Updates from October, 2011 Toggle Comment Threads | Keyboard Shortcuts

  • drdianehamilton 12:10 pm on October 27, 2011 Permalink | Reply
    Tags: , , , , , , , , , , National Association of Colleges, National Association of Colleges and Employers, , ,   

    Job Outlook for College Grads in 2011 

    There is some good news for college graduates right now.  Employment numbers have improved for this group.  The WallStreet Journal reported that college graduates are, “more likely to be working: Unemployment among college grads is 4.2% vs. 9.7% for high-school grads. And they make more: The typical full-time worker with a four-year degree is earning 65% a week more than a high-school grad.”

    CNNMoney reported, “College grads are getting offered bigger paychecks for the first time since 2008. Students who will graduate this spring are receiving job offers with starting salaries averaging $50,034 per year, up 3.5% from last year, according to a survey from the National Association of Colleges and Employers. ” Those obtaining business degrees saw the biggest increase. 

    Simply hired lists the average college graduates’ salary at $46,000.  They offer a calculator to find out specific salaries for individual jobs.  Click here for the link to that salary calculator.

    The following demonstrates the kind of information this calculator provides based on two jobs that require degrees.  The following are the results for a pharmaceutical sales representative and a high school teacher:

    Things may be looking better for college graduates, but there are still 1 out of 6 who have a bachelor’s degree and are unemployed.  These numbers are worse for more recent graduates than those who have been in the job market for a while.  This has led to some pessimistic views by some graduates.  There are those that worry about the country’s economic future and its impact on their own financial future. To read more about this, check out:  Gloom Widespread as College Grades Face New Math.

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  • drdianehamilton 4:00 pm on September 9, 2011 Permalink | Reply
    Tags: , , , , , , , , , , , , ,   

    10 Most Important Steps to Obtain Dream Job 

    I often speak to students and career groups about how to obtain a dream job or reinvent a career.  I have listed some of the most important points from my lectures, with appropriate links to articles, to explain the process.  Be sure to click on the links listed under each step to watch videos and read the articles to get step by step instructions.

    1. Define Your Goals:  People fear making mistakes.  Although it can be argued there are no mistakes, only learning experiences, part of avoid mistakes is to have good goals.  The goals must be measurable with timeframes listed for when you wish to achieve those goals.
    2. Analyze “You” as the Product:  To get a job, you must showcase your talents by thinking of “you” as the product.  When you are networking and interviewing, you are “selling” a product and that product is you.   Be sure to analyze your online reputation.  You can be sure that companies will check on this.
    3. Create a Personal SWOT Analysis:  SWOT stands for strengths, weaknesses, opportunities and threats.  By creating a personal SWOT analysis, you can work on capitalizing on your strengths and find solutions for any weaknesses or threats. 
    4. Analyze Your Competition: When you are interviewing, you must remember there are a lot of others that are competing for the same job.  Think of those things that you bring to the table that your competition does not.  What do others have that you need to be working on in the meantime?  Have you done your research?  If an interviewer asks you the question: “Why did you pick our company?” . . . do you have a good answer?  Know the answers to difficult job interview questions.
    5. Capitalize on Personality Skills: Part of finding the right job is based on understanding your personality preferences.  Personality tests like Myers Briggs MBTI can be very helpful in leading you to the right job.  It is also important to work on developing emotional intelligence. Find out why employers are placing as much value on EQ as IQ.
    6. Analyze Jobs:  Find out what jobs pay:  One of the first steps is to find out what a job is worth.  Consider what types of jobs motivate you.  Check out top 10 ways to find a job or have a job find you.
    7. Showcase Your Talents:  Use social networking to get noticed.  Find out how you can use a simple PowerPoint presentation and Camtasia to showcase your abilities.  If you are not on LinkedIn, you should be.  Use Google Docs and LinkedIn to get noticed.  Rev up your business card by adding a QR code to it.  Avoid putting these top 10 wrong things on resumes.
    8. Ace the Interview:  Once you are able to obtain an interview, use personality skills to wow them.  Deliver information in the job interview based upon understanding introverts and extroverts.  Keep in mind the proper answer to tough interview questions.
    9. Follow up on the Interview:  Always follow up with a thank you note.  It is important to stand out from the crowd and having manners is very important.  It is important to realize that millennials have unique job expectations and may not come across as respectful at times.  
    10. Use what You Have Learned to Succeed: Continue to use the things you have learned in order to obtain the job.  Don’t stop setting goals.  Stay connected through social networking in case the job doesn’t work out. 
     
