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U.S. Jobs Creation Plan by Richard D. Smith, SMITH-TRG
1. SMITH-TRG U. S. JOBS CREATION PLAN Richard D. Smith, CEO, SMITH-TRG - Oct. 2009 www.SMITH-TRG.com Senior Executives Forum - Washington, D. C. Copyright 2009 by SMITH-TRG. All rights reserved.
3. This Presentation CURRENT SITUATION. . . WHAT’S NOT WORKING. . . THE U. S. JOBS CREATION PLAN! WHY ACT NOW 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
4. Part 1: Current situation. . . ‘Turbulent Times’ 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
5. 26.5 Million or 17.3% of Americans are Jobless or Underemployed SMITH-TRG
6. U.S. Unemployment @ 9.8% On Track to hit 10+% in 09 * 263,000 Additional Jobs Lost in Sept. 09 ** Over 7 Million Jobs Lost Since Dec. 07 ***Projected 9.4 Million Private-Sector Jobs Deficit by Dec. 09 SMITH-TRG
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8. + 11.4 Million (7.5%) People who have given up and part-time workers who can’t find full-time employment SMITH-TRG
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10. 50% of College Graduates with Degrees Employed in Jobs NOT Requiring Degrees Source: Bureau of Labor & Statistics SMITH-TRG
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12. Dow Hits 10,015 on Oct. 14th 53% rally since its March bottom SMITH-TRG
13. Wall Street Projects $140 Billion in 09 Bonuses Goldman's bonus pool through September 30th now stands at $16.7 Billion; the average employee [31,000 employees] compensation this year is expected to approach $700,000. (Source: AP) Cartoon Copyright 09: Mike Luckovich SMITH-TRG
14. Main Street Impact Without Jobs. . . Increases in Personal Loan Delinquencies. . . “Falling behind on debt payments is an unfortunate side effect of high unemployment and a frozen job market. The picture won’t change until the labor market improves and the economy picks up steam” - James Chessen, Chief Economist American Bankers Association (ABA) SMITH-TRG
15. 3.5 Million ExpectedForeclosures in 09 Up 1.2 Mil. from 2.3 Mil. in 08 * Flood of Defaults Driven by Lost Jobs Source: Realty Track Inc. SMITH-TRG
16. Each month delay in creating and filling 1 million U.S. jobs defers $50 Billion in annual national economic benefit/value. Economic Impact of Delayed Job Creation Employing 8 million of 16 million unemployed would add $400 Billion to national economy. Fill 10 Million Jobs Fill 5 Million Jobs $500 Billion Value Fill 2 Million Jobs $250 Billion Value $100 Billion Value 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
17. Post-Recession Employment Math “Even if the nation could add 2.15 million private-sector jobs per year starting in January 2010, it would need to maintain this pace for more than 7 straight years (7.63 years), or until August 2017, to eliminate the jobs deficit!” - Advance & Rutgers Report, Sept. 09 By James W. Hughes and Joseph J. Seneca Edward J. Bloustein School of Planning & Public Policy 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
18. Impact of $1.4 Trillion U.S. Deficit Treasury Chief Timothy Geithner, said the deficit is lower but “still to high.” (Source: Washington Post) Implication: The Administrations ambitious goals, including plans for fresh spending to create jobs, will have to be reduced significantly. 2009 57% of GDP is Public held Federal Debt. (Source: CBO) 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
19. Part 2: What’s not working. . . 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
26. Lost 3,000 jobs to Mexico after offering $70Mil. in Tax Breaks
27. $100 Mil. Tax Incentives lured 4,000 jobs($25,000 cost per job) 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
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29. Peter Orszag, director of OMB told agency leaders June 15th (including OPM) they have until Dec.15th (6 months) to complete 4 hiring tasks designed to fix basic federal hiring practices.
30. IMMEDIATE NEED: Hire 270,000 workers for "mission-critical" jobs over the next three years
31. WHY: Surge prompted in part by the large number of baby-boomer federal workers reaching retirement age
32. September 15, 2009 – OPM Decides Solution to their problems… Outsource: Human ResourcesThe Office of Management & Budget (OMB), headed by Peter Orszag (Photo By Chip Somodevilla -- Getty Images) “The OPM's contracting out is indicative of an agency that has lost its capability not only to service their own organization, but also to set policy and conduct oversight of other agencies' human capital programs,"said Linda Rix, co-chief executive of Avue Technologies. "I consider it a very serious problem."Avue is a government contractor, supplying computer operating systems for agency HR activities. Source: Congressional Hearing, June 2009 OMB memo (section III. Hiring Reform) can be found at http://www.whitehouse.gov/omb/assets/memoranda_fy2009/m09-20.pdf 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
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34. U.S. Jobless Issues are Similar to Europe Gen Y’ers A “Lost Generation” __ Young people who came of age in the recession. EU Unemployment Under 25 Yrs. Ages 25 - 74 Spain 36.9% 1 16.7% Hungary 26.8% 9.0% 2 Italy 24.9% 3 6.0% France 23.9% 7.5% 4 Poland 6.8% 20.4% 5 Britain Data: Eurostat 18.3% 5.4% 6 SMITH-TRG
37. Part 3: The U.S. Jobs Creation Plan! 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
38. Jobs Creation Plan: Success Components. . . LEADERSHIP Core Values & Success Culture MARKETS Opportunities for Jobs & Biz Value Growth VISION (What Can Be) PARTICIPATION Private-Sector JOB SEEKERS 25.6 million WHY ACT NOW 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
39. Must Embrace Disruption. . . “To put it simply, disruption is about culturally embedded biases and conventions that shape standard approaches to business thinking and get in the way of clear, creative thinking. It’s about shattering those biases and conventions and setting creativity free to forge the radical new vision of a product, brand, or service. It’s about spearheading change rather than reacting to it.” - Jean-Marie Dru Author, Disruption 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
