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STUDY SHOWS BANKERS FIND RE-EMPLOYMENT DESPITE TIGHT JOB MARKET

 Los Angeles Bankers Finding New Jobs Nearly 50
 Percent Faster Than National Figure
 PASADENA, Calif., Aug. 4 /PRNewswire/ -- Demonstrating marketable skills and developing a professional self-marketing plan are the most important factors in successful career transitions for bankers, according a new study by Right Associates. Using information from its own national data base, the human resource consulting firm researched the career transitions of, 1,162 former bankers who were successful in finding re-employment from January 1990 to December 1992.
 A similar analysis of Bank of America employees in Los Angeles indicates that people in the banking industry here are likely to find jobs in approximately 14 weeks, about half the time indicated in the national study.
 According to Gary Saenger, managing principal of the Los Angeles region, "We looked at statistics on how long it took for Bank of America employees here to find new jobs. During the first year, of 46 former vice presidents and above, using Right's services, 79 percent found positions in only 3.6 months. That is a very optimistic figure for an industry that has experienced such severe cutbacks."
 Saenger attributed the quick re-employment in the Los Angeles region to several factors including the fact that, no matter how soft the market, Los Angeles remains a fertile area for employment with over 22,000 businesses (employers with 100 or more employees) for a job candidate to consider. Saenger also said that employers are more likely to hire people who have acquired skills from companies such as Bank of America and Security Pacific. Being properly prepared for a job search is also a key factor, he said.
 Bank of America employees may be finding jobs sooner than their counterparts in other markets because they had "plenty of notice to aggressively seek out opportunities where their strengths can make a difference."
 Of the 46 former B of A employees, 36 found other positions, two returned to Bank of America, one returned to school, two retired and five started their own businesses. Saenger stated that while he did not specifically examine the landing times (time it takes to find employment) of employees of other Los Angeles financial institutions represented by Right, he believed they, too were finding jobs in less time than many of those cited in the national study.
 Despite the drop of 109,000 jobs in depository institutions (commercial banks, savings and loans and credit unions) during the national study period, the majority of Right Associates-assisted individuals landed new positions in 22 to 35 weeks. Fifty-four percent were able to maintain or increase their income in their new positions. Only bankers over the age of 50 required a longer period of time to find their next job and had less success at maintaining their income.
 Four career paths proved to be the most popular for the majority of bankers studied:
 -- Moves to smaller regional or community banks from large, money-
 center institutions.
 -- Moves to organizations providing "outsourced" services.
 -- Moves to financial consulting.
 -- Moves involving the same function within a different industry.
 An analysis of the career transitions of some of the bankers whose income declined in the move shows the importance of maintaining marketable skills. About 13 percent of the study group left line positions for staff roles, which often pay less. Others could only perform very focused tasks and did not possess the broader, more general skills demanded by the job market.
 About 10 percent (110) of the total population of the study made definite career shifts of function or industry. Of this 10 percent, 21 percent shifted functions within the banking industry; 22 percent went into consulting; 7 percent became entrepreneurs. The balance chose among a variety of fields including sales, insurance, and non-profit organizations.
 Based in Philadelphia, Right Associates is a human resource consulting firm, dealing in career management, organizational development, and outplacement, with more than 100 offices worldwide. Locally, Right has offices in Pasadena, San Bernadino, Woodland Hills, Torrance and Orange County, Calif.
 -0- 8/4/93 R
 /EDITOR'S NOTE: Copies of the national baking study are available; Bank of America statistics are proprietary, but Gary Saenger will answer questions. Contact him at 818-577-4448./
 /CONTACT: Candice Greene of Right Associates, 310-318-6556/


CO: Right Associates ST: California IN: FIN SU:

LM-AF -- LA009 -- 9866 08/05/93 12:01 EDT
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Publication:PR Newswire
Date:Aug 5, 1993
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