Our Panelists

The HR Networkbriefings for the informed professional

The 63rd HR Network Breakfast

How HR Can Capitalize On The Labor Market Recovery's Anomalies

Friday, September 19, 2014 Breakfast Seminar 7:45am- 8:15am: Registration & Continental Breakfast

8:15am-9:45am: Presentations

•A Look At The Job Market's Most Promising Growth Areas•OpportunitiesToAttractAndRetainTheBestOlderWorkers

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This program, 219927, has been approved for 1.50 (HR (General)) recertification credit hours toward PHR, SPHR and GPHR recertification through the HR Certification Institute. Please be sure to note the program ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.

Where Your Professional Success Gets Personal

TERESA GHILARDUCCIProfessor, Bernard L. and Irene Schwartz

Chair in Economic Policy Analysis THENEWSCHOOL

MARTIN KOHLIChief Regional Economist

BUREAU OF LABOR STATISTICS

The Graduate Center 365 Fifth Avenue (Between 34th & 35th Streets)

T H E A G E N D A

2 The HR Network Breakfast

HOWHRCANCAPITALIZEONTHELABORMARKETRECOVERY'SANOMALIES

TheEconomy'sParadoxForOlderWorkersAndTheEmployersWhoHireThem

The 63rd HR Network Breakfast Seminar will focus on the challenges and opportunities created by the historically slow Post-Great Recession labor market recovery. This comes right on the heels of the prestigious Federal Reserve Bank symposium in Jackson Hole, whose theme was “Re-Evaluating Labor Market Dynamics". We are excited to present the points of view of the academic, the federal government and the economist. We will delve into the disproportionate impact the recession has had on certain demographic categories. For instance, the havoc created by the Great Recession has created a paradox for older workers and the employers who hire them. Employers need to know what compensation packages and working conditions will attract and retain the best older workers. Never before have workers over 55 been so educated and diverse. And never before have they had so little bargaining power. Cutting edge research will be presented on how older employees adjust to demands in the workplace, including new skill acquisition. Our seminar will put the labor market's performance during the most recent economic cycle in its proper historical context. Building on that, we will hear expert forecasts of what is to come. We will also take a look at industries and occupations that have fared best and worst, and discuss those that are most likely to show leadership in the years to come.

True or False:Salaries for IT-

related occupations are increasing by

twice as much as the salaries

for non-IT occupations?

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A B O U T T H E F I V E O ' C L O C K C L U B

KateWendleton is Founder of The Five O’Clock Club and a nationally recognized authority on career devel-opment. She is the author of nine books on job search, career development and entrepreneurship. Kate was a nationally syndicated columnist for eight years and a speaker on career development, having appeared on the Today Show, CNN, CNBC, Larry King, National Public Radio and CBS, and in The Economist, The New York Times, The Chicago Tribune, The Wall Street Journal, Fortune magazine, Business Week and other national media.

The HR Network Breakfast 3

T H E P A N E L I S T SH O S T F E A T U R E D C O A C H

Darren Kimball is Chief Executive Officer of The Five O’Clock Club. Prior to joining the company, Darren enjoyed a 20-year career on Wall Street. Darren spent 10 years as a top-ranked analyst by Institutional Investor Magazine and was twice the Wall Street Journal’s top sector stock picker. He has appeared on CNBC, CNN, and Bloomberg TV to discuss his views. Darren holds a B.S. in Economics with magna cum laude honors from The Wharton Schoool of the University of Pennsylvania and has been a chartered financial analyst (CFA) since 1994.

Douglas Jack is a leadership coach and organizational development consultant. As a Five O’Clock Club certified coach, his work has included leading one of the weekly strategy groups at the Club. His background includes working with Fortune 500 organizations, as well as small nonprofits in the U.S., Asia, Australia, Europe, and the Middle East. Douglas was based in Japan from 1989-2005 and is fluent in Japanese. Douglas has a degree in Industrial Mgmt & Economics from Carnegie Mellon, as well as a Master’s degree in Intercultural Relations from Antioch University.

T H E P A N E L I S T S

TERESA GHILARDUCCI – The New School

Teresa Ghilarducci is a labor economist, author and nationally-recognized expert in retirement security.

Teresa holds the Bernard L. and Irene Schwartz Chair in economic policy analysis and directs the Schwartz Center for Economic Policy Analysis (SCEPA) at The New School. Ghilarducci joined The New School in 2008 after 25 years as a professor of economics at the University of Notre Dame. Her most recent book - When I’m Sixty Four: The Plot Against Pensions and the Plan to Save Them – investigates the loss of pensions on older Americans and proposes a comprehensive system of reform. Her previous books include Labor's Capital: The Economics and Politics of Employer Pensions, winner of an Association of American Publishers award in 1992, and Portable Pension Plans for Casual Labor Markets, published in 1995.

