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Tag Archives: Labour economics

‘Should I stay or should I go?’

The Stats

The Office for National Statistics reported that 382,000 people resigned from their jobs in 2011. This figure has been falling ever since the late 1990’s. Recent trends suggest that workers are still affected by the recession – a stagnating job market means that a change in career is not exactly easy. Others see opportunity but are fearful to make the move; the concept of ‘First in, last out’ in relation to redundancy practice is still often used, despite increasing difficulties for the employer in justifying this approach.

Is The Grass Greener?

Nevertheless, many employees consider a job change or career move – motivated these days by the notion of that the ‘grass is greener on the other side’. Therefore, the employee with itchy feet needs to carefully consider certain factors when contemplating a resignation. The decision to resign may come following a bad day or week at work, and therefore be made in the heat of the moment. Employees feeling the pinch are recommended to take a day or two to consider how they really feel.

Consider The Wider Implications

When it comes to career decisions, there is no shame in acting with a little selfishness; after all, a career is a personal thing. Having said that, employees considering a career change or resignation should take some time to carefully and dispassionately consider who would be affected by their actions. In many cases this will be family and friends; these people are likely to be seriously affected by a career change – both in financial and social terms. For some, these will be a stronger influencing factor than for others.
Workers should consider their colleagues and managers too. Specifically, this would be in taking a step back and looking at where one’s current job is going – rather than where it is at the moment. For example, if the reason for leaving is a personality conflict with co-workers or a boss; is the other party looking to leave as well? If so, is it better for the worker to stay put if other aspects of the job are fine? This works the other way round too; a real superstar of a manager may be able to work some magic to make an otherwise stressful working environment a little more bearable.

Other Reasons

The other reason to step back and reflect before reacting is to consider what to do next; more and more people are choosing to explore totally new career paths (recessions seem to compel people to take stock of their priorities). Taking time to consider options will ensure that there is a plan – method behind motivation.
Despite the gloominess of the current job market, people are still making the brave choice to move on to new things. Taking time to reflect on the above will ensure that if someone’s ultimate decision is still to leave, then that choice is communicated with reason and diplomacy in the resignation letter. After all, it’s vital to never burn bridges; who knows what – or who – the future holds.

This post was written with the collaboration with Badenoch and Clark, helping you find the job you are looking for.

 

 

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China’s Tight Job Market Defies Economic Downturn

Investors all over the world have been stunned by China’s defying job market economics. Workers across many countries have experienced the slowest run of economic growth in three years, causing a cull in jobs and a bleak global outlook for the job market.

However in China, the very place investors have been most concerned about, has reported the highest amount of job vacancies in over a decade, despite six continuous quarters of slow growth.

Workers in China have found themselves in the luxury position of picking and choosing their jobs, defying the faltering job market and leaving hoards of investors scratching their heads.

Fire to Rehire

During the height of the recession, thousands of businesses based on the mainland let go of a countless number of workers to stem the leak in their financial losses. However, when the economy rebounded quicker than expected, the same businesses ended up paying more to rehire the same workers.

As the world’s second largest economy moves up the industrial value chain and becomes ever-more eye-catching to businesses looking to invest, there is still a huge shortage in skilled staff.

What’s also impressive is that China has managed to punch through this global default even with their shifting demographic, brought on by its government’s one child only policy.

Learning from their mistakes, businesses have instead cut the hours of their works, instead of their jobs all together.

Workers Taking Control

If China’s export and output dip doesn’t improve, things could quickly go from bad to worse for the country’s firms. However there have been some positive results from job fairs in Beijing and Shanghai, which suggest that instead of hiding in the job market recession, employees were actively looking for new work.

The world renowned media agency Reuters reported that among the people looking for fresh work at the job fairs, most had just left school, and had only been searching for work for less than two months.

Furthermore, the rest were looking to quit their manual labour, uninspiring and tiresome jobs for better employment prospects and more money.

In short, China has more job vacancies than there are people to fill them. This fact has been backed up by data of China’s urban labour to supply ratio, which has remained above 1 for seven solid and consecutive quarters.

Socially, very few workers actually felt the full effects of the job market slowdown, or even felt that their job was under threat. In fact, it’s quite the opposite – China’s job boom is causing people to reassess their quality of life and look for better employment.

Timid Statistics

Although house prices in China are holding at a record high, workers refuse to compromise on pay. The government have surprisingly agreed, declaring that the minimum wage will grow by at least 13 per cent by 2015.

However, during the economic downturn in 2008, China had to inject 4-trillion Yuan into its economy to provide stability as well as social rest, though this was a knock-on effect after 20 million factory workers lost their jobs in a matter of months.

Although official unemployment data has remained static at 4-4.3 per cent since it was published in 2004, the data omits around 160 million rural migrant workers whose status is in a constant state of flux.

As the Chinese Communist party’s once-a-decade leadership transition is due this year, the risk of social discontent from unemployment remains high. However the party remains extremely sensitive to these issues, and continues to put a focus on jobs and employment, which is playing a key indicator in the country’s successful economic rise.

This news article has been contributed on behalf of Nuffield Health Careers.

 

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Negotiate for What You’re Worth

Discussing salary can make even the most confident person cower in the corner. Money can be an incredibly uncomfortable topic and negotiating for a better salary can be intimidating. If you have recently graduated with your MBA and find yourself in the competitive job market, it is in your best interest to know what you’re worth. Here are some great tips for negotiating the best possible salary right out of school:

Average Salary

There are several sites online that you can use to research the average salary for the position you are interviewing for. This will give you an idea if the salary you are being offered is fair or if you are being low-balled and have room for negotiation. Check out http://www.payscale.org and http://www.vault.com to research thousands of positions.

Talk to People

One of the best ways to get a feel for a great offer is to talk to others in the same position in similar companies. If you find out that people are making more elsewhere, you have opened the door to negotiating with the human resource manager. Explain to them that you have researched other companies and what they are offering and ask if they can better their offer.

Start Higher

Many companies have wage scales in place for the various levels or grades within their company. If you can’t negotiate a better salary, try to negotiate a better starting level. If you can perform the job there is nothing wrong with asking to start at a higher grade. Not only will this net you a better starting salary but it will also give you a leg up on those that came in on the ground floor.

Your Personality

While it may be surprising to you, your personality has quite a bit to play in the salary you are offered. People that will mesh well with the company culture are often offered more in the way of wages than those that won’t. Do your research and apply to companies that have a culture you are well suited for. For instance, if you are type-A in overdrive, you don’t want to apply for a company that has a laid-back culture. Not only will they not be the right company for you, you will not be the right employee for them.

Time it Right

The time to start talking about salary is not at the beginning of the interview or even at the end. The best time to negotiate is after you have been given a firm job offer. At that point, negotiations are wide open. The proper approach to negotiating after a job offer is to take your time. Don’t jump at the offer, instead, schedule a meeting to discuss the offer, cement your job responsibilities and negotiate a better salary if warranted.

Be Flexible

A company may not be able to offer you more in the way of salary but they may be able to sweeten your benefits package. Weigh your options! You may be better off taking a lower salary with a great company than a higher salary in a less desirable position. If the company you want to work for can’t offer you more money, ask if they can offer you better health insurance coverage, more time off or anything else that you think would benefit you. It doesn’t hurt to ask; these are negotiations after-all.

Andy Anderson is a career counselor who writes for BusinessMBA.org, a site featuring extensive information and listings for the best accounting MBA programs available.

 

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