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New Jersey Job Clubs Presentation. NEW JERSEYS TALENT NETWORKS Talent Networks are being built to partner with six key New Jersey industries: Advanced.

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Presentation on theme: "New Jersey Job Clubs Presentation. NEW JERSEYS TALENT NETWORKS Talent Networks are being built to partner with six key New Jersey industries: Advanced."— Presentation transcript:

1 New Jersey Job Clubs Presentation

2 NEW JERSEYS TALENT NETWORKS Talent Networks are being built to partner with six key New Jersey industries: Advanced Manufacturing, Transportation Logistics and Distribution, Life Sciences, Health Care, Technology/Entrepreneurship and Financial Services These six industries were selected because they have job opportunities throughout the state and have demonstrated the ability to expand and create more job opportunities. They offer jobs that can lead to careers and they offer family sustaining wages The Talent Networks, led by six organizations, are in the process of building partnerships with employers, education al institutions, job seekers and Department of Labor and Workforce Development (LWD) staff. The Talent Networks are funded by the state but are able to make independent decisions. 2 New Jerseys Talent Networks

3 OUR MISSION The Financial Services Talent Network will assist the industry in its ongoing efforts to source and hire skilled talent for its entry level and mid level job openings by: Recognizing that the Financial Services employer is our most important stakeholder Expanding the effort required to fully understand the current management challenges and opportunities faced by employers Working closely with educational institutions to develop and deliver training that will be put to good and immediate use Partnering closely with One Stop Career Center and WIB staff Establishing credibility with job seekers 3

4 FINANCIAL SERVICES TALENT NETWORK WEBSITE 4

5 FSTN SITE- CAREER SEEKER 5

6 JOBS4JERSEY.COM 6

7 INDUSTRY DESCRIPTION Financial services firms fall under three main categories due to the nature of their transactions: Banking Securities and Commodities Insurance Among the organizations in these categories are commercial banks, credit card companies, insurance companies, consumer finance companies, stock and commodity brokerages, and investment funds as well as some government sponsored enterprises. The main activities in this industry include: Taking deposits and/or issuing securities Pooling financial risk by underwriting insurance and annuities, and Providing specialized services facilitating or supporting financial intermediation, insurance, and employee benefit programs 7

8 The financial services industry cluster showed a loss in employment even before the start of the recent recession (December, 2007 – June, 2009) New Jerseys financial services sector lost 11.1 percent of its employment base from its most recent peak in 2006 to 2011, compared to only an 8.2 percent decline in the sector at the nationwide level. This reflects the significance the industry cluster has on the states inhabitants and the harsh impact of the recession. There are currently about 184,000 financial services workers employed in New Jersey. Employment Source: Quarterly Census of Employment and Wages Prepared by New Jersey Department of Labor & Workforce Development, October

9 Industry Wages Almost $19.7 billion in total wages was paid by New Jerseys employers in financial services industries in With an annual average wage of $107,144, the sectors employees are paid (on average) 21.4% higher than those of the rest of the nation, 88.3% higher than the state average for total employment, and well more than double the nations average annual wage for all industries (an astounding 124.1% higher). Source: Quarterly Census of Employment and Wages Prepared by New Jersey Department of Labor & Workforce Development, October

10 GROSS DOMESTIC PRODUCT OF THE FINANCIAL SERVICES SECTOR According to the Bureau of Economic Analysis, In 2011, these organizations conducted transactions that equated to more than $1.13 trillion (or 8.6% of the nations total Gross Domestic Product). In New Jersey alone, the financial services industry contributed almost $37 Billion. Even with a relatively small share of total employment, New Jerseys financial services sector accounts for almost 9% of gross state product. In terms of financial services alone, New Jersey accounts for 3.2% of the entire nations GDP for this sector. *Source – U.S. Bureau of Economic Analysis Prepared by New Jersey Department of Labor & Workforce Development – October

