October and November New Job Estimates Revised Upward
The U.S. labor market showed strength and momentum at the end of 2014. The BLS Employment Situation Release for December 2014 reported the creation of 252,000 net new jobs. In addition, estimated job growth in October and November was revised upward by 50,000, bringing total job creation in the 4th quarter to a healthy 866,000 and almost 3 million for the full year.
The year-end national unemployment rate fell to 5.6%, a level last seen in June 2008. Some of the decline in unemployment is due to new jobs, but 273,000 people also left the workforce in December. This exodus helped push the labor force participation rate downward to 62.7%, akin to levels seen in the late 1970s. Still, the broadest measure of unemployment, the U-6, declined from 13.1% in December 2013 to 11.2%, signifying progress against the stubborn problem of long-term unemployment. Continue reading
A couple of months ago – at a small cocktail bar in Vancouver – I had one of the best cocktails of my life. It was a classic and great (1920s era) cognac drink made superlative by the fact that the bartender used both “business intelligence” (his knowledge of what I’d already ordered) combined with “predictive analytics” (his determination that I am a serious cocktail geek based on the series of questions I’d asked) to deliver an absolutely amazing experience.
This analogy about BI and predictive analytics relates – somewhat surprisingly – to IQNavigator in a very real way. Yes, I can hear you asking “How does it relate Brian?” Well, we were in Vancouver to evaluate a partnership with Visier. Visier is a company that makes a market leading workforce intelligence, analytics, and planning tool. Today, IQN and Visier formally announced that partnership and I am incredibly excited about it!
- The non-employee workforce is, no matter how you measure it (numbers, spend, business criticality), an ever more important part of the total (employees + non-employees) workforce.
If they do workforce planning and analytics at all, most companies only look at their permanent workforce – a mistake given bullet #1 above.
- To date, there have not been good solutions that provide intelligence, analytics, and planning. Those that exist are expensive, take a long time to implement, and are only just barely fit-for-purpose.
IQN’s partnership with Visier addresses these facts and concerns. First, clients can use IQN to manage ALL of their non-employees – contractors, consultants, SOWs, freelancers, independent contractors, service provider resources, etc. Second, by easily and quickly combining data from IQN about the non-employee with data about their employees from systems like their ATS and HCM, Visier will let companies answer a broad range of tactical and strategic questions about the ENTIRE workforce. These questions include backwards looking ones such as “how much did I spend on project managers of all types?” as well as forward looking ones focused on workforce planning and mix. Such a solution can be implemented quickly and therefore deliver a fast return and significant value to our clients!
There’s (obviously) a lot more to come on this, we’ll keep you informed about it on a regular basis. In the meantime, if you have questions, reach out and we’ll talk – maybe even while sharing a cocktail at the upcoming IQNSiders conference in Phoenix! (April 8-9, 2015)
Is data science fundamentally about storytelling? Plenty of people think so:
The problem with approaching analytics projects as a chance to tell stories is that it’s all too easy to fictionalize them as, say, Harry Potter, as you try to develop a compelling narrative.
I like this idea better: Approach your analytics projects as myth busting. This puts you in the right frame of mind to make sense of patterns in your data and then take effective action based on what you find. Continue reading
Today, IQNavigator announced the next step in its European expansion with the formation of a dedicated team in Germany. You can read Staffing Industry Analysts’ write-up on the topic here. Frank Thies has been appointed as IQNavigator’s country manager and sales director for the central Europe region and will head up a team based in Munich.
Frank brings more than 20 years’ experience in professional services and sales. In addition to leading IQNavigator’s regional sales efforts in the area, Frank will develop and build out the IQNavigator team in Germany, creating a deeper understanding of the nuances inherent to the DACH (Germany, Austria and Switzerland) region’s employment laws and compliance regulations that affect IQNavigator end users.
We’re excited to have this IQNavigator team in Germany to provide on-the-ground support for existing customers and partners. We also look forward to establishing new customer relationships in the DACH markets. The office will serve customers throughout central Europe, where we see demand from global companies with regional operations, as well as companies headquartered in the region.
Is your organization going to get ‘fit’ in the New Year? How many opportunities will you have in 2015 to control $200 million in spend, capture 10-15% cost savings, and significantly reduce your risks? Do you know how much of your non-employee labor spend you have captured with your current Contingent Workforce Management (CWM) program? Do you even have a program at all?
As the year starts and CWM professionals think about how they are going to help their company achieve its operational goals, many are finalizing their plans for 2015 with a sense of anticipation and anxiety. How will I achieve 10-15% cost reduction in the coming year? How will I reduce time to fill while maintaining high-quality talent streams? How will I address the risks of worker misclassification? Are we operating in compliance with the latest regional tax and regulatory requirements? Are we taking advantage of the best sourcing strategy for each of our geographies and labor types?
Wow, stressful questions can lead to crow’s feet, neck and shoulder tension, and an overall sinking feeling! It’s enough to make you wish you hadn’t returned from your end-of-the-year vacation!
If you are asking these important questions and struggling to muster the answers while handling the current process, it might be time to consider using outside help.
IQNavigator’s Strategic Solutions team is prepared to help you answer these questions and build your roadmap for the year. IQN’s Spend and Process Analysis (SPA) assessment is a fast, efficient method to quickly build your baseline view of current CWM program state, identify process and spend control opportunities, chart your CWM technology landscape, align your CWM program stakeholders, and initiate plans for increasing CWM program maturity. With just a few weeks’ time, you could have that executive presentation, business case, and project plan ready to drive discussions with program staff, educate line of business leadership, and engage new stakeholders for expansion.
So before you let too much of the anxiety and anticipation build, start your year on the best footing possible with a SPA, and rest easier knowing you have the plans in place to achieve your 2015 CWM objectives.