SUCCESS
Layoffs And Pay Cuts Hit CEOs And Managers
Rank-and-file workers are not the only employees that have been impacted by the widespread layoffs and cost-cutting measures that have taken hold since the Great Resignation. In 2023, nearly half of all observed job cuts were manager-level or higher, according to research from Live Data Technologies. Layoffs in leadership made up almost two times the share of total terminations compared to the previous five-year average.
Data from Challenger, Gray and Christmas reveals more than 1,500 CEOs left their positions last year. This was the largest number of departures since Challenger started tracking this data in 2002, as reported by CNBC.
Investors push for layoffs at the executive level as a means to address financial concerns and unmet growth targets. Organizations may eliminate executive positions as part of a firmwide restructuring to stem costs. Job cuts at this level can also occur due to shifts in strategy, mergers and acquisitions.
Highly compensated executives may be pushed out the door for their poor decision making that landed the company in financial turmoil, although rank-and-file workers generally bear the brunt of downsizing when their companies aren’t doing well.
Introducing To The C-Suite: The ‘Chief Happiness Officer’
These days, people are finding it harder to be happy at work. Employee happiness has plummeted at a rate 10 times faster than previous years, according to research from human resources platform BambooHR.
It’s hard to be happy at work with the lingering fear that you will be laid off. To be competitive in the new artificial intelligence-driven economy and workplace, companies are pulling resources from non-priority departments and reallocating it toward generative AI-first projects and hiring.
Workers who report negative attitudes about their jobs believe they are inconsequential to their co-workers and employers, feel micromanaged by their bosses, worry that they are not valued in the workplace and fear new tech will make them obsolete within the next 10 years, a study by the American Psychological Associate found.
This weakened workplace morale costs the global economy $8.8 trillion in lost productivity. One solution to help tackle low job satisfaction and enhance employee experience is to appoint a “Chief Happiness Officer.”
Dell's Shocking Memo: No Promotion For Employees Preferring Work From Home
Dell, a prominent laptop brand, is facing flak after it recently announced a policy change regarding promotions for remote workers. In a memo circulated in February, Dell informed its remote employees that while they can continue working from home, they will not be eligible for promotions or allowed to change roles within the company, Business Insider reported.
The memo informed its employees of a return-to-office mandate and also said they would be categorized as "hybrid" and "remote" workers. As per the memo, hybrid employees are required to spend a minimum of three days a week in an approved office. Meanwhile, employees who prefer to continue working remotely have the option to transition to full-time remote work.
However, in this choice, the fully remote workers will not be eligible for promotions and cannot switch roles within the company.
Moderna Started Upskilling Employees On AI Two Years Ago
Training employees to effectively use AI has become one of the most talked about workplace topics in the last year. But pharmaceutical giant Moderna is way ahead of the curve.
Moderna introduced its own AI training program called the “AI Academy” for workers back in December 2021. The intention was to streamline workflows and help employees develop medications more quickly. When it was initially unveiled, all staff members were required to take an AI fundamentals course to gain the same base level of knowledge and awareness about AI.
The company has since reworked its AI curriculum, breaking down the subject into six different education tracks at various skill levels.
Laid-Off Techies Face ‘Sense Of Impending Doom’ With Job Cuts At Highest Since Dot-Com Crash
Since the start of the year, more than 50,000 workers have been laid off from over 200 tech companies, according to tracking website Layoffs.fyi. It’s a continuation of the predominant theme of 2023, when more than 260,000 workers across nearly 1,200 tech companies lost their jobs.
Alphabet, Amazon, Meta and Microsoft have all taken part in the downsizing this year, along with eBay, Unity Software, SAP and Cisco. Wall Street has largely cheered on the cost-cutting, sending many tech stocks to record highs on optimism that spending discipline coupled with efficiency gains from artificial intelligence will lead to rising profits
The Cities With The Least Competition For Highly Paid Jobs
Parkersburg, West Virginia: high-salary jobs pay $72,051 or more
Nampa, Idaho: high-salary jobs pay $83,200 or more
Butte, Montana: high-salary jobs pay $86,154 or more
Sitka, Alaska: high-salary jobs pay $106,496 or more
Grand Island, Nebraska: high-salary jobs pay $83,574 or more
Kearney, Nebraska: high-salary jobs pay $78,333 or more
Dover, New Hampshire: high-salary jobs pay $81,702 or more
Laredo, Texas: high-salary jobs pay$66,269 or more
Morgantown, West Virginia: high-salary jobs pay $80,163 or more
Olathe, Kansas: high-salary jobs pay $92,809 or more
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.