  • drdianehamilton 12:09 pm on August 11, 2011 Permalink | Reply
    Tags: Advance-fee fraud, , , , , , Limewire, Theft, Wells Fargo   

    Young Adults and Unique Identity Theft Issues 

    As more people have embraced technology, more opportunities for identity theft have been created.  PC Magazine author Larry Seltzer interviewed a cyber-crimes expert and found that there are some unique new ways that people have their identities stolen.  One of the things that may come as a surprise is that misconfigured peer-to-peer apps like Limewire can share information from your “My Documents” folder. 

    While you may be hip to the Nigerian scams, you may not be aware of skimmers on ATMs that can read your credit cards. Seltzer explains, “These are devices which install over the reader appear to be part of the machine. When you insert your card the skimmer reads it and records the information on it. They are often used in combination with surreptitious cameras to record the keys you press for the PIN. Skimmers are especially popular on gas pump, but they are also being used on the smaller point of sale readers found in stores.”

    CNN Money reported that the top consumer complaint is identity fraud.  “The Federal Trade Commission counted 250,854 complaints about identity theft in 2010, according to a report issued Tuesday. That was 19% of the 1.3 million total complaints the agency received, putting it at the top of the consumer complaint list for the 11th year in a row. The most common form of identity theft was through fraudulent government documents. Credit card fraud garnered the second highest number of identity theft complaints, followed by phone and utilities fraud.”

    Many young adults are going back to school soon.  College students may feel they are invincible and not notice identity theft as quickly as they should.  They are less likely to track their bank accounts and credit card statements.  Mainstreet.com reported, “Studies have shown that it takes 18- to 24-year-old Americans twice as long to find out they’ve been the victim of I.D. fraud – which is usually too late to do anything about it.”

    Wells Fargo has come up with tips for college students to safeguard their financial information.

    Fraudpreventionunit.org also has listed 10 Tips for an Identity-Theft Free 2011.

     
  • drdianehamilton 1:47 pm on June 28, 2011 Permalink | Reply
    Tags: , , , , , Sexual partner, U.S. Census Bureau, , ,   

    Cohabitating: Financial Reward Different for College Graduates 

    Just because two people live together doesn’t necessarily mean they will have a higher household income.  The Pew Research Center recently analyzed U.S. Census Bureau data and found that there are 7.5 million couples, in the 30-44 age range, that are cohabitating.  This analysis  indicated that an economic advantage was obtained for those that were college-educated and cohabiting but there wasn’t the same advantage for married couples or those without an opposite-sex cohabitant. 

    Pew analyzed their economic well-being and that data was reported in  USAToday: “Median adjusted household incomes of college-educated couples were $106,400 for cohabitors, $101,160 for married couples and $90,067 for adults with no opposite-sex partners. But for less-educated couples, cohabiting is an arrangement that looks a lot like marriage and may well include kids: Incomes were $46,540 for cohabiters, $56,800 for married couples and $45,033 for adults without opposite-sex partners.” 

    To read the USAToday article, click here.

    Who’s living together?

    Partnership status by education

    All:
    Married, 58%
    Cohabitor, 7%
    No partner, 35%

    Not a college graduate:
    Married, 54%
    Cohabitor, 8%
    No partner, 38%

    College graduate:
    Married, 68%
    Cohabitors, 4%
    No partner, 28%

    Notes: Based on 30- to 44-year-olds. “No partner” includes those living without an opposite-sex partner or spouse.

