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☆ Employee Productivity Is Booming As Workers Get Better at Their Jobs
▼ + stars: | 2024-03-21 | by ( Neil Dutta | ) www.businessinsider.com time to read: +11 min

At the simplest level, labor productivity is how much output (widgets, meals, spreadsheet computation) one person can complete in an hour. Employers were running around with fishnets trying to find people, and workers used their leverage. By contrast, the late 1990s were a period of higher productivity growth and underestimated growth, starting the year at 2% but ending closer to 4%. But it's probably too soon to be thinking about these factors as the main driver of recent productivity growth. The investment implications of this are clear: Stronger productivity growth implies a higher speed limit for the economy.

Persons: —, it's, we'll Organizations: Federal Reserve Bank of San, Labor, P Global, Manufacturing, Capital, Employers, downturns, Professional Locations: Silicon Valley, Federal Reserve Bank of San Francisco

☆ Weight loss drug Wegovy is now approved for heart health — but that won't mean broad insurance coverage just yet
▼ + stars: | 2024-03-16 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +12 min

The blockbuster drug — one of a handful of weight loss treatments to skyrocket in popularity over the last year — is now approved in the U.S. for heart health, too. The spokesperson added that state Medicaid programs would be required to cover Wegovy for its new cardiovascular use. But Gremminger said the standard of care for the long-term use of weight loss drugs is "in flux." State employees will no longer have insurance coverage for GLP-1s when used for weight loss at the beginning of next month. Both drugmakers have launched programs to help patients, with or without commercial insurance coverage, afford their weight loss treatments.

Persons: Klesty, John Crable, Wegovy, Jaime Almandoz, Joe Buglewicz, Shawn Gremminger, Hartley, Gremminger, Dale Folwell, We've, Folwell, Phelan M, Eli Lilly, Ceci Connolly, Julie Stich Organizations: Reuters, Novo Nordisk, CNBC, Medicare, Services, FDA, CVS, Aetna, International Foundation of Employee, Drug Administration, University of Texas Southwestern Medical Center, Washington Post, Getty, National Alliance of Healthcare, Taft, Nordisk, Nordisk's Ozempic, GOP, Carolina, Republican Governors Association, AP, Alliance of Community Health, U.S . Health, IFEBP, BMI Locations: U.S, Novo, Dallas, North Carolina, Orlando , Florida

☆ U.S. Employers Add 275,000 Jobs in Another Strong Month
▼ + stars: | 2024-03-08 | by ( Lydia Depillis | ) www.nytimes.com time to read: 1 min

If the economy is slowing down, nobody told the labor market. Employers added 275,000 jobs in February, the Labor Department reported Friday, in another month that exceeded expectations even as the unemployment rate rose. It was the third straight month of gains above 200,000, and the 38th consecutive month of growth — fresh evidence that four years after going into pandemic shutdowns, America’s jobs engine still has plenty of steam. Previously reported figures for December and January were revised downward by a total of 167,000, reflecting the higher degree of statistical volatility in the winter months. That does not disrupt a picture of consistent, robust increases.

Persons: We’ve, we’re, ”, Rubeela Farooqi Organizations: Employers, Labor Department

TOKYO (AP) — Asian shares were trading mixed Thursday, after Wall Street recovered some losses from the day before. Japan's benchmark Nikkei 225 momentarily reached a record high in early trading but slipped later to finish at 39,598.71, down 1.2%. “The positive handover from Wall Street, alongside lower Treasury yields and a weaker U.S. dollar, may offer some relief as Fed Chair’s testimony failed to drive much hawkish deviation from his usual script,” said Yeap Jun Rong, market analyst at IG. As always, Wall Street scrutinized each of Powell's words for hints about when the Federal Reserve could begin cutting its main interest rate, which is at its highest level since 2001. “We want to see a little more data so we can become more confident.”Traders have already shelved earlier expectations for a cut in March, and they’re now eyeing June as the likeliest beginning.

