July 14, 2016
Talent Talk is a regular column on employment trends written by Glen Esnard, the executive vice president and principal of 20-20 Foresight Executive Search.
My good friend, Lew Horne, coined a phrase when speaking to brokers in his organization.
”Fish where the fish are.”
Logical, isn’t it? If you are any kind of fisherman, you read the water, understand the undersea topography and learn to understand where there is greater likelihood to catch fish.
So, if you are seeking your next career step and are willing to relocate to find a job, go where the jobs are.
But it is becoming more of a challenge.
The Economic Innovation Group recently published a report profiling job and business growth during our recent recovery. Only 20 U.S. Counties accounted for 50% of new business establishment starts between 2010 and 2014.
Is that a big deal? In the 1992-1996 period, 125 counties accounted for half of business recovery growth. In 2002-2006, it was 64 counties.
Business growth markets are dramatically consolidating.
How does this impact employment growth? From 2012-2015, (Bureau of Labor Statistics) only six states accounted for 50% of U.S. employment growth- California, Texas, Florida, New York, Georgia and Michigan. The first three alone, California, Texas and Florida, accounted for nearly 40% of total employment growth.
Sure, part of that weighting is the sheer size of those states, but their job growth contribution far outweighs their contribution to total US population. Those six states experienced annual employment growth of 9.2% against a national average under 2.0%.
I’m not an economist. So while I, and lots of others, might have opinions on the cause and effect, those opinions are irrelevant today.
We are simply discussing employment options.
As job growth consolidates, which it is clearly doing, consider the best options, now and for your future.
Fish where the fish are.