WORDS FROM OUR EXECUTIVE DIRECTOR
April 29th marked the 100th day of the Trump presidency. The period since January 20th has been characterized by widespread changes in Washington and a battery of news about presidential tweets, policy changes, and departures from precedence. In his first 100 days, President Trump sought to move forward on many of the promises that he made on the campaign trail, however, it has been a struggle to translate some of the initiatives into functioning policy and legislation.
With so much having happened and the future promising even more change, there is much to analyze and discuss. How the new administration has and will impact the business community and business opportunities in the U.S. will be the primary topic of discussion at our upcoming Executive Forum. We are delighted that a record number of executive attendees will participate in this year's Executive Forum. Right now is an extremely interesting time to hold the Executive Forum, both from a business and political point of view.
In addition to keynote speaker Mr. Jonas Prising, Chairman and CEO of the $20 billion global company, ManpowerGroup, we are proud to present several additional recently confirmed speakers: Dr. Fred Bergsten, Founding Director of the Peterson Institute for International Economics; Dr. Patricia Buckley, Chief Economist and Managing Director for Economics at Deloitte; Susan Lund, Partner and Economist at McKinsey; and Mr. Tom Gardner, CEO and Co-Founder, for the investment advisor, The Motley Fool. We are pleased to have such renowned speakers who will share their extensive knowledge and unique perspectives at the Executive Forum. We are also very pleased to announce that former ambassador, Karin Olofsdotter, Director-General for Trade, the Swedish Ministry of Foreign Affairs, will be the Swedish government representative. Director-General Olofsdotter has considerable knowledge about the American market, having served, among other things, as Deputy Ambassador at the Swedish Embassy in Washington. Please follow the link for updates and information about all our fantastic speakers.
For more information, click here.
|
|
ROBERT LIGHTHIZER
President Trump's nominee for U.S. Trade Representative
At the end of April, President Trump's nominee for U.S. Trade Representative, Robert Lighthizer cleared the Senate Finance Committee. Lighthizer, a Washington trade lawyer is now awaiting a vote on his confirmation. Back in January, then President-elect Donald Trump selected Lighthizer as his chief trade negotiator, a move, which backed up President Trump's promises to take a tougher stance on trade. Lighthizer was a deputy trade representative under the Reagan administration and has spent a significant part of his career representing American steel producers seeking protection from alleged dumping by foreign competitors and foreign subsidies. Lighthizer has promised tougher enforcement of trade rules and has said that he will work with Congress to develop new tools to combat what he characterizes as unfair competition from several of the U.S.' trading partners. He has also signaled a willingness to use tougher tools against trading partners even if they run afoul of the World Trade Organization. While Lighthizer enjoys broad support in the Senate, some defenders of free trade, including a number of republicans are concerned that he may pursue combative tactics that could lead to tariffs on U.S. imports and retaliation from significant U.S. trading partners.
|
ON MANPOWERGROUP'S SUCCESS, THE IMPORTANCE OF THE US MARKET, AND GLOBAL LABOR MARKET TRENDS
Interview with Jonas Prising, CEO and Chairman of ManpowerGroup
eCurrents recently had the pleasure of interviewing Jonas Prising, Chairman and CEO of ManpowerGroup. A past graduate of Stockholm School of Economics, Jonas joined ManpowerGroup in 1999 and was originally based out of London. In 2014, Jonas became CEO, and at the end of 2015, he was named Chairman. In the interview, Jonas spoke about ManpowerGroup's success story, the importance of the US market as a trendsetter, and global labor market trends.
ManpowerGroup was founded in Milwaukee, Wisconsin immediately after the end of the Second World War. The two lawyers who founded the company initially sought to realize the potential provided by the pool of millions of highly skilled women who wanted to continue working after being a crucial part of the labor force during the war. The business expanded very quickly throughout the U.S. and in 1953 made its first international expansion to Canada. After 1953, ManpowerGroup expanded rapidly on the international level. The company entered the French market in 1957, was the second multinational to start operations in Japan and became active in greater China in 1975. Today, ManpowerGroup is active in 80 countries around the world.
In a highly fragmented market with almost 150,000 competitors on a global basis, ManpowerGroup competes against many small, specialized, and regionally or country-based companies. Therefore, ManpowerGroup has structured its business to ensure that the company specializes in the areas in which it can add value to both its clients and candidates. ManpowerGroup has four distinct global brands. Manpower is the main part of the business and aims to place individuals in clerical, administrative, and industrial positions on a temporary and permanent basis. Experis focuses on addressing the need for higher-skilled talent, such as IT professionals, engineers and professionals with finance and accounting skills. ManpowerGroup Solutions helps to run parts of clients' organizations in areas such as Recruitment Process Outsourcing (RPO), and Right Management does career outplacement.
