State Unemployment Information

Get the latest info here PHILLIPSBURG, N.J. — New Jersey businesses could soon be hit with a new tax to help generate revenue for the depleted state unemployment fund. What do you think?

Get the latest information… Youth unemployment across Europe has risen as inadequate training and the widepread use of short-term contracts make young workers one of the main victims of the economic downturn, EU officials said Friday. What’s your opinion of this?

Get the latest news here Youth unemployment across Europe has risen as inadequate training and the widepread use of short-term contracts make young workers one of the main victims of the economic downturn, EU officials said Friday. Please leave your thoughts

It was about 12 months ago that we at Exchange Street first started to notice a trend for redundancies taking place of paraplanners within the financial services industry. Previously paraplanners had been much sought after by progressive IFA practices looking to provide the highest quality sales support to their financial advisers, freeing them up from the burden of research and report writing. IFAs were even known to leave their jobs solely because they were not receiving the level of sales support available at other practices. Within recruitment circles paraplanners became a highly prized commodity with a lengthy list of IFA companies waiting in the wings for their services. Paraplanning positions headed up many a job board.

Fast forward to 2008 and all the objective reasons for recruiting and employing paraplanners started to fall by the wayside as IFA companies began to cut costs. Whilst an adviser’s financial worth is clearly apparent, the value provided by a paraplanner is a less tangible figure and experienced individuals started to suffer because of it. With business levels falling across the industry, administrators and paraplanners, once the bedrock of IFA firms, began to be made redundant at levels never previously seen.

Whilst the first half of 2009 saw a similar pattern the second half has started to show signs of a recovery, with IFA practices again beginning to contact recruitment companies about paraplanning vacancies. Whilst we are clearly a long way away from the heady days of paraplanning recruitment in 2005, 2006 and 2007 we should take this as an encouraging development. It is still far too early to predict when the amount of paraplanning jobs will begin to outweigh the number of available paraplanning candidates, but individuals should feel more confident that openings will soon see them back into such a capacity.

So what next for paraplanners? As before those with a steady career history of operating within the independent arena will be able to take advantage, especially those who hold at least the Diploma ahead of the Retail Distribution Review. Any out of work paraplanner could perhaps use this time to build up their technical qualifications as it will maximise their remuneration upon a return to work, as well as demonstrating a commitment to financial services.

Whatever happens in the rest of the market we could well be on the cusp of seeing a resumption of normal service for paraplanners, which would be welcome news indeed.

Too many job seekers today are struggling to find their new employment. Many are frustrated with the lack of results of their efforts. They answer job postings, send more cover letters and resumes, call more recruiters and expand their network expecting more results. Sadly, most still don’t achieve the results they want. The hiring environment has changed significantly. Although the activities described above have not been very effective under most economic conditions, they have been particularly ineffective during the past decade. There have been some specific changes that have created this environment.

Companies have changed dramatically. Due to downsizing, rightsizing, and re-engineering company structures have changed. Where there were many people in a particular department there are now less. Yet the workload and expectations have remained the same or in some cases have increased. As a result, positions have become more multi-dimensional than ever. The titles of those positions may have stayed the same though.

The result is that, while titles may have stayed the same the complexity of the position has changed. For a company that has to replace a person in a particular position it becomes a great challenge. The challenge is finding a person that meets all the qualifications needed that is capable of taking the place of the previous person. To up grade that position is an even greater challenge.

For the person seeking new employment what does this mean? It will help to understand what happens when a company seeks the right person for a position.

Many companies are receiving on the order of 400 to 500 resumes per position today in response to job postings. Overall, some companies are receiving 6,000 to 7,000 resumes per week total. Many are unsolicited for positions where the company does not have an opening. That situation alone presents a problem for both the company and the job seeker.

Companies with whom I have spoken say they do not going to have the resources to spend the time reviewing every resume. They also state that many times there is not one resume in that group that appears to have the qualifications they are seeking. Even when they review most of the resumes, the person who does the review may not be qualified to know the complete set of requirements the hiring manager has in mind. As a result, if there is someone qualified they may be rejected with the rest.

Many people today are sending their resume to every job posting they feel is even remotely within their abilities. Unfortunately what they see is a job description that does not reflect the complete multi-dimensional qualifications needed. Either by lack of information or desperation the job seeker sends their resume. The job seekers frustration level skyrockets as they continue to achieve poor or no results. To change this they typically respond to more job postings, call more recruiters and send more cover letters and resumes to companies.

The question becomes, if this is how it really is, how is anyone supposed to be successful in today’s environment? A completely different approach has to be taken by those seeking new employment. The person seeking new employment today has to be in charge of their quest. They can no longer send information out expecting someone else to match them with the position. The initial step alone includes:

1. A skills self-assessment
2. Creating presentation materials
3. Developing references in a specific manner
4. Heavy research on industries and companies
5. Initiating contact with companies in specific areas
6. Developing results goals

This probably sounds very foreign to most. It is understandable.

Almost no one has been taught the skills to accomplish even this first step. There are four additional steps past this initial one that are required in order to achieve the kind of success hoped for by everyone.

No one is taught how to find employment in the educational system. Traditional “advice” can be found anywhere. The internet literally has millions of sites, every book store and online bookstore has what seems like unlimited sources of the very same “advice”. Most have friends, family members, co-workers and former co-workers who all have the same “advice” because they read the same information that is available. Job seeker support groups have the same “advice.”

Career counselors have the same advice. Depending on the price paid for the “advice” it may be packaged differently. Boil it all down and the “advice” is the same. That “advice” may work for some. It doesn’t mean it is going to work for the next person. Evidence shows that to be true.

The rules of the road to a job have changed as have the factors that a weak economy has on the availability of jobs. If you are like many people, unaware and unsure of yourself about how to land the job you want, realize that the old game of build a resume, send a resume and wait on a call does not work. These steps were created in the mid-twentieth century as a response to the escalating demand for talent. Today’s job seeker can get lost quickly in attempting to do this dated procedure with the Internet. The answer does not lay in do more and more of it with the advantages of technology. As Einstein said, “The definition of insanity is doing the same thing over and over again and expecting different results”.

The sane (and effective approach) in considers these:

• Develop a database or list of potential employers and seek out contacts within them.
• Make direct contact with likely hiring decision-makers
• Develop rapport with these key hiring managers
• Discuss your credentials with these people on a solution basis
• As has always been the case, ask for the interview!

Realize that a successful job search cannot be simplified into simple steps, but rather it commands a mastery of a process that top professionals implement. When you are working, it is easy to take your employment for granted leaving you unaware of how to gain employment once you are out of work. Finding a job is more than a job itself today. It is an artful process that demands you full energy and creativity to beat the odds.