All articles tagged with #businessemployment
A group of Black teenagers and the mother of one of them were fired from their summer jobs at a Burger King in Clinton, Mississippi. The mother, who was the store manager, believes nepotism was the reason after her son and his friends were hired and their story went viral. The company claimed the firing was due to the minor being paid an adult wage, a policy the mother says was not initially enforced.
Private sector job growth in March exceeded expectations, with 184,000 jobs added and a 5.1% increase in wages for workers who stayed in their jobs. The strong employment pickup was broad-based, led by leisure and hospitality, construction, trade, transportation, and utilities, and education and health services. The South saw the biggest gains regionally, with most growth coming from companies employing more than 50 workers. The Federal Reserve's patience in easing monetary policy is supported by solid payroll growth and improving inflation, with interest rate cuts expected later this year.
Tyson Foods is facing a boycott as it closes plants in Iowa and other states, laying off 1,300 workers while aiming to hire thousands of asylum seekers in New York. Critics accuse the company of favoring cheaper migrant labor over US-born workers, prompting legal action and social media backlash. The move raises concerns about the impact of immigration on American jobs, as Tyson seeks to double its immigrant workforce to 84,000 this year. The company's CEO, Donnie King, has faced scrutiny for the closures and hiring practices, as the debate highlights the tension between pro-migration policies and protecting American jobs.
TikToker Tru Jamaican advocates for "stacking jobs," or working for multiple employers at once, to create a sizable income from home, citing the abundance of work-from-home job opportunities. While some express skepticism and stress about the idea, others admire the hustle and express frustration at the difficulty of landing remote positions. The trend reflects a growing interest in side hustles, likely driven by economic challenges such as high inflation and difficulty in purchasing homes.
Singapore will increase the salary criteria for foreign executives and professionals hired by companies starting in January next year, with the minimum monthly salary for employment passes rising to S$5,600 from the current S$5,000. The move aims to ensure high-quality employment pass holders and maintain a level playing field for locals in the labor market. The financial sector will see a higher qualifying salary of S$6,200. This adjustment comes as Singapore grapples with the issue of foreign labor and its impact on local employment opportunities, with the country having 197,300 foreigners on employment passes out of a total foreign workforce of about 1.5 million as of June last year.
As the retirement landscape shifts, the concept of "flextirement" is gaining attention as a potential solution to the looming brain drain of retiring boomers and Gen X-ers. This flexible employment status allows older workers to continue working part-time, retaining benefits and knowledge while providing employers with experienced talent. While some experts are optimistic about its potential, others are skeptical about widespread adoption by employers. However, certain industries and smaller employers may be more inclined to offer flextirement options, and there is growing advocacy for businesses to adapt to the aging workforce and value the contributions of older employees.
The "Great Resignation" and historic job-hopping that led to record-high raises has transitioned into a period of job market stability, with a significant drop in the quits rate and slower wage growth. Data from the Labor Department shows that the quits rate fell to a three-year low in December, and pay rose at its slowest pace since early 2021. The job market in 2023, while strong compared to the pre-pandemic norm, did not match the supercharged conditions of the preceding years, with a decline in hiring rates and job openings.
The U.S. workforce is seeing a surge in employees over 65, with older workers making up a significant portion of the labor force. Employers are recognizing the value of intergenerational teams, as older workers bring loyalty, experience, and a desire to make improvements. Research suggests that teams with a wide age range are more productive, and older workers can help combat burnout. However, pervasive ageism remains a barrier, with many older workers feeling unsupported. To foster age-inclusivity, companies are implementing policies and programs to support and retain older workers, recognizing the need to capitalize on their wisdom and experience.
Major companies like Google, Amazon, Citigroup, and BlackRock have announced significant layoffs, reflecting ongoing economic uncertainty, the rise of artificial intelligence, and the need to rightsize after pandemic-driven hiring sprees. In January, 58 tech companies laid off 7,785 workers, with 2023 seeing over 260,000 tech sector layoffs. The long-term effects on employee morale are expected to persist, with 85% of workers worried about job loss in 2024. Companies are reducing headcount to minimize costs and prepare for economic turbulence, while also harnessing AI to streamline operations. Overhiring during the pandemic has led to the need for workforce realignment, as companies adjust to evolving business needs and economic conditions.
Amazon, Citigroup, and Google have started 2024 with layoffs, prompting experts to advise unemployed workers to take steps such as calculating severance pay, consulting with financial advisors, booking medical appointments, assessing 401(k) loans, using technological tools for job search, committing to daily job-hunting tasks, and perfecting resumes. Despite the layoffs, experts point out that unemployment numbers are still low and there are abundant job opportunities available.
The pay premium for new hires has significantly decreased in recent months, with year-over-year pay growth falling to just 2.9% in September, compared to a 10% jump earlier in the year. Lower quit rates, increasing labor supply, and falling worker demand are contributing factors to the slowing wage growth. Industries such as finance and technology have been hit particularly hard, with pay growth at a standstill or even decreasing. Jobseekers are experiencing lower salaries and fewer negotiation opportunities compared to the "golden age for jobseekers" in 2021 and early 2022. Employers are hesitant to give pay raises to new hires to avoid exacerbating pay equity issues and to retain existing employees. Instead, they are offering low-cost benefits to attract talent.
The white-collar labor market is experiencing a softening trend, with companies facing an unexpected challenge of employees not voluntarily leaving their jobs, a situation that was unimaginable during the Great Resignation era.
A new workplace trend called "quiet cutting" is emerging in the American job market, where companies reorganize existing employees instead of laying them off or firing them. This approach allows companies to avoid severance packages and potentially save money. While the U.S. job market has been strong, some companies are adopting this trend due to apprehensions about the future. This shift suggests that employers are gaining more control in the workplace.
Crain's latest Best Places to Work list in Chicago showcases companies that prioritize employee well-being through health and wellness benefits, generous time-off policies, flexibility for work-life balance, career development opportunities, and unique perks such as sports leagues and in-house haircuts. These companies go beyond the basics to provide a best-in-class work experience for their employees.
The autumn season typically brings a surge in hiring as companies ramp up their labor forces, but this year's recruitment patterns may be impacted by rising global interest rates, inflation, and economic uncertainty. While there may be a recruitment uptick in autumn, it is expected to be somewhat diminished compared to traditional patterns. Some industries, such as retail and hospitality, may still plan for a high-spending final quarter and continue hiring. However, concerns about layoffs persist, although mass redundancies are not expected this fall. Many employers are looking to maintain their current workforces, with some anticipating slight headcount reductions or stagnant growth. Overall, the job market remains uncertain, but job seekers are advised to reach out to recruiters ahead of a potential autumn hiring spike.