SUCCESS
How To Survive Layoffs If You’re A Remote Worker
Not only are remote workers receiving fewer promotions or raises, they are more likely to be terminated than their in-office counterparts. Professionals working from home are 35% more likely to be let go than onsite employees, according to the Wall Street Journal, citing data from job change and human capital insights provider Live Data Technologies.
The continuous blows to this cohort have left remote workers feeling a heightened level of job insecurity, as they worry about being laid off and struggling to find a new job quickly. According to research by the Harvard Business Review, remote employees are more likely (32%) to feel stressed about layoffs, with 67% reporting that it has affected their productivity. Hybrid and in-office employers are 24% less likely to say that their work output has suffered due to job market volatility.
It is essential for remote workers to be aware of the potential increased risk of layoffs and take proactive measures to ensure their continued employability and job security, as they contend with less visibility and upward mobility in the workplace, manager bias and decreased productivity.
Top Stories For January 29, 2024 In Wall Street, The Economy, Pop Culture, Sports, Politics, Technology And The Job Market
Wall Street
Reddit is reportedly being advised to target a valuation of at least $5 billion as it prepares to potentially go public this year–a fraction of what the social media site was said to be worth just three years ago.
The San Francisco-based firm is “targeting a valuation in the mid-single-digit billions” and could list its shares by as early as March, Bloomberg reported, citing people familiar with the matter.
Even the proposed $5 billion valuation may be a stretch. The outlet noted that private trades of Reddit’s unlisted shares have valued the company at $4.8 billion or lower. Bids on Rainmaker Securities’ database have signaled a valuation between $4.5 billion and $4.6 billion.
Reddit has yet to announce a final decision on whether to go public and key details of a potential move, such as exact timing and valuation, could change. It would be the first major social media platform to go public since Pinterest’s IPO in 2019.
Economy
The Federal Reserve is on track to achieve a soft landing in the US economy, Goldman Sachs Group Inc.’s Chief Economist Jan Hatzius said, adding that a March interest rate cut “would make sense.”
“The Fed is on its way to achieving the soft landing, obviously no guarantees, but I like what I’m seeing,” Hatzius told Bloomberg Television in an interview Tuesday in Hong Kong.
He said an easing by the Fed in March remains Goldman’s baseline as it would be consistent with the trajectory of consumer prices—and comments last month by Fed Chairman Jerome Powell that it would like to cut before inflation returns to 2%.
“We don’t think it’s essential that they cut here, but it would be consistent with the signaling,” Hatzius said. He noted that the labor market remains in solid shape, as “layoffs continue to be very, very low.”
Pop Culture
Deepfakes of Taylor Swift went viral on X (formerly Twitter) this week, highlighting the dangers of AI-generated imagery online.
Synthetic or manipulated media that may deceive people isn't allowed on X, according to its policy, and the platform's safety team posted on Friday that it's "actively removing all identified images and taking appropriate actions against the accounts responsible for posting them."
By Saturday, users noticed that X attempted to curb the problem by blocking "Taylor Swift" from being searched—but not certain related terms, the Verge reported
Why Does Everyone Hate Managers? With Special Guest Lia Garvin
For decades, the goal of corporate workers was to rise through the ranks of their organizations. They’d want to quickly shed their individual contributor roles and take up management opportunities. This was perceived as the traditional way to climb the corporate ladder of success. However, times have changed.
A recent survey revealed that fewer people are wanting to become managers, as support for managers is plummeting. According to research, middle managers are the most exhausted employees at any level of an organization.
In this LinkedIn Live, I will be speaking to Lia Garvin, ex-Google, Microsoft, Apple, bestselling author, TEDx speaker and a Top LinkedIn Voice, to discuss why this is. We will delve into why there is so much animosity toward managers, what makes a good/bad supervisor and how they could be better set up for success.
Sports
Super Bowl LVIII is officially set.
The Kansas City Chiefs and San Francisco 49ers survived their respective conference championship matchups on Sunday to earn a trip to Las Vegas and the Super Bowl next month.
Patrick Mahomes and the Chiefs shut down the Baltimore Ravens to win the AFC championship game on Sunday. The Chiefs rolled to a 17-10 win at M&T Bank Stadium. Tight end Travis Kelce had 116 yards on 11 catches and a big touchdown early. He also broke Jerry Rice's record for most postseason receptions in league history, and he recorded his record-tying eighth 100-yard playoff game. The Chiefs will now head to their fourth Super Bowl in five seasons. If they can win, they'll become the first team to win back-to-back Super Bowls since the New England Patriots did so in 2003 and '04.
The 49ers, after an awful first half in Santa Clara, rallied back Sunday in the NFC championship game. They climbed out of a 17-point halftime hole to stun the Detroit Lions and take the 34-31 win, which secured their spot in the Super Bowl. It matched the largest comeback in NFC championship game history. The 49ers, who had lost back-to-back conference championship games, are now headed to the Super Bowl for the first time since the 2019 season.
Politics
A federal jury on Friday said Donald Trump must pay E. Jean Carroll a total of $83.3 million in damages for defaming her in statements he made as president after the writer said he had raped her in a New York department store in the 1990s.
The massive civil verdict—which comes on top of a $5 million sexual abuse and defamation verdict that Carroll won against Trump last year—was delivered less than three hours after the nine-member jury began deliberating in U.S. District Court in Manhattan.
Tech
In 2024, tech workforces have largely returned to pre-pandemic levels, inflation is half of what it was this time last year and consumer confidence is rebounding.
Yet, in the first four weeks of this year, nearly 100 tech companies, including Meta, Amazon, Microsoft, Google, TikTok and Salesforce have collectively let go of about 25,000 employees, according to layoffs.fyi, which tracks the technology sector.
All of the major tech companies conducting another wave of layoffs this year are sitting atop mountains of cash and are wildly profitable, so the job-shedding is far from a matter of necessity or survival.
Then what is driving it?
"There is a herding effect in tech," said Jeff Shulman, a professor at the University of Washington's Foster School of Business, who follows the tech industry. "The layoffs seem to be helping their stock prices, so these companies see no reason to stop."
Some smaller tech startups are running out of cash and facing fundraising struggles with the era of easy money now over, which has prompted workforce reductions. But experts say for most large and publicly-traded tech firms, the layoff trend this month is aimed at satisfying investors.
"They're getting away with it because everybody is doing it. And they're getting away with it because now it's the new normal," he said. "Workers are more comfortable with it, stock investors are appreciating it, and so I think we'll see it continue for some time, " Shulman added.
Job Market
As a spate of layoffs continues in tech and media, workers—especially younger ones—are sharing the intimate details publicly on TikTok, LinkedIn, X and other platforms.
This is a sea change for work culture. Getting laid off or fired was once a process kept relatively private. But today's workers have shaken off whatever stigma was once attached to job loss.
They're sharing feelings ("feels like a breakup but one-sided"), posting videos of the actual moment they get the news, openly crying, and generally seeking support and new opportunities by going public.
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.
