SUCCESS
How Inflation Benefits The Wealthy And Harms The Working Class
Inflation is an insidious “hidden tax,” as it directly impacts the purchasing power of families in the United States. However, the burden is unevenly distributed across the different income and wealth strata. In fact, the upper middle class and the top 1% of Americans have actually benefited from high inflationary periods, increasing their wealth, while lower-wage families have been negatively impacted, according to a working paper by economist Edward Nathan Wolff for the National Bureau of Economic Research.
Inflation can have varying effects on different wealth brackets with the middle class benefiting from real estate assets, but facing challenges in other areas. The “wealth effect” benefits those with substantial assets from increased asset values, like stocks, real estate and entrepreneurial endeavors.
The job market is a different story. The white-collar, college-educated laptop classes are in the midst of a richsession, finding it difficult to hold onto their jobs in a corporate environment focused on cost-cutting, workforce reductions and investments in artificial intelligence instead of people. Meanwhile, the blue-collar professions are relatively safe, as these jobs require in-person manual labor.
Apple Lays Off More Than 600 Workers In California In Its First Major Round Of Post-Pandemic Cuts
Apple is laying off more than 600 workers in California, marking the company’s first big wave of post-pandemic job cuts amid a broader wave of tech industry consolidation.
The iPhone maker notified 614 workers in multiple offices on March 28 that they were losing their jobs, with the layoffs becoming effective on May 27, according to reports to regional authorities.
The workers were cut from eight offices in Santa Clara, according to the filings under the state’s Worker Adjustment and Retraining Notification Act, also known as WARN. But it’s not clear which departments or projects the employees were involved in.
Richard Branson’s Cruise Line Launches Month-Long Cruise For Remote Workers
Virgin Voyages is targeting a new type of traveler: remote workers.
In March, the Miami-based cruise line owned by Sir Richard Branson introduced a month-long cruise called the “Scarlet Summer Season Pass.” It’s essentially four week-long cruises packaged together to appeal to remote workers who want to spend a month at sea in southern Europe.
“People have really adopted the flexible working style, and it resonates with travelers,” Virgin Voyages’ CEO Nirmal Saverimuttu told CNBC Travel. “We got a lot of people who said it feels like an incredible value.”
The Scarlet Summer Season Pass covers two people and costs $9,990. The rate includes a room, meals, group fitness classes and Wi-Fi, plus laundry services, daily coffee and tea credits and access to workspaces.
A Third Of Hiring Managers Don't Want To Hire Older Workers Or Gen-Zers
If you're looking for a job and you're a Gen Zer or an older worker, you might be out of luck with some hiring managers.
A survey from Resume Builder found that 36% of hiring managers said they were biased against Gen-Z candidates, and 34% said they had concerns about hiring candidates over the age of 60.
Ageism isn't new, of course, though the survey findings are a reminder that even in a strong job market, it can still be tough to land a new gig. Having people discount your abilities because of how young or old you are doesn't help.
Resume Builder surveyed a pool of 1,000 hiring managers in March, and 42% of them said age is a factor when going over résumés. To determine a candidate's age, the hiring managers said they've used methods like tallying years of experience, looking for the year someone graduated, and even checking out photos, the survey found.
'Big Four' Salaries: How Much Accountants And Consultants Make At Deloitte, PwC, KPMG And EY
The so called "Big Four" accounting firms — Deloitte, PricewaterhouseCoopers (PwC), KPMG, and Ernst & Young (EY) — are known for paying their staff high salaries.
An entry-level consultant who just graduated from business school can make over $200,000 a year at the four firms when you include base salary, bonuses, and relocation expenses.
Deloitte:
Analyst: $49,219 to $337,500 (includes advisory, business, project delivery, management, and systems)
Senior business analyst: $97,739
Audit and assurance senior assistant: average $58,895
Consultant: $54,475 to $125,000 (includes advisory, technology strategy, and strategic services)
Global business process lead: $180,000
Senior consultant: average $122,211
Manager: average $152,971
Tax manager: average $117,268
Senior manager: $91,603 to $288,000
Managing director: average $326,769
Tax managing director: average $248,581
Principal: $225,000 to $875,000
PwC:
Associate: $68,000 to $145,200
Senior associate: $72,000 to $197,000
Manager: $114,300 to $231,000
Senior manager: $142,000 to $251,000
Director: $165,000 to $400,000
Managing director: $260,000 to $330,600
Principal: $1,081,182 to $1,376,196
KPMG:
Associate: $61,000 to $140,000
Senior associate: $66,248 to $215,000
Director: $155,600 to $260,000
Associate director: $155,700 to $196,600
Specialist director: $174,000 to $225,000
Lead specialist: $140,500 to $200,000
Senior specialist: $134,000 to $155,000
Manager: $99,445 to $293,800
Senior manager: $110,677 to $332,800
Managing director: $230,000 to $485,000
EY:
Accountants and auditors: $54,000 to $390,000
Appraisers and assessors of real estate: $166,626 to $185,444
Analyst: $145,000 to $239,670 (includes financial & investment and operations research)
Computer systems analyst: $62,000 to $367,510
Management analyst: $49,220 to $337,500
Statistician: $66,000 to $283,500
Financial risk specialist: $62,000 to $342,400
Actuaries: $84,800 to $291,459
Economist: $77,000 to $141,000
Logisticians: $72,000 t0 $275,000
Mathematicians: $165,136 to $377,000
Computer and information systems manager: $136,167 to $600,000
Financial manager: average $320,000
Wells Fargo Boosts End-2024 Target On S&P 500 To Street-High Of 5,535
Wells Fargo raised its year-end target for U.S. benchmark S&P 500 index to 5,535 on Monday—the highest among Wall Street brokerages—citing optimism around artificial intelligence and a potential easing of borrowing costs.
The index has gained 9% so far this year, broadly boosted by expectations of interest rate cuts and investor frenzy around the AI boom.
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.
