are leveling off but can change quickly. We will all be required to adapt, be flexible and continue to make our safety in the workplace a priority. To connect with Larry on LinkedIn, click here.

04Aug

12 Top Public Relations Recruiters to Know Right Now

In the pre-pandemic era, PR agencies were in a hiring frenzy, with clients abounding and fees surging. Even junior candidates were making bold demands. However, the post-pandemic landscape tells a different story. Layoffs have shifted the dynamics, with employers now seeking hyper-relevant experience and impressive track records, while salaries are returning to more reasonable levels.

In this evolving job market, a select group of PR recruiters have become crucial intermediaries between job-seekers and employers. They play a dual role, acting as both bounty hunters and filters, especially when job openings are inundated with resumes. Business Insider has recognized a dozen leading PR headhunters, including in-house recruiters. While their perspectives on the market vary, they all concur on several key trends.

Before COVID-19, I’d say we were in the hunter-gatherer phase with talent. Now, we’re farming – weeding out the periphery.

Larry Brantley

Client demand for diverse hires and experts to staff the expanding fields of healthcare, pharma, and tech PR is urgent. Versatility has taken on greater importance in this environment, where teams are leaner, and workloads have increased. Larry Brantley noted, “Teams are smaller; you have to do more work.”

For a more detailed look at the top in the PR industry and their insights, you can read the full article here on Business Insider.

04Feb

The Great Resignation is Over in PR

In the PR job market, employees had been enjoying a period of high demand during the pandemic, with generous pay raises, enhanced benefits, and flexible work arrangements. However, economic factors were shifting the balance in favor of employers, with concerns about inflation, rising interest rates, and a looming recession.

Larry Brantley, President of Executive Search Firm Larry Brantley Talent, provided valuable insights during the interview with PRWeek in June 2022. He highlighted that PR job market insiders were noticing changes, such as longer approval times for employment contracts and organizations approaching hiring with more caution. The candidate-friendly market was evolving into a more measured and cautious environment, with tighter salary ranges and reduced signing bonuses.

Remote work was becoming a permanent feature, with 25% of new PR job postings offering remote work options. However, questions lingered about potential location-based pay caps for remote workers.

Returning to the present, Larry Brantley reflects on the interview, sharing some key observations:

  • 25% of new PR jobs are still embracing remote work.
  • The return-to-office model generally adopts a hybrid approach, with employees working in the office 2-4 days a week.
  • Companies are undergoing a “right-sizing” of staff, often starting with entirely remote employees.
  • The job market remains robust.

Notably, Larry Brantley’s view on the likelihood of a recession has changed, reducing from a 50/50 chance to less than 20%. This reflects the evolving economic landscape and the resilience of the PR industry.

Overall, the PR job market is in transition, with a shift towards employer-favored conditions and a sense of caution driven by economic uncertainties.

You can read the entire article in PRWeek here.