The surveys of professionals and managers were were conducted by an independent research firm and include responses from 404 workers 18 years of age or older and employed in office environments and 1,013 senior managers at companies with 20 or more employees.  

Workers were asked, “Aside from salary, which one of the following aspects of your job is most tied to your satisfaction?” Their responses:

Work/life balance…………………………………………………….   28%
Opportunities to learn and grow…………………………………   27%
Ability to accomplish goals…………………………………………..   20%
Camaraderie with coworkers…………………………………………   13%
A good working relationship with the boss………………………..   11%
Don’t know………………………………………………………….     1%
100%

The survey of workers also revealed differences by age: Respondents between the ages of 35 and 44 were most concerned with work/life balance (46 percent), and those between the ages of 18 and 34 indicated the greatest interest in opportunities to learn and grow (37 percent).

“Professional priorities change over time,” said Robert Hosking, executive director of OfficeTeam. “Because there’s no one-size-fits-all formula for encouraging job satisfaction, supervisors should get to know their team members individually to better understand what motivates and inspires each of them.”

Everyone appreciates the ability to successfully juggle business and personal obligations, Hosking noted. OfficeTeam offers five tips managers can use to help their teams achieve work/life balance:

1. Be flexible. If it’s practical for your business, offer alternative work arrangements such as modified schedules or job sharing.
2. Reduce their commute. Give personnel whose jobs can be done remotely the option of working from home one or more days a week.
3. Watch the clock. Avoid contacting staff outside of office hours unless the matter is urgent and cannot wait until the next business day.
4. Take a breather. Remind workers to take breaks and vacations. Set a good example by doing so yourself.
5. Bring in reinforcements. Encourage employees to seek help when they are overwhelmed with projects. Use temporary professionals, when necessary, to alleviate workloads.

The national jobless rate, 8.5 percent, continued to trend down in December and was 0.9 percentage point lower than in December 2010. In December, nonfarm payroll employment increased in 25 states and the District of Columbia, decreased in 24 states, and was unchanged in 1 state. The largest over-the-month increase in employment occurred in Texas (+20,200), followed by Indiana (+15,100) and California (+10,700).

The largest over-the-month decrease in employment occurred in New York (-14,000), followed by Missouri (-11,800) and Washington (-11,600). South Dakota experienced the largest over-the-month percentage increase in employment (+1.1 percent), followed by North Dakota (+0.9 percent) and Indiana, Kentucky, and Utah (+0.5 percent each).

Nevada experienced the largest over-the-month percentage decline in employment (-0.9 percent), followed by Alaska (-0.5 percent) and Maine, Missouri, and Washington (-0.4 percent each). Over the year, nonfarm employment increased in 46 states and the District of Columbia and decreased in 4 states. The largest over-the-year percentage increase occurred in North Dakota (+5.7 percent), followed by Utah (+3.0 percent) and Oklahoma (+2.7 percent). The largest over-the-year percentage decrease in employment occurred in Delaware (-0.7 percent), followed by Alaska (-0.5 percent) and Georgia (-0.4 percent).

Regional Unemployment (Seasonally Adjusted) The West continued to record the highest regional unemployment rate in December, 9.7 percent, while the Midwest and Northeast reported the lowest rates, 7.9 percent each. Three regions experienced statistically significant over-the-month unemployment rate changes: the Midwest and South (-0.3 percentage point each) and the West (-0.2 point). Over the year, all four regions registered significant rate decreases, the largest of which was in the West (-1.3 percentage points).

Among the nine geographic divisions, the Pacific continued to report the highest jobless rate, 10.4 percent in December. The West North Central again registered the lowest rate, 6.1 percent. Six divisions experienced statistically significant unemployment rate decreases over the month. The largest of these occurred in the East South Central (-0.4 percentage point). Seven divisions recorded significant rate declines from a year earlier, the largest of which was in the Pacific (-1.3 percentage points). No division reported an unemployment rate increase from December 2010. State Unemployment (Seasonally Adjusted) Nevada continued to record the highest unemployment rate among the states, 12.6 percent in December. California posted the next highest rate, 11.1 percent. North Dakota again registered the lowest jobless rate, 3.3 percent, followed by Nebraska and South Dakota, 4.1 and 4.2 percent, respectively.

