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☆ More CEOs are deciding the stress, pressure, and loneliness are just not worth the money
▼ + stars: | 2024-04-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Pressure, stress, and lonelinessHead honchos have been calling out the difficulties of their jobs for years. Tesla and SpaceX CEO Elon Musk has bemoaned that running a company is "really not that fun" and "just awful" at times. "The depths of loneliness I experienced as a CEO are difficult to put into words," he posted on X in January. The combination of immense pressure, stress, loneliness, and lack of work-life balance that often comes with being a CEO may well explain why few people last long in the role.

Persons: —, HSBC's Noel Quinn, Bob Bakish, Dr Martens, Kenny Wilson, Andrew Challenger, HSBC's Quinn, Elon Musk, Musk, Grzegorz Wajda, Brian Chesky, Warren Buffett, Berkshire Hathaway, Buffett Organizations: Service, Paramount, Business, SpaceX, Berkshire, he's

☆ American workers are losing confidence in their CEOs
▼ + stars: | 2024-03-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

47% of workers said they felt worried about their job security, according to a 2023 survey conducted by McKinsey & Company. AdvertisementThe job market looks to be cooling off even as the economy looks like it is going strong. New LandscapeFor disgruntled workers, it may help to hear that CEOs also are getting pushed out at the fastest pace in decades. The job market is expected to slow in 2024, he estimated, pointing to the deceleration in hiring activity. AdvertisementTotal full-time workers declined in February, the first decline posted since the pandemic, according to the Bureau of Labor Statistics.

Persons: —, Daniel Zhao, Zhao, Jamie Dimon, Andrew Challenger, Challenger, Zhao doesn't Organizations: Service, Business, Glassdoor, JPMorgan, McKinsey & Company, Challenger, Bureau of Labor Statistics

☆ What to expect in Friday’s jobs report
▼ + stars: | 2024-03-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

New York CNN —Don’t be surprised if Friday’s jobs report shows that February’s employment gains were far below those reported for January. In fact, it would continue a history-making stretch of labor market expansion. Friday’s jobs report could very well provide a more reliable read on what’s actually happening in the labor market than the jobs reports of recent months’ past, Julia Pollak, chief economist at ZipRecruiter, told CNN. “And so, February might give us a better understanding of the underlying rate of job growth,” she said. What the other labor market data is showingOther economic data released this week reinforces the idea that the US labor market is cooling but remains on solid footing.

Persons: New York CNN — Don’t, Julia Pollak, autoworkers, what’s, hasn’t, Nixon, ” Ron Hetrick, Gus Faucher, stayers ”, Faucher, ”, ” Nela Richardson, outplacement, ” Andrew Challenger, Lydia Boussour, EY, “ Organizations: New, New York CNN, CNN, of Labor Statistics, PNC Financial Services, BLS, Labor, Boomers, ADP, Challenger, ”, Labor Department Locations: New York, US

☆ Layoffs rise to the highest for any February since 2009, Challenger says
▼ + stars: | 2024-03-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Layoff announcements in February hit their highest level for the month since the global financial crisis, according to outplacement firm Challenger, Gray & Christmas. From a historical perspective, this was the worst February since 2009, which saw 186,350 announcements as the worst of the financial crisis was seemingly coming to an end. "As we navigate the start of 2024, we're witnessing a persistent wave of layoffs," said Andrew Challenger, the firm's labor and workplace expert. Layoff announcements at financial firms have risen 56% compared with the first two months of 2023. It's worth noting that last year alone, AI was directly cited in 4,247 job reductions, suggesting a growing impact on companies' workforces," Challenger reported.

Persons: Andrew Challenger Organizations: Wall, Challenger Locations: Lake Forest , CA

☆ How can you prevent being laid off? You can’t. Here’s why
▼ + stars: | 2024-02-06 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

No matter how great your performance reviews, how popular or prominent you are, how innovative or loyal you’ve been, you, too, can be laid off. They just weren’t yoursA mass layoff is often a failure of management. Plus, in deciding who to cut and who to keep, leaders have to consider what the business will need after a mass layoff in terms of skills and other capacities. Companies try to keep the number of people in the know about a pending mass layoff as small as possible for as long as possible, Williams noted.) If you survive the purge, there are steps you can take right away to protect yourself financially from a future layoff.

