Trading Places

Inside views on the jobs market

Retirement plans, interrupted

Office workers rush across a city street during peak hour in central Sydney May 20, 2008.REUTERS/Tim Wimborne

Those lucky enough to hold on to their jobs during the market meltdown are facing another conundrum as the clock ticks towards retirement: should they stay or should they go? Canada’s Globe and Mail reports that an increasing number of soon-to-be retirees are opting to stay in the workforce, at least until their retirement savings recover.

“Retirement at 65 years is now headed for retirement at 70 years,” says Mike Harvey, talent manager for Prime 50, which focuses on employment for the 50-plus set.

That’s bad news for those dreaming of putting their work days behind them, and even worse news for up-and-coming professionals looking to fill their shoes.

But aging workers might find it difficult to stick around. A recent study by the Conference Board of Canada found that only 6 percent of major Canadian employers are focused on retaining older workers, and 11 percent said they are attracting and recruiting mature workers as part of their hiring programs.

Your next job is cleared for takeoff

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Workers talk at the FAA's Air Traffic Control System Command Center in Herndron, Virginia, December 19, 2007.

A timely book called “150 Best Recession-Proof Jobs” arrived in our office this week, packed with tables ranking professions that should survive the downturn. No surprise that investment bankers don’t make the list, although economists do scrape in at #107, one spot above taxi drivers but below podiatrists.

If you’re a computer systems analyst at a bank, you’re in luck: you top the table for recession-proof industries. Bulge-bracket workers might want to skip to the list of best-paying recession-proof jobs, which is led by physicians and surgeons. If you can’t afford to stay out of the job market long enough to graduate from med school, then a career as an air-traffic controller might beckon.

August jobless rates up in most states, Michigan No. 1

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Robots work on 2008 Ford Expedition and Lincoln Navigator SUV frames on the assembly line at Ford Motor Michigan Truck Plant in Wayne

WASHINGTON, Sept 19 (Reuters) – Unemployment rates rose in most U.S. states in August, with Michigan again logging the highest rate of 8.9 percent on a seasonally adjusted basis, the Labor Department reported on Friday.

Altogether, 44 states and the District of Columbia have recorded increases in jobless rates since July, with 24 states registering what the department deems “statistically significant” increases.

Jobs Roundup

Selected links from the financial industry’s roller-coast week, which left thousands out of work and even more worried about their future.

Wall Street Journal: B-Schools Move to Assist Alums
The day after Lehman Brothers Holdings Inc. said it would file for bankruptcy protection, University of Chicago’s Graduate School of Business career office had already made personal calls to all of their 26 alumni from the 2008 class who worked at the firm.

Job Bank – week of Sept. 14

The following are job changes within the financial industry during the tumultuous week of Sept. 14, linked where possible to profiles on LinkedIn.

EVERCORE PARTNERS INC
Boutique investment bank Evercore said Jed Sherwindt has joined the firm’s advisory business as a Senior Managing Director. Sherwindt joins from Citigroup where he led the bank’s software investment banking. At Citigroup, he advised on deals including PeopleSoft in its sale to Oracle, IBM in its acquisition of FileNet and Ask Jeeves in its sale to IAC.

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