You Didn't Know About the Job Market
By Anne Fisher (Fortune.com 08-30-2002)
You already know the CEO of your company makes a lot more money than you
do--but 300 times more? It's true. According to The State of
With Labor Day just around the corner, let's take a look at some other
statistics that illuminate just what's going on in the job market now--and what
the future may hold.
Small raises and reduced opportunities. "The tight
labor markets of the late '90s brought the first persistent, broad-based
prosperity in decades," says Lawrence Mishel, the EPI's president.
"But now, with the boom gone bust, American workers are headed back to an
economy marred by slow wage growth and no job growth, with wage and income
disparities widening once again." The Labor Department reported on August 2
that only 6,000 new jobs were created in July--a dismally far cry from the
Reasons to move to the South. Things are tough all over, but
worse in some parts of the country than in others. A new set of Labor Department
data aptly named JOLTS, for job openings and labor turnover, reveals that
between mid-2001 and May 2002, job openings in the Northeast fell by 250,000, or
about 29%. The
Less trust. Do you trust senior management at your company?
If so, you're in the minority. A survey by human resources consultants Watson
Wyatt reveals that just 39% of employees, or fewer than 2 in 5, say they have
confidence in their leaders' competence and integrity. That represents a
five-point drop since the last survey two years ago. Entry-level job seekers
seem most skeptical of all, according to a poll by recruiting company WetFeet.
Fully 80% of new college grads "said they trust corporate recruiters less
this year than they did last year"--perhaps because about one-third report
having had job offers rescinded at the last minute.
Warier job hunters. Even senior managers are becoming more
cautious, says a new survey from nationwide executive-networking group ExecuNet.
Reacting to recent scandals, 69% of executives say they'll review potential
employers' financial statements more carefully than before, and 62% will
scrutinize employers' culture and value systems more closely. Intriguingly,
though, the survey suggests that these same senior managers may in the past have
been part of the problem: About 40% left a previous job because of uneasiness
over unethical business practices--but most (75%) never reported their
Self-confidence. If employees' and job seekers' faith in
Demand for managers, teachers, and more. Where will the jobs
of the future be? In the next ten years, according to new research from the
Employment Policy Foundation, the
Let's hope it doesn't take that long for the