Monday, December 17, 2007

Times, They Are A-Changin'

With the closing of another year rapidly approaching, it's always fun to take a moment to consider how quickly things can change in just a short period. Time elapses, people grow, technology develops... and with the continuous change come continuous challenges- necessary adaptations to meet the newly developed demands of the ever-evolving world around us.

Statistics, it seems, faces those challenges as well. As more people become more mobile (thanks to technology) and are relying less on traditional land based phone lines, it is becoming much more difficult to get an accurate sampling of household makeup. The New York Times recently published an article on this subject, and we thought you might find it interesting. Check it out at the link below:

http://www.nytimes.com/2007/12/07/us/07polling.html?ex=1354683600&en=9ed635832ad9a821&ei=5090&partner=rssuserland&emc=rss

Happy Holidays!

Linda Burtch
Burtch Works
Email: lburtch@burtchworks.com
Don’t Forget to Connect to me on LinkedIn and become a Facebook fan!

Wednesday, September 19, 2007

Entry Level Salaries

As an insight into the industry, here are some interesting numbers for statisticians entering the business world after completing a Master's Degree:

The average base salary of someone entering the field this year is $62,500, as reported by Kristen Wetta- statistical recruiter at Smith Hanley Associates. Interestingly enough, there was very little difference in salary regardless of geographic location. Salaries in the more expensive East Coast region of the nation closely matched other parts of the country.

Linda Burtch
Burtch Works
Email: lburtch@burtchworks.com
Don’t Forget to Connect to me on LinkedIn and become a Facebook fan!

Monday, September 3, 2007

Start-Up and Get Going...

A common fact: the face of the industry is always changing. The natural evolution of the business constantly continues, bringing about new work models, new practices and methodologies, and new demands. Here at Smith Hanley, it is our job to keep an eye to the marketplace- notice trends, patterns, areas of growth- so that we can continue to provide insight and guidance as you navigate the waters of your career.

As of late, we’ve spotted a resurgence in the number of start-up businesses showing up on the radar, and thought it worth noting. Similar to the great amount of dot-coms that sprung up within the last decade, the start-up seems to be making a comeback… a strong one at that.

With the promise of excitement and the opportunity to make a big impact in a small organization, we’ll be keeping our eye on these companies, and thought that you might like to, as well.

Here is one of the “startup opportunities” we’re currently working on:

Smith Hanley is currently working on an exciting opportunity with a well-funded, pre-IPO in the Chicago area. This online marketing and advertising company is searching for a Director/VP, Analytics who will be the lead role in the development and management of analytical solutions for optimization, forecasting, and media mix allocation, as well as the development of external client solutions for online consumer targeting, display personalization, and segmentation. This highly motivated self-starter will provide the leadership and direction needed to steer the analytical team, while also interfacing directly with strategic clients. A unique opportunity to make a true impact with a fresh, growing organization, the ideal candidate will have modeling expertise utilizing SAS & SQL and advanced degree in a quantitative discipline. $100,000-$125,000 base salary plus bonus.

Linda Burtch
Burtch Works
Email: lburtch@burtchworks.com
Don’t Forget to Connect to me on LinkedIn and become a Facebook fan!

Friday, August 3, 2007

One Thing to Consider...

With the current market presenting a wealth of opportunities, many of you may find yourselves approaching the next chapter in your career; moving into a new role, taking on a new set of responsibilities, and building new bridges. As important as it is to look forward with each new step, a recent article in the Wall Street Journal declares that it is essential not to neglect the importance of that which you leave behind.

According to journalist Joann S. Lublin, a positive exit from a current employer is key when taking that next step. With 25% of the country’s executives currently contemplating leaving their job, ensuring your last interactions are free from negativity can mean the difference between an angry, resentful departure and one that leaves valuable relationships intact.

Both Linda and myself have seen the importance of this time and again, and agree completely. So, before you burn any bridges, take a moment to read this article and consider the impression you’re leaving behind…

http://go.speeple.com/news-D1raHKPeJn4

Linda Burtch
Burtch Works
Email: lburtch@burtchworks.com
Don’t Forget to Connect to me on LinkedIn and become a Facebook fan!

Tuesday, June 12, 2007

Title Inflation: VP of Blogging?

One thing that we know is true: the key to happiness when taking on a new role is in your personal enjoyment of the job itself- not its title. However, a snappy title is often one of the first things we judge. So, how effective is this in a time when "title inflation" is more common than ever?