Since there are so many competitors in the human resource consulting industry, ManpowerGroup not only competes on the dimension of specialization, but also, given its size, on the company's global ability to deliver services and solutions to its client base. While many companies specialize in certain niche activities, few have ManpowerGroup's scale and scope. ManpowerGroup accounts for $20 billion of a highly fragmented, approximately $450 billion industry and the company's geographic footprint is unrivalled by its competitors.
In sheer financial terms, the U.S. is ManpowerGroup's second most important market, accounting for about 15 percent of revenues and a higher proportion of the company's profits. However, Jonas explained that the U.S. market is even more important than its financial contribution suggests. Not only does the U.S. account for one third of the world market, it is also highly fragmented, innovative and dynamic and tends to be where many of the most recent technological innovations related to human capital are first brought to market. As a result, the U.S. is especially important to ManpowerGroup from an innovation and evolution perspective.
Jonas also shared his far-reaching insight into current labor market trends. He explained that while labor markets have always been impacted by economic cycles, they are now also clearly being affected by structural trends, such as demographic changes, the introduction of new technologies, and the accelerating pace of change. One of the most important current trends that Jonas mentioned is the ever-increasing need for individuals to have higher skills in order to participate in the labor market. Another important trend has been the technological impact related to globalization. Work can now be done from a variety of locations and in many different ways that were not possible in the past. In the context of these trends, companies are changing how they view and manage their workforces. Increasingly, they are applying a supply-chain philosophy to how they acquire human capital.
On the other side of the equation, individuals are increasingly making different labor market decisions. High-skilled individuals have many opportunities and therefore are increasingly willing to leave companies quickly if they feel that they are not receiving the opportunities and skill upgrading that they want. These underlying trends have driven the bifurcation of the labor market between the Haves and Have-nots, those that have in-demand skills and those that do not. While high-skilled individuals have many opportunities, those with lower skills or no skills are struggling to participate in the labor market at all. This bifurcation is evident in Sweden, the U.S., and throughout the developed world. Jonas believes that it is one of the most important reasons behind the increasing sense of disenfranchisement among large parts of the population. While overall growth and wealth creation has been strong, it has been divided and distributed highly unevenly. Jonas believes that for organizations, one of the defining challenges of our time will be successfully attracting the people with the skills necessary to execute their business plans. Likewise, nations will need to meet the challenge of how to ensure that the gains from the ongoing structural changes are more evenly distributed.
Finally, Jonas also discussed ManpowerGroup's relationship with the Swedish-American Chamber of Commerce. ManpowerGroup is a strong proponent of trade and the free flow of goods, services, and talent. Jonas believes that trade and exchange is one of the key avenues through which to create growth and prosperity for the entire world. Jonas explained that beyond having these themes as a hallmark of its organization, SACC is also a forum for building on the long history of beneficial trade relations between Sweden and the U.S. With SACC, Jonas and others at ManpowerGroup have been able to participate in a number of meetings, listen to presentations and give presentations themselves. Through such interactions, Jonas has had the opportunity to see the chamber in action throughout the U.S. and Sweden. One of ManpowerGroup's important points of involvement with SACC is the women's leadership initiative that the chamber has promoted. Jonas believes that the equal participation of women in the workforce and in leadership roles is an extremely important aspect of how companies can ensure that they have the diverse and full representation at all levels that is necessary for them to run their businesses better.
|
A NEW OFFICE TO IMPROVE GOVERNMENT EFFICIENCY
Trump initiative to bring business ideas to government
President Trump has announced the creation of the White House Office of American Innovation, which will seek to overhaul the federal government by using ideas from the business sector. The new office will be led by Jared Kushner, a senior advisor to the president and Trump's son-in-law. The move further expands Kushner's already broad responsibilities within the West Wing. The initiative, which intends to apply a business mentality to the federal government, is not surprising given that Trump ran for president on his credentials as a businessman and that he has repeatedly characterized the federal government as overly burdensome.