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12 EDUCATION REQUIREMENTS OF TOP 10 FINANCIAL SERVICES OCCUPATIONS BY EMPLOYMENT Occupation 2011 Employment 2011 Annual Average Wages Education Requirements Bank Tellers18,048$26,900High school diploma or equivalent Securities, Commodities, and Financial Sales Agents14,672$99,440Bachelors degree Customer Service Representatives14,407$38,130High school diploma or equivalent Insurance Claims and Policy Processing Clerks9,328$39,730High school diploma or equivalent Claims Adjusters, Examiners, and Investigators9,250$67,070High school diploma or equivalent Insurance Sales Agents8,930$73,500High school diploma or equivalent Financial Managers8,472$141,880Bachelors degree First-Line Supervisors/Managers of Office and Administrative Support Workers 7,872$61,770High school diploma or equivalent Secretaries, Except Legal, Medical, and Executive5,547$38,330High school diploma or equivalent Financial Analysts4,886$85,160Bachelors degree There are more than 150 different occupations identified in New Jerseys financial services industry. The top 10 occupations in the sector account for almost 102,000 jobs, or approximately 55 percent of the states financial services employment. Source: Occupational Employment Statistics Wage Survey Prepared by New Jersey Department of Labor & Workforce Development, October

13 SKILLS, KNOWLEDGE AND ABILITIES OF FINANCIAL INDUSTRY WORKERS SkillsKnowledgeAbilities Active LearningAdministration and ManagementCategory Flexibility Active ListeningClericalDeductive Reasoning Complex Problem SolvingComputers and ElectronicsInductive Reasoning CoordinationCustomer and Personal ServiceInformation Ordering Critical ThinkingEconomics and AccountingMathematical Reasoning Judgment and Decision MakingEnglish LanguageNear Vision Mathematics Number Facility MonitoringOral Comprehension NegotiationOral Expression PersuasionProblem Sensitivity Reading ComprehensionSelective Attention Service OrientationSpeech Clarity Social PerceptivenessSpeech Recognition SpeakingWritten Comprehension Time ManagementWritten Expression Writing *Source: ONETonline.org Prepared by New Jersey Department of Labor & Workforce Development With Bank Tellers and Securities and Commodities Agents as the top two occupations, it is no surprise that mathematics and communications skills are amongst the most important qualities for finance industry workers to have. 13

14 Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013 Occupational Listings by County 01/18/ /18/2013 (Data not available after 03/16/2013)

15 Northern NJ Employers With The Most Listings 01/18/ /18/2013 (Data not available after 03/16/2013) Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

16 Top Detailed Occupational Listings in Northern NJ 01/18/ /18/2013 (Data not available after 03/16/2013) Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

17 SKILLS IN GREATEST DEMAND IN NORTHERN NJ 01/18/ /18/2013 (DATA NOT AVAILABLE AFTER 03/16/2013) Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

18 Central NJ Employers With The Most Listings 01/18/ /18/2013 (Data not available after 03/16/2013) Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

19 Top Detailed Occupational Listings in Central NJ 01/18/ /18/2013 (Data not available after 03/16/2013) Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

20 SKILLS IN GREATEST DEMAND IN CENTRAL NJ 01/18/ /18/2013 (DATA NOT AVAILABLE AFTER 03/16/2013) Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

21 Southern NJ Employers With The Most Listings 01/18/ /18/2013 (Data not available after 03/16/2013) Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

22 Top Detailed Occupational Listings in Southern NJ 01/18/ /18/2013 (Data not available after 03/16/2013) Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

23 SKILLS IN GREATEST DEMAND IN SOUTHERN NJ 01/18/ /18/2013 (DATA NOT AVAILABLE AFTER 03/16/2013) Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

24 BENEFITS OF A CAREER IN FINANCIAL SERVICES One of the Industries identified through NJ Department of Labor and Workforce Developments (LWD) research as being key to NJs economic growth and future Offers a wide variety of career paths Opportunities for training, advancement and promotion from within Strong employee benefits Health benefits 401k & matching Pre-tax healthcare spending accounts Pension Training & development opportunities Tuition reimbursement 24

