SUCCESS
White-Collar Workers Are Holding Onto Their Jobs While Fearing The Worst
There is a looming sense of job insecurity that is preventing workers from job hopping. Amid last year’s widespread layoffs, 6.1 million fewer Americans—a 12% decrease—quit their jobs than in 2022, according to the United States Bureau of Labor Statistics.
In December, the U.S. quit rate plummeted to the lowest monthly level in three years, signaling a departure from the Great Resignation trend that took hold after the pandemic.
Amid economic uncertainty and the potential for automation to take away jobs, white-collar workers are worried about holding onto their jobs.
In a 2023 job market survey by Professional Résumé Writers, nearly half of workers self-reported that they were concerned about losing their employment, with executives exhibiting the most worry (66%).
Throughout mid-2022 to 2023, major companies announced robust workforce reductions, eliminating thousands of roles all at once. The labor force is now experiencing a shift from large-scale layoffs to more gradual, staggered job cuts. Just two months into 2024, more than 33,000 workers have been let go in the tech sector alone, according to Layoffs.fyi.
Amazon Cuts Hundreds Of More Jobs
Amazon has eliminated hundreds of jobs in its Pharmacy and One Medical divisions.
“As we continue to make it easier for people to get and stay healthy, we have identified areas where we can reposition resources so we can invest in invention and experiences that have a direct impact on our customers and members of all ages,” Neil Lindsay, who leads Amazon Health Services, wrote in a memo to employees on Tuesday. “Unfortunately, these changes will result in the elimination of a few hundred roles across One Medical and Amazon Pharmacy.”
Amazon continues to trim its headcount after more than a year of layoffs. The company cut more than 27,000 jobs between late 2022 and mid-2023, as the tech industry downsized alongside soaring inflation and rising interest rates. At the start of this year, Amazon announced cuts in its Prime Video, MGM Studios, Buy with Prime, Twitch and Audible units.
Credit Card Delinquencies Surged In 2023, New York Fed Says
Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Federal Reserve reported Tuesday.
Debt that has transitioned into “serious delinquency,” or 90 days or more past due, increased across multiple categories during the year, but none more so than credit cards.
With a total of $1.13 trillion in debt, credit card debt that moved into serious delinquency amounted to 6.4% in the fourth quarter, a 59% jump from just over 4% at the end of 2022, the New York Fed reported. The quarterly increase at an annualized pace was around 8.5%, New York Fed researchers said.
Let's Go Live with Jack Kelly: Tom Nguyen, Café
In this episode of Let's Go Live with Jack Kelly, I welcome Tom Nguyen, cofounder and CEO of Café, a workplace engagement hub.
Tom is a Forbes 30 Under 30 alum, and has been backed by Y Combinator, the leading startup accelerator for entrepreneurs, which has invested in the likes of Airbnb, Dropbox, Stripe, Reddit, Instacart, Coinbase and other well-known startups.
We will talk about the "loneliness epidemic" that happened as a result of the pandemic. With employee engagement levels dropping amid layoffs, Tom will discuss why fostering connection and workplace belongingness is pertinent to job satisfaction, productivity, collaboration and purpose.
DocuSign To Lay Off 6% Of Workforce, Or About 440 Jobs
DocuSign announced Tuesday it will cut 6% of its workforce as part of a restructuring plan that aims to improve the company’s “financial and operational efficiency,” according to a release.
The online signature provider said the majority of the employees impacted by the layoffs will be within its sales and marketing organizations. DocuSign employs 7,336 workers, according to its most recent filing with the U.S. Securities and Exchange Commission, which means the cuts will affect around 440 jobs.
New Senate Bill Aims To Kill Proposed SEC Rule On AI Conflicts Of Interest
A forthcoming rule from the Securities and Exchange Commission on the use of AI in finance is in the crosshairs of two Republican senators, who introduced a bill Tuesday to kill the regulation before it can be finalized.
The draft rule unveiled last July would require financial firms to identify and eliminate conflicts of interest that emerge from their use of artificial intelligence tools, and to ensure they are prioritizing their clients’ interests over their own bottom lines.
SEC Chairman Gary Gensler has warned of the danger of letting AI tools make incorrect assumptions about investors, and exercise a bias toward a firm’s own products.
Snap To Lay Off 10% Of Global Workforce, Around 500 Employees
Social media company Snap said Monday that it will lay off 10% of its global workforce, or around 500 employees, in part to “promote in-person collaboration.”
The Snapchat maker’s shares fell as much 3% in morning trading before paring back losses to close down 1.8%. The company has executed multiple rounds of layoffs since 2022, most recently in November, when it trimmed a small number of product employees.
Snap expects it will incur charges ranging from $55 million to $75 million, according to a regulatory filing.
The company’s last major round of cuts was in August 2022, when it laid off 20% of staff and restructured its business lines.
Dartmouth Men’s Basketball Players Are Employees And Can Unionize, NLRB Regional Director Rules
A regional director for the National Labor Relations Board ruled Monday that Dartmouth men’s basketball players are employees and can move forward with an election to unionize.
Fifteen Dartmouth men’s players in September filed a petition to the NLRB to unionize through the Service Employees International Union Local 560. The sides held a hearing in October.
In Boston on Monday, NLRB regional director Laura Sacks ruled that the Dartmouth players are employees because they perform work that benefits the school, the school holds significant control over their work and players receive compensation through equipment, lodging, tickets and other factors.
How To Get A Job In Tough Times: All The Advice You Need To Succeed From A Top Executive Recruiter
There’s an old saying, “Tough times make tough people.” In this book, Jack Kelly will help guide you every step of the way in your job search to ensure that you stay strong, resilient and positive, and get that great, new job.