Ghilarducci received her PhD in economics from the University of California at Berkeley. From 2007 to 2009, she was the Wurf fellow at the Labor and Worklife Program at Harvard Law School. She currently serves as a member of the Board of Directors of the Economic Policy Institute, a non-partisan think tank in Washington, D.C. that works to include the interests of low- and middle-income workers in economic policy and as a distinguished senior fellow at Demos, a non-partisan public policy research and advocacy organization. Contact Information: teresa.ghilarducci@gmail.com

MARTIN KOHLI – Bureau of Labor Statistics

Martin Kohli, the Chief Regional Economist in the Bureau of Labor Statistics’ New York Office, will put a statistical perspective on the long road to recovery. He has presented talks on the regional economy, emphasizing the importance of demographic issues, to numerous groups. His article on the healthcare industry in New York City was published in the Monthly Labor Review and cited in The New York Times. He is keenly interested in the consequences of the aging of the population, both in the nation and in the New York area, and in the changing geographic division of labor. The New York Times, The New York Post, Newsday, NY1, WNYC and other newspapers and radio stations have interviewed him. He graduated from Northwestern University, where he majored in philosophy, and earned his Ph.D. in economics at The New School, where he studied under Robert Heilbroner. He has taught macro and microeconomics, international trade, and quantitative methods at several colleges. When he is not working, Martin Kohli enjoys hiking, going to plays, and listening to Mozart.

Contact Information: Kohli.Martin@bls.gov

TheSCHEDULEfortheHR NetworkAll breakfasts are held at the The Graduate Center at 365 Fifth Avenue

7:45 a.m. - 8:15 a.m.: Registration; Continental Breakfast. 8:15 a.m. - 9:45 a.m.: The Program

Upcoming Seminars (all are Fridays) All topics are tentative:

January 30, 2015: New Year's Hot Legal Topics

Save The Dates: March 27, 2015 June 19, 2015

September 18, 2015

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45 West 34th Street, Suite 1111New York, NY 10001

Main Office: 212-286-4500Fax: 646-248-5923

www.FiveOClockClub.com

T H E H R N E T W O R K

The Incomplete Recovery

Martin KohliChief Regional Economist

September 19, 2014

About the BLS The BLS is the principal fact-finding agency for the

Federal Government in the broad field of labor economics and statistics.

The BLS mission is to collect, process, analyze and disseminate data.

BLS is an independent statistical agency. It serves its diverse user communities by providing products and services that are objective, timely, accurate, and relevant.

Users include the American public, Congress, Federal agencies, state and local governments, businesses, labor organizations.

Unemployment rates, seasonally adjusted, July 2007-July 2014*

3

3

4

5

6

7

8

9

10

11

July2007

July2008

July2009

July2010

July2011

July2012

July2013

July2014

Percent

New York City

United States

* Data for most recent month are preliminary.

Industry employment in 2014 as percent of 2007, United States*

4

75

100

125

150Percent

*As of July. Data for most recent month are preliminary..

Industry employment in 2014 as percent of 2007, New York City*

5

75

100

125

150Percent

*As of July. Data for most recent month are preliminary..

Unemployment rates for demographic groups

6

2007 2013

United States Total 4.6 7.4 Men 20 years and over 4.1 7.0 Women 20 years and over 4.0 6.5 Both sexes 16-19 years 15.7 22.9 White 4.1 6.5 Black 8.3 13.1 Hispanic origin 5.6 9.1

New York City Total 5.2 8.7 Men 20 years and over 5.0 9.0 Women 20 years and over 4.6 7.6 Both sexes 16-19 years 22.0 26.9 White 4.4 7.2 Black 7.4 13.4 Hispanic origin 7.0 11.2

NOTE: Hispanics are included in both the white and black population groups.

Area and population group Unemployment rate

Employment-population ratios, 2007 and 2013

0

10

20

30

40

50

60

70

80

16 to 24years

25 to 54years

55 to 64years

65 yearsand over

20…20…2007

2013

New York CityPercent

0

10

20

30

40

50

60

70

80

16 to 24years

25 to 54years

55 to 64years

65 yearsand over

20…20…2007

2013

United StatesPercent

0

1

2

3

4

March2007

March2008

March2009

March2010

March2011

March2012

March2013

March2014

Percent

New York-Newark-BridgeportUnited States

* Data for most recent month are preliminary.

