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CT Economy: Better, Still Not Good

Monday, July 8, 2013  by Ed Bradstreet

Connecticut's economy started taking bigger strides forward in the first half of 2013, but a robust statewide recovery is unlikely for the second half of the year, economists say, as employers remain cautious about adding to their workforce. "We are on a modestly positive track from what had been an extremely disappointing and subpar recovery," said Peter Gioia, vice president and economist for the Connecticut Business & Industry Association. "We are going to see the economy strengthen in the fall and perhaps strengthen in a real fashion in 2014."

While better than 2012, key economic indicators from the first half of 2013 such as new housing starts, employment levels, and state gross domestic product still aren't to the point where economists feel Connecticut is on the verge of an economic boom. Employment levels at the end of May, for example, reached their highest levels since February 2009, with 1.65 million residents actively in the workforce. Key industries like manufacturing and finance, however, are still trending downward, which is holding back the state's recovery, Lanza said. Employment in those sectors must gain steam if the state wants a rosier economic outlook, economists say.

http://www.hartfordbusiness.com/article/20130708/PRINTEDITION/307039942

 

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Candidate Coaching Corner – Personality Assessments

Monday, July 1, 2013  by Ed Bradstreet

According to research by Kenexa, over the past decade personality measures have increased in popularity as predictors of performance. There are many reasons for this, including the emergence of the five-factor framework, research showing personality measures can have very useful levels of validity, and the tendency for such measures to demonstrate less adverse impact than measures of cognitive ability.   Many of Bohan & Bradstreet’s clients subscribe to a personality assessment as part of the evaluation process.  The Predictive Index (PI) is a tool widely used in the talent acquisition and management process.  The PI is a scientifically validated behavioral assessment that accurately predicts workplace behavior.  The PI has helped organizations to understand what drives individual and team behavior in the workplace. This insight into employee behavior enables companies to make balanced decisions in the areas of talent acquisition, talent development, change management and growth strategies.  The PI combined with the PRO (Performance Requirement Options), which helps managers identify the specific behavioral drivers that are critically necessary to perform a job well, provides a customized target profile for a specific role.

With this increased use of personality assessments as part of talent management strategies, there have been concerns about the “fakability” of personality inventories. Specifically, because most personality inventories are relatively transparent, concerns have been raised about the extent to which job applicants answer them honestly. Whether conscious or not, research suggests applicants are motivated to present the image most likely to be viewed positively by decision makers. Incumbents, who already have the job and who may be responding under “research-only” instructions, have less motivation to attempt to manage the impressions they make. The result of this “test-taker motivation” may well be exaggerated levels of conscientiousness, agreeableness and extraversion for many applicants.

When taking a personality assessment, it is critical you are honest and self-reflected; having said that, you should not be modest when taking this assessment.

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Connecticut Adds Jobs in May, Unemployment Rate Flat

Monday, June 24, 2013  by Ed Bradstreet

Connecticut added 1,000 jobs in May, the third consecutive month of growth. However, the state's unemployment rate remained unchanged at a stubborn 8%. The state posted job gains in four of the first five months of the year, with blizzard-impacted February shedding 5,700 positions. That's the best five-month start to any year since 2010, when the state's on-again-off-again recovery from recession began.  In the 39 months since the recession ended, Connecticut has recovered just 58,600 jobs, or less than half the total lost during the economic downturn.

http://gov.cbia.com/inside_the_capitol/article/state-adds-jobs-in-may-unemployment-rate-flat

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Manufacturing Sector - Job Multiplier

Wednesday, June 12, 2013  by Ed Bradstreet

The manufacturing sector accounts for 80+% of exports (United States) and 90% of patents according to the U.S. International Trade Commission and the Department of Commerce.  Every new manufacturing job creates an additional 4.6 jobs to support it.  For high-tech manufacturing jobs, the multiplier effect rises to 16 additional jobs.  300,000+ small and medium-size manufacturers based in the U.S. account for 50+% of the U.S. total manufacturing employment.   The trend of offshoring and/or outsourcing manufacturing outside of the U.S. has shifted in the last 12+ months since labor cost savings overseas are being offset by energy costs (plentiful and cheap in the U.S.),  and material and transportation costs (rising overseas).  This bodes well for the U.S., where our workforce is huge. 

 

 

 

 

 

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Candidate Coaching Corner

Wednesday, May 29, 2013  by Ed Bradstreet

We have provided three articles to help you be prepared for downstream situations/opportunities and build your awareness on global trends; building your knowledge base and discussing strategy with business colleagues will help you navigate the internal politics and external macro trends better, and allow you to play the game to “win”.  Bohan & Bradstreet provides career coaching/development services to senior-level and executive-level leaders. 

  1. 9 Things You Should Never Say When Asking for a Raise  (http://www.salary.com/9-things-never-say-ask-for-raise/)
  2. The 10 Best Performance Review Tips (http://www.salary.com/10-tips-to-get-more-from-your-performance-review/?scm=s-n-050913)
  3. 10 Global Trends That Are Killing Your Career (http://www.salary.com/10-global-trends-killing-your-career/?scm=s-n-051613)

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