Happy And Succeeding In The Future Of Work
Weekly Roundup
Layoff Contagion Spreads From The Tech Sector To Everywhere Else
Layoffs first started in the tech sector in 2022, resulting in more than 140,000 people losing their jobs. Consequently, there seems to be a contagion effect taking place, as more companies are laying off workers across a wide array of industries.
Why More Than 26,000 People Were Laid Off In The Crypto Sector This Year
Executives of cryptocurrency exchanges are bracing for a long, cold crypto winter characterized by layoffs, according to Bloomberg. The reasons for concern include the cratering of crypto prices from their dizzying heights, the FTX debacle, an implosion of a number of crypto platforms and higher interest rates, which dissuade investors from purchasing risky investments.
Wall Street Bankers Face Bonus And Job Cuts
The mighty Wall Street investment bankers, brokers, traders, deal makers and money managers are not immune to market forces. According to Bloomberg, JPMorgan, Bank of America, Citigroup and other financial institutions are considering cutting bonuses by up to 30%. Compensation management consulting firm Johnson Associates reports that incentive pay may fall by more than 45%. There is a fear that some low performers will get “donuts,” the harsh term for not receiving any bonus payout.
Fed-Up New York Times Employees Walk Out In 24-Hour Strike Over Wages And Remote-Work Policies
Hundreds of journalists and other employees at The New York Times began a 24-hour walkout Thursday in what would be the first strike of its kind at the newspaper in more than 40 years. Newsroom employees and other members of The NewsGuild of New York say they are fed up with bargaining that has dragged on since their last contract expired in March 2021. The union announced last week that more than 1,100 employees would stage a 24-hour work stoppage starting at 12:01 a.m. ET Thursday unless the two sides reach a contract deal.
Laid-Off Tech Employees Say Goodbye To Stock Options’ Golden Age
The wave of tech layoffs this year is adding to shockwaves in the private markets, as many workers look to sell their company stock just as valuations are collapsing. Why it matters: Say goodbye to the golden age of employee stock options. This is part of a big unraveling happening for tech workers, many living through their first downturn and experiencing unfamiliar job woes like layoffs, hiring freezes, and the diminishing value of their stock compensation.
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Congressman Calls for Investigation Into Gensler, SEC’s Role in FTX Collapse
A Democratic congressman is calling for an independent investigation into the Security and Exchange Commission’s failure to prevent the historic collapse of crypto exchange FTX. In a strongly worded letter sent Tuesday, Representative Ritchie Torres (D-NY) called upon the Government Accountability Office (GAO) to conduct an independent review of the SEC’s actions—or lack thereof—in the months leading up to FTX’s implosion last month. The letter specifically singled out SEC chair Gary Gensler for claiming exclusive regulatory dominion over crypto exchanges, while simultaneously failing to meaningfully regulate them.
The Rise Of The Stay-At-Home Dad
There is a big societal shift in attitudes toward gender roles and parenting taking place, as more dads are staying at home and tending to childcare. According to the Pew Research Center, an estimated 2.1 million fathers were stay-at-home dads in 2021—up 8% since 1989. The increase is attributed, in large part, to women out-earning their male partners.
Early Venture Capitalist Investor In Zoom With A 200x Return Offers His Views On The Future Of The Startup Space
Venture capitalist and early-stage investor Eugene Zhang was in the right place at the right time. His firm, TSVC, was the first institutional investor in the initial round of funding for Zoom in 2011. Its check for $250,000 garnered a 200x return. There were other wins too. Zhang and TSVC made early seed-stage investments in Carta, Ginkgo Bioworks, Quanergy and more than 70 startups over the last 12-plus years. Its portfolio companies brought in more than $4 billion in follow-on funding rounds and were involved in over 30 IPO and M&A exits.
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About Jack Kelly
Jack Kelly is the CEO, founder, and executive recruiter at one of the oldest and largest global search firms in his area of expertise. He has personally placed thousands of professionals with top-tier companies over the last 20-plus years. Jack is passionate about advocating for job seekers. In doing so, he founded a start-up company, WeCruitr, at the beginning of the Covid-19 pandemic. The mission of WeCruitr is to help people in need and make the job search more humane and enjoyable. As a proponent of career growth, Jack shares his insider interviewing tips and career advancement secrets as a Senior Contributor for Forbes. He also covers timely topics related to corporations, high-profile people, Wall Street, politics and other important matters. The pieces offer insight into the news and how it may impact your career. Jack is the author of Happy and Succeeding in Your Job Search, as well as the host of Happy And Succeeding In The Future Of Work and cohost of the Blind Ambition podcast.