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The BLS Monthly Situation: What It Is and Why You Should Follow It

August 16th, 2010

Ever feel overwhelmed by the sheer volume of information coming at you each day?

With the barrage of data pouring in from newspapers, TV, the internet, social media, RSS feeds, e-mails, voicemails and good-old-fashioned face-to-face meetings, finding the critical information you need amidst all the “white noise” can be exhausting.

Take the BLS Monthly Employment Situation, for example.  It contains monthly employment estimates for over 1,000 industries from its Current Employment Statistics program.  However, the changes in these overall employment levels tend to be delayed in the monthly labor reports – making it a lagging indicator of economic trends.

Sound like a lot of white noise?

Not entirely.  Temporary help employment numbers, which are part of the monthly BLS report, are generally considered to be a coincident indicator for overall employment.  This means that changes in temporary help employment tend to forecast subsequent changes in overall employment and coincide with changes in economic activity.  Why?  Many companies use temporary staffing as a means to quickly adjust their operations to meet fluctuating demands for their products and services.

Here’s how to get current data for temporary help services in the BLS report:

  1. Go to the BLS Current Employment Statistics home page.
  2. Then select either the HTML or PDF version of the “Employment Situation Summary.”
  3. Data for temporary help services can be found in Table B-1 (page 30 of the report’s PDF version).

 Effectively manage the economy’s highs and lows with ABR Employment Services.

Our full spectrum of staffing services for Wisconsin employers can help you run lean – while providing on-demand access to the talent you need to meet surges in demand.

The Résumé Update – Why and How to Do it, Even if You Have a Job

July 20th, 2010

Keeping your résumé current is important to your continued career development.  But unless you’re actively looking for a job, the daily demands of life, home and work can easily push this updating process down on your priority list.  If you haven’t reviewed your résumé in over a year, here are just a few good reasons why you should take a fresh look at it:

  • Even if you’re currently employed, you never know when an attractive job opening may present itself.  A current résumé can help you capitalize on an unexpected opportunity – before someone else has the chance.
  • Over time, your important achievements and contributions may be forgotten.  Regular updating ensures that critical, measurable accomplishments are accurately recorded.
  • In many cases, your résumé creates a first and lasting impression on a potential employer.  Make sure it’s a good one.  By periodically reviewing and honing your résumé, you can create a more powerful marketing tool that accurately and favorably represents you as a professional.

Use these tips to make your résumé update simple and comprehensive:

  1. Review personal information (address, e-mail, LinkedIn URL, etc.) to ensure everything is up-to-date.
  2. Review your oldest job.  If it’s no longer relevant, and you have at least 10 years of documented work history without it, remove it.
  3. Update your responsibilities and accomplishments.  Consider the following:  special projects; new expertise developed or job responsibilities awarded; knowledge or skills enhancement from special training or professional development; awards or other recognition; challenges you faced and solutions developed; measurable results you helped achieved (e.g., eliminating process inefficiencies, increasing productivity or sales, improving staffing or operational performance, etc.).
  4. Revist your objective statement.  If it is not in line with your current career aspirations, rewrite it.  The statement can be general, but should show some direction toward the field in which you want to work.
  5. Reevaluate your references.  Verify that these individuals still work where you have noted and that contact information for each is correct.  If you have developed new contacts who can attest to your recent achievements or heightened responsibility, consider replacing them with outdated references.
  6. Update your résumé format.  Check online sample résumés to see if yours looks outdated and revise accordingly.  Additionally, you should create an electronic version of your résumé if you don’t already have one.
  7. Proofread everything.  Sloppy spelling, grammar and punctuation may take you out of the running immediately.  If you’re not proficient in proofreading, ask a trusted friend or associate to help.

Looking for a better career opportunity in Wisconsin?  Give us a call.  ABR Employment Services has a wide variety of temporary and direct hire opportunities in the office/clerical, professional, light industrial and technical sectors.

Overtime vs. Temporary Staffing – A Cost Analysis

July 13th, 2010

You’ve just won a three-month contract with a major new client – congratulations!  Now, you need to figure out how to get the extra work done. 

Should you pay your current employees overtime, or bring in temporary help?  Consider the following sample cost analysis.  It is based on an annual salary of $40,000 ($20.51/hr.), vs. time-and-one-half overtime, for one employee:

Cost Analysis

Expenses Paying Overtime Using a Temporary
Hourly Wage $30.77 $32.82*
Fringe Benefits** $9.54 $0
Administrative/Payroll*** $3.69 $0
Over 3 months x 450 hours x 450 hours
     
Total Cost $19,802.00 $14,767.20

 

Although this is just a sample exercise for illustration purposes, it clearly demonstrates the economic rationale for using temporary employees.  When you need additional productive hours on a temporary basis, staffing services can lower costs, reduce burnout and improve the productivity of your direct staff.

ABR Employment Services – Wisconsin’s Staffing Economics Experts

Need help assessing the cost of a staffing strategy?  Contact ABR Employment Services.  Our experts will work with you to determine the most productive and cost-effective way to get your work done.

Cost Analysis Assumptions

* Temporary staffing rates vary by market, but the relationship (ratio) between pay rates remains the same.

** Fringe benefits include:  holiday pay, sick leave, vacation pay, personal days, insurance, F.I.C.A., S.U.I., F.U.T.A., worker’s compensation, etc., based on a national average of 31%.

*** Based on U.S. Chamber of Commerce national average statistic of 12%, which includes firms that pay no benefits.  For small firms with moderate benefits programs, this cost is typically 40-45% of payroll, and for larger firms with extensive benefits programs, the cost can be up to 100% or more of payroll.

 
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