DIRS.INFO The most relevant business & tech news

☆ Workday Has Become the Most-Hated Workplace, Business Software
▼ + stars: | 2024-05-06 | by ( Matt Alston | ) www.businessinsider.com time to read: +13 min

Every HR professional and hiring manager I spoke with — whose lives are supposedly made easier by Workday — described Workday with a sense of cosmic exasperation. "Workday does not have oversight or control of our customers' job application processes.") If candidates hate Workday, if employees hate Workday, if HR people and managers processing and assessing those candidates and employees through Workday hate Workday — if Workday is the most annoying part of so many workers' workdays — how is Workday everywhere? (Workday's "customers choose the frequency at which they conduct reviews, not Workday," said the spokesperson.) "HR software sucking" is a big tent.

Persons: you'd, Workday's, —, David Duffield, Teladoc, UKG, Cory Doctorow, It's, He'd, Matt Alston's, Stone Organizations: Fortune, Netflix, Goodwill, Spotify, Washington Post, Ohio State University, FedEx, Nintendo, Honda, LinkedIn, IBM, Oracle, Bank of America, Automation, Rippling, Systems, Facebook, Wired Locations: San Francisco, Amazon's, It's, Bonusly, Maine

The year opened with a bang as employers added 353,000 jobs in January, far exceeding the most optimistic of forecasts. Revisions also raised the November job number to 182,000 and also added 117,000 more jobs to December. “The labor market is certainly cooling,” Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management, said ahead of the report. “I think the labor market by many measures is at or nearing normal, but not totally back to normal,” Powell told reporters. But it is hard to contain the enthusiasm that a strong jobs report along with moderating inflation is good for most Americans.

Persons: “, ”, Becky Frankiewicz, isn’t, ” “ We’re, December’s downwardly, ” Brent Schutte, seasonality, Amy Glaser, Glaser, Chris Todd, ” Todd, Jerome Powell, ” Powell, “ It’s, Julia Pollak, ” Schutte Organizations: ADP, Northwestern Mutual Wealth Management, Adecco, BLS, Federal Reserve, Federal

☆ Cooling job market no reason for panic yet, economists say: 'It's a slowdown, not a collapse'
▼ + stars: | 2023-11-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Brown | Afp | Getty ImagesThe job market continues to show signs of cooling, but alarm bells aren't ringing just yet, economists said. The unemployment rate rose to 3.9% in October, from 3.8% in September, the BLS said. "There's almost no exception in this report: Every indicator suggests a slowing, slackening labor market," she said. "The days of explosive growth are gone, as the labor market shifts into healthier and more sustainable territory," said Noah Yosif, lead labor economist at UKG, a payroll and shift management company. The rise in the unemployment rate may also just be a sign that the extremely hot labor market is loosening a bit, Bunker added.

Persons: Frederic J, Brown, Julia Pollak, Pollak, Noah Yosif, Aaron Terrazas, Terrazas, Andrew Hunter, Nick Bunker Organizations: Afp, Getty, U.S . Bureau of Labor Statistics, BLS, Workers, Finance, Union, Capital Economics Locations: Los Angeles, U.S

The economy added 150,00 jobs in October, suggesting a mild slowdown following September’s outsized gain, the Labor Department reported on Friday. Nonfarm payrolls comes in a bit light, downward revisions to previous 2 months and wage growth on the low end. On the margin it feels like it has softened up, but it's still a mighty hot job market,” says Steve Preston, CEO of Goodwill Industries. The Federal Reserve has been looking to the labor market for signs it has reached a better balance between supply and demand than a year ago. Chairman Jerome Powell noted that the labor market has remained strong even as interest rates have risen at a sharp pace over the past year.

Persons: ”, Noah Yosif, Nonfarm payrolls, ” Kathy Jones, it's, Steve Preston, ” Preston, Geno Cutolo, Scott Hamilton, ” Hamilton, Jerome Powell, “ We've Organizations: Labor Department, UKG, ”, Schwab Center, Financial Research, Goodwill Industries, Federal Reserve, Labor Locations: North America

☆ Over half of employees have no idea how their companies are using AI
▼ + stars: | 2023-10-24 | by ( Deborah Kong | Nbc East Coast Page | ) www.cnbc.com time to read: +2 min

Over half of employees (54%) say they have no idea how their company is using AI, according to a new survey conducted by UKG, a human resources and workforce technology company. That's despite the fact that the majority of C-suite leaders (78%) say that their company is using artificial intelligence today, according to UKG. Employees should be worried: 68% of C-suite respondents said their company has made AI decisions that are not in employees' best interests. In fact, executives that responded to the survey estimated that 56% of their workforce is directly using AI to automate or augment job tasks. Meanwhile, among workers already transparently using AI, 75% say it makes them more efficient, productive, and accurate.