    Source: 2009 American Community Survey, Pew Research Center

     
  • drdianehamilton 11:38 am on June 13, 2011 Permalink | Reply
    Tags: , Bureau of Labor, , , , , , Dr. Paula Zobisch, , Excellence in Economic Education, , Immediate Gratification, JumpStart, , , , , , Ohio State Center for Human Research, Social Science Research, Universities,   

    New Study Shows Young Adults Find Power in Debt: Lack of Education to Blame 

    In recent research published in the journal Social Science Research, the data showed that young adults aged 18-27 actually felt empowered by having debt.  They felt that it increased their self-esteem and made them feel in control of their lives.  Because they were able to attain goals of buying things, they perceived this as a good thing. 

    ScienceDaily reported, “The study involved 3,079 young adults who participated in the National Longitudinal Survey of Youth 1979 — Young Adults sample. The NLSY interviews the same nationally representative group of Americans every two years. It is conducted by Ohio State’s Center for Human Resource Research on behalf of the U.S. Bureau of Labor Statistics.”

    The young adults who had less money to begin with, felt more empowered by this new found ability to purchase things.  “Results showed that those in the bottom 25 percent in total family income got the largest boost from holding debt — the more debt they held, both education and credit card, the bigger the positive impact on their self-esteem and mastery.”

    The study found that as young adults became older, they had a more realistic idea of what this debt was doing to their lives.  By age 28-34, the stress caused by the debt was starting to be felt.

    The results of this study back up what has been called a movement toward an instant gratification society.  The Arizona Republic reported, “Many young adults might feel good about incurring debt because it lets them purchase desired items without having to delay gratification.  They are happy they can actually get credit and feel more like adults now.  .  .But they don’t actually understand what that entails.”  

    Eventually the bills start piling up and these young adults will have to face the consequences of paying off what they have charged. 

    How did this generation get to this point?  Lack of education may be to blame. Here is a reprint of an article I wrote several years ago that addressed this problem:

    Lack of Education to Blame for Financial Crisis 

    The current financial crisis is entirely our fault.  We are a nation of financially-ignorant people doing crazy things like buying a $450,000 home on a $40,000 a year salary with a 120% loan. How in the world did we think that this was OK?  What are we doing to be sure that this won’t happen again?  People are sick of reading about bad news and the economy. They’d rather just put their heads in the sand and hope Obama is here to save the day. Well I’m here to tell you, if we don’t change the way we teach personal finance to the youth in our country, we will have learned nothing from this economic disaster and future generations are doomed to repeat our mistakes. 

    FROM AN EDUCATOR’S PERSPECTIVE

    Having taught college business students for many years, I am horrified by the lack of personal finance training our youth receives.  Should it be up to the young adult to learn this on their own? There are a lot of books on personal finance out there.  If you hang out at a bookstore and watch the type of people who are reading them, however, you will notice it is not the young generation purchasing them.  It is usually the 30 and older crowd that has now found themselves in financial straits and want to know how to get out of it.  The younger generation doesn’t realize that they need this knowledge yet.  Their parents probably never taught them because they probably have a limited understanding of personal finance themselves.  How can we expect parents to teach children something they never learned in the first place?

    Shouldn’t personal finance be something we learn in high school and college to prepare us for our financial futures?  Arizona State University’s W.P. Carey School of Business has a good reputation.  I use that as an example because that is where I received my BS in Business.   Business Week lists ASU in its 2007 rankings as 66th out of the top 100 business schools.  I am not trying to pick on ASU because it is a wonderful school.  However, last semester they offered only one course that addressed personal finance and retirement planning.  Only three sections of this course were even offered.  For one of the largest business schools in the US, there was not much of a focus on educating our youth to be financially savvy.   ASU only required that business minors take this course. 

    I recently ordered the textbook that ASU uses for this course. I love to read all I can read about personal finance; I realize that I am not typical in that regard.  However, even with my keen interest in the subject, just looking through this text, I was so bored!  If I see the words “net present value of money” . . .  even I want to run.  I just don’t think that it teaches the types of things young people need to know in a way that would spark their interest.  This text is busy with charts, pictures, numbers and balance sheets.  A young adult that isn’t savvy in math might get immediately turned off by that.  To be fair, this course is offered to business majors who are probably decent in math.  However, what about the rest of the students who are not?  Why are we only teaching personal finance to business majors?  Granted, it is a class that is open to everyone, but it is not required.  To me, this text would be a “next level” type of teaching tool for those who understand the basics already.  Unfortunately if ASU is typical of what other schools offer, they are missing the boat of what it takes to reach the average student.