The new office will seek to address topics including the modernization of government services and information technology, the creation of transformational infrastructure projects, and the implementation of regulatory and process reforms. Three of the most pressing challenges that the new office will tackle are improving care for veterans, the opioid crisis, and rolling out broadband internet to everyone in the U.S. According to the government, the White House has discussed plans for the initiative with over 100 private-sector CEOs. The new office will reportedly function as an in-house management consultancy, tasked with introducing new innovative ideas to the federal government. Talking about the creation and aims of the office, Kushner told the Washington Post that,
"The government should be run like a great American company."
|
UNEXPLAINED SLOWDOWN IN BORROWING
Borrowing in the U.S. has been growing more slowly this year
Experts are struggling to explain a slowdown in the growth of borrowing in the U.S. The amount of total loans and leases extended by commercial banks in the U.S. has been growing much more slowly so far this year than last year. This phenomenon is both surprising and worrying given that business and consumer confidence has risen and that lackluster business investment is considered to be a driver of weak economic growth. According to the Wall Street Journal, the sharpest slowdown has been in loans to businesses. It is estimated that commercial and industrial lending by itself accounts for a $100 billion shortfall. Economists at Goldman Sachs have proposed several possible explanations for the short fall including the increased utilization of corporate bond markets and dynamics in the oil-and-gas industry; however, neither explanation fully explains the phenomenon and other experts have raised skepticism about their plausibility. So far, a full answer that explains the timing and extent of the slowdown has been allusive.
Read the full article
here
.
|
TESLA PASSES GENERAL MOTORS IN VALUATION
An impressive milestone for the electric car industry in the U.S.
In April, only a week after the electric car company, Tesla surpassed Ford's market value, the company's share price shot up again, edging its value above General Motors. With a share price of over $313, Tesla's valuation reached $51 billion, surpassing general motors briefly before falling slightly. Surpassing Ford Motor and General Motors within a week was a huge milestone for the electric car upstart and for the industry in general. While Tesla currently sells far fewer cars than either Ford or G.M., investors are betting on future demand for electric cars and Tesla's capacity to grow.
Read the full article
here
.
|
AMERICAN ECOMMERCE GIANT TO INVEST IN SWEDEN
Amazon will open three new data centers in Sweden
Amazon Web Services, a division of the American ecommerce and cloud-computing company Amazon plans to create a new infrastructure region in Stockholm. Through its investment in Sweden the company will build data centers in Västerås, Eskilstuna and Katrineholm. At least one of the data centers will already be completed by next year. The Stockholm infrastructure region will become one of the Amazon's 16 global regions.
The choice of Katrineholm, Eskilstuna and Västerås was motivated by the need for the data centers to be close enough to each other to not affect interconnectivity but also sufficielty spread out so that each center can relay on different reserve resources in the case of a large power failure or other such event. When the project goes online customers in the new Stockholm infrastructure region will have access to the most powerful cloud services available on the market.
|
5 REASONS TO WORK IN SWEDEN
Ever thought about working in another country? Sweden might be an option
Due to many factors
Sweden is an excellent country to live and work in, however, for thoseconsidering working abroad Sweden is especially attractive for five specific reasons. First, workers have strong rights. Workers' rights are a cornerstone of Sweden's labor market. Strong unions and the Work Environment Authority ensure employees' well-being at work. Second, in Sweden equality is key.
Sweden's anti-discrimination legislation ensures equally treatment regardless of ethnicity, religion, gender, age, sexual orientation or functional disabilities. Third,
your family can get residents permits. Swedish migration policies extend extensive rights to the families of people working in Sweden. Fourth, innovation is highly valued. The business environment in Sweden encourages and rewards innovation. Fifth, the welfare system is inclusive. Many benefits such as healthcare, childcare, children's education, and paternal leave are extended to those who work in Sweden.
|
US SHALE SURGES WITH EXPECTATIONS OF CONTINUED OPEC PRODUCTION CUTS
Saudi Arabia to push for further production cuts at OPEC's meeting in May
U.S. oil and gas producers have been buoyed by higher prices due to continued OPEC production restrain. Oil production among members of the Organization for the Petroleum Exporting Countries has continued to fall as the group has tightened compliance to its agreed cuts. Last year OPEC reached an agreement to work towards reducing production by about 1.2 million barrels of oil a day. The production cuts have reduced oversupply and have helped raise oil prices by about 20% so far. Saudi Arabia has indicated that it will push for an extension of the production restrictions at OPEC's next meeting on May 25th.
The moves by OPEC have been positive for U.S. producers, which have increased their own production and thereby partially compensated for OPEC's own reductions. In April, OPEC raised its growth forecast for U.S. production by 200,000 barrels a day. U.S. producers are increasing spending and the number of drilling rigs in the U.S. has grown significantly since last year. Both phenomena are encouraging signs for the industry in the U.S. Continued OPEC cuts are likely to further stimulate U.S. producers.
|
President - Jennie Scanlan
Jennie Scanlan has been involved with SACC-CO for a number of years. After moving to the U.S. in 2000, she first got involved with the chamber in order to stay close to the Swedish business community. Before relocating to the U.S., Jennie got her MBA in Sweden and since then she has spent many years working in business development. Today, she owns her own small company that assists small businesses with marketing, social media, and administrative tasks. Jennie especially appreciates the freedom of owning her own business because it allows her the flexibility to travel to Sweden in the summer.