Twenty-four states reported jobless rates significantly lower than the U.S. figure of 8.5 percent, 8 states and the District of Columbia had measurably higher rates, and 18 states had rates that were not appreciably different from that of the nation.  Eighteen states experienced statistically significant over-the-month unemployment rate declines in December. The largest of these were in Alabama (-0.6 percentage point) and Michigan (-0.5 point). The remaining 32 states and the District of Columbia recorded jobless rates that were not measurably different from those of a month earlier, though some had changes that were at least as large numerically as the significant changes. (See table B.)

Nevada registered the largest jobless rate decrease from December 2010 (-2.3 percentage points). Twenty-one additional states reported smaller but also statistically significant decreases over the year. The remaining 28 states and the District of Columbia recorded unemployment rates that were not appreciably different from those of a year earlier.

Nonfarm Payroll Employment (Seasonally Adjusted) In December, eight states recorded statistically significant changes in employment, five of which were increases. The statistically significant job gains occurred in Indiana (+15,100), Kentucky (+8,400), Utah (+6,400), South Dakota (+4,600), and North Dakota (+3,800). The statistically significant declines in employment occurred in Missouri (-11,800), Washington (-11,600), and Nevada (-9,800). (See tables D and 5.) Over the year, 28 states experienced statistically significant changes in employment, all of which were increases. The largest increase occurred in California (+263,200), followed by Texas (+204,500) and Florida (+113,900).

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“Revised figures show that adding the new Leading Credit Index™, in conjunction with other changes, makes the LEI a more accurate predictor of U.S. business cycles since 1990,” said Ataman Ozyildirim, economist at The Conference Board. “The improvement is especially pronounced before and during the 2008-2009 recession, and during the current expansion. In December, the LEI for the U.S. increased again. The gain was widespread among the leading indicators, suggesting economic conditions should improve in early 2012. However, the LEI gain in December was held back by negative contributions from the new Leading Credit Index – which indicates weak credit and financial conditions — and from consumer expectations for business and economic conditions.”

Added Ken Goldstein, economist at The Conference Board: “The CEI and other recent data reflect an economy that ended 2011 on a positive note and the LEI provides some reason for cautious optimism in the­ first half of 2012. This somewhat positive outlook for a strengthening domestic economy would seem to be at odds with a global economy that is losing some steam. Looking ahead, the big question remains whether cooling conditions elsewhere will limit domestic growth or, conversely, growth in the U.S. will lend some economic support to the rest of the globe.”

U.S. industrial manufacturers expect continued domestic and international growth in 2012, although forecasts have fallen below 2011 actual growth rates, according to the findings of the Q4 2011 Manufacturing Barometer released today by PwC US.  While uncertainty still prevails and own-company revenue expectations have moderated, optimism about the worldwide economy rose in the fourth quarter of 2011, including a notable improvement in sentiment regarding prospects for the U.S., as compared to an all-time low in domestic sentiment in the third quarter of 2011.  In addition, U.S. industrial manufacturers continue to forecast increased investment spending in the year ahead, including major outlays in operational spending.  Plans for merger and acquisition (M&A)activity also increased, and there was significant emphasis on expansion into new markets. 

Optimism regarding the prospects of the U.S. economy over the next 12 months rose to 30 percent in the fourth quarter of 2011 – up from only 5 percent in the third quarter of 2011 – and 28 percent of respondents believe that the U.S. economy grew in 4Q 2011, up 21 points from the prior quarter. However, the majority of respondents, 57 percent, remain uncertain, rather than outright pessimistic.  Among U.S. industrial companies operating abroad, uncertainty also remains high at 64 percent, with 36 percent believing that the world economy is declining and 48 percent reporting that they saw no change.  However, 16 percent of respondents marketing abroad view the world economy as growing in the fourth quarter of 2011, up 9 points from the prior quarter.