    Even if some form of money management is taught before college, part of the problem stems with allowing kids to be able to advance through school without passing tests to prove their personal finance knowledge.  Dr. Danielle Babb, author, entrepreneur and professor who appears frequently on national television and radio claims, “Kids shouldn’t be allowed to move on if they haven’t mastered the basics.”  Unfortunately many are learning about finance the hard way.  Right now that may be through watching the collapse of the current economy. As Dr. Babb pointed out, “Right now an entire generation is learning about markets; that they don’t just go up – they can go down, too.” 

    Paula Zobisch, Ph.D., a well-respected professor who teaches business at ten online universities, agreed that this issue needs to be addressed.  When asked how she felt about the personal finance education that our youth is receiving she responded, “Sure, let us lean on the high educational institutions to teach financial management, but let us not also forget high school. And even more importantly, let us remember parents who could teach financial management by giving younger children an allowance and then guiding the management of that allowance. Financial management begins long before college.”

    Fox News (2009) reported 48% of high school seniors correctly answered finance and economics questions.

    This is not to say that more colleges and universities aren’t realizing the importance of teaching personal finance.  In fact, universities such as Lynn University, University of Cincinnati, Kent State, Fairfield University, Scripps College and Texas State all are among the colleges offering courses in personal finance and money-management.  However, some universities have had some convenient relationships with credit card companies which seem at odds with teaching fiscal responsibility. 

    New York Times recently featured a story about how colleges profit from marketing credit cards to their students.  Michigan State University came under fire as it was noted that they allowed Bank of America to offer advertising items to their students to sign up for banking and credit services.  In fact, according that the New York Times (2008) “Bank America’s relationship with the university extends well beyond marketing at sports events.  The bank has $8.4 million, seven-year contract with Michigan State giving it access to the students’ names and addresses and use of the university’s logo.  The more students who take the banks’ credit cards, the more money the university gets.  Under certain circumstances, Michigan State even stands to receive more money if students carry a balance on these cards.”

    If we step back to look at our children’s personal finance education even before college, it is interesting to check out the National Standards (2007) in K-12 personal finance education.  The standards define financial literacy as “the ability to use knowledge and skills to manage one’s financial resources effectively for life time financial security”.  The standards include areas such as financial responsibility, planning and money management, credit card and debt, as well as saving and investing.  Some of the 12th grade goals include having the ability to “analyze how economic, social-cultural, and political conditions can affect income and career potential” as well as “explain the effect on take-home pay of changing the allowances claimed on an employee’s withholding allowance certificate (IRS form W-4).  What they don’t really cover is how much time they are devoting to these topics.

    The National Standards are created by the JumpStart Coalition for Personal Financial Literacy in Washington, DC.

    There are educators and organizations set up that are trying to do something about educating our youth.  The DuPont Fund is one of these organizations. In 2008 this organization created a presentation to increase awareness of the lack of financial literacy.  In that program, the author addressed the areas that required attention.  “There are three parts to a successful financial literacy education program. (1) Quality Financial Education Products (2) Qualified and Trained Financial Educators (3) Evaluation Program in Place to Measure Results” (Lindfield, 2009).  If we do not have quality financial education products, then we are limiting the educators’ ability to reach this group of students. 

    FROM A YOUTH’S PERSPECTIVE

    Having two grown daughters and after teaching for 6 different universities online, I personally have not found too many students who can meet many of the required standards.  If we have set guidelines for what seems to be admirable goals in educating our youth, why haven’t the graduating high school and college seniors learned these important lessons?  There are several reasons.  These schools may only be devoting a small amount of time to very important topics.  It is also quite possible that personal finance is the last thing on their minds while attending school.  They can’t even relate to it yet.  Lastly, when and if they actually do receive personal finance training, it is usually in a format that is hard for them to digest.