Persons: Australia's, ”, Yeap Jun Rong, Jerome Powell, CrowdStrike, Steven Mnuchin, Donald Trump, Powell, ” Powell, Rubeela Farooqi, Locker, Brent, Stan Choe Organizations: TOKYO, Wall, Nikkei, IG, Federal, Dow Jones, Nasdaq, Nvidia, Big Tech, New York Community Bancorp, U.S, Treasury, Federal Reserve, Fed, Traders, AP Locations: Hong, Shanghai

☆ Jobs report Friday is expected to show a slowing but still healthy labor market
▼ + stars: | 2024-03-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

If the forecast is close to accurate, it would mark a considerable downshift from January's explosive growth of 353,000, but still representative of a fairly vibrant labor market. "This is kind of a cautious labor market. ZipRecruiter's quarterly job-seeker survey showed expectations for the medium-term outlook hitting a series high, while applicants also indicated stronger levels of confidence in their financial wellbeing and current state of the labor market. A jobs market that remains red-hot could deter the Federal Reserve from cutting interest rates this year as expected. In its most recent survey of economic conditions, the Fed found that the ultra-tight labor market has loosened somewhat, but there are still active pockets.

Persons: Spencer Platt, Dow, Julia Pollak, they're, Pollak, Raphael Bostic, they've, Tom Gimbel, Jerome Powell, Gimbel Organizations: Chelsea Market, Getty, Labor Department, Dow Jones, Employers, Federal Reserve, Atlanta Fed, Challenger, Labor, Survey, LaSalle Network, Big Tech Locations: Manhattan, New York City, U.S, Covid

☆ The rise of the job-search bots
▼ + stars: | 2024-03-05 | by ( Aki Ito | ) www.businessinsider.com time to read: +18 min

Unlike the other bots, which ingested job openings into their own sites, LazyApply submitted applications via external job boards. AdvertisementUnlike the other bots, LazyApply did all the applying in real time, right in front of my eyes. Hugo Herrera for BISo far, though, it looks like the arrival of job bots is only making the problem worse. But the job bots at LazyApply and other services never get tired. Still, I came away from my time among the job-search bots feeling the way I do about much of AI.

Persons: they're, hadn't, Sonara, Hugo Herrera, LazyApply, American Aki, Aki Ito, Carlson, Boston Globe —, CareerBuilder, Tony Riggins, I've, Teal, Marc Cenedella, Cenedella, John Henry, —, didn't, it's, Bob, you'd, Emily Lamia, Lamia, she's, underpaid Organizations: BI, AK, Boston Globe, Employers, Bloomberg, The Boston Globe, Facebook, YouTube, Business Locations: America, American, That's

☆ 5 common mistakes employers make that could land their workers fat settlements, according to employment lawyers
▼ + stars: | 2024-03-02 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +11 min

The outcome could involve hefty settlements that employers are compelled to cough up to employees who brought workplace-related lawsuits against them. "That is easy, easy money" for the employee, Zambrano, who is suing the musicians Lizzo and Ye (formerly known as Kanye West), on behalf of ex-employees, said. Having an under-trained human resources department could pose major legal troubles for a company, added David Gottlieb, a partner at the New York City-based employment law firm, Wigdor LLP. If a case has some merit, employers will "absolutely" offer money to an employee pursuing legal action, continued Zambrano. Misclassifying employees as exempt from overtimeZambrano said that another common issue he encounters is employers misclassifying employees, sometimes in order to save money for the company.

Persons: —, Ron Zambrano, Zambrano, Lizzo, David Gottlieb, Wigdor, Gottlieb, they're, it's, that's, Amazon Tyler Organizations: Service, Business, Trial, Kanye, New, Wigdor LLP, NFL, Employers, Companies, Getty, Employees, Walmart, West Coast, Amazon Locations: California, New York City

☆ 3 pieces of information you should never share in a job interview and what to say instead, from a recruiting manager.
▼ + stars: | 2024-02-28 | by ( Bonnie Dilber | ) www.businessinsider.com time to read: +5 min

I've been in recruiting for nearly 10 years and a hiring manager for even longer, working in education, non-profits, and tech. When interviewing with a hiring manager as a candidate, my advice is always to be very discerning about what you share. Challenges in previous jobs or with your job searchIn an interview, the hiring manager is looking for someone who makes them confident they can deliver strong results for the company. Some things I've heard job seekers share before — like challenges in previous workplaces or how tough the market is — can distract the hiring manager from seeing them as the strongest candidate. Was their previous manager really difficult to work with, or are they the difficult one?