“While forecasts remain guarded with growth rates trailing prior year actual performance, optimism about the worldwide economy increased among U.S. industrial manufacturers in the fourth quarter of 2011,” said Barry Misthal, global industrial manufacturing leader for PwC.  “Despite the improved sentiment, however, the majority of U.S. industrial manufacturers remain cautious regarding the outlook ahead.  Expectations for moderate growth in 2012 appear to be balanced by healthy cash levels, improving gross margins and continued strategic investment spending among the major industrial manufacturers.  Management teams continue to seek avenues to expand globally and gain market share, while carefully managing their risk exposure.”

Growth
Although the projected average growth rate for own-company revenue for 2012 was lowered from 5.0 percent in the prior quarter to 4.4 percent in the fourth quarter of 2011, 83 percent of respondents expect positive revenue growth for their own companies in the year ahead, while 7 percent expect growth to be negative and 10 percent expect no growth. With regard to the international contribution, industrial manufacturers continue to expect international sales to deliver 38 percent of total company revenue in 2012, the same as the prior quarter and one year ago.

“While optimism about the international economy remains well below sentiment recorded in last year’s fourth quarter, expected sales contributions from overseas operations remain identical with prior year levels,” added Misthal.  “At the same time, plans for spending and M&A activity continue to be a major international focus over the next 12 months.  Given ongoing issues facing Asia and Europe, these findings may point to a stabilization of sentiment regarding the global outlook.”

Looking back at full year 2011, the composite average growth estimate for own-company calendar year revenue growth was 5.3%, down slightly from 5.6% projected in the third quarter survey.  Eighty-seven percent of respondents said they had positive own-company growth in 2011, with 19 percent forecasting double digit gains and 68 percent projecting single digit gains.  Eight percent were negative, while only 5 percent had zero growth.

Spending
Over the next 12 months, 67 percent of industrial manufacturing panelists plan major new capital investments, up 12 points from the third quarter of 2011.  The level represents the highest in the past five quarters, with two-out-of-three U.S. industrial manufacturers planning spending.  However, the average level of new investment spending is expected to be lower at 4.2 percent of sales, in comparison to 5.9 percent in the third quarter of 2011.  Ninety percent of respondents plan to increase operational spending, an increase of 5 points from the previous quarter.   Increased operational spending is cited for new product or service introductions (57 percent), information technology (50 percent) and business acquisitions (40 percent).  Forecasts for research and development spending declined 8 points to 40 percent from 48 percent in the third quarter of 2011, while spending forecasts pertaining to marketing, sales promotion and advertising remained low.

M&A
On the M&A front, 38 percent of industrial manufacturers say they planned activity, with virtually all of them seeking to pursue acquisitions.  Forty percent plan for expansion into new markets abroad, and 40 percent plan new joint ventures. The number planning strategic alliances rose to 35 percent, and new facilities abroad increased to 32 percent.

“The increase in planned operational spending, as well as M&A activities reflects an ongoing focus among U.S. industrial manufacturers in investing for  growth in the face of an uncertain global outlook,” added Misthal.  “In addition, industrial manufacturing companies have continued to build liquidity, while taking steps to improve margins and provide ample support for investment in growth initiatives with a global focus.”

During the fourth quarter of 2011, 38 percent of respondents reported higher gross margins, while only 15 percent said they were lower, for a net gain of 23 percent.  These results are up 15 points from the third quarter of 2011, despite a continued high level of costs.  In fact, 32 percent of U.S.-based industrial manufacturers reported higher costs, while 15 percent reported cost reductions, for a net plus of 17 percent, 11 points below the third quarter.  In addition, 30 percent raised prices, but 8 percent lowered them, for a net plus 22 percent reporting higher prices, up 12 points from the third quarter.

