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

New Jersey Job Clubs Presentation

NEW JERSEY’S 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.

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New Jersey’s Talent Networks

Our MissionOUR 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

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Financial services talent network website

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FSTN SITE- CAREER SEEKER

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JOBS4JERSEY.COM

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INDUSTRY DESCRIPTIONFinancial 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

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• The financial services industry cluster showed a loss in employment even before the start of the recent recession (December, 2007 – June, 2009)

• New Jersey’s 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 state’s 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 2012

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Industry Wages

• Almost $19.7 billion in total wages was paid by New Jersey’s employers in financial services industries in 2011.

• With an annual average wage of $107,144, the sector’s 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 nation’s 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 2012

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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 nation’s 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 Jersey’s 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 nation’s GDP for this sector.*Source – U.S. Bureau of Economic Analysis

Prepared by New Jersey Department of Labor & Workforce Development – October 2012

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EDUCATION REQUIREMENTS OF TOP 10 FINANCIAL SERVICES OCCUPATIONS BY EMPLOYMENT

Occupation2011

Employment2011

Annual AverageWages

Education Requirements

Bank Tellers 18,048 $26,900 High school diploma or equivalent

Securities, Commodities, and Financial Sales Agents 14,672 $99,440 Bachelor’s degree

Customer Service Representatives 14,407 $38,130 High school diploma or equivalent

Insurance Claims and Policy Processing Clerks 9,328 $39,730 High school diploma or equivalent

Claims Adjusters, Examiners, and Investigators 9,250 $67,070 High school diploma or equivalent

Insurance Sales Agents 8,930 $73,500 High school diploma or equivalent

Financial Managers 8,472 $141,880 Bachelor’s degreeFirst-Line Supervisors/Managers of Office and Administrative Support Workers

7,872 $61,770 High school diploma or equivalent

Secretaries, Except Legal, Medical, and Executive 5,547 $38,330 High school diploma or equivalent

Financial Analysts 4,886 $85,160 Bachelor’s degree

There are more than 150 different occupations identified in New Jersey’s financial services industry. The top 10 occupations in the sector account for almost 102,000 jobs, or approximately 55 percent of the state’s financial services employment.

• Source: Occupational Employment Statistics Wage Survey Prepared by New Jersey Department of Labor & Workforce Development, October 2012

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SKILLS, KNOWLEDGEAND ABILITIES OF FINANCIAL INDUSTRY WORKERS

Skills Knowledge Abilities

Active LearningAdministration and

Management Category FlexibilityActive Listening Clerical Deductive Reasoning

Complex Problem Solving Computers and Electronics Inductive Reasoning

CoordinationCustomer and Personal

Service Information OrderingCritical Thinking Economics and Accounting Mathematical Reasoning

Judgment and Decision Making English Language Near Vision

Mathematics Mathematics Number FacilityMonitoring Oral ComprehensionNegotiation Oral ExpressionPersuasion Problem Sensitivity

Reading Comprehension Selective AttentionService Orientation Speech ClaritySocial Perceptiveness Speech Recognition

Speaking Written ComprehensionTime Management Written 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.

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• Source: Burning Glass Technologies Inc., Labor Insight Prepared by New Jersey Department of Labor & Workforce Development – March, 2013

Occupational Listings by County

01/18/2013 - 03/18/2013 (Data not available after 03/16/2013)

Northern NJ Employers With The Most Listings



Top Detailed Occupational Listings in Northern NJ



Skills in Greatest Demand in Northern NJ01/18/2013 - 03/18/2013 (Data not available after 03/16/2013)


Central NJ Employers With The Most Listings



Top Detailed Occupational Listings in Central NJ



Skills in Greatest Demand in Central NJ01/18/2013 - 03/18/2013 (Data not available after 03/16/2013)


Southern NJ Employers With The Most Listings



Top Detailed Occupational Listings in Southern NJ



Skills in Greatest Demand in Southern NJ01/18/2013 - 03/18/2013 (Data not available after 03/16/2013)


BENEFITS OF A CAREER IN FINANCIAL SERVICES

One of the Industries identified through NJ Department of Labor and Workforce Development’s (LWD) research as being key to NJ’s 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

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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?

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JOB SEARCH TIPS FOR FINANCIAL SERVICESFinancial 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 includeNetworking 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

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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 today’s 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 20-30 minutes.

Something in it for everyone…building each others network.

Ask if there is anything you can do for them.

Don’t get discouraged! It’s like dating, you won’t get a number every time.

Never a waste of time, practicing your pitch and how to market yourself.

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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

strategyBe open to temporary assignments, project or

consulting workThink 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

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HOW TO THINK ABOUT ON-LINE RECRUITING SITES AND TOOLS

Typically you can apply to specific openings or post your resume on your target company’s 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, don’t 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 email carefully, this will likely be a chosen communication tool

Some companies will send an “acknowledgement”, some won’t

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TIME AND SPACE IN RECRUITINGWait time is always longer when you are the one who is

waiting!

Keep in mind the recruiters are generally working on 30-50 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 don’t.

Don’t take it personally.

Human nature says that most people are not comfortable giving feedback.

This doesn’t mean you shouldn’t ask for feedback but manage your expectations and really pay attention when you do get it!

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ADDITIONAL RESOURCES

• NJ Department of Labor and Workforce Development site: www.lwd.dol.state.nj.us

• Jobs4Jersey site: www.jobs4jersey.com • Financial Services Talent Network: www.FinancialServicesNJ.org

• FSTN LinkedIn Group FSTN 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

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Questions and Comments

Financial Services Talent Network Website:

www.FinancialServicesNJ.org

Robert Crawford: [email protected] Marion Dino:

[email protected]

Documents

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