Persons: Al Drago, UKG, Hugo Sarrazin, Dan Schawbel Organizations: Amazon Devices, Amazon.com Inc, Bloomberg, Getty, Workplace Intelligence, UKG Locations: Arlington , Virginia, UKG

But the amount of cybersecurity expertise on boards remains relatively low, at a time when boards are under increased scrutiny for security failings. In responses to that survey from 472 corporate board directors, 76% said their board had at least one cybersecurity expert, including 19% who said their board had at least three directors with cybersecurity expertise. The other 25 directors’ experience comes from either having held a senior government role in cybersecurity or from having led and/or founded a cybersecurity company. Whatever a board’s composition, most directors aren’t very confident in their board’s ability to handle a cybersecurity incident. Cybersecurity company leader: Nineteen directors have founded and / or led cybersecurity or data security companies.

Persons: Jamil Farshchi, don’t, ”, ’, Shamla Naidoo, Netskope, Naidoo, ” Naidoo, aren’t, Shankar Arumugavelu, Nir Zuk, Zuk Organizations: WSJ Pro Research, Securities and Exchange, Pro Research, National Association of Corporate, Business Machines, WSJ, Seagate Technology Holdings, Verizon, Palo Alto Networks, Juniper Networks Locations: cybersecurity, FactSet

☆ Expect more rate hikes from the Fed after the latest jobs report
▼ + stars: | 2023-07-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Job gains remain robust, wage growth is still going strong, and unemployment continues to hover near historic lows. That means the job market is still fueling demand in the economy, which the Fed has been trying to slow through rate hikes. Assessing the labor marketThe Fed wants to see the labor market slow down broadly, bringing it into “better balance,” as Powell has frequently described it. And there has been some progress on bringing the job market back into better balance while inflation has come down. “The focus is on the path of wage inflation because of its pass-through to services inflation,” said Sonia Meskin, head of US Macro at BNY Mellon IM.

Persons: Austan Goolsbee, “, ”, Lorie Logan, John Williams, Jerome Powell, Powell, Dave Gilbertson, Powell homed, Goolsbee, Gilbertson, Sonia Meskin, Joe Biden’s Organizations: DC CNN, Federal Reserve, Federal Reserve Bank of Chicago, Fed, Federal Reserve Bank, Dallas, Central Bank Research Association, ” Fed, New, ”, CNN, Labor, CNBC, BNY Mellon, Commerce Department Locations: Washington, New York, April’s

☆ With these many jobs, do we no longer have to worry about a recession?
▼ + stars: | 2023-06-03 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

But for every recession alarm bell, the continued strength in the labor market seems to be an answer to those worries. “I think even in a recession environment, we’re going to have a relatively strong job market. “It’s still possible that the case of avoiding a recession is, in my view, more likely than that of having a recession. Jobs market still hot, but coolingThat’s not to say that the jobs market hasn’t slowed down. Powell said he’s not particularly worried about the cooling of the labor market over the last year.

Persons: That’s, ”, Jamie Cox, they’re, Mark Zandi, “, I’ve, we’ve, Dave Gilbertson, Jerome Powell, “ We’ve, ” Powell, It’s, Julia Pollock, Powell, he’s, —, ZipRecruiter’s Pollock, – CNN’s Bryan Mena Organizations: New, New York CNN, Labor Department, Costco, Federal Reserve, Harris Financial Group, Moody’s Analytics, Target, Labor Locations: New York

☆ The job market held up in May. But the Fed may have already decided to pause
▼ + stars: | 2023-06-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —The US labor market picked up momentum in May, once again defying expectations of a slowdown. Many economists, including those at the Fed, still expect a recession later in the year. The labor market and signs of future disinflationThe May jobs report mostly showed that the labor market held up. Some top economists have argued that the strong labor market has had a minor, albeit growing, impact on inflation. Hawkish Fed officials still think the Fed’s job isn’t done.

Persons: That’s, Joe Biden’s, ”, Philip Jefferson, Patrick Harker, “, ” Harker, It’s, ” Julia Pollak, ZipRecruiter’s, you’ve, you’d, Dave Gilbertson, hasn’t, Ben Bernanke, ” Jack Macdowell, Louis President James Bullard, Bullard, Louis Fed’s, Louis, Jerome Powell, there’s, Ian Shepherdson, Eugenio Alemán, Raymond James Organizations: DC CNN, Federal, Fed, Federal Reserve Bank of Philadelphia, National Association for Business Economics, CNN, Employers, of Labor Statistics, BLS, UKG, The Palisades Group, Hawkish Fed, Federal Reserve Bank of St, Louis Fed, Pantheon Locations: Washington, Washington ,