40. Must Require Imagination “A man to carry on a successful business must have imagination. He must see things as in a vision, a dream of the whole thing.” - Charles M. Schwab, ‘Imagination’ 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
41. ‘V I S I O N’. . . VISION. . . U.S. Job Growth & Wealth Creation Machines for the 21st Century The U. S. ‘Road to Recovery’ Project Build A Nation-Wide Network of Value Driven New and Re-Invented U.S. Enterprises Operating Profitably Across Industries, Sectors, Segments and Product Lines VISION: A ‘FUTURE WORLD’ View Of and Belief In What Can Be! 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
48. Develop Talent – Lead, mentor, enable PERSPECTIVE On Turbulent Economy: It’s not a setback. It’s a test. 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
54. Human Capital ManagementTo Create Greater Business Value: One does not have to be first to create, just first to innovatively perfect what has been created. . . AVOIDRED-FLAGCULTURES: Cultures that suffer from bureaucracy, narrow skill building, risk aversion, and/or BOYS’/GIRLS’ Club aggression 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
58. ACQUIRE (lead and manage enterprise growth) expansion suitable enterprises
59. APPLY HUMAN CAPITAL (provide interns, specialists or managers) nation-wide to create greater business value and drive sustainable private-sector growthSearch for and target identify U.S. based enterprises: start-up, at-risk/turnaround, emerging growth, and mid-market companies who are ripe for capital and people investment to become high-growth, value driven market segment leaders. STRATEGY: Enable entrepreneurs and/or enterprise stakeholders to profitably accelerate sustainable ‘strategic growth’, job and employee wealth creation. . . 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
60. ‘M I S S I O N’ The – Baby Boomers 70 Yrs. + 100,000 MISSION: Place 2 Million (see red numbers for breakdowns) ‘results-oriented’ individuals in productive positions nation-wide within 12 months of start. Plan Start Objectives: 1st 90 days, place 200,000 (700,000annual goal) under 25’s ‘The Lost Generation’ in internships, temporary or F/T positions. Early – Baby Boomers 55 to 70 Yrs. 200,000 40 to 55 Yrs. 400,000 Professionals & Managers 25 to 40 Yrs. 600,000 Specialists & Managers HS, College Students, Recent College Grads Under 25 yrs. 700,000 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
72. Digital-Media Enabled ‘Eco-Friendly’ Buildings 2 Million Net New U.S. Jobs in 12 Months Plan 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
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74. New York real estate developer Gale International, estimates that 40% of the 1,500-acre city is under way. Completion is slated for 2014. The cost: $35 billion.IMAGINE – Downtown Detroit Rebuilt! 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
75. The Digital-Media. . . Mobile Commerce (a.k.a. m-commerce) People using Smartphones for more than making calls. Mobile Phones Into Wireless Hubs (think wireless routers in living rooms or coffee shops) Apple iPhone applications Phenomenon NOW spreading to TV’s, DVD players, etc… $544 Million Projected 09 m-c sales North America (Data: ABI Research) Converts 3G Radio waves into WiFi signal Samsung World’s largest TV maker and 2nd largest handset maker now has Internet TV tailoring products to run widget-like programs 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
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77. Emerging market: interactive applications for home TV product line segment. High-Growth
78. Coming soon - Flexible-Displays (low-powered organic LEDs or OLEDs) 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
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80. Smart revenues ending for the year in March $430 million Source: Forbes Example: Interactive Education Why: 1 Million U.S. High Students, Each Year, Drop Out…Do Not Graduate! 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
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82. Upscale Midwest retailer hhgregg is rushing into the void left by Circuit City Source: Business Week Emerging market opportunity for niche retailers and those expansion scalable 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
83. Energy & Environment. . . T. Boone Pickens - ‘The Pickens Plan’ In 1970, U.S. imported 24% of our oilToday, it's more than 65% and growing $475 billion spent on foreign oil in 2008 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
94. ‘Blind Pool’/’Blank Check’ Co.’s ($75 Million - $250 Million Size) 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
95. ‘J O B S E E K E R S’. . . 26.5 Million Unemployed & Underemployed (expected to grow) Business Advisory & Consulting Services SMITH-TRG & Stakeholders Core Leadership Team: CEO, CFO, COO, CMO, CTO & Staff Specialists The ‘Job Creation Plan’ exists to help individuals help us help them. . . Private Equity Fund Invest and M&A Consulting Services New Venture Dev. Small & Med. Businesses Growth Employment Services Recruiting, Hiring, Training & Placement “Erasing this [employment] deficit will require substantial and sustained employment growth.” 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
96. Part 4: WHY ACT NOW 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
97. THE U.S. IS FACING A JOBLESS RECOVERY! 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
98. This is About. . . DEFYING THE DOWNTURN! 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
99. “Vincit qui patitur” translation – He who suffers conquers. . . 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
106. CITY MAYORS (needing to create jobs) Want to Participate. . . Learn how, e-mail RDSmith@SMITH-TRG.com 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG
107. C R E A T I N G ‘S U S T A I N A B L E’ U. S. J O B S!From Turbulent Times to ‘FUTURE WORLD’ Enterprises 2 Million Net New U.S. Jobs in 12 Months Plan SMITH-TRG www.SMITH-TRG.com RDSmith@SMITH-TRG.com Copyright 2009 by SMITH-TRG. All rights reserved.