Employment
Looking at the employment picture, 37 percent of respondents plan to add employees to their workforces over the next 12 months, off 1 point from the third quarter of 2011.  However, the net workforce composite projection rose from a minus 0.2 percent in the prior quarter to a plus 0.7 percent, representing modest gains and a break from what had been a declining hiring pattern in past surveys.   Among those respondents planning to hire, the most sought after employees will be professionals and technicians (28 percent) and skilled workers (23 percent).  Interest in production workers declined to 13 percent, off 14 points from the third quarter of 2011.

Regarding expected barriers to business growth, legislative and regulatory pressures were cited most by respondents at 50 percent.  Lack of demand and oil/energy prices were next at 47 percent, with both being down from the previous quarter.  Taxation concerns dropped 7 points to 33 percent, while concerns about decreasing profitability fell sharply to 18 percent.

“The success of U.S. industrial manufacturers in increasing operating profitability remains a major bright spot in the prolonged challenging global marketplace,” added Misthal.  “In the fourth quarter PwC Manufacturing Barometer, concerns about profitability holding back growth were the lowest in over 12 months, highlighting the fundamental strength of U.S. manufacturers in spite of ongoing sales pressures and intense global competition.”

Special Topic: Supply Chain and Global Operations
U.S. industrial manufacturers continue to focus on improving company supply chains globally.   According to the fourth quarter PwC Manufacturing Barometer, three quarters (77 percent) of industrial manufacturers surveyed believe it is very or extremely important to the growth of their global businesses to improve their companies’ supply chain over the next two to three years.

Forty three percent of respondents confirmed it is very/extremely important to improve their companies’ globalized product development operations, while 40 percent sited their supply base and 39 percent cited their manufacturing footprint as major priorities.  In addition, 75 percent of respondents confirmed definite plans for major/minor improvement of their globalized distribution systems over the next 12 to 18 months.

Moreover, 78 percent of industrial manufacturers surveyed believe their current business is scalable to meet global requirements at target performance levels over the next two to three years – 50 percent definitely and 28 percent probably.  The majority (52 percent) of respondents envision the need to rethink and/or reprioritize their companies’ manufacturing core competences to grow and optimize their business during the next two to three years.  Overall, 57 percent of industrial manufacturers see a need to partner in new ways with their strategic suppliers to grow and optimize their business over the next two to three years.

To view the complete Manufacturing Barometer report, visit http://www.pwc.com/manufacturing-barometer. For information about other Barometer surveys, including recent economic trend data and topical issues, visit http://www.barometersurveys.com.

According to Gordon’s analysis of data from the Conference Board, US Bureau of Labor Statistics, and Society for Human Resources Management, in the US alone, there are 5 million vacant jobs, including a million jobs that employers have given up on filling—either because they sought too specialized skills or because they were unwilling to pay for the talent. Most of the vacant positions are in the STEM (Science, Technology, Engineering, and Math) areas and at least half require good literacy and numeracy skills—clearly a problem in the US and elsewhere. Most of these positions also require the candidates to have completed certificate or apprenticeship programs or to have had advanced on-the-job training. We will need huge numbers of workers to replace the many reluctantly retiring Baby Boomers. The problem, according to Gordon is we are caught between two periods: “The Information Age” and “The Cyber-Mental Age.”

Prior to the Cyber-Mental Age (2010), we had a large percentage of jobs that required only minimal literacy and numeracy. Now, over 50 percent of the jobs require high levels of literacy and numeracy, plus critical thinking, communications and computer skills. Only about 27 percent of the US workforce has these abilities. For years in the US and elsewhere, education has not kept pace with the skills needed for today’s jobs and careers.

On top of that, for years companies devalued internal training. They did not realize the long-term cost. Now companies are reconstituting their training departments and beginning to “grow their own” people with specialized skills. Enter now, what Gordon calls Regional Talent Innovation Networks (RETAINs). These collaborative partnerships of businesses, educators and other groups in the community are creating new career and employment preparation systems that are responsive to local economic needs. Across the US over 1,000 RETAINs are now in existence that are helping to provide successful jobs pipelines to speed up the transition to the new Cyber-Mental Age. It will take many years for the RETAINS to become effective, so that they provide successful pipelines. It is no wonder that China had more nanotech patents than the US in many months last year.