Persons: New York CNN —, you’ve, …, ”, Andrew Challenger, Chris Williams, ” Williams, Williams, you’re Organizations: New, New York CNN, Los Angeles Times, Wall Street Journal, Washington Post, Wayfair, Microsoft, Companies, “, ” Challenger Locations: New York

☆ January jobs report: Expect to see strong but slower hiring and an uptick in the unemployment rate
▼ + stars: | 2024-02-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

New York CNN —The first jobs report for 2024, set to be released at 8:30 am ET Friday, is expected to underscore the strength of the US economy despite 11 rate hikes from the Federal Reserve. That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.

Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, ”, there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, “, —, Swonk Organizations: New, New York CNN, Federal Reserve, Labor, Workers, Challenger, ”, BLS, KPMG, CNN Locations: New York, Wells Fargo, United States

☆ January hiring was the lowest for the month on record as layoffs surged
▼ + stars: | 2024-02-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The job outplacement firm said planned layoffs totaled 82,307 for the month, a jump of 136% from December though still down 20% from the same period a year ago. It was the second-highest layoff total and the lowest planned hiring level for the month of January in data going back to 2009. Amazon also said it would be cutting as did UPS in the biggest month for layoffs since March 2023. Tech layoffs totaled 15,806, the highest since May 2023. Additionally, climate change and immigration policies are influencing labor dynamics and operational challenges in this sector," Challenger said.

Persons: Amazon, Andrew Challenger Organizations: Challenger, Technology, Microsoft, PayPal, Tech, Food, Labor Department

☆ Fed Chair Powell says the job market is still strong. Here’s how the numbers break down
▼ + stars: | 2024-02-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. Fresh data on job cuts and productivityOn Thursday, the layoff picture became clearer. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.

Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, ”, there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, “, —, Swonk Organizations: New, New York CNN, of Labor Statistics, Federal Reserve, Labor, Workers, Challenger, ”, BLS, KPMG, CNN Locations: New York, Wells Fargo, United States

☆ Jobless claims fall to lowest level since 2022, while CEO exits hit new high
▼ + stars: | 2024-01-18 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

New York CNN —The number of Americans making first-time claims for jobless benefits dropped last week to a level not seen since the fall of 2022, while CEO exits set a new high last year, according to fresh economic data released Thursday. There were an estimated 187,000 initial claims for unemployment insurance during the week that ended January 13, according to Department of Labor data released Thursday. That’s down by 16,000 claims from the week before and marked the lowest level of first-time claims — considered a proxy for layoffs — since September 24, 2022. Weekly claims data can be quite volatile and are frequently revised, and economists caution that some one-off influences — in this case, harsh weather and a new year — could be at play. “Historically, we’ve seen large economic shifts preceded by a surge in CEO exits,” Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said in a statement.

Persons: —, ” Andrew Challenger, Challenger, ”, “, ” Matthew Martin, Ian Shepherdson, ” Shepherdson Organizations: New, New York CNN, of Labor, Challenger, ”, Oxford Economics, ’, ” Thursday’s Labor Department Locations: New York, US

☆ It’s holiday season. That means layoffs for some
▼ + stars: | 2023-11-28 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

But they bring an extra bite when they are carried out during the holiday season. How does your employer’s severance policy compare? US employers are under no legal requirement to provide severance unless you are under a contract that provides for it. Check your employer’s severance policy: See if your employer has posted its severance policy on the company’s internal site. That’s a big jump from the average that employees pay today for workplace health coverage: 28% of the total cost for family coverage and 17% for single coverage.

Persons: Charles Schwab, “ We’ve, ”, Andrew Challenger, Challenger, Randstad, let’s, Tiffany Aliche, Aliche, “, Ann Minnium, You’re Organizations: New, New York CNN, Citigroup, Vice Media, Continental, Challenger, National Labor Relations Board Locations: New York

☆ Is the Great Resignation over? Why bosses are leaving at record rates
▼ + stars: | 2023-11-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

sturti | Getty ImagesThe Great Resignation may be over for most workers — but for some top honchos, it's only just begun. CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. "CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles."