This past March, SACC-CO hosted an exciting visit from H.E. Björn Lyrvall, Ambassador of Sweden to the United States. The ambassador's trade mission to Colorado was focused on renewable energy and on connecting with Colorado-based tech companies. A special point of interest for the trade mission was exploring the decisions of tech companies that had chosen Colorado over Silicon Valley. The ambassador's visit generated a great turnout and Jennie particularly enjoyed working on the event with the SACC-CO board.
One of Jennie's current initiatives is to shine the spotlight more on SACC-CO members. Under her leadership the chamber is seeking to engage more deeply with its members by learning more about them and focusing on what they as members want to get out of SACC. Jennie also wants to continue working with the strategic planning process. According to her, SACC-CO is still looking for a signature event and she believes that the current phase of coming up with and examining different ideas is super exiting.
In the interview, Jennie also spoke about her passion for living in Colorado. One of the most important things for her is the weather. Colorado gets more sunny days than Hawaii and she enjoys waking up to clear blue skies most days throughout the year. Jennie describes the Colorado lifestyle as laidback and based around outdoor activities. She especially enjoys the quality of life and the work-hard, play-hard mentality.
|
|
TRAINEE PROGRAM & SCHOLARSHIPS
|
SWEDISH TALENT FOR U.S. COMPANIES
The SACC-USA Trainee Program offers American companies the opportunity to host interns and trainees from Sweden on a J-1 visa. Interns offer support to your company in their area of study for up to 12 months, and Trainees provide support and expertise in their occupational field for up to 18 months. A highly motivated, bilingual, and well-educated Swedish exchange visitor will contribute enthusiasm, knowledge, and a European perspective to your company.
Apply now, we have your candidate! Read more
here
.
|
CHARMERS ENGINEERING STUDENTS AVAILABLE FOR INTERNSHIPS
Want a talented and motivated engineering intern? Chalmers University of Technology has 30 engineering students who are looking for internships lasting between 3 and 12 months to begin in June 2017. Chalmers University of Technology is one of Sweden's most prestigious schools, and has partnered with SACC-USA for years to provide access to highly competitive engineering students who are eager to come to the U.S. to gain practical and cultural experience. Participating students have completed at least three years of a five-year master's program.
|
Offer to SACC Members from Volvo
Benefits with Volvo's A-Plan Plus membership
Volvo's transformation is in full bloom with new models and new product investments such as Drive-E power trains and connectivity that links Volvo cars to the world. Refined Scandinavian design and safety strengthen Volvo's commitment to its "Designed Around You" philosophy.
Volvo would therefore like to invite SACC members to become A-Plan Plus members, which is a level of service developed exclusi
vely for SACC members that is only available through Volvo's A-Plan Plus specialists at Volvo Cars of North America. The offer includes:
- Transparent A-Plan discounted pricing, being approximately 6% off MSRP on eligible models (
the same price Volvo Car USA employees pay).
- An additional $500 bonus on top of any local incentives and offers on eligible models.
Choose where to pick up your new Volvo in the U.S. or in Sweden through our Overseas Delivery Program.
SACC members:
to get your pin number.
|
Offer to SACC Members from Orrefors & Kosta Boda
50% discount on opening order for all products
F
or almost 275 years, Orrefors and Kosta Boda have created crystal and glassware of the finest quality, influenced by the beauty of Sweden's nature. Orrefors has just released a number of fine Craft Beers and has also worked with Volvo to create a crystal gearshift for the new 2016 Volvo CX90. Kosta Boda is renowned for its ingenious and dynamic designs and is a leader in the glassware and art glass field.
Together these companies hold a strong role in the international market and are expected to continue to grow.
SACC members can enjoy a 50% discount off of retail prices on your opening order for all Orrefors and Kosta Boda products.
SACC members: please contact Donna Nardella, Corporate Director, at [email protected] for the discount.
|
|
SACC REGIONAL CHAMBER EVENTS
What's Happening at Our Regional Chambers
May 11th
May 18th
SACC-CHICAGO: Speaker Event with Jim Solyst, Swedish Match
May 23th
SACC-New England: Corporate Breakfast
June 1th
June 2th
SACC-SF/SV: Seventh Annual Golf Tournament
June 3th
SACC-COLORADO: Professionals AfterWork 2017
June 6th
SACC-GEORGIA: Signature Event - Sweden Day 2017
|
|
|
|
|
