Welcome to the Fulcrum Search Science Inc.'s First Quarter 2004 Personal Career Management Newsletter!

Welcome to 2004!

The year ahead promises to be the strongest yet in the new millennium for the Canadian economy.

- Our GDP is projected to grow by 3%, almost double the 2003 rate of 1.7%.
- Inflation is low, in the 2% range, so interest rates can remain at historic low levels.
- Unemployment is projected to drop to 7.3%.
- Corporate pre-tax profits are projected to increase to just under 10%.
- The Canadian dollar is the strongest it has been against the US dollar in over a decade.
- The US economy is expected to grow at 4.5%, up from 3.1% in 2003.

This will be the year corporations invest in expansion plans, both in physical assets (facilities, equipment and technology) and human capital.

At Fulcrum Search Science Inc., our vision is to be your preeminent source of professional and management talent. Our mission is simply "Searching…to add value and improve your performance."

And we have assembled the strongest team in our 32 year history to serve your needs. Give us a call, and we'll show you how our motto "Leverage where it matters most - search, assessment and process control" has driven our assignment completion rates to three times the industry average.

Have a GREAT 2004!

Bruce McAlpine, B. Eng., MBA, CPC
President

.............................................................................................

02. MARKET NEWS

The most recent news about the recruiting front from our top executive recruitment team. This section is divided by specialty but be sure to read each one as it may pertain to you!

Finance & Accounting

Sales & Marketing

Operations, Logistics & Engineering

FINANCE & ACCOUNTING

Resume Reminders
by Ken Stouffer, Senior Consultant

In this rather tight job market where a lot of people are chasing a relatively small number of jobs, the importance of having the best possible resume is crucial. As in sports competitions, the difference between coming first (getting the job) and coming second (not getting the job) can be very slight. How many people have missed out on a job because of a spelling or grammar mistake? More than you think. Attention to detail is key in a resume. Make sure that all your t's are crossed and your i's dotted. Tailor your resume (without making anything up) to each position you respond to. Putting certain key words in bold print will help draw the reader's eye to your relevant experience. For example, if the job description calls for advanced Excel skills and you have them, bold that set of key words in your resume.

Our Finance/Accounting Consultants:

Ken Stouffer, CPC, Senior Consultant 416-847-4986 Fax: 416-350-9649 E-mail: Ken.Stouffer@fulcrumsearchscience.com	John Maybury, Senior Consultant 416-847-4987 Fax: 416-350-9658 E-mail: John.Maybury@fulcrumsearchscience.com

Click here to view current positions on the fulcrumsearchscience.com website!

Market Tip
by Angela Code, CPC, Consultant

Positive news! In speaking to clients, many are feeling the pick up in the economy and, as a result, they are anticipating hiring this year. There are two main reasons for this: growth and replacement. While growth is something we all love to hear about, what about replacement? Yes, companies are still trying to right-size their businesses, they need to in order to survive in this ever-changing economy, but there is another, more positive, reason for replacement, as well. Candidate confidence! The pick up in the economy that increased consumer confidence has also invigorated the candidate pool. More candidates are polishing up their resumes, applying to job boards, leveraging their networking pools and responding to calls from recruiters compared to this time last year. That means vacancies are being created and companies need to replace the exiting employee.

Whether your expertise is in accounting, marketing, sales, general management or another specialty, one of our clients could be looking for someone with your background and skills, so get your resume polished and up-to-date. You never know when a recruiter will call you!

Bruce McAlpine, CPC, President 416-847-4989 Fax: 416-350-9659 E-mail: Bruce.McAlpine@fulcrumsearchscience.com	Angela Code, CPC, Consultant 416-847-4955 Fax: 416-350-9621 E-mail: Angela.Code@fulcrumsearchscience.com

Click here to view current positions on the fulcrumsearchscience.com website!

When or Should I Upgrade My Skills?
by Silvio Rossi, CPC, Senior Consultant

Training and upgrading skills is not cheap, but it is an investment in yourself and your career. Luckily, many companies do pay for either all of the cost or subsidize some of the payment upon successful completion of the course(s). If you are working and your company offers an educational benefit, take advantage because not only will you reap the benefits but so will your employer, as a more skilled workforce enhances the organizational reputation and overall productivity and effectiveness. For unemployed candidates, you should weigh the cost-benefits of taking courses based on your own situation.