    Many financial websites like Charles Schwab’s have some interesting statistics on how our youth view the importance of personal finance training. “Among the ideas tested, young people believe providing incentives for states to mandate financial education in schools is the most important step the Obama Administration can take to improve financial literacy.” (Schwab, 2009).  In fact, studies are showing that facing future demands without a financial education is a source of serious concern for young adults.  “Seven in 10 (71%) are “very concerned” about the country’s economic future. More than half (53%) are “very concerned” about their personal financial future” (Schwab, 2009).

    Schwab (2009) data shows the concern our youth has about money management.

    The US Census Bureau (2009) predicts there will be 18.4 million college students this fall.

    Part of the problem with educating our youth about personal finance is that books on the subject are written in an unfriendly or boring manner.  Even the books that are aimed at a young audience can be in question and answer format or simply read like text books.  When something is so far-removed from what they deal with on a daily basis as personal finance is in those early years, it must be taught in a way that allows young people to picture themselves in situations that they could relate to. It’s critical to sell them on the idea of the importance of understanding personal finance.

    Having been in sales for over 25 years, I learned many tricks for things to do to “sell my point” so that customers would want my solution.  When I was in pharmaceutical sales, part of my sales training was to paint a picture in the doctor’s mind. If our youth is taught personal finance through picture painting or storytelling, perhaps they will learn more. Techniques like placing images in their heads are important for the person to get the point you are trying to get across.  If I told the doctor to prescribe my drugs because they were good, I got nowhere (this is what the traditional personal finance book does).  If I told them that their patient would be calling them at midnight complaining about migraines or inability to breathe if he didn’t prescribe my drugs, then he had a picture and more reason to do it because he didn’t want to be disturbed in the middle of the night. We need to paint the picture of why personal finance is important in students’ minds.

    It is important to get the message of personal finance responsibility in front of the next generation so that they don’t end up the way previous generations are now, having to file bankruptcy or losing their homes.  By targeting our high school and college students with education that delivers the message in a picture-painted storytelling format to explain the importance of personal finance, perhaps the next generation will avoid the tragedies that we are all dealing with now.  To do this, we need to focus on creating educational materials that are delivering the message in a way that allows us to meet the standards that we have set for our youth. 

    FROM A POLITICAL PERSPECTIVE

    Every day there is another article or news story about families facing foreclosures or bankruptcy.  According to Realty Trac there were more than 3.1 million foreclosures filed in 2008.   Even if people were able to keep their homes, suddenly they are upside down, owing more than it is worth.  We have over 3.5 million homeless people in the US.  If we are fortunate enough to still have a job . . . that may be all we have.  Those of us who had our retirement savings in a 401k are now wondering what we will do when we retire.  As we watch our life savings dwindle away with the falling stock market, shouldn’t we be thinking about how we got here and how we could have avoided this in the first place?

    RealtyTrac (2009) data shows a steep include in foreclosure activity.

    There are foundations and coalitions that focus their attention on such issues.  The New America Foundation addresses challenges facing future generations. Their site has had articles addressing the importance of utilizing what we have learned throughout this crisis to teach our youth.  “Such moments of financial trouble are teachable opportunities for children and youth to learn about personal finance, and to improve their own money management skills.  However, comprehensive strategies for educating children and youth about personal finance so that they can successfully navigate a complex financial market place have not yet emerged.” (Lopez-Fernandini & Murrell, 2008).

    The problem is that changing the education system is no easy task.  Proposals must be made.  Money must be spent.  I recently sent a letter to Arne Duncan with the U. S. Department of Education, explaining my concern about the current lack of personal finance education for our youth. I explained I would like to propose a solution.  What did I get back?  I received a form letter commending my interest in education but politely stating that I should check out the Excellence in Economic Education (EEC, 2009) program already in place.  At the site, you can download current information about national programs currently in place.  According to the EEC, there was $1,447,267 worth of appropriations available for 2008 allotted to personal finance education.  Making grants available is a good start. But what about addressing the problems in the school’s curriculum?

    Obviously the current programs are not working.  If we are not open to looking at alternative solutions to our current lack of education our children are receiving, aren’t we doomed to repeat our past mistakes?  I realize the government has its hands full with the current crisis.  However, our government may need to learn from its past mistakes.  Isn’t the definition of insanity doing the same thing over and over and expecting a different result?  By not addressing the problems within our educational system, we are doomed to repeat our past mistakes.