Persons: Gray, Alexander Kirss, Covid, switchers, Kirss, Carlina, —, LaShawn Davis, Challenger, Andrew Challenger, Davis, there's Organizations: Challenger, Christmas, Gartner, CNBC, Employees, Hospitals Locations: Ukraine

☆ Walmart staffed up for holidays; US retailers cautious about economy
▼ + stars: | 2023-10-16 | by ( Siddharth Cavale | ) www.reuters.com time to read: +3 min

"We're staffed and ready to serve the customers this holiday season," Maren Dollwet Wagonner, senior vice-president of people, said in a LinkedIn postlast week. Walmart, like other retail chains, has been cautious in its holiday season outlook, saying customers are stressed by high food prices, depleted savings and higher interest rates. The statement from America's largest private employer with 1.7 million employees offered analysts insight into possible holiday shopping results. Except for Amazon, which plans to hire 250,000 holiday season workers, several other U.S. chains including Macy's have issued muted hiring plans for the period. While U.S. retail job applications are up 46%, job openings are down 25% and actual retail hiring is down by 12% in the year through September, according to talent acquisition company iCIMS.

Persons: Kamil Krzaczynski, sprees, We're, Maren Dollwet Wagonner, Andrew Challenger, Neil Costa, Walmart's, Spencer, Siddharth Cavale, Mark Porter, Richard Chang Organizations: Walmart, REUTERS, Challenger, U.S, Walmart's LinkedIn, Thomson Locations: Chicago , Illinois, U.S, Britain, New York

☆ US employers announce fewer layoffs in September, report shows
▼ + stars: | 2023-10-05 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

Announced job cuts by U.S.-based employers totaled 47,457 last month, down about 37% from 75,151 in August, outplacement firm Challenger, Gray & Christmas said in the report. The announced layoffs were the largest since 2020, the first year of the coronavirus pandemic, on a year-to-date basis, the report said. Employers most frequently cited market uncertainty as a reason for the layoffs last month, followed by the closure of businesses, units or stores. In September, employers announced plans to add 590,353 jobs, up from the 380,014 announced hires in September 2022. The majority of these positions fill seasonal hiring needs, the Challenger report said.

Persons: Elizabeth Frantz, Andrew Challenger, Amina Niasse, Paul Simao Organizations: REUTERS, U.S, Employers, Bureau of Labor Statistics, Labor, Survey, Challenger, Thomson Locations: Arlington , Virginia, U.S

☆ US retailer holiday hiring to drop to levels last seen in 2008
▼ + stars: | 2023-09-15 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

A "Now Hiring" sign hangs on the door to the Urban Outfitters store at Quincy Market in Boston, Massachusetts September 5, 2014. That is just slightly above the 324,900 workers they added during the last quarter of the financial recession of 2008. "Seasonal employers have a few issues to grapple with in the coming months. Another is one that has been fairly constant since the pandemic: can they attract workers?," Challenger said. Signs are already emerging that the labor market is starting to cool and employers are hiring at a slower clip.

Persons: Brian Snyder, Andrew Challenger, Siddharth Cavale, Matthew Lewis Organizations: Urban Outfitters, Quincy Market, REUTERS, Labor, Challenger, Reuters . Retailers, Bureau of Labor Statistics, Labor Department, Thomson Locations: Boston , Massachusetts, New York

☆ What to expect from Friday’s jobs report: Steady, but slower, growth
▼ + stars: | 2023-08-31 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

Minneapolis CNN —Last month, the Bureau of Labor Statistics delivered a jobs report that only Baby Bear could offer: not too hot, not too cold, but just right. While that figure was well below the breakneck pace of job growth over the past three years, it was roughly in line with the monthly average seen in the decade before the pandemic. The August jobs report, set to be released on Friday at 8:30 a.m. ET, is expected to show that the labor market will stay in this sweet spot. The Fed has been wanting to see more slack in the labor market in its battle to bring down inflation.