[1/2] A "now hiring" sign is displayed outside Taylor Party and Equipment Rentals in Somerville, Massachusetts, U.S., September 1, 2022. Economists polled by Reuters expect a gain of 239,000 jobs in March, with hourly wages rising at a 4.3% annual rate and the unemployment rate remaining at 3.6%, a level seen less than 20% of the time since World War Two. Unemployment is still at a very low level," Boston Fed President Susan Collins said in an interview with Reuters last week. How "slack" in the labor market links to lower inflation may depend on where job growth slows, and over what timeline. "The services sector, in particular, has contributed substantially to recent inflation, reflecting ongoing imbalances in labor markets where supply remains impaired and demand remains robust," they wrote.

☆ Companies Are Laying Off Middle Managers, That's a Huge Mistake
▼ + stars: | 2023-03-13 | by ( Aki Ito | ) www.businessinsider.com time to read: +11 min

But in recent weeks, as companies brace for tougher times ahead, the assault on middle managers has picked up new steam. At Meta, Mark Zuckerberg is eliminating layers of middle management, demoting many supervisors to the ranks of the supervised. Zuckerberg offered a telling explanation for his decision: He doesn't want to have "managers managing managers, managing managers, managing managers, managing the people who are doing the work." In the UKG survey, 42% of middle managers said they were often or always stressed — a higher share than either frontline workers or C-suite executives. The businesses most likely to weather the current economic turmoil, Harter says, are those that unlock the hidden value of middle managers.

Like Willis, private economists and analysts at payroll firms and staffing companies also see a labor market that is stressed but adjusting. A recent Goldman Sachs study concluded wage growth should continue slowing even with the current low unemployment rate of 3.4%. But even that came with slowing wage growth, and the gain was amplified by seasonal adjustments used to factor out expected swings in hiring during holidays and summer. Nela Richardson, chief economist at payroll processor ADP, said even as economy-wide hiring remains strong, the tech layoffs may be helping mute overall wage growth. "If that is a trend...we would expect there would be less drive for wage growth," she said.

The stronger-than-expected hiring pushed the unemployment rate to 3.4%, the lowest since the spring of 1969. “It will give the Fed absolutely no reassurance that labor market imbalances – which have been adding to wage pressures - are easing," said Brian Coulton, chief economist at Fitch Ratings. "It will reinforce the message that the Fed still has quite a lot of work to do to tame core inflation." U.S. Labor Secretary Martin Walsh said he thought Friday's report showed signs of an economy and labor market steadily returning to normal. Powell pointed out that the years just before the COVID-19 health crisis included simultaneously low unemployment, low inflation, and sustainably modest wage growth, proof that a best-case set of conditions was achievable.

☆ HR execs open up about the biggest challenges that will define 2023
▼ + stars: | 2023-01-09 | by ( Shana Lebowitz | ) www.businessinsider.com time to read: +1 min

HR execs from companies like IBM and UKG predict the biggest workplace issues of 2023. Their responses included making Gen Z feel heard and caring for staff in a tough economy. Several leaders said the pandemic upended workplace dynamics and it's impossible to reverse course. It doesn't look like they'll have a chance to catch their breath in 2023.Insider surveyed eight talent leaders, including consultants and HR chiefs across a range of industries, about the most pressing workplace challenges we could face this year. Here's the full list of responses we received, listed in alphabetical order by the HR leader's last name.

The local unemployment rate is already nearly a percentage point above the U.S. average of 3.5%. "It's very premature in my view to think about or be talking about pausing our rate hikes. The target federal funds rate is now in a range of between 3.75% and 4%, the highest since early 2008. In the 1970s and 1980s, Fed Chair Paul Volcker's attack on inflation sparked a recession that pushed the unemployment rate above 10%, then a post-World War II high. "I do worry about how rates affect the economy," Bostic said at the forum.

☆ Tens of thousands likely jobless after Hurricane Ian, economists say
▼ + stars: | 2022-10-11 | by ( Martha C. White For Cnn Business | ) edition.cnn.com time to read: +8 min

Although the damage is still being tallied, early estimates indicate that Ian could be the most costly hurricane to make landfall in Florida. In the short term, a spike in jobless claims is almost inevitable, economists say: “Hurricane Harvey in Texas prompted a rise of about 50,000 in August of 2017,” noted Mike Englund, chief economist at Action Economics. A view of the destroyed road between Florida's Matlacha and Pine Island after Hurricane Ian. “Katrina was a much more damaging storm, and impacted Louisiana, which is much less affluent than Florida,” Zandi said. A powerboat lies atop a pile of debris two days after the passage of Hurricane Ian, in Fort Myers, Florida.

Search resuls for: "UKG"

16 mentions found