Persons: Bonnie Dilber, Dilber, I've, I'm, you've, jobseekers, wasn't Organizations: Employers, . Employers, Companies Locations: Zapier

☆ Job Market Reality: You Still Need a College Degree to Land a Good Gig
▼ + stars: | 2024-02-27 | by ( Emily Stewart | ) www.businessinsider.com time to read: +6 min

Employers are increasingly saying you don't need a college degree to get hired, but secretly, you still kind of do. During the same period, the share of job postings asking for a college degree or higher fell to 17.8% from 20.4%. In 2023, The New York Times' editorial board applauded various efforts in the public and private sectors to ax degree requirements for jobs. Having inflated degree requirements perpetuates the cycle of inequities in the workforce." A move toward skills-based hiring is a good thing socially, economically, and practically.

Persons: George Floyd's, didn't, It's, Matt Sigelman, Cory Stahle, would've, you've Organizations: aren't, The New York Times, Carlton, Harvard Business School, Glass, Apple, Walmart, ExxonMobil, Glass Institute, Employers

☆ Remote Employees Are More Likely to Get Laid Off; WFH Is Risky
▼ + stars: | 2024-02-15 | by ( Emily Stewart | ) www.businessinsider.com time to read: +7 min

Executives at the online furniture retailer Wayfair told its staff in January that remote workers were likelier to be hit in its latest round of job cuts. Add in long-term trends, like the decline in loyalty between employers and employees , and it's no wonder remote workers feel anxious about cuts. “It’s not too surprising,” Peter Cappelli, a management professor at the Wharton School who has never been a big fan of remote work, said. “That is something remote workers should be thinking about as they’re engaging with supervisors,” she said. Remote workers aren’t doomed to the unemployment line, but they may want to try a little extra to get noticed.

Persons: Wayfair, ”, Dell, Goldman Sachs, “ It’s, ” Peter Cappelli, “, Nick Bloom, ” Bloom, Emily Dickens, ” Prithwiraj Choudhury, ” Joseph Fuller, pang, Emily Stewart Organizations: IBM, Reuters, Google, Wharton School, Stanford, Society for Human Resource Management, Harvard Business School, Employers, Workers, “ Workers, Staff, Business

☆ Gen Z Is the Most Unsatisfied With Work; for Them, a Job Is Just a Job
▼ + stars: | 2024-02-13 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +11 min

And it could explain why Gen Z workers are so much more unsatisfied with their jobs than their older colleagues. Age plays a role in explaining the gap, but Gen Z is also entering the workforce at a unique time. In EY's 2023 Gen Z survey, more than 50% of Gen Zers said they were "extremely worried about not having enough money." For much of Gen Z, a job is just a job. In a Deloitte study from March, only 61% of Gen Z participants said their work was important to their identity.

Persons: Kimi Kaneshina isn't, Wyatt Co, Xers, Zers, millennials, Gen Zers, Aki Ito, That's, Kaneshina, Julia Kensbock, Kensbock, haven't, Kensbrock, —, Gen Z, Corey Seemiller, Seemiller, Felizitas, Z Organizations: Pew Research, Research, Business, University of Bremen, Bain, Co, Workers, Employers, Labs, CFA, LaSalle Network, Wright State University, YouTube, LinkedIn, Deloitte Locations: Southern California, Germany, TikTok, Felizitas Lichtenberg

☆ AI might be reading your Slack messages: 'A lot of this becomes thought crime'
▼ + stars: | 2024-02-09 | by ( Hayden Field | ) www.cnbc.com time to read: +11 min

Aware's analytics tool — the one that monitors employee sentiment and toxicity — doesn't have the ability to flag individual employee names, according to Schumann. Speaking broadly about employee surveillance AI rather than Aware's technology specifically, Williams told CNBC: "A lot of this becomes thought crime." When including other types of content being shared, such as images and videos, Aware's analytics AI analyzes more than 100 million pieces of content every day. "It's always tracking real-time employee sentiment, and it's always tracking real-time toxicity," Schumann said of the analytics tool. Amba Kak, executive director of the AI Now Institute at New York University, worries about using AI to help determine what's considered risky behavior.

