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Why Gold-Collar Workers Are Some Of The Most Well-Paid, Prestigious Professionals
Gold-collar jobs have become more ubiquitous in recent years due to the ascension of technology and the growing demand for specialized skills in industries such as healthcare, technology and finance. As generative artificial intelligence continues to become more prevalent in the job market, positions that necessitate human creativity, problem-solving and critical thinking are becoming more relevant and valuable than ever before.
The term "gold-collar" jobs refers to highly-skilled professionals in high-demand fields, such as doctors, lawyers, engineers, pilots and scientists. The designation "gold-collar" distinguishes these professionals from traditional white-collar and blue-collar workers, reflecting the specialized nature of their roles and the high compensation that comes with it.
The term was first used by Robert Earl Kelley in his 1985 book the Gold-Collar Worker. This classification is not to be confused with the alternative use of the term, which refers to young, low-wage workers who invest in conspicuous luxury.
Although they’re considered "desk jobs," gold-collar positions are focused more on premium technical execution than administration, coordination or generic analysis. These workers are highly valued for their problem-solving skills and expertise, including computer engineers, technicians, technologists, researchers and analysts.
Much like white-collar roles, gold-collar jobs have a high barrier to entry, in terms of education, and earn an annual salary rather than an hourly wage, so they are also perceived as prestigious and desirable.
Top Stories For January 30, 2024 Regarding The Economy, Wall Street, Technology And The Job Market
Economy
Fed Chairman Jerome Powell said Wednesday that the central bank would likely not be comfortable enough with the path of inflation by its next meeting in March to cut interest rates.
“Based on the meeting today, I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that. But that’s to be seen,” Powell said.
The statement came in a news conference after the Fed’s January meeting, where the central bank left its benchmark interest rate unchanged. Powell did say earlier in the news conference that rate cuts would likely begin at some point this year.
Wall Street
Stocks fell on Wednesday after Federal Reserve chairman Jerome Powell said the central bank likely wouldn’t be ready to cut rates in March.
The Dow Jones Industrial Average fell 295 points, or 0.7%. The S&P 500 was down 1.5% with tech shares like Alphabet and AMD the biggest losers. The Nasdaq Composite lost 2%.
The Cruel, F'ed Up Way Companies Are Slowly And Steadily Cutting Jobs
The start of this year has ushered in a new and unpleasant job market trend. Throughout mid-2022 to 2023, major companies announced widespread layoffs, eliminating thousands of roles all at once. The workforce is now experiencing a shift from large-scale layoffs to a more gradual and ongoing process.
Under the cloud of looming layoffs, employees will confront a work environment that almost feels like the psychological torture of waterboarding—the century-old practice in which water is poured on the face of a prisoner, slowly driving them mad as they experience feelings of drowning and uncertainty as to when it will end.
Tech
The hype around artificial intelligence has raised concerns in many corners of the economy about the declining need for human labor as technology gets smarter, but it’s having a more immediate impact on the workforce. AI demand is so great that some tech companies are cutting headcount in parts of the business to invest more heavily in developing AI products.
“These companies, in general, are reducing numbers of employees associated with product lines or divisions that have not been successful because they want to reposition themselves for AI,” said Art Zeile, CEO of DHI group, which owns the tech recruiting platform Dice.
Job Market
Middle managers and remote workers beware. "Companies often target middle management for cuts. They try to streamline," said Daniel Zhao, lead economist at Glassdoor. "Middle managers are often squeezed from both sides at a time like this. They're often cut but they're also often responsible for implementing these measures to get more efficient."
At the same time, the current round of layoffs has highlighted the vulnerabilities of remote workers. Some reports have indicated that employers would target remote workers at a time when many companies are trying to bring staff back into the office. "Being remote makes it easier to let you go," Schur said. "You don't have that day-to-day interaction. It's easier on a human level to let go of someone. It's easier to utilize that as a rationale for layoffs."
PayPal is laying off 9% of its workforce, the company’s CEO Alex Chriss told staff in a letter on Tuesday that PayPal made public hours later. The decision will impact about 2,500 employees, who will find out their fate between today and the end of the week, Bloomberg reported earlier. PayPal's layoffs come almost exactly a year after the company fired more than 2,000 workers to keep costs down.
IBM employees who don't live close enough to commute to an office have been asked to relocate or leave the tech giant in a sign of an increasing crackdown on remote work in favor of in-person attendance.
The Armonk, New York-based computer hardware maker is immediately requiring most U.S.-based staff to report to an office or corporate hub at least three days weekly “regardless of current work location status,” according to a memo to staff from Senior Vice President John Granger. IBM plans to collect badge-swipe data to track and enforce attendance, an escalation of a return-to-office policy that was implemented in September.
The move underscores employers' growing confidence in their ability to enforce stricter rules surrounding in-person requirements, a move that can make fuller use of office property. The tech giant joins other companies such as Kroger, Amazon and AT&T in stepping up in-person requirements with warnings to employees who live far from a corporate hub that they will have to move if they want to keep their jobs.
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.
