There were no job gains in the Financial Activities sector in September, according to the Bureau of Labor Statistics (BLS) Jobs Report released on Friday. Financial Activities, which includes the banking, securities, insurance and real estate sub-sectors, has added 147,000 jobs to the economy over the last twelve months.
In September, a small number of job gains occurred in insurance (+2,000) and real estate (+1,000) that were offset by job losses in banking (-2,000) and securities (-1,000).
Over the last twelve months, insurance added 72,000 jobs, real estate grew by 42,000 and securities gained 18,000 jobs. During the same period, commercial banking lost 17,000 jobs.
Average weekly earnings of Financial Activities jobs increased by 3% over the year.
The September employment numbers are considered preliminary by the BLS and are subject to revision.
In an article from the April 2015 issue of HR Magazine, author Dori Meinert discusses the qualitative approaches to employee performance appraisals being chosen by many companies. The elimination of performance ratings and stack ranking of employees are developing trends highlighted in the article.
Four years ago, Adobe Systems Inc. used the type of traditional performance review system that a vast majority of companies still use. Its 11,000 employees were ranked on a scale of 1 to 4 in what one Adobe manager describes as a “soul-crushing exercise.”
Right after review time each year, the HR team saw a disturbing spike in voluntary turnover as disheartened employees—many of them good workers—left the company.
David Covington, CEO & President of Recovery Innovations, Inc., has written a great article comparing the Big Hairy Audacious Goals (BHAG) of overcoming smallpox, polio and HIV to the goal of eliminating death by suicide.
Originally posted on davidwcovington.com:
At the recent Healthcare Analytics conference in Salt Lake City, Good to Great author and leadership guru Jim Collins, who coined the term Big Hairy Audacious Goal (BHAG), inspired us with an amazing story of grit and determination. He recounted how seven years earlier, big wall rock climber Tommy Caldwell asked him, “What if your BHAG is not actually attainable?”
Caldwell wanted to free climb El Capitan’s Dawn Wall, a steep rock face with extreme pitches and hardly any vertical cracks (which climbers wedge hands and feet into to help them ascend).
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Total Financial Activities sector employment rose by 19,000 in August and has risen by 170,000 (2.1%) over the past twelve months. This compares to an average monthly gain of 15,000 jobs year-to-date. In August, job gains occurred in Credit Intermediation, Insurance, Securities and Real Estate.
Real Estate added the most jobs in August with a gain of 7,800. Employment in Real Estate has increased by 45,200 (2.2%) over the past 12 months.
Employment in the Securities industry rose by 23,300 (2.6%) over the prior twelve months, averaging a gain of 2,600 jobs per month since January.
Insurance carriers and related activities added 2,300 jobs in August and has gained 80,200 (3.2%) over the year. This compares, however, to an average monthly gain of 6,300 year-to-date.
Credit Intermediation employment rose by 5,500 in August and has gained 22,300 (less than 1%) jobs during the past 12 months. The positive gain in 2015 of 2,500 jobs per month on average compares to an average monthly loss of 1,000 per month in 2014 and 2,900 per month in 2013. Within Credit Intermediation, Commercial Banking employment was unchanged in August. While Commercial Banking lost 14,900 during the past 12 months, the average monthly decline of 1,100 jobs in 2015 is less than in 2014 and 2013 when the average monthly job loss was 2,000 each year.
Since January, average weekly earnings in Financial Activities have risen by 2.7%. This compares to a 1.9% increase across all industries over the same time period. Despite the lack of robust job growth, Financial Activities continues to rank among the highest paid sectors, which include: Utilities, Mining & Logging, Information and Financial Activities.