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Latest Developments In The Job Market, Layoffs, Hiring, The Stock Market And The Economy- 2/22
Latest Developments In The Job Market, Tech, U.S. Stock Market And The Economy
The Job Market
The Exit Interview Is A Trap
It’s reasonable to believe that you should be totally honest in the exit interview. However, in the real world, you must be incredibly careful. The HR professional or other people involved in the process may try to steer you into saying things about your former boss and colleagues. They can dig, prod and pressure you to give up some dirt on people.
More Than Half of Recent 4-Year College Grads Underemployed
More than half of recent four-year college graduates, 52%, are underemployed a year after they graduate, according to a new report from Strada Institute for the Future of Work and the Burning Glass Institute. A decade after graduation, 45 percent of them still don’t hold a job that requires a four-year degree.
The report found that graduates who started their careers at a below-college-level job typically stayed underemployed for years afterward. The majority of graduates, 73%, who were underemployed in their first jobs remained so a decade after they graduated.
In contrast, 79% of graduates who started off in a college-level job continued to hold jobs at that level five years after graduating. And of the graduates who held college-level jobs five years after graduating, 86% had college-level jobs a decade out.
Layoffs And Departures
BuzzFeed has sold Complex — the youth-culture media company it bought three years ago — and will pink-slip another 16% of BuzzFeed’s remaining staffers in a restructuring designed to get back on financial track.
Rivian announced that it's cutting 10% of its salaried workforce as it contends with "economic and geopolitical pressures." The electric automaker said that economic pressures, most notably the historically high interest rates, will result in flat vehicle output for the year.
Boeing has announced it is replacing the head of its 737 Max program as part of a reshuffling of the company in the wake of the much-publicized incident of a door plug blowing out of an Alaska Airlines flight last month. Katie Ringgold will be replacing Ed Clark — an 18-year veteran of the company — as vice president and general manager of the 737 Max program and Renton site, Boeing said.
Arvind Jain, Founder and CEO of Glean: How to Become One of the Top 1% of Engineers at Google
Arvind spent more than 10 years at Google, going from one of the company's first engineers when it was a startup to gaining a “distinguished” title. We find out just how he earned the promotions and what it took to land the title fewer than 1% of all engineers ever earn, including the tips and tricks many senior engineers try to take and why they might not work.
We also explore why Arvind decided to leave Google and start different companies. He shares his best advice on when to leave a comfortable job and the necessary insight you might need to launch a startup and lead it to a successful exit or meaningful business as its founder.
Tech
Google's ‘Ultra-Woke’ Gemini AI Runs Amok Revising History
Google announced on X that its artificial intelligence model, "Gemini," would pause its image-generating function after it “produced racially and historically inaccurate images of people."
Nvidia Workers Are So Wealthy They’re Going Into ‘Semi-Retirement’ Mode While On The Clock
Nvidia's stratospheric rise this year has engendered an unusual problem: Some of the longer-tenured employees, sitting on a wealth of company stock, are no longer doing their fair share of work.
It's a big enough issue that Nvidia CEO Jensen Huang felt the need to address it in an internal all-hands meeting, people who were in attendance told Business Insider. From a list of pre-submitted employee questions, Huang picked one that asked what to do about the old-timers who appeared to be in "semi-retirement" mode.
Many Nvidia employees have become incredibly rich after the company's stock is up by about 1,200% over the past five years. One unexpected by-product of that success has been the growing tension between employees, where some staffers feel the old-timers are simply not pulling their weight.
The Stock Market
Wall Street: Nvidia > Interest Rate Concerns
US stocks soared on Thursday as blockbuster earnings from AI darling Nvidia ignited a global rally across the major indexes, eclipsing concerns about the Federal Reserve's caution over interest-rate cuts.
The tech-heavy Nasdaq shot up more than 3% on the heels of the chipmaker's results, while the S&P 500 jumped about 2.2%. The Dow Jones Industrial Average popped almost 1.4%, or more than 500 points.
Both the S&P 500 and Dow Jones hit intraday record highs during the trading session on Thursday. The Nasdaq was having its best day in more than a year and pressing near a record-high for the first time since November 2021.
The U.S. Economy
Fed Expresses Caution About Lowering Rates Too Quickly
Federal Reserve officials indicated at their last meeting that they were in no hurry to cut interest rates and expressed both optimism and caution on inflation, according to minutes from the session released Wednesday.
The discussion came as policymakers not only decided to leave their key overnight borrowing rate unchanged but also altered the post-meeting statement to indicate that no cuts would be coming until the rate-setting Federal Open Market Committee held “greater confidence” that inflation was receding.
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.
