first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Quentin FottrellMany older workers are holding on to their jobs instead of retiring — and that’s causing a logjam in the labor market.After reaching a historic peak in 2000, the labor force participation rate — the sum of workers and those who want to work as a proportion of the working-age population — “drifted gradually downward,” says Patrick O’Keefe, director of economic research at CohnReznick, an accounting and advisory firm. The decline accelerated with the 2008 recession and the rate fell to a 36-year low of 62.8% at the end of 2013 and, he says, “has hovered around that level since.” The rate was at 62.9% in January 2015.There’s been a sharp decline in labor force participation among younger workers (aged 16 to 24) and prime-age working adults (aged 25 to 54), according to the most recent Bureau of Labor Statistics figures, while older workers have been holding on to their jobs. “Coincidentally, a larger share of baby boomers, an exceptionally large cohort, continues to participate at historically high levels,” O’Keefe says. “Fewer Americans have or are seeking jobs and that has long-term implications for the U.S. economy and economic policy.”In the fourth quarter, the labor force participation rate of younger workers was just 55.5% after holding steady at about 66% from 1998 to 2000, and participation by the prime earning group (ages 25 to 54) was unchanged at 80.8% after peaking at 84.4% in early 2000. However, participation among those approaching retirement had slipped only slightly from the mid-2010 post-war record rate of 65.3% to 64.3% in the most recent quarter and was 18.6% for those 65-plus, just shy of a two-year high of 19%. continue reading »last_img read more


first_img continue reading » With the shift of consumers from brick-and-mortar to the online banking market, we have found that best practices for digital selling are more important that ever. Here are some useful sales tips your bank or credit union really shouldn’t live without!Useful Sales Insights that Can Help Your Financial Institution GrowA lot that is written about sales techniques relates specifically to sales in the B2B environment. But that doesn’t mean your financial institution can’t take some of these lessons and use them to inform how your staff interacts with customers on a daily basis! Here’s some amazing stats that your front-line staff should consider when interacting with new account leads each day.1. Email Opens and Deletes…Did you know… only 24% of sales emails are opened? Most of us are aware that people get a lot of junk mail, it happens to us all at times. But the fact that only a quarter of sales emails are even opened should tell your staff if that if they are reaching out to a sales lead via email it’s likely they will need to send 3-4 of these email messages to ensure that at least one of them gets opened. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more