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☆ The FTC wants to ban companies from telling their employees they can't work for competitors — and says it'll help workers make $300 billion more a year
▼ + stars: | 2023-01-05 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The FTC wants to ban noncompete agreements, which stop workers from moving to competitors or starting their own similar businesses. Under the FTC's proposed rule, employers wouldn't be able to impose a noncompete, and past ones would be rescinded. FTC Chair Lina Khan said that noncompetes undermine competition and competitive conditions. Under a new proposed rule, the FTC would ban employers from saddling workers with noncompete agreements that prohibit them from working at competitors, or starting similar businesses. In some cases, workers can't start their own businesses similar to the ones they're working in.

☆ How managers can help make their workers happier in 2023
▼ + stars: | 2023-01-01 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +4 min

This matters for companies, in part because more engaged workers are linked to things businesses want — things like productivity and profitability. Employees who feel supported by their bosses are also more likely to feel happier and less likely to have chronic health conditions. The takeaway for managers is clear: Connect each employee's work to the company's larger purpose. Empathy also plays a big role in making workers feel more engaged at work. Business-leadership researchers at McKinsey & Co. said in a 2021 report that more managers needed to prioritize mental health.

☆ Meet 3 remote workers who negotiated for better pay, workplace flexibility, or the right to quiet quit — and won
▼ + stars: | 2022-12-27 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +7 min

Remote work has become increasingly popular, and make-or-break for many Americans when choosing jobs. Workers are using their current bargaining power to ask for better pay, flexibility, and work-life balance. Insider talked to three remote workers about how they did so. That's because remote work has changed his life for the better, he said. "Work was definitely a thorn in my side that really affected my entire life," she told Insider.

☆ The Tom Brady of Other Jobs
▼ + stars: | 2022-12-24 | by ( Francesca Paris | ) www.nytimes.com time to read: +17 min

Meet them, and decide for yourself:The Tom Brady of Paramedics Jesse Izaguirre, 70Gardena, Calif.Jesse Izaguirre loves working with younger paramedics. Hopefully never.”The Tom Brady of Bakers Helen Fletcher, 83Clayton, Mo. Chalk it up to a great big fib.”The Tom Brady of Artists Lilian Thomas Burwell, 95Highland Beach, Md. “I should’ve signed them.”The Tom Brady of Biologists Maria Elena Zavala, 72Los AngelesProfessional longevity runs in Maria Elena Zavala’s family. It didn’t vanish when they crossed the border.”The Tom Brady of Loggers Earl Pollock, 82Hamburg, Ark.

The lawmakers are co-sponsors of the National Development Strategy and Coordination Act. That's why we've joined forces to jumpstart a national project to restore American manufacturing leadership. This committee would be charged with developing a National Development Strategy, recommending investments to improve national security, strengthen domestic manufacturing, create good-paying jobs and develop new technologies. Second, our proposal — the National Development Strategy and Coordination Act — would give this committee the authority to direct the Department of Treasury's Federal Financing Bank to achieve its goals. This would bring overdue strategic coordination to our federal loan system and inject much-needed long-term capital into critical industries.

☆ Goldman Sachs has plans for deep headcount cuts in the new year
▼ + stars: | 2022-12-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But first, the Goldman cuts go deep. Goldman's bankers and others on Wall Street still enjoy pay packages that are beyond that of most American workers. Some portion of Goldman's cuts are being made with an eye to 2023 and 2024, suggesting that the firm's leaders don't expect a return to go-go days anytime soon. Click here to read more about the cuts set to hit Goldman Sachs. Private-equity firm Advent announced plans to acquire satellite maker Maxar Technologies for $6.4 billion in a deal that included Goldman Sachs, JPMorgan, and Morgan Stanley.

☆ The secret to asking for a raise and getting it, according to a self-made millionaire
▼ + stars: | 2022-12-14 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

A successful salary negotiation starts months before you ask your boss for a raise. First, Sethi recommended scheduling a meeting with your boss to discuss how they are measuring your success at work, and what they expect from you. During that meeting, you and your boss should jointly come up with a list of 2-3 actionable goals to get there. When it comes time for your performance review, "Walk in [to the meeting] and say, 'Six months ago, here's what we talked about,'" Sethi said. You should also research what other people in your position make and share those results with your boss, he said.