Persons: Minneapolis CNN —, ”, Julia Pollak, it’s, “, Pollak, Dean Baker, Jerome Powell’s, “ I’m, Rachel Sederberg, ” Andrew Challenger Organizations: Minneapolis CNN, of Labor Statistics, Federal Reserve, Center for Economic, Policy Research, Labor, CNN, Private, ADP, Challenger Locations: Minneapolis

☆ Americans aren't switching cities for new jobs as much anymore. We asked 5 people why moving isn't worth it.
▼ + stars: | 2023-07-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

Americans are moving for new jobs at the lowest rate in decades, per a recent Challenger survey. Experts say high housing costs, an aging population, and remote work are among the reasons why. We asked five Americans why they turned down an out-of-state job offer — or accepted one and later regretted it. "That has fallen steadily since, as housing costs have risen and companies have moved to where talent pools are located. Julianne Elise Julianne EliseWhile she said she'd be open to moving for a new job, she ultimately decided to decline.

Persons: Gray, Andrew Challenger, Aaron Terrazas, Glassdoor, —, Boppana, Julianne Elise, she'd, Julianne Elise Julianne Elise, Angela Harris, Nathan Russo, Michael Johnson, Michael Johnson Michael Johnson, Johnson, he'd, wouldn't Organizations: Service, Privacy, Chicago — Locations: Wall, Silicon, Virginia, Austin , Texas, Texas, Austin, New York City, Los Angeles, LA, New York, Philadelphia, Redmond , Washington, East, Angela Harris In Philadelphia, Redmond, Pennsylvania, Florida, Chicago, California

☆ US layoffs fall to seven-month low in June, report says
▼ + stars: | 2023-07-06 | by ( Safiyah Riddle | ) www.reuters.com time to read: +2 min

REUTERS/Shannon Stapleton(Reuters) - American employers slowed downsizing in June, announcing the lowest number of layoffs since October 2022. The planned pace of layoffs in June was well above the 32,517 cuts announced in June 2022. There are 458,209 cuts so far this year, a 244% increase from the 133,211 layoffs announced through June 2022, as employers brace for the prospect of recession. Last month’s announced job cuts total was the highest for a month of June since 2020. The technology sector continues to downsize the fastest with 141,516 total job cuts announced this year, up 2,353% from 5,769 over the same period in 2022.

Persons: Shannon Stapleton, ” Andrew Challenger, month’s Organizations: REUTERS, Reuters, Federal Reserve, Fed, Challenger, Department of Labor Locations: New York City, U.S

☆ US layoffs halve in June as tech job cuts ease - report
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

Despite the drop in job cuts in the month, layoffs in June were higher than the corresponding month a year earlier, the report said. Technology companies continue to lead job cut announcements with 141,516 layoffs in the first half of the year, compared with about 6,000 in the same period last year. The sector laid off nearly 5,000 employees last month, the report said. After a round of multiple rate hikes, the Fed unanimously kept its interest rates steady at the central bank's June meeting that could freeze layoffs and allay fears of employees. Reporting by Akash Sriram and Jaspreet Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: stoking, Andrew Challenger, Stuart Cole, Akash Sriram, Jaspreet Singh, Maju Samuel Organizations: Christmas Inc, Corporate America, Federal Reserve, Technology, Fed, Equiti, Thomson Locations: United States, Bengaluru

☆ US weekly claims rise moderately; private payrolls surge in June
▼ + stars: | 2023-07-06 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand." Claims, relative to the size of the labor market, are below the 280,000 level that economists say would signal a significant slowdown in job growth. A survey last month showed consumers' views of the labor market more upbeat in June relative to May. Though policymakers viewed the labor market as remaining "very tight," they "anticipated that employment growth would likely slow further." The claims data has no bearing on June's employment report, scheduled for release on Friday.