Generally, when speaking to candidates, I know that they have a lot on their plate, both personally and professionally, however, we can never stop learning and taking educational courses, attending seminars or association meetings. By upgrading your skills, you increase not only your knowledge and skill-base but also increase your networking opportunities too. Taking courses allows you to meet people that have similar qualities as you do and share knowledge. Also, potential employers look more favourably at candidates who are continuous learners/professional learners because this suggests motivation and the desire to get ahead - attributes that employers want.

Silvio Rossi, CPC, Senior Consultant 416-847-4984 Fax: 416-350-9652 E-mail: Silvio.Rossi@fulcrumsearchscience.com

Click here to view current positions on the fulcrumsearchscience.com website!

03. Feature Article
      

Re-working Retirement: How will you manage it?

by Mark Venning, Founder, Change Rangers

		The next 15 years it will be another coming of age for Boomers as the notion of "freedom 55" struggles with "too young to retire". With this cohort, retirement is up for reinvention for as a society we are living longer and hopefully healthier lives. This will challenge Boomers to think often and earlier about later life career options with recurring questions. What is my career plan that will span the years ahead? How do I evaluate and plan my health, wealth, relationships and personal purpose for today and tomorrow? The desire or need to retire before or after that time marker of 65, will shift as the years go by, influenced by several factors from the state of your health and wealth, to how you view what you're going to do with your time. And if you do decide to "retire early", how will you manage to pay for it? A Globe & Mail article by Elizabeth Church, (May 12, 2003) stated that Canada's largest corporations face mounting demands on cash and higher expenses because of deepening losses in employee pension plans: "Only 23 of 104 companies on the SandP/TSX index with defined-benefit pension plans showed a funding surplus in 2002. Collectively, these companies saw a pension funding shortfall of more than $18.7 billion in 2002. While most companies say they have the cash to make good - this is cash that won't be available for other purposes such as reinvesting in the business. This funding crunch comes as the baby boomer bulge enters their retirement years." Again in the 2003 survey of 1,000 Canadians by Desjardins Financial Security, only 16% declared a high degree of confidence in their ability to save for retirement but 46% said they wouldn't be able to save enough to retire. If this is the case then how much will a person depend on other sources of income other than pension or registered retirement savings plans? In the HRDC overview report "Challenges of an Aging Workforce" (2002), workers opting to work in later life after the age of 65 it is stated that paid work would account for 11% of expected retirement income. ("A Study of Investment Attitudes and Intensions for 2002", Compass Inc.) In Canada, HRDC declares that 46% of Boomers are close to retirement or pre-retirement years. If you are 54 in 2004 you are in the front end Boomer Zone, born 1946 to 1950. By 2015 you will be 65. Have you expanded your concept of career to mean your life's journey or is retirement some sacred place after your pilgrimage through a series of jobs? If you take an early retirement from organizational life, living a further decade or two may be a psychological challenge for you as you face the adjustment from that routine and the sense of purpose that full time working life brought to you. Workers concerned about their bridge years to full retirement from work will need to focus on their values and sense of purpose in this later life cycle much sooner than they may have been prone to do in a previous decade. Individuals currently aged 54 and up should consider looking at jarring their current situation at work by: § adjusting their pace and patterns of work § looking for assignments outside their normal roles § developing other interests or learning opportunities outside the organization § joining a professional association § volunteering for an organization that stands for an issue or cause they care about Note that these approaches listed above are not unique to any age group. Everyone needs to adapt to a reinvention process if we are to manage our transitions in a fast changing society. In the back end Boomer Zone at 44, the likelihood is that with many more years of high demands and more frequent spikes of change and uncertainty in the workplace you will be more charged to evaluate and manage your career longevity. Career management now takes on new meaning in an integrated or portfolio approach to include: § Simultaneous or sequential work relationships § Contract or project based work § Transfers of industry or profession § Broader networks or alliances outside organizations § Intergenerational teaching, coaching or mentoring § Volunteer work, board advisory or sabbaticals § Self employment Watch this last option. The link between late life career options and self employment is significant and can be argued is a prerequisite, part of pre-retirement planning courses. Not everyone wants a part time service sector job, nor will it always satisfy what motivation or "buzz" factor that was present in a previous part of the career. And there are many unmet needs and opportunities in the market that people with business acumen can apply their knowledge and expertise to offer services to customers. Whatever trends and social conditions that may emerge for an aging population, expect that any future career pattern will be unpredictable and interruptive and that work life expectancy may be longer than you think. But remember in the end, it's not age but attitude that will shape who you become. About the Author Mark Venning is founder of Change Rangers, "The Leading Voice on Career Longevity". (www.changerangers.com) He is President Elect of the Association of Career Professionals International and sits on the Board of Directors for JVS Toronto. Book Review: The Longevity Revolution (As Boomers Become Elders) by Theodore Roszak. If you read one book this year that will stimulate your thinking for what of the socio-economic agenda might be in the years ahead, this is the one. Roszak escorts you through a thoughtful and eclectic view of the future as it relates to life, society, relationships, retirement and the aging process itself. Publisher: Berkeley Hills Books. Cost: $23CDN