In this ever-changing market structure, we see the importance for corporations to continue to reinvent themselves so as to demand a quicker response to the constant evolution. Over the years, what once was a full hierarchy has been tightened up; "reducing headcount= more efficient". With this flattening out of the corporate ladder, the opportunity for growth has become more difficult, leaving employers with fewer ways to denote success and promotion. As a result, an increase in title rather than function has become common practice, and we're seeing the trend pass through all industries. What is the cause of this? What does it signify to those looking to work their way to the top? The article below offers some insight into this.

http://knowledge.wharton.upenn.edu/article.cfm?articleid=1748

Linda Burtch
Burtch Works
Email: lburtch@burtchworks.com
Don’t Forget to Connect to me on LinkedIn and become a Facebook fan!

Friday, April 27, 2007

Read Any Good Books Lately?

As a testament to the growing importance analytics play in the decision making processes of today’s business market, the Wall Street Journal recently highlighted a publication written on the subject. With the staggering advancements and incredible possibilities that exist within the world of “number crunching”, Competing on Analytics by Thomas H. Davenport and Jeanne G. Harris aims to give insight into the analytics-driven success behind the marketing efforts of today’s major companies. Case studies of organizations such as NetFlix and Harrah’s Casino in Las Vegas delve into the secrets of the “numbers never lie” approach, and shine a light on the most important factor in the whole analytical equation- the necessity for good talent.

So, for those of you looking for a good book to pick up… take a look at the full article below.

http://online.wsj.com/article/SB117685837776773418.html?mod=most_viewed_leisure24

Wednesday, February 21, 2007

2007 Compensation Information

This year promises to be even more exciting for the quantitative professional. The career information most frequently sought by clients and candidates in the field revolves around salary and other forms of compensation. Whether you are planning to grow your staff this year or are assessing your own career path, here are some points to consider:

Hot Skill Set – Web analytics, pricing, credit analytics, analytically-based strategy.
Fast Moving Market – Candidates (especially at the more junior end) are receiving multiple offers and are going off the market in three to five weeks, much faster than the more typical eight to twelve weeks we’ve been used to seeing.
Relocation Challenges – Many companies are reassessing their relocation packages as the housing market continues to stagnate in many parts of the country. Unless these packages contain a safety net to cushion probable double mortgage payments, many candidates are not able to accept offers that require relocation.
Sign-on Bonuses – are back! In the last 90 days, nearly 40% of all offers have included a bonus as an incentive for candidates to “sign on”.
Cross Industry Job Changes – Candidates are changing industries far more frequently, even at the more senior level. Client companies are making offers to candidates coming from other industries as the talent pool tightens. This provides candidates with an ideal opportunity to expand their knowledge across industries.
Compensation – Many companies are offering more competitive packages to attract top talent. Here are some guidelines:

Vice President/Director
$135,000 to $250,000
On the corporate side, this level typically involves managing a group – the bigger the group, the higher the salary. Oftentimes, the top salaries are offered by boutique consulting firms where business development may play a major role in the compensation package. Of course, ability to provide thoughtful leadership and strategic vision is essential at this echelon.

Manager
$110,000 to $140,000
This position is often attained as the result of an internal promotion. Interpersonal skills are key – especially those demonstrating initiative, team building and the ability to direct group projects. While technical competence is important, remember that emerging executive-level administrative skills are what really count as you move up the business ladder.

Senior Statistician
$80,000 to $120,000
Talented business statisticians with excellent communication skills can command base salaries of up to $120K. To move up from here typically involves picking up management responsibilities or business development skills.

Senior Analyst/Analyst
$60,000 to $85,000
These are our most sought after candidates. With a master’s degree in a quantitative discipline and two solid years’ experience in the corporate world, this candidate will often receive multiple offers and be snapped up quickly. The market is red hot ­for candidates with this degree of experience – back to the level of the dot com boom.

Entry-level Masters
$50,000 to $65,000
Demand continues to increase over 2006’s healthy level. Because companies are not always successful in hiring enough talent with one-to-two years’ experience, they will often choose an entry-level candidate with solid academic credentials. Hiring candidates who might require visa sponsorship has become commonplace; clients not willing to do this greatly reduce their pool of applicants.

As always, I welcome your comments and insights. Visit my blog to weigh in on the topics I’ve touched on here and to participate in an on-line salary discussion: www.lindaburtch.blogspot.com.