Persons: Rubeela Farooqi, Unadjusted, payrolls, nonfarm payrolls, Andrew Challenger, Lucia Mutikani, Safiyah Riddle, Chizu Organizations: Federal Reserve, Labor Department, Reuters, Treasury, Fed, ADP, Challenger, Companies, Thomson Locations: WASHINGTON, White Plains , New York, Minnesota, Michigan , New York , Kentucky, Ohio, Texas, New Jersey, U.S

☆ US retailers cut most number of jobs in April -report
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - U.S. retailers replaced technology firms in cutting the most number of jobs in April, as companies show little signs of easing their belt-tightening drive in an uncertain economy. Higher interest rates to counter the impact of inflation have muddied the outlook for the U.S. economy, forcing Corporate America to undertake stringent measures to protect itself from any fallout from a potential recession. So far this year, major retail and consumer companies including Gap Inc (GPS.N) and Walmart (WMT.N) have announced job cuts. The report also said job cuts last month fell 25% to about 67,000 - the lowest so far in the year, taking total layoffs to around 337,000 jobs since the start of the year. Reporting by Akash Sriram and Tanya Jain in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ What to expect from the jobs report
▼ + stars: | 2023-05-04 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —If the latest employment trends continue and economists’ forecasts prove true, Friday’s jobs report could bring back that pre-pandemic feeling. Economists expect the US economy to have added 180,000 jobs in April, according to consensus estimates on Refinitiv. It could also hammer home the fact that the US labor market has indeed cooled down from its red-hot recovery over the past two years. What a rising unemployment rate meansEconomists are expecting the unemployment rate to tick up to 3.6% from 3.5%, according to Refinitiv. Mixed signalsPayroll processor ADP’s monthly look at private-sector employment activity, released two days before the BLS’ employment report, is sometimes looked at as a preview of what to expect from the federal data.

☆ How new grads can better their odds of landing a job even as employers cut back on college hires
▼ + stars: | 2023-04-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

The outlook for newly minted graduates doesn't look as good as it once did. Employers plan to hire about 4% more new college graduates from this year's class than they hired from the Class of 2022, according to a report from the National Association of Colleges and Employers. However, that's down significantly from earlier projections: In the fall, employers said they would boost hiring roughly 15% year over year. As those layoffs mount, job openings have also begun to fall. "We know companies are approaching 2023 with caution, though the economy is still creating jobs," said Andrew Challenger, senior vice president of Challenger, Gray & Christmas.

☆ Layoffs are up nearly fivefold so far this year with tech companies leading the way
▼ + stars: | 2023-04-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

"With rate hikes continuing and companies' reigning in costs, the large-scale layoffs we are seeing will likely continue." Year to date, job cuts have soared to 270,416, an increase of 396% from the same period a year ago. The main reason cited for job cuts has been market and economic conditions, with cost-cutting the next most-often mentioned factor. Along with the high level of layoffs, job openings have begun to fall. The Federal Reserve has been targeting the ultra-tight labor market as it battles inflation still running near 40-year highs.

☆ U.S. weekly jobless claims fall; layoffs jump in March
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +4 min

The government revised data for some prior years and introduced new seasonal factors for both initial and the so-called continuing claims. Surveys from the Institute for Supply Management this week suggested that the labor market was fraying at the edges. LABOR MARKET LOOSENINGThe Labor Department reported on Tuesday that job openings fell below 10 million at the end of February for first time in nearly two years. The claims data has no bearing on March's employment report, which is scheduled to be released on Friday. Cooling labor market conditions could allow the Fed to halt its fastest interest rate hiking cycle since the 1980s.

☆ What to expect from the February jobs report
▼ + stars: | 2023-03-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —January’s jobs report delivered a heck of a surprise when it showed the US economy had added more than half a million jobs and unemployment had dipped to a level not seen in more than five decades. But economists say they are not bracing for another blindside when the February jobs report comes out on Friday morning. “If we get a second strong jobs report [on Friday], it’s no longer an anomaly,” Terrazas added. Seasonality, benchmarking and the interplay of pandemic-era data don’t completely explain away January’s blockbuster jobs report, economists say, noting there are likely influences from the currently tight labor market. The Bureau of Labor Statistics’ February jobs report is set to be released at 8:30 a.m.

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