Over-the-year changes in private sector wages*

8

Occupations with larger-than-average wage increases, May 2007 – May 2013

9

0

5

10

15

20

25

Building andgrounds

cleaning andmaintenance

Arts, design,entertainment,

sports, andmedia

Management Education,training, and

library

Business andfinancial

operations

Constructionand extraction

Computer andmathematical

Healthcarepractitionersand technical

All occupations

New York-White PlainsUnited States

Percent

New York-White Plains

United States

Bachelor’s degree occupations with the largest projected job growth, 2012-22

100 50 100 150 200 250

Middle school teachers, except special andcareer/technical education

Construction managers

Software developers, systems software

Computer systems analysts

Market research analystsand marketing specialists

Management analysts

Software developers, applications

Accountants and auditors

Elementary school teachers, except special education

General andoperations managers

Thousands

Voluntary cooperation Nearly all of our surveys are voluntary. Confidentiality is as important to the Bureau as it is

to respondents. We do our best to reduce respondent burden. Without the cooperation of the people who

participate in its surveys—people like you—the Bureau of Labor Statistics could not provide high-quality information about the economy to you.

We greatly appreciate the cooperation of our survey respondents. Thank You!!

11

Contact Information

Martin KohliChief Regional Economist

New York-New Jersey Information Office

Kohli.Martin@bls.gov(646) 264-3620

Teresa GhilarducciBernard Schwartz Professor of Economics

Director of the Schwartz Center For Economic Policy Analysis (SCEPA)New School for Social Research

How Can A HR Officer Win?

Why aren't equally productive workers hired or paid the same?

1. Preferences: customer, employer, or co-workers are prejudiced;

2. Feedback or self-fulfilling prophecy theories;

3. Employer can divide and conquer;

4. Statistical discrimination is caused by imperfect information and use of cost-minimizing signals.

Each pathway has a set of presumed causes which suggest a remedy.

2

Age is an outdated signal.• Hiring managers listed reasons older job seekers are rejected; Sloan Center on Aging Work

(2009) and others

– burned-out, – resistant to new technologies, – absent due to illness, – poor at working with younger supervisors reluctant to travel.– less creative, – less productive, – slower mentally – more expensive to employ than early- or mid-career employees.

• "Every aspect of job performance gets better as we age… I thought the picture might be more mixed, but it isn't. The juxtaposition between the superior performance of older workers and the discrimination against them in the workplace just really makes no sense.“ Peter Cappelli, Wharton School of Business with Bill Novelli Managing the Older Worker (2010)

3

Workforce is older.

Age of Workforce Federal State Local Private

Percent under 30 years old 17.6 10.3 11.0 18.4

Percent over 50 years old 33.9 40.4 38.3 28.9

4

Gregory B. Lewis and Yoon Jik Cho, “The Aging of the State Government Workforce:Trends and Implications.” The American Review of Public Administration,v. 41, 2011. Table 1, p. 50.

Men’s effort flat; female increased; wage gap for white females grew.

Men and Women Over 62 with Professional Degrees 1981 and 2012

5

White male 1981 White female 1981 Black male 1981 Black female 1981 His. male 1981 His. female1981

Percent working 40% 26% 53% 23% 49% 47%

Average hourly wage $ 50.49 $ 26.46 $ 39.98 $ 28.90 $ 36.10 $ 20.97

Men's Wages as Percent of Women's

191% 138% 172%

White male 2012 White female 2012 Black male 2012 Black female 2012 His. male 2012 His. female 2012

Percent working 41% 36% 42% 34% 44% 45%

Average hourly wage $ 106.86 $ 38.09 $ 47.22 $ 45.66 48.30 $ 42.35

Men's Wages as Percent of Women's

281% 103% 114%

How an human resources officer

can win.1. Human resource management is central to the economic success

of an enterprise. Chief goal is to maximize average productivity –average compensation

2. Problem: At the point of hiring productivity is not known, it is predicted.

3. Employers use factors or “productivity signals” to estimate future productivity.

4. If the signal is cheap and imperfect it still could be the optimal signal despite it’s lack of precision.

5. That is why visible, free signals, are often used even though they are inefficient and often wrong: ethnicity, race, class, sex, age.

6. The HR officer who finds a more efficient signal wins.

6

How to motivate older workers.

Modern older workers want more than just pay.

Career development, both formal training and increasingly challenging assignments

Interesting work that matters Being part of a productive team that enjoys

working together

7

The HR Advantage with an Aging Workforce

People can be more productive for a longer time, especially in less physically demanding jobs except demands for keen eyesight and intense concentration are part of speed up.

Fear of inadequate retirement benefits keeps people in jobs longer

8

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Activity: Webinar/Webcast

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Total credit: 1.50 Credit Hours

Specified: HR (General)

Activity ID: 219929

219929 - How HR Can Capitalize On The Labor Market Recovery's Anomalies

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