SUCCESS
Technology Is The ‘Villain,’ California Assemblyman Says About His Right To Disconnect Bill
White-collar professionals are having a hard time. More than half of workers around the world identify mounting work stress as their top concern, according to the Deloitte 2024 Global Human Capital Trends report. They are increasingly looking to their employers for support, to prioritize work-life balance and flexibility in their careers, especially in the digital age where people are seemingly shackled to their electronics.
New proposed legislation could make employees less accessible to their bosses after hours, leaving them free to enjoy their time outside of work. Assemblymember Matt Haney (D-San Francisco) introduced on Monday Assembly Bill 2571, which, if passed, would make California the first state to guarantee workers the “right to disconnect,” eliminating the pressure to respond to calls, emails and texts outside of working hours.
“The entire concept resonated with what I’ve seen during and after the pandemic, when the lines between when you’re working and when you’re not have become so blurred that, for many people, they never have a time to switch off,” Haney in a Zoom interview with me on Thursday.
According to the assemblyman, this does not bode well for “work productivity and the well-being of our residents, family life and emotional and social health. ”
With smartphones obscuring the boundaries between work and home life, Haney affirmed, “If there had to be a villain in the story, it’s the technology, not the boss.”
Companies now have abundant technological avenues for managers to contact employees late at night, on the weekends, while on vacation and during the holidays and milestone life events.
Unless things change, there will be a constant deluge of texts, emails, video meeting requests and phone calls disrupting workers’ lives.
Instead Of Chasing Happiness At Work, Pursue Purpose And Meaning
While half of American workers report overall job satisfaction, the challenge is that chasing happiness is an elusive goal. It is an ephemeral feeling that can lead to disappointment once it slips away.
When your main goal is happiness at work, it can lead to problems, such as toxic positivity. The pressure to appear happy, even when you are not, is stress and anxiety-inducing, which can take a toll on your mental and physical health.
When it comes to your job and career, seeking meaning and purpose may be more beneficial and fulfilling than solely focusing on trying to be happy.
The Job Market
This week's headlines reflect a combination of positive and challenging trends across the job market, hiring, layoffs, the stock market and the economy. The U.S. job market has demonstrated resilience, with steady growth in employment and wages, defying expectations of a slowdown. Job growth is expected to have slowed moderately, with wages remaining elevated, pointing to the resilience of the economy and potentially delaying anticipated interest rate cuts. The U.S. added a remarkable 303,000 jobs in March, with the unemployment rate falling to 3.8%, indicating a strong labor market, according to the Bureau of Labor Statistic’s jobs report published on Friday.
However, despite this positive trend, layoffs have been on the rise, raising concerns. Over 90,000 job cuts were announced last month, signaling an increase in layoff activities. Tech companies have witnessed turmoil, with over 50,000 jobs cut in 2024. The tech industry continues to face challenges, with ongoing layoffs. Employers announced plans for 36,795 new jobs in Q1, reflecting a decline in hiring activity compared to the previous quarter. Additionally, the number of layoffs showed an increase of 7% in the tech sector.
The Stock Market
The S&P 500 gained 0.9%, while the 30-stock Dow climbed 278 points, or 0.7%. The tech-heavy Nasdaq Composite advanced 1.1%. Despite Friday’s rebound, all three indexes still headed for a losing week.
Treasury yields jumped following the report showing that job growth totaled 303,000 in March. Nonfarm payrolls were expected to increase by 200,000, according to Dow Jones estimates. Wages rose 0.3% for the month and 4.1% from a year ago, both in line with estimates.
Investors are torn between wanting a strong economy to support further corporate earnings growth and wanting a weaker jobs market that will give the Federal Reserve the green light to begin cutting interest rates.
The Economy
Federal Reserve Chairman Jerome Powell wants to cut interest rates this year. He's been saying it regularly all year.
But remarks from Fed officials Thursday suggested the when of rate cuts may not come as soon as many people—from home buyers and sellers to Wall Street traders—might expect.
Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, said it's possible there will be no rate cuts this year.
"If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all," he said in an interview with Pensions & Investments, a trade publication.
The question of if and when rates will be cut centers on the Fed's federal fund rate, which has been 5.25% to 5.5% since July 2023. This rate is the foundation for all U.S. interest rates.
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.