...........................................................................................

04. Food For Thought

Each quarter we present a topic that we feel would be of special interest to our candidates. This quarter's topics are:

• Financial Planning Tips - Plan Today, Provide for Tomorrow
• Wellness Tips for Professionals - 18 Tips for Dealing with Stress and Tension

Plan Today, Provide for Tomorrow

You will find below some important financial and retirement planning strategies that most of us simply cannot afford to ignore:

• Set up a line of credit or start an emergency fund to cope with job loss that could last from six months to one year. Also establish a line of credit specifically for investment purposes, or consider a margin investment account. Interest paid on money borrowed for investment purposes is tax deductible.
• Contribute as much as you can to your RRSP each year. Your RRSP investments grow tax-free. In 2004, you can contribute 18% of your taxable income up to a maximum of $14,500; more if you have accumulated contribution room.
• If you are in a high income tax bracket consider Flow-Though Limited Partnership investments that will allow you to report the partnership losses directly as your own.
• If you are the owner or executive of a corporation, or a professional in a high tax bracket, consider setting up a Retirement Compensation Arrangement (RCA) to increase your registered investments, and retirement income.
• Contribute as early as possible in the year to your RRSP investment account. Your investments have longer to grow tax-free.
• Contribute other eligible investments you currently hold into your RRSP investment account if you don't have cash on hand to contribute. Note that you'll have to pay the taxes on any accrued capital gains, and capital losses on transfers to an RRSP are denied.
• Consider the tax treatment of different types of investments to determine what should or should not be held within your RRSP investment plan.
• Benefit from the tax savings in your retirement years by making your contribution to a spousal RRSP, especially if one of you expects to have a larger income in retirement than the other.
• Over contribute within the allowable limits to your RRSP plan. Although the over contributions are not tax deductible, the income derives benefits from tax-free compounding.
• Maximize the foreign content of your RRSP plan to better diversify your portfolio.
• Borrow up to $20,000 from your RRSP plan to build or buy a home if you qualify under the Home Buyer's Plan. The loan must be repaid over the next 16 years.
• Consider Labour Sponsored Venture Capital investments within your RRSP. You can benefit from an additional combined federal/provincial credit of 30% to 35% for investments of up to $5,000 per year.
• Access your RRSP savings to help finance your own or your spouse's education under the Lifelong Learning Plan.
• Pay your mortgage down faster by increasing the frequency of the payments without increasing the monthly payment.
• Review annually your overall insurance needs to determine if you have the appropriate amount and form of insurance coverage relating to death, disability, critical illness, property loss, personal liability and liquidity crisis.
• Consider life insurance to offset the taxes on death due on RRSP and RRIF plans, deal with business succession and estate planning issues, create an estate for your family, provide for a friend, contribute to the charity of your choice. By naming a specific beneficiary to your life insurance (rather than your Estate), the proceeds of the policy do not get taxed, bypass probate, and are not subject to legal nor executor fees.
• If you are leaving your company, negotiate with your employer for your final pay settlement to include a qualifying retiring allowance. Although the qualifying amount is limited, retiring allowances may be eligible to a tax-free rollover directly into a RRSP.
• Splitting CPP benefits between spouses, results in tax savings because the spouse with the higher income (and hence higher tax rate) can move taxable income into the hands of the lower income spouse.
• Your RRSP must be closed by December 31 of the year in which you reach age 69. You have three choices: cash out the plan and pay the tax bill; convert your RRSP to an annuity; or convert your RRSP to a RRIF (Registered Retirement Income Fund).
• You can help defer RRSP and RRIF taxes by naming your spouse or your financially dependent (under 18) child as a beneficiary.
• Ensure that the necessary Powers of Attorney are in place to allow someone to administer your affairs if you become incapacitated.
• Prepare and revise your Will every year.
• Meet with your Investment Advisor every year and review your financial plans. Discussing annually the relevant contents of this list with your IA would be a great start.