In spite of these challenges, there are “Pockets of Prosperity,” as we discussed previously. Not too long ago, Deloitte and Touche reported that there were 5,000 open jobs in the manufacturing sector. Having industrial skills makes you very employable today. In a recent study issued by the Society of Human Resource Management (SHRM), 68 percent of employers said that they experienced a shortage of “qualified new hires” to replace people retiring from the skilled trades (electricians, carpenters, welders). There are also increases in industrial hiring in logistics, supply-chain management, and plant management.

“Life Sciences and Biotech” is another pocket of prosperity. Big Pharma as well as biotech start-ups are hiring. Experts expect an up to 40 percent increase in job openings for research scientists between now and 2018. We have also noted before a significant lack of professional salespeople. In the past, selling was close to being a recession-proof career; this prolonged recovery has been no exception. According to 72 percent of SHRM’s responding employers, they cannot find enough good salespeople. Moreover, accountants and finance professional are in short supply. Around the world, demand for accountants, particularly forensic accountants and compliance specialists, has been growing steadily. Colleges and universities are simply not graduating enough accounting and finance majors to fill the open positions.

The SHRM survey found that 54 percent of employers would hire more accountants and financial people—if they could find them. Discount retailers are in one of the few categories that has “flourished during this recession.” Most of these retailers looking to hire managers, as well as in-store personnel. Finally, private equity firms are “actively seeking management talent for their portfolio companies—across all industries and all functional areas.” If you have the experience and a track record, you will be in-demand.

The Conference Board Consumer Confidence Index®, which had improved in November, increased further in December. The Index now stands at 64.5 (1985=100), up from 55.2 in November. The Present Situation Index increased to 46.7 from 38.3. The Expectations Index rose to 76.4 from 66.4.

The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was December 14.

Says Lynn Franco, Director of The Conference Board Consumer Research Center: “After two months of considerable gains, the Consumer Confidence Index is now back to levels seen last spring (April 2011, 66.0). Consumers’ assessment of current business and labor market conditions improved again.  Looking ahead, consumers are more optimistic that business conditions, employment prospects, and their financial situations will continue to get better. While consumers are ending the year in a somewhat more upbeat mood, it is too soon to tell if this is a rebound from earlier declines or a sustainable shift in attitudes.” 

Consumers’ assessment of current conditions improved in December. Those stating business conditions are “good” increased to 16.6 percent from 13.9 percent, while those stating business conditions are “bad” declined to 33.9 percent from 38.0 percent. Consumers’ assessment of the job market was also more positive. Those claiming jobs are “plentiful” increased to 6.7 percent from 5.6 percent, while those claiming jobs are “hard to get” decreased to 41.8 percent from 43.0 percent.

Consumers’ short-term outlook also improved in December. The proportion of consumers expecting business conditions to improve over the next six months increased to 16.7 percent from 13.7 percent, while those expecting business conditions will worsen declined to 13.4 percent from 16.1 percent.

Consumers’ outlook for the job market was also more favorable.  Those anticipating more jobs in the months ahead increased to 13.3 percent from 12.4 percent, while those anticipating fewer jobs declined to 20.2 percent from 23.8 percent. The proportion of consumers expecting an increase in their incomes improved to 17.1 percent from 14.1 percent.

Source:
The Conference Board Consumer Confidence Survey®
December 2011

About The Conference Board
The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world’s leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org

About Nielsen
Nielsen Holdings N.V. (NYSE: NLSN) is a global information and measurement company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows and related properties. Nielsen has a presence in approximately 100 countries, with headquarters in New York, USA and Diemen, the Netherlands. For more information, visit www.nielsen.com.

1. Recruiting will intensify among smaller employers. While large companies are bracing for the rippling impact of the European debt crisis, we will see the small and medium-size companies adding staff. Many companies will continue their reluctance to add staff, until they have a sense for the outcome of the elections. Worldwide, we will see areas like growth areas like Southeast Asia, certain parts of South America (notably Brazil and Chile), and the Middle East pirating talent away from other areas. Employers attempting to recruit experienced people will find their challenges increasing.

