Wednesday, October 22, 2008

Job Market Update



First of all, let me assert my firm belief that the only thing we have to fear is fear itself - nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance
. — Franklin D. Roosevelt

Many people assume that this famous quote from Roosevelt was about World War II. In fact, it was part of his first inaugural address in 1933 and was specifically meant to ease the country’s fears about the worsening economy. Since my last blog entry on the state of the job market for the quantitative business professional in July, there have been dramatic changes in the economic and business climate. It is rare these days that I have a conversation without being asked for my take on how these changes are affecting the current job market and the near-term prospects for job seekers in our industry.

Not surprisingly, the drumbeat of negative news about the economy resulting from the meltdown of the financial markets has many people on edge about the stability of their companies and the security of their jobs. At Smith Hanley, we have been paying close attention to every aspect of the current crisis — what I see happening in the quantitative job market is surprising, and should offer my audience relief and even confidence.

We are still seeing a healthy amount of hiring and new job openings. Last year was a record revenue year for the quantitative recruiting groups at Smith Hanley; and this year, even if we have a weaker fourth quarter, we will surpass last year’s numbers. Certainly, the overall unemployment rate has climbed rapidly from 5% this summer to a current rate of 6.1%; the weekly jobless reports are also grimmer, with the number of jobs lost in September nearing 150,000. In the panic of the moment, however, it is important to note that the unemployment rate for college educated professionals is still at very low 2.5% and I strongly believe that for analytics professionals, that number is lower still.

While it’s true that this recession is having a negative impact on employment in most disciplines, professionals with backgrounds in data analytics (including statisticians, econometricians, operations researchers, and mathematicians) are continuing to enjoy job security and employment opportunities. Albert Einstein once said: “Try not to become a man of success, but rather to become a man of value.” In uncertain economic times, the best advice we can give the men and women in our field to keep their jobs secure is to work hard and demonstrate to their employers the value they bring to table. As quantitative professionals, they are uniquely qualified to sift through the mountains of business data necessary to help management develop effective streamlining strategies, a vital tool in this economy. In this case, it is nice to be considered to be among “America’s most wanted”.

These are interesting times. In a news cycle full of gloom and doom, I am pleased to report that employment in analytics remains robust, and with no substantial layoffs or hiring freezes in sight. But in this volatile environment, things could be different next week – so stay in touch with your recruiter at Smith Hanley for the latest updates on the analytical employment market.

Please share your opinions about the economy and current job market by posting them to my blog.

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

Friday, October 17, 2008

Declining Math Skills in the US

Last week, I was disappointed as I read in the New York Times that the number of children in the United States who are excelling in mathematics is in decline. It seems that American culture does not highly value talent in math and as a result, many students, and especially girls, are not motivated to achieve in this discipline.

My own 13 year old daughter, Becky, decided to drop out of the chess club this year, after having competed nationally and internationally since she was in the first grade. “It is just not cool, Mom.” But I am continuing to insist on participation in after school math enrichment through the local Kumon branch. And she is dutifully rising early every morning to get to her 7:15 geometry class at the high school. Luckily, I still have some influence!

As a recruiter for positions requiring quantitative skills, I am very aware of the acute shortage of analytical talent here in the United States. Off shoring these jobs resulted because of the inability to satisfy all the demand (and I did not see any negative impact to salaries here as a result). The demand continues to grow and it sounds like the supply will increasingly come from foreign sources.

Here’s the link to the article: http://www.nytimes.com/2008/10/10/education/10math.html?_r=1&scp=4&sq=mathematics&st=cse&oref=slogin

I would love to hear about your experiences – please share them by posting to my blog.

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