Let me know if I can be of assistance to you in 2007!

Linda Burtch
Burtch Works
Email: lburtch@burtchworks.com
Don’t Forget to Connect to me on LinkedIn and become a Facebook fan!

Monday, January 22, 2007

Job Trends for 2007

Job Trends for 2007

As we begin the new year, I would like to take a moment to point out a number of changes we are seeing in the job market for the quantitative professional. First and foremost, the specific talents of skilled professionals in analytical fields are in high demand. Here are some of the trends we expect to continue over the next year:

· Talent Shortage – The job market continues to expand at a rapid pace for the quantitative professional. Despite recent reports highlighting a slowing of the economy (some even using the term “recession”), our experience has been quite the opposite. We speak to many clients who call to express their frustration at retaining and recruiting talent. The looming talent shortage in the overall employment market is exacerbated in our specialty niche. While cost per hire had been the focus of many human resource departments over the last three years, this has changed in the last six months. The emphasis is now on quality and urgency. Additionally, I have read that there is a major push to reinvigorate hiring managers to take ownership of the hiring process as strong candidates become more challenging to recruit.

Though corporate recruiters continue to use job boards and internal databases, our hiring managers now understand that this is not the primary source for the best talent. Traditional one-on-one networking and recruiter connections are usually the most effective for identifying the cream of the crop in the hidden candidate pool – something job boards simply cannot do. Job seekers have become more web savvy with the expanded use of personal blogs, websites and social networking. Consequently, recruiters and hiring managers need to keep up to date, leveraging these Internet tools to provide fresh information.

· Distributed Work – The increasingly competitive job market is causing a reemergence of the off-site-worker trend we saw in 1999 – 2000. Additionally, industry has embraced virtual meetings, web conferencing, webinars and inexpensive telephony. This distancing of some workers from the traditional workplace has resulted in an interesting, and perhaps unexpected, trend: some candidates have expressed skepticism as to whether this is the best situation for career development. Organizations moving again toward this model should consider how to battle the perception of limited career growth for the off-site worker.

Also, the offshoring of quantitative work has matured. As I have mentioned in the past, much of the migration of jobs in our profession was not driven strictly by cost considerations, but was rather a direct result of scarce local talent. The pendulum is swinging back toward training and development here in the US, as the limitations and lack of significant cost savings of offshoring this sort of sophisticated quantitative knowledge is understood more clearly.

· Rapid Technology Development – New technology has created a race among employers to provide their teams with the best equipment and resources. This is a big factor in businesses maintaining a competitive edge in their industry and keeps them from becoming vulnerable to loss of market share. I have found that professionals in analytical careers are motivated and excited by the advanced technology tools they are able to apply to their work. The ability to provide cutting-edge software tools and technology, as well as encouraging and supporting ongoing training, accords a distinct advantage to hiring managers in this tight labor market.

· Compensation Trends – I expect that going into 2007, employers will continue to become more aggressive in their recruitment efforts with higher offers for the top talent. Additionally, the use of sign on bonuses as an incentive to close deals has become commonplace. Because the demand for the best candidates has become overheated, it is important for hiring authorities to be clear on their hiring needs and tighten the search process. This will help avoid an elongated search resulting from candidates lost to competing offers and forcing the employer to repeat the entire process. The saying “the early bird gets the worm” is clearly at work in the hiring world today.

One idea for hiring managers in this challenging market is to consider bringing on candidates coming out of Masters programs who have had a relevant internship. Candidates who require an H-1 visa transfer or an OPT are almost universally accepted now for consideration (although the candidate who requires a new H-1 continues to have problems, due to government immigration ceilings).

· Relocation Challenges in a Slow Housing Market – As housing markets have slowed in the last three quarters, many of our candidates who are homeowners have hesitated to relocate. Concern about selling a home has prevented many a deal from going through, unless the employer offers a relocation package with a home purchase backup option. An extended temporary housing allowance (six months or more) can also help candidates feel comfortable with the prospect of relocation.

As you can see, we expect 2007 to present a challenging hiring environment. We look forward to working with you to find the best, most qualified candidates to meet your hiring needs. As always, feel free to call with comments or questions. Finally, in the next several weeks we will offer a detailed discussion of salary trends. Stay tuned.

Linda Burtch
Burtch Works
Email: lburtch@burtchworks.com
Don’t Forget to Connect to me on LinkedIn and become a Facebook fan!