☆ Nearly half of American workers are hoping for a promotion or raise in 2023
▼ + stars: | 2022-12-14 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

As the end of the year fast approaches, workers are looking ahead to 2023 with a sense of cautious optimism and hope. One-third of workers regret working too much this past year, according to Workhuman's report, while one-quarter regret not setting stricter boundaries at work. About 4% of workers are optimistic that work-life balance will improve in 2023, and 29% of workers expect that employees will be more vocal about their needs in the workplace. Nearly 21% of workers are also confident that their connections with colleagues will improve, while 10% of workers expect these relationships to worsen. When Workhuman asked employees to describe 2023 in one word or phrase, these bright descriptors topped the list: "new beginnings," "success," "comeback" and "work-life balance."

☆ Workers and consumers say they're likely to favor pro-LGBTQ businesses, study finds
▼ + stars: | 2022-12-13 | by ( Rebecca Picciotto | ) www.nbcnews.com time to read: +4 min

American workers and consumers are more likely to prefer brands that publicly align with LGBTQ causes, according to a new analysis. In a separate Edelman survey fielded in May, 34% of consumers said they were more likely to buy from a brand that expressed support for LGBTQ rights, versus 19% who said they were less likely. LGBTQ advocacy group GLAAD partnered with Edelman to analyze the survey data to gather LGBTQ-specific insights. Though this year has brought more corporate hesitation around LGBTQ support, some employees and customers have nonetheless succeeded in pressuring brands to enter the conversation in ways that go beyond rainbow logos. Soon after, then-CEO Bob Chapek announced that the company would donate $5 million to LGBTQ support organizations and vowed to help repeal Florida’s anti-LGBTQ policies.

☆ Workers and consumers say they're likely to favor pro-LGBTQ businesses, new study says
▼ + stars: | 2022-12-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

American workers and consumers are more likely to prefer brands that publicly align with LGBTQ causes, according to a new analysis. The Gay and Lesbian Alliance Against Defamation partnered with Edelman to analyze the survey data to gather LGBTQ-specific insights. The survey responses came from 1,000 consumers and 1,000 workers in the U.S. It found that young shoppers especially tend to find brands that pledge support to LGBTQ communities more "relevant" and "relatable." Soon after, then-CEO Bob Chapek announced that the company would donate $5 million to LGBTQ support organizations and vowed to help repeal Florida's anti-LGBTQ policies.

☆ Student loan forgiveness could fall through for 30 million borrowers. If it does, consider these 4 relief options
▼ + stars: | 2022-12-12 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Defer payments (once they resume)The pandemic-era policy suspending federal student loan payments and the accrual of interest is still active. Those are the ideal ways to postpone your federal student loan payments, because interest doesn't accrue. Use the Public Service Loan Forgiveness programThe Biden administration has recently made a number of improvements to the Public Service Loan Forgiveness program, which allows those who work for the government and certain nonprofits to get their debt cleared after a decade of payments. To reach forgiveness, you need to have made 120 qualifying, on-time payments in an income-driven repayment plan or the standard repayment plan. Lenders will likely be overwhelmed when they have to begin collecting loan payments from tens of millions of people again.

☆ The solution to low productivity and quiet quitting is simpler than most managers realize: It's about making people feel that they matter.
▼ + stars: | 2022-12-12 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +5 min

Meanwhile, more than half of the workforce and "probably more" engaged in quiet quitting this year, according to a June Gallup poll. The solution is simple, but it requires work on the part of leaders to make workers feel like they matter. Managers who don't give their employees a sense of meaning risk higher turnover, increased rates of quiet quitting, and lower productivity. Managers who don't give their employees a sense of meaning risk higher turnover, rates of quiet quitting, and lower productivity. An employee who only gets compliments will begin to wonder whether her manager is being sincere, the Babson professors wrote.

☆ Premarket stocks: Betting on a market bounce? You may be waiting a while
▼ + stars: | 2022-12-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —‘Tis the season for Wall Street strategists to pack their clients’ inboxes with market predictions for 2023. Market analysts aren’t alone. “US equity returns will be driven by earnings against a backdrop characterized by elevated market volatility,” write JPMorgan analysts. The effort was initially touted as a “Big Bang 2.0” — a nod to the rapid deregulation of UK financial markets under former Prime Minister Margaret Thatcher in 1986. The changes are a bid to maintain London’s role as a global financial hub after Brexit, which, alongside political turmoil, has boosted uncertainty for companies thinking about where to invest.