25 IS FINANCIAL SERVICES RIGHT FOR ME ? Am I comfortable in a culture that is fast paced, results focused, intellectually challenging, rapidly evolving and change oriented? Am I comfortable with learning and processing complex content within an environment that will be willing to develop and train me ? Do I understand how the industry makes money? Do I like and have the skills necessary for sales? Do I like and have the skills to provide outstanding service to customers? Do I like and have the skills for operations and process management? 25

26 JOB SEARCH TIPS FOR FINANCIAL SERVICES Financial Services is a professional services industry: Companies will screen for a strong sense of professionalism through every step of your process, i.e. resume presentation, phone screen, appearance, interview preparation and performance, speech, etc. Prepare by researching the industry on-line research (examples) join Financial Services groups on LinkedIn (examples) join FSTN LinkedIn Group Develop a search strategy to include Networking to research career options and ask questions, then later to explore career opportunities Technology to leverage information and efficiency It does offer valuable entry level positions 26

27 NETWORKING- WHAT, HOW AND WHY? Networking: It is not asking for a job! Networking is developing and leveraging professional and industry specific contacts for information, feedback, advice and other contacts. Requires you to be clear about what you want from each contact. i.e. feedback on resume, testing your fit for different career options, sharing your pitch so that your initial contacts will be armed to make additional contacts for you. Networking in todays environment is a well understood and accepted approach. Most folks are open and willing. Request can be for phone or face-to- face but no more than minutes. Something in it for everyone…building each others network. Ask if there is anything you can do for them. Dont get discouraged! Its like dating, you wont get a number every time. Never a waste of time, practicing your pitch and how to market yourself. 27

28 NUANCES OF TODAYS JOB MARKET Regardless of the length of your unemployment insurance, you need to get started ASAP! It is a question of supply and demand (4 job seekers for every job) Differentiation is key! Be prepared to share details of your job search strategy Be open to temporary assignments, project or consulting work Think about vendors supplying service to Financial Services firms, (Account Temps, IT consulting, etc.) Compensation structure in consulting and temporary work will be different, expect to make less initially but many of these assignments can be a good foot in the door Technology and the internet are key to the hiring process for most big companies- do not underestimate their power and importance 28

29 HOW TO THINK ABOUT ON-LINE RECRUITING SITES AND TOOLS Typically you can apply to specific openings or post your resume on your target companys site for future job matches Always select option for them to keep your resume in their database. THIS IS NOT A BLACK HOLE! Not a human path in but your odds of matching to a position are in fact significantly increased-if your resume aligns with job description key word language Tailor resume if you need to (only the truth, dont make things up to align) Posting your resume is not once and done, you are in their system and could be matched to future open roles Once resume is on the company site be sure to keep it updated Watch carefully, this will likely be a chosen communication tool Some companies will send an acknowledgement, some wont 29

30 TIME AND SPACE IN RECRUITING Wait time is always longer when you are the one who is waiting! Keep in mind the recruiters are generally working on positions simultaneously. Recruiters do not control the whole process. They need to wait for managers and HR to reply on interest in screened resumes, availability for interviews, offer details, etc. - for all candidates, not just you. Managers still have a full time job beside filling their open positions. Many folks will say they will get back to you and often they dont. Dont take it personally. Human nature says that most people are not comfortable giving feedback. This doesnt mean you shouldnt ask for feedback but manage your expectations and really pay attention when you do get it! 30

31 ADDITIONAL RESOURCES NJ Department of Labor and Workforce Development site: Jobs4Jersey site: Financial Services Talent Network: FSTN LinkedIn Group FSTN Linkedin GroupFSTN Linkedin Group Financial Services LinkedIn Groups Alumni LinkedIn Groups (school & company) Financial Services Career Advisor Why Financial Services? MySkillsMyFuture.com NJ Job Fairs Using Social Media in your Job Search 31

32 Questions and Comments Financial Services Talent Network Website: Robert Crawford: Marion Dino:


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