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Latest Developments In The Job Market, Layoffs, The Stock Market And The Economy- 2/23
Latest Developments In The Job Market, Tech, U.S. Stock Market And The Economy
The Job Market
Ways To Manage Working With A Narcissist
In the workplace, you will meet people whom you enjoy interacting and collaborating with, and develop lifelong friendships. There are other instances when you come into contact with people who make you feel uncomfortable. One of the worst types of peers to have the displeasure of working with are those who exhibit signs of narcissism.
People can have narcissistic traits without having Narcissistic Personality Disorder, which Mayo Clinic defines as “a mental health condition in which people have an unreasonably high sense of their own importance.” These individuals are attention-seeking and look for admiration from others. People with NPD may be unable to understand or care about others’ feelings.
A red flag signaling that your co-worker or boss may be a narcissist is when you notice a pattern of conceited and self-centered behavior. This person, especially if it’s your immediate manager, can create a toxic environment that ultimately beats you down. This type of leader lacks empathy, does not offer psychological safety and there is a glaring disinterest in the mental and emotional well-being of their staff and others with whom they collaborate with.
Jobless Claims Fall In Face Of Ongoing Layoffs
New Department of Labor data shows a drop in initial applications for unemployment in the United States.
Unemployment claims fell by 12,000 to 201,000 for the week ending Feb. 17, the lowest level in more than a month, the department said in a Thursday (Feb. 22) news release.
Also dropping were continuing claims, often seen as an indicator of the number of people getting ongoing unemployment benefits. That figure fell to 1.86 million in the week ending Feb. 10, another monthly low.
Vice To Stop Publishing On Site, Lay Off Hundreds Of Staff
It’s a dark day in the digital news industry. Again.
In a stunning reversal of fortune for a media empire once valued at $5.7 billion, Vice Media told its approximately 900-person staff Thursday that its laying off several hundred of its employees and will cease publishing any content to Vice.com, the company’s digital news arm.
In his memo, CEO Bruce Dixon told employees that “it is no longer cost-effective for us to distribute our digital content the way we have done previously. Moving forward, we will look to partner with established media companies to distribute out digital content, including news, on their global platforms, as we fully transition to a studio model.”
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Dell Employees Claim New RTO Policy Is A Quiet Layoff
Dell earlier this month began mandating most of its employees to return-to-the office three days a week and has given some workers the option to work remotely with the risk of stunting career advancement opportunities.
Now, employees are claiming that the new mandate is causing internal turmoil within the company as they have been given no direction on which offices to report to and are starting to believe that the mandate is a way for the company to quietly lay off its employees, according to a new report from The Register.
Dell told its employees earlier this month that most workers will be reclassified as hybrid and and that they will have to work from an office a minimum of 39 days each quarter. Only employees who make lower salaries have the option to work fully remote.
The option — to either work in-person or remotely — is now reportedly frustrating employees at the company. If workers choose to report to the office three times a week, then they will have to report to an assigned office and do not have the option to pick which office to attend due to “capacity or business function constraints,” according to The Register. Also, some employees claim that they live in locations that don’t have a nearby office building.
Tech
Amazon Warns Employees Not to Use Generative AI Tools
Amazon has cautioned its employees against using third-party generative AI tools for work, according to multiple internal memos viewed by Business Insider.
“While we may find ourselves using GenAl tools, especially when it seems to make life easier, we should be sure not to use it for confidential Amazon work,” the company warned employees in a recent email. “Don’t share confidential Amazon, customer, or employee data when using 3rd party GenAl tools. Generally, confidential data would be data that is not publicly available.”
Amazon’s internal third-party generative AI use and interaction policy, viewed by BI, warns that the companies offering generative AI services may take a license to or ownership over anything employees input into tools like OpenAI’s ChatGPT.
“This means that any outputs such as email, PRFAQs, internal wiki pages, code, confidential information, documentation, pre-launch and strategy materials may be extracted, reviewed, used, and distributed by the owners of the generative Al,” the policy states. “All Amazonians must abide by our standard Amazon policies for confidential information and security for any inputs to generative Al.”
Stock Market
Nvidia’s Market Value Catapults To $2 Trillion
Nvidia joined an exclusive club on Friday morning when its market value topped $2 trillion, just days after the chipmaker reported gangbusters earnings that once again swept Wall Street into an artificial intelligence-induced fervor.
The chipmaker added a staggering $273 billion to its market cap on Thursday, the biggest single-day jump of any company on record, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. That came after the company on Wednesday evening reported a 769% annual gain in fourth-quarter profit and a 580% jump in full-year profits from the year earlier, blowing past analyst’s expectations.
Only a handful of companies have ever hit the $2 trillion milestone, including Apple and Microsoft.
Reddit Files To List IPO On NYSE
Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.”
Its market debut, expected in March, will be the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.
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.