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    • jaysanderscpa 6:56 pm on June 15, 2011 Permalink | Reply

      Wow, quite a tour de force post.

    • Shyam 5:34 pm on July 23, 2011 Permalink | Reply

      true… you know what they say…Being “smart” and being a “smart investor” are not the same thing

  • drdianehamilton 3:24 pm on June 4, 2011 Permalink | Reply
    Tags: Boomerang Generation, , , , , Graduates, , , Labour economics, , , , , , Work experience   

    Boomerang Generation: College Graduates Giving up on Employment and Moving Back Home 

    EconSide

    There has been an unusual trend with recent college graduates.  After working so hard to become educated for their new careers, recent grads are not jumping into the workplace right away.  This has caused an increase in the numbers for unemployment in this population.  However, this unemployment has been influenced by some of these grads actively making the choice not go to work.

    It’s not only that employers don’t want the recent graduates. In fact, Wall Street Journal reported, “Employers plan to hire 19% more new graduates this year than in 2010.” Part of the choice has been due to the graduates opting to do other things. In that same article, it was reported, “Career counselors at colleges say that in the past two years they have seen increasing numbers of graduates opting to travel, volunteer, or get unpaid work experience rather than head straight into a tenuous job market.”

    Recent statistics show that up to 54% of those under the age of 25 are without a job. Many of them feel that the economy is so bad at this time that they would be wasting their time even trying to get into the workplace.  This has caused a trend of young adults moving back in with their parents.  The New York Post reported, “This year, some three million young people are expected to graduate from college. Facing a double-digit unemployment rate for young people, 85 percent of them will initially move back home with their parents, and that’s up from 67 percent in 2006, according to a poll by researcher Twentysomething Inc.”

    Some have referred to this new generation as the Boomerang Generation.  Just as parents think their children have left the nest, they turn around and come right back.  Some students are holding out for the job they want rather than taking “just any job”. Having gone through the time and effort to get a higher education, they are not willing to take employment beneath what they feel qualified to do.

     
  • drdianehamilton 3:14 pm on May 15, 2011 Permalink | Reply
    Tags: , , , , , , , Minnesota,   

    Millennials Hoping for Boomers to Retire 

    Dashboard 1

    A recent article titled Millennials Have Hope: The Boomers Will Retire caught my attention.  The current economy has led to fewer jobs available for a larger potential workforce.  Many people who used to retire in their 60s are continuing to work, making it harder for Millennials to find employment. 

    Younger generations may be obtaining their college degrees in the field in which they would prefer to work, only to find they are taking any position they can get.  According to this article, “Nationally, 13.2 million people are unemployed, and the jobless rate for the under 20 age group is 21 percent – 15 percent for 20- to 24-year-olds. The ratio of unemployed workers to job openings is 4.3-to-1.”

    The author of this article included the chart listed above, which I assume is just for their local area in Minnesota.  However, it gives a good indication of a general timeframe of when the change from predominantly Boomers to Millennials should start to occur.  To read the entire article, click here.

     
  • drdianehamilton 1:42 pm on May 5, 2011 Permalink | Reply
    Tags: , , , Congressional Budget Office, Coworkers, Depression Babies, , , , , , Post–World War II economic expansion, , , World War II   

    Coexisting with Four Generations in the Modern Workplace 

    The modern workplace has seen growth in the 16 to 24-year olds and over 55 year olds.  With people living and working longer, this growth has led to four generations of workers trying to coexist. This may present challenges to management.  According to The East Valley Tribune, “It’s not merely age that differentiates these workers, said AARP officials, but rather how they approach accomplishing different assignments and tasks, as well as how much “work” defines their everyday lives.” 

    These 4 generations include:

    World War II Generation (aka depression babies) – Those born prior to 1945

    Baby Boomers – Those born 1946 to 1964

    Generation X – Those born 1965 to 1982

    Generation Y (aka the Millennials) – Those born after 1982

    According to the Tribune each of these groups has unique needs:

    World War II Generation – appreciate a logical approach to work, with clear job expectations that are fair and consistent. This group prefers face-to-face communication rather than phone or email. . .are reluctant to buck the system, uncomfortable with conflict and reticent when they disagree with their boss or fellow co-workers.