☆ Biden administration announces $2.5 billion loan to help GM and LG make EV batteries
▼ + stars: | 2022-12-12 | by ( Ella Nilsen | ) edition.cnn.com time to read: +2 min

CNN —The US Department of Energy’s Loan Programs Office will announce Monday that it is issuing a $2.5 billion loan to help start three lithium battery manufacturing hubs in Ohio, Tennessee and Michigan. The DOE loan programs office will loan the money to Ultium Cells LLC, a joint venture of General Motors and South Korean battery manufacturer LG Energy Solutions making batteries to power electric vehicles. In order to take advantage of a federal EV tax subsidy in the Inflation Reduction Act, electric vehicles and much of their battery components be sourced, processed and assembled in North America. LG Energy Solutions is also set to partner with Japanese automaker Honda on a $3.5 billion joint venture battery factory in southern Ohio. The Warren, Ohio, Ultium facility will be represented by the United Auto Workers, after the plant voted to unionize on Friday.

☆ Wharton professor Jeremy Siegel outlines exactly how he sees the stock market, inflation, and the economy playing out in 2023. Here are the best 9 quotes from the interview.
▼ + stars: | 2022-12-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Jeremy Siegel is one of the few market pundits who expects stock market gains in 2023. Here are the nine best quotes from Siegel's interview tackling inflation, the economy, and the stock market. Yet unlike other stock market outlooks, his 2023 forecast is actually bullish and calls for upside of at least 20%. If that does happen, wow that's good for stocks, good for bonds and stocks... You know my feeling is you don't need more than this 50 basis points. Productivity is going to go up, that improves margins and that's good for profits."

☆ Have FSA Money Left to Spend? Here Are Some Eligible Items You Might Actually Want
▼ + stars: | 2022-12-09 | by ( Matthew Riva | Ashlea Ebeling | ) www.wsj.com time to read: 1 min

For the millions of American workers who have healthcare flexible-spending accounts: Spend your FSA. The best time was months ago; the second-best time is right now. Since the pandemic began, many workers have been spared the annual deadline for using up their FSAs. This year, the clock is ticking once again and any money not spent by Dec. 31 might be gone for good.

☆ Wall Street's top commentators are torn on what the Federal Reserve will do next. Here's what to know.
▼ + stars: | 2022-12-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Traders are largely expecting policymakers to make a 50-basis-point rate hike, a smaller move than the previous four 75-basis-point increases. But next week's adjustment isn't what's top of mind for Wall Street's top Fed commentators — they're looking ahead to next year. To Bridgewater chief investment officer, Rebecca Patterson, the Fed would be justified in surprising markets by holding rates higher for longer. Sustained elevated rates are going to usher in dramatic changes to the economic landscape — and former Treasury Secretary Larry Summers agrees. The price cap on Russian oil is "immaterial" and won't make a significant difference on market pricing, according to Vanda Insights.

☆ Tim Cook says Apple will use chips built in the U.S. at Arizona factory
▼ + stars: | 2022-12-06 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Apple CEO Tim Cook confirmed that Apple will buy U.S.-made microchips at an event in Arizona on Tuesday, where President Joe Biden also spoke. Cook said Apple would buy processors made in a new Arizona factory, according to a video from the event. The chip factories will be owned and operated by Taiwan Semiconductor Manufacturing Company, the biggest foundry company with over half of the global market share. TSMC produces the most advanced processors, including the chips in the latest iPhones, iPads and Macs. "Apple had to buy all the advanced chips from overseas, now they're going to bring more of their supply chain home," Biden said.

☆ The US ranks among the top 10 countries with the least paid time off in the world — see the full list
▼ + stars: | 2022-12-06 | by ( Britney Toh | Nidhi Pandurangi | ) www.businessinsider.com time to read: +1 min

With ten paid vacation days and zero paid leave days, the US — dubbed the "no-vacation nation" — has the world's least paid leave. Conversely, Iran offers the most paid vacation days — 27 public holidays and 26 paid leave days, per the report. To compile the report, Resume.io reviewed data on laws governing annual statutory paid leave and paid public holidays in 197 countries. Countries were ranked based on the combined number of statutory paid leave days and paid public holidays per year, the report states. Vacation days are the combined total of paid leave days and paid public holidays.