Persons: George Orwell, there's, Slack, Jeff Schumann, Schumann, Jutta Williams, Williams, chatbot, he's, Orwell, Rather, Amba Kak, Kak, they're Organizations: Istock, Microsoft, U.S, Walmart, Delta Air Lines, Mobile, Chevron, Starbucks, Nestle, AstraZeneca, CNBC didn't, Delta, CNBC, Humane Intelligence, Goldman Sachs Asset Management, Nationwide, CBS, Meta, New York University, Federal Trade Commission, Justice Department, Opportunity Commission Locations: Columbus , Ohio, Chevron, United States, Slack

☆ 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

Official figures show that growth is solid, jobs are plentiful and wages are climbing, and yet voters are mostly feeling down and giving President Biden little credit. Friday’s jobs data is adding to that split-screen view, with economists pointing out red flags in an otherwise sterling report. Employers added 353,000 jobs last month, almost double economists’ forecasts, and an additional 100,000 via revisions in previous months. Average hourly wages rose, too. For a start, wintry weather shrank the average workweek to 34.1 hours in January.

Persons: Biden, Bill Adams Organizations: Employers, Comerica Bank Locations: U.S

Last week, Chinese stocks capped their worst week in five years. On Friday, Big Tech stocks once again carried Wall Street to a record, even though the majority of stocks fell due to renewed worries about risks of a hot economy. The Big Tech stocks, which are two of Wall Street’s most influential, also vaulted the Nasdaq composite up by 1.7%. But the Dow Jones Industrial Average, which has less of an emphasis on tech, rose by a more modest 0.3% to 38.654.42. They’re both members of a small group of Big Tech stocks known as the “Magnificent Seven” responsible for the majority of Wall Street’s run to a record.

Persons: Donald Trump, Hang Seng, Australia’s, it’s, Stocks, Jerome Powell, They’re Organizations: China Securities Regulatory Commission, Nikkei, Big Tech, Meta, Dow Jones, Nasdaq, Federal Reserve, Facebook, Amazon, Apple, Charter Communications, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, Beijing, Shenzhen, Shanghai, U.S, China, Hong, Asia

☆ The AI trust gap that is worrying both workers and executives
▼ + stars: | 2024-02-03 | by ( Kevin Williams | ) www.cnbc.com time to read: +2 min

While both rank-and-file workers and the C-suite see AI as a great opportunity for business transformation, both sides are skeptical over its deployment. McRae said many employers have anxiety over AI and pass that on to their employees. Employers, McRae said, need to better educate themselves about the opportunities and benefits of AI. McRae said that employers are often uncertain about where or how to deploy AI, leading to some trepidation. Once they see how AI can increase productivity and create new opportunities, they'll spread their enthusiasm for AI to employees.

Persons: aren't, Emily Rose McRae, McRae Organizations: Artificial Intelligence, Economic, Gartner, Employers, Employees Locations: Davos, Switzerland

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy getting a job feels so difficult right nowThe job market looks solid on paper. In 2023, U.S. employers added 2.7 million people to the payroll, according to the Bureau of Labor Statistics. But it's a different story for active job seekers. A staffing firm Insight Global found that recently unemployed full-time workers applied to an average of 30 jobs, only to receive an average of four callbacks or responses. So why does it feel so hard to get a job right now and is the U.S. labor market as strong as it seems?

Organizations: Bureau of Labor Statistics, Insight Global Locations: U.S

☆ Economists say the labor market is strong — but job seekers don't share that confidence. Here's why
▼ + stars: | 2024-02-02 | by ( Juhohn Lee | ) www.cnbc.com time to read: +1 min

The job market looks solid on paper. Over the course of 2023, U.S. employers added 2.7 million people to their payrolls, according to government data. Unemployment hit a 54