SUCCESS
California’s New Minimum Wage Law Will Bring Higher Pay To Fast-Food Workers, Along With Unintended Job Losses
California’s new law raising its minimum wage to $20 per hour for fast-food workers went into effect on Monday.
Although the bump in pay is intended to help improve the standard of living for more than half a million fast-food workers, there may be unintended consequences that could do more harm to these employees, including restaurant closures, job cuts, reduced hours and increased deployment of automation to bring down expenses.
In anticipation of the April 1 mandate, employers in California started slashing restaurant jobs and reducing hours, especially pizzerias, according to the Wall Street Journal.
Blind Ambition Podcast: Ginnie Carlier, Americas Vice Chair, Talent at EY
Ginnie reflects on the best professional advice she's ever received: “You need to have an adventurous mindset.” We explore how adventure and a willingness to step outside your comfort zone can unlock new career opportunities. Ginnie explains how she put the advice into practice and how it landed her hot roles in Silicon Valley, working on high-tech IPO transactions and getting international experience in a new role in the Middle East.
We also discover what it takes to stand out as a candidate at EY. Ginnie recalls her best interview and why it was with someone with a non-traditional background for a Big Four firm. She breaks down the application and what turned the resume into a must-read and must-interview, which is especially important as EY received more than 1 million applications worldwide last year!
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'Right To Disconnect': Bill Could Prohibit Off The Clock Calls, Messages
A newly introduced bill would give California workers the right to ignore non-emergency messages and calls from their boss while they're off the clock.
California would become the first state in the United States with a "Right to Disconnect" law.
California Assembly member Matt Haney, D-San Francisco introduced the bill. He says if passed, bosses would need to clarify when employees are expected to be available and guarantee uninterrupted personal time outside of those hours.
"It used to be that you clocked in, worked really hard then clocked out and went home with your family and resting. Now we have this work culture that's a consequence of 24/7 accessibility," he said.
He says a dozen countries already have similar laws. This includes France, Portugal, Italy and Spain. He says studies show workers are happier and more productive with time to disconnect.
Steve Cohen Says His Financial Firm Could Save $25 Million With AI
You can count billionaire investor Steve Cohen among those who believes artificial intelligence is already making an impact on the business world.
The Point72 founder told CNBC’s Andrew Ross Sorkin on “Squawk Box” that his financial firm has found ways for even the early AI models to save the company money.
“I’ll give you one little anecdote. My CTO comes to me and says I can save the firm $25 million by using these LLMs to improve our efficiency,” Cohen said, referencing his chief technology officer and the large language models like ChatGPT.
“Now, we’re a nice sized firm. We’re not a huge firm. So imagine what big companies can do. And that’s just one thing, so it gives you a little bit of a look into what’s possible,” he added.
Amazon Cuts Hundreds Of Jobs In Cloud Computing Unit
Amazon’s cloud computing division is laying off hundreds of employees in its physical stores technology and sales and marketing units, the company confirmed Wednesday.
Amazon continues to trim its headcount after more than a year of mass layoffs. Beginning at the end of 2022 and continuing through 2023, Amazon initiated the largest layoffs in its history, cutting more than 27,000 jobs across almost every area of the company. So far this year, Amazon has laid off employees in its Twitch, Audible, Buy with Prime and Prime Video and MGM Studios units.
Citi To Lay Off 430 Employees In New York Across Units
Citigroup will lay off 430 employees across different divisions in New York, the bank disclosed in filings with the State Department of Labor on Monday.
The layoffs will impact 363 employees of the lender's primary banking unit, Citibank. Workers in the technology and broker-dealer arm will also be affected, the filings showed.
The bank last week ended a sweeping overhaul, its biggest in decades, as part of an effort to simplify its structure and improve performance.
Positive Work Culture Provides 'Emotional Paycheck' For Most, But Younger Gen-Z Employees Treasure Flexibility
Results of a new survey suggest a positive organizational culture is the top non-financial factor impacting well-being at work for most individuals, but younger Gen Z workers place more value on flexibility.
While financial compensation is still extremely important to well-being at work, the findings of the latest Wiley Workplace Intelligence research report, "The Emotional Paycheck: Going Beyond Traditional Compensation," indicate employees' priorities have evolved to include more than just a paycheck. The more holistic elements of employee well-being, such as culture, flexibility, location, and perks, are said to make up their "emotional paycheck."
For most survey respondents, a positive organizational culture is their top priority when it comes to non-financial compensation. The older the employee, the more they appear to value culture. Specifically, for those 35 to 44, work culture is deemed more important than location flexibility by a 10% margin (32% to 22%); for those 55 to 64, however, that margin grows to 18% (40% to 22%).
The younger adults in the Gen-Z population, however, have a different priority, valuing flexibility more than culture. Respondents ages 18 to 24 are most likely to value work time flexibility, preferring it over a positive organizational culture by a 12% margin (34% to 22%). And personal time off (PTO) comes in a close third for these younger workers.
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.