2. In the US, unemployment will continue to remain relatively high. Domestically, we expect unemployment to remain over 7.5 percent for the coming year for most of the country. China‚s unemployment will grow, too, as employers turn away from inconsistent quality and/or find lower-cost source markets for low-skilled labor. The continuing challenge for employers worldwide is that many of the unemployed do not have the skills they are looking for.

3. More communities will wake up to the critical need for workforce development. More communities will become aware that they will simply not grow economically without having an available skilled workforce—with the skill sets their prospects seek.

4. Metrics, metrics, metrics. Looking for efficiencies everywhere, more employers will embrace technology to manage processes and keep track of talent. Companies providing software to employers will see their businesses grow. Employers will face the challenges of training their people in these new systems.

5. Companies will take greater advantage of social networks. They will not only use it in recruiting, marketing, and public relations, but also training and development, and even in succession planning. Large companies will capitalize on their own internal social networking sites to “keep it in the family.”

6. Growth levels will again vary by region. The US will have continued slow growth, as will some most areas of Europe. Others will show modest increases. The big winners in job growth and profits will be Brazil, India, and China. The lingering repercussions of the European debt crisis and the Great Recession in the US (including high levels of unemployment and depressed housing prices) will hamper expansion.

7. A growing number of unemployed people will become consultants and personal coaches. The personal and professional services industries are burgeoning. More companies will “rent” the talent they need for the time they need it. Individuals will increasingly seek the services of life-and executive coaches to help them realize their full potential.

8. Re-engineering will continue. As we forecasted in our book “Lean & Meaningful: A New Culture for Corporate America,” companies, particularly the larger ones will continue to reduce staff and hire others in an ongoing attempt to optimize productivity and profit. The drop in employee engagement will not affect this drive for efficiency, until that decrease begins to affect the bottom line. Wise employers will engage their employees in finding these efficiencies.

9. Far too many employers worldwide will ignore the roles of engagement and retention in their bottom line profitability. Though employers will have higher employee turnover and greater difficulty in recruiting, too few will take action to meet this challenge. By necessity once again, employers will be forced to look at the real drivers of employee retention, which may not be what is reflected in their surveys.

10. In the US, the escalating regulatory environment will cause employers to need employment lawyers more than ever. With the continuing increase in regulations affecting Human Resources, smart employers will have no choice but to collaborate with their employment lawyers early on to avoid problems after the fact. The largest employers have been working with their trusted partners for years.

In a surprising report recently released by Right Management, 84 percent of the respondents to an online poll said they “plan to look for a new position in 2012.” That number is almost double the number found by Randstad in their recent poll. Only seven percent of these “internal customers” said a move was “unlikely” or that they expected to stay in their current positions.

On the other end of the customer spectrum, in a recent survey of service providers, 66 percent of respondents believed that their (external) customers are less loyal today than they were two years ago. If service providers want to attract new subscribers in saturated markets, they will need to implement loyalty strategies to combat competitors’ aggressive offers. Due to this market saturation and increasing competition, 82 percent of service providers said that customer loyalty programs would be “very important” or “important” over the next five years to their company’s strategy.

Customer retention and loyalty can become a new center for growth, if providers understand what their customers really want and develop their offers accordingly. Customer retention and loyalty programs must be started early in the customer lifecycle; they are important during the entire relationship between service providers and their clients.

It is unwise to wait until after the fact when they have already lost customers. Moreover, two-thirds of consumers stated that “personalized and tailored services, proactive care, and rewards for being loyal customers” would earn their loyalty.

Applying this advice to internal customers, we highly recommend that employers conduct “stay” interviews, instead of waiting until people leave to conduct exit interviews. Wise (external) marketers will begin implementing “stay” interviews as well.

Both internal and external loyal customers are expecting more from their suppliers at every level; employees, contractors, wholesale businesses, retail consumers are all demanding more. Intensifying competition in the various marketplaces is driving increasing focus on what works to attract and retain these valued customers.