Richard Bruton, B.Comm. (Hons.) MIAC
Investment Advisor
Canaccord Capital Corporation
Tel (416) 867-6006, Toll-free: 1-800-382-9280 x 6006
E-mail: richard_bruton@canaccord.com

05. Career Support Program©

The Career Support Program© was created in response to a perceived need for greater and more personalized support for individuals that we have built relationships with in the past.

The mandate of this program is to assist business professionals in realizing their career ambitions to their fullest potential.

If you are interested in hearing about career opportunities on a proactive basis, please e-mail us at careersupport@bagg.com. Our career support staff will contact you and spend approximately 10 minutes with you on the telephone to create a searchable profile to be included in our database of business professionals. Then as our recruiters have positions that could be a good fit for you, we will proactively make you aware of career-advancing opportunities!

Our career support staff will also provide free advice on:

• Corporate positioning
• Resume writing
• Internet career resources
• Interviewing techniques
  

We welcome your questions and concerns! Please contact us on any matters regarding your career or professional growth. If we can’t help you directly, we will be more than happy to refer you to someone who can!

Career Support Specialist
Cathy Cheng
416-847-4990 ext. 310
Fax: 416-350-9659
e-mail: Career.Support@fulcrumsearchscience.com

...................................................................................................

06. Career Humour

Humour is an effective tool to help us cope with the increasing stress of our workday. It can also help us increase productivity and creativeness.

"I have seen what a laugh can do. It can transform almost unbearable tears into something bearable, even hopeful."

Bob Hope, Entertainer

Never say it at work
THINGS YOU'LL NEVER HEAR AN EMPLOYEE TELL HIS/HER BOSS

1. Never give me work in the morning. Always wait until 5:00 and then bring it to me. The challenge of a deadline is always refreshing.

2. If it's really a "rush job," run in and interrupt me every 10 minutes to inquire how it's going. That greatly aids my efficiency.

3. Always leave without telling anyone where you're going. It gives me a chance to be creative when someone asks where you are.

4. If you give me more than one job to do, don't tell me which is the priority. Let me guess.

5. Do your best to keep me late. I like the office and really have nowhere to go or anything to do.

6. If a job I do pleases you, keep it a secret. Leaks like that could get me a promotion.

7. If you don't like my work, tell everyone. I like my name to be popular in conversations.

8. If you have special instructions for a job, don't write them down. If fact, save them until the job is almost done.

9. Never introduce me to the people you're with. When you refer to them later, my shrewd deductions will identify them.

10. Be nice to me only when the job I'm doing for you could really change your life.

11. Tell me all your little problems. No one else has any and it's nice to know someone is less fortunate.

Source: AHAJOKES.COM., www.ahajokes.com/office_jokes.html

.............................................................................................

Fulcrum Search Science Inc.
85 Richmond Street West, Suite 702
Toronto, Ontario M5H 2C9
Tel: 416-847-4990
Fax: 416-350-9600
www.fulcrumsearchscience.com

Subscription Contact:

Cathy Cheng
Career Support Specialist
Fulcrum Search Science Inc.

Unsubscribe | Subscribe

For More Information Visit - www.fulcrumsearchscience.com

Thank you for reading our Quarterly
Personal Career Management Newsletter.
Copyright 2003 Fulcrum Search Science Inc.
All Rights Reserved.