SUCCESS
Why Americans Feel Financially Distressed And Worried About Their Jobs While The Economy Looks Good
The United States economy added 353,000 jobs in January and inflation is going down, and yet Americans are still feeling the squeeze.
Despite a strong labor market, there is widespread concern about job security and the looming threat of job losses. According to a recent survey by MyPerfectResume, nearly five in six workers are worried that they will lose their jobs in 2024.
Although there are positive overall indicators, the economic recovery may not be reaching everyone equally. Income inequality remains a significant issue, with wage growth lagging behind inflation for many, making it difficult to afford basic necessities.
Recent job growth has been concentrated in three main sectors: healthcare, government and leisure and hospitality. Two months into the new year, more than 34,000 workers have lost their jobs in the tech sector alone, according to Layoffs.fyi.
In a recent survey conducted by ResumeBuilder, 37% of business leaders revealed they have already begun to replace staff with artificial intelligence. Nearly half (44%) of the executive respondents stated they anticipate further jobs cuts in 2024 due to generative AI efficiency.
This year, a number of top companies have already enacted headcount reductions, while announcing plans to reallocate their investments into AI and automation. The redirection of funds and resources to this fast-emerging technology threatens job security for white-collar professionals. The Wall Street Journal predicts several industries will be impacted.
There is an understandable feeling of insecurity that is keeping workers in place. Last year’s wave of layoffs created a chilling effect with 6.1 million fewer Americans—a 12% decrease—quitting their jobs than in 2022, according to the United States Bureau of Labor Statistics.
In December, the U.S. quit rate plummeted to the lowest monthly level in three years, signaling a departure from the Great Resignation trend that took hold after the pandemic.
If You Thought The Job Search Was Rigged Against You, Here’s Why You’re Not Wrong
You would like to think that the interview and hiring process is always fair and just. However, unfortunately, like many things in business and in life, that’s not always the case.
There are questionable practices that employers, human resources and talent acquisition, hiring managers and recruiters deploy that may not be in the best interests of job seekers, including posting fake jobs, ghosting candidates, pulling a bait-and-switch, lowballing offers and other questionable tactics.
Let's Go Live w/ Jack Kelly: Lauren Smith, Refer
Referrals move to the front of the hiring line, as the glowing endorsements enwrap job candidates in a halo effect. Data shows that the likelihood of a referral scoring a job interview is 50%, compared to non-referrals who have a 3% chance. Over 60% of candidates are hired after being referred, and the chances surge to 91% if the endorsement comes from a director-level professional.
In this LinkedIn Live, I welcome Lauren Smith, Forbes 30 Under 30 alum and cofounder and CEO of Refer, a platform that enables companies to incentivize and leverage their networks, and individuals to get rewarded for referring their network. Lauren and I will discuss what inspired her to found her startup, how the platform works and why referrals are incredibly powerful signals in providing validations on someone's capabilities and character.
Dow Posts Worst Day Since March 2023 After Hot Inflation Report
Stocks dropped on Tuesday after hotter-than-expected inflation data for January spiked Treasury yields and raised doubts that the Federal Reserve would be able to cut rates several times this year, a key part of the bull case for the equity market.
The Dow Jones Industrial Average lost 524.63 points, or 1.35%, to close at 38,272.75 in its worst session since March 2023 on a percentage basis. At its lows, the 30-stock index sunk 757.52 points, or 1.95%. The S&P 500 slid 1.37% to close at 4,953.17, while the Nasdaq Composite fell 1.8% to settle at 15,655.60.
Paramount Global Lays Off About 800 Employees, A Day After Announcing Record Super Bowl Ratings
Paramount Global is laying off hundreds of employees, just one day after the company announced CBS had record Super Bowl viewership, Chief Executive Officer Bob Bakish said Tuesday in an internal memo to employees.
Paramount will lay off about 800 people, or an estimated 3% of its workforce, according to a person familiar with the matter. Paramount Global ended 2022 with about 24,500 full-time and part-time employees.
Affected workers will be notified Tuesday, Bakish said in the note.
“These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead — and I firmly believe we have much to be excited about,” Bakish wrote in the note.
Instacart To Lay Off 250 Employees
Instacart on Tuesday announced it would lay off about 250 employees, or roughly 7% of the company, as part of a restructuring. The news came as the company reported fourth-quarter earnings that fell roughly in line with analysts’ revenue estimates.
Shares of the company fell 5% in extended trading.
The layoffs are focused in part on middle management and creating a flatter organizational structure, according to Instacart, as well as focusing teams on larger projects, such as advertising efforts on Roku, Google Ads and more.
Three top executives are also departing the company for personal reasons, according to Instacart: Chief Operating Officer Asha Sharma, Chief Technology Officer Varouj Chitilian and chief architect JJ Zhuang. Instacart will only backfill the CTO role.
Stalled IPO Market Leaves Startup Employees, Individuals Eager to Unload Shares
When the market for initial public offerings was booming in 2021 companies were eager to list shares and give equity holders the chance to cash out.
Then the public market soured and the IPO window shut.
Now individual shareholders are increasingly turning to the secondary market, which allows shares in still-private companies to be traded. This rising demand is proving to be a tailwind for a crop of venture-backed startups that help facilitate these sales.
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.