☆ Premarket stocks: Jay Powell's dream of the 90s is dead
▼ + stars: | 2022-12-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

The robust jobs market is good news for American workers, but concerning for the Federal Reserve and equity bulls alike. “To be clear, strong wage growth is a good thing,” Fed Chairman Jerome Powell said at the Brookings Institution on Wednesday. “But for wage growth to be sustainable, it needs to be consistent with 2% inflation.” The year-over-year wage growth rate increased to 5.1% in November, more than double that goal. Getting back to a sustainable level of wage growth and tamping inflation will require reducing demand for labor. The dream is over: For the past year, Powell has advanced the optimistic idea that wage growth could be lowered without slowing the economy into recession.

☆ 10 years ago they were fast food workers making roughly $8 an hour. 'Fight for 15' changed their lives.
▼ + stars: | 2022-12-04 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Ten years ago, fast food workers took to the streets of New York to strike for a $15 minimum wage. He was making $7.25, the minimum wage at the time. It was just like, oh no, raising the minimum wage, especially for fast workers, are you crazy? Since the launch of Fight for 15 ten years ago, the federal minimum wage hasn't budged. In California, where Perez works, the minimum wage is now $15 an hour for employers with 26 or more employees.

☆ The 10 countries with the least paid vacation—the U.S. is No. 2
▼ + stars: | 2022-12-04 | by ( Ashton Jackson | ) www.cnbc.com time to read: +4 min

The report, which reviewed data on laws governing annual statutory paid leave and paid public holidays in 197 countries, found that the United States is the second worst country for paid vacation days. NigeriaContinent: AfricaTotal Paid Vacation Days: 17According to van Rijswijk, the U.S. also falls short in the paid leave department. Though most countries have a norm of 4 weeks of paid leave, the U.S. is the only "developed country with no statutory paid leave." For employees vying for more paid vacation days or paid leave, van Rijswijk recommends advocating for yourself by expressing your needs with leadership. "Another way countries with the least paid vacation days can push for change is by putting pressure on government groups and representatives.

☆ Tech layoffs may not be a bad omen for U.S. economy at large
▼ + stars: | 2022-12-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Many tech layoffs were announced in November, meaning they may show up in the next JOLTS report, said Daniel Zhao, lead economist at Glassdoor. There were about 10.3 million job openings in October. Further, the ratio of job openings to unemployed individuals is about 1.7 — meaning available jobs are almost double those of people looking for work. However, total job cuts in 2022 are the second-lowest on record, trailing only behind last year, according to the report. Meta CEO Mark Zuckerberg alluded to this dynamic in a recent letter to employees explaining job cuts, which impact more than 11,000 workers.

☆ Rail union bosses warn of election consequences as Senate moves closer to vote on labor deal to prevent strike
▼ + stars: | 2022-12-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

watch nowLeaders of the rail labor unions that have voted not to ratify the tentative labor deal tell CNBC that as the Senate moves closer to a vote on Thursday afternoon on legislation to prevent a rail strike, senators need to realize this is a humanitarian issue and their members will not forget who supported them. On Wednesday, the House passed the tentative rail labor agreement and additional legislation to add seven paid sick days, which has been one of the most important issues to rail workers in the breakdown of negotiations with freight rail companies. All three union presidents say they understand why President Biden had to push Congress to pass the tentative agreement. Biden's PEB deal 'missed the mark'Ferguson said the Presidential Emergency Board rail labor deal "missed a few marks and sidestepped a few, mainly our attendance policy issues." Supply chain congestion and rail embargoesThe unions argue that precision railroading and the lack of labor are the reasons behind congestion in the supply chain.

The war on inflation is far from won, with the Fed's preferred measure of price increases still running at roughly three times the central bank's 2% target. That's the biggest ramp-up in U.S. rates over a nine-month period since Volcker battled even higher inflation in the early 1980s. Powell, who this year marked a decade since his appointment as a Fed governor and whose second term as Fed chief extends to 2026, has overseen some divided decisions. In a best-case scenario, inflation continues to fall and Fed officials, whether hawk or dove, align around a stopping point for the policy rate that doesn't lead to a sharp rise in unemployment. Reporting by Howard Schneider; Additional reporting by Ann Saphir; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

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