    Baby Boomers – represent the largest segment of the American work force. There are roughly 77 million Boomers who are service-oriented, appreciate a team perspective, and are motivated workers . . . appreciate personal communication and the telephone, are not necessarily “budget-minded” and are uncomfortable with conflict. In addition, some may put “success ahead of result.” They also insist on phased retirement and health and wellness programs to foster a healthy lifestyle.

    Generation X – are independent and creative souls who are adaptable, technology-literate and like to buck the system. They don’t need a boss constantly looking over their shoulder as they enjoy being turned loose to meet deadlines. . .this group enjoys communicating by voicemail and email and is looking for development opportunities and to add certifications to their resumes for upward mobility.

    Generation Y – brings to the workplace optimism, a can-do spirit and the ability to multitask, but they are often inexperienced and require supervision and structure. This group, which prefers instant messaging, blogs, text messages and email, has difficulty communicating in the workplace and likes to be spoken with one-on-one.”

     
  • drdianehamilton 6:51 pm on May 2, 2011 Permalink | Reply
    Tags: , , , , , Facebook Like, , , Like Button, , , ,   

    Importance of Facebook Like Button: Millennials and Women Likely to Hop On 

    Businesses are increasing their presence on Facebook in hopes that users will pick the “Like” button about their company, product or service.  This is becoming today’s “word of mouth” through technology. 

    A research brief from the Center for Media Research claims, “Apparently a consumer approval on social media trumps other messages when people want to show their support for local businesses. Leading ways that users show support are:

    •75% of people tell their friends

    •20% of people say they “Like” it on Facebook to show their support, compared with only 13% who write a review

    •Millennials and women are even more likely to hop on Facebook

    •40% of people under 35 “Like” a business; 49% in the 18-24 group, versus 18% who said they would write a review

    •25% of women hit the “Like” button, versus 11% who write reviews”

    This does not mean that Facebook will capture all business.  “The study also showed:

    •52% of adults under 35 visit more than two websites before checking out a local business

    •63% of respondents under 35 head to Google

    •24% visit Facebook;

    •21% look at reviews sites and

    •17% clicked on the first link on the search results page

    •8% of people said a deal is the number one thing that influences them to try a local business”

     
  • drdianehamilton 9:59 pm on April 19, 2011 Permalink | Reply
    Tags: , , , , , , , , Percentage, , , United States Department of Labor,   

    Millennials Actually Utilizing LinkedIn Rather Than Just Having an Inactive Profile 

    Linkedin has a lot of people with profiles. Quantcast reports “Linkedin has 21.4 million monthly unique U.S. visitors and 47.6 million globally.” However, that doesn’t mean they are all taking advantage of the site.  Dynamic Business reported, “According to the 2010 LinkedIn Career Trends Research, a staggering 60 percent of professionals surveyed on LinkedIn do not use social media channels when it comes to advancing their careers – despite 87 percent believing an online profile will help their professional identity and career progression. This mirrors results for business adoption of social media, with only 28 percent of small businesses surveyed using social media despite a similar number believing it would help their business.”

    That may be changing.  The day of looking for a job in the classified section has gone. Millennials are moving away from newspaper ads.  SMH reported results from I Love Rewards and Experience Inc. that showed, “28 per cent say they will use LinkedIn to find a job, compared with 7 percent the previous year. Newspaper ads are moving in the opposite direction with 28 per cent saying they would turn to newspapers, compared with 34 per cent for the previous year.”

    Millennials have been shown to have unique expectations in the working world.  Mashable reported more information from this study showed, “Millenials about to hit the workforce don’t care what size company they work for and that 64% of them plan to stay at their new job for two to five years. Another 24.1% say they plan to stay with their employer for more than 10 years. However, the average tenure for millennials is actually 1.5 years, according to the Department of Labor.”

    The chart below shows how respondents plan to apply to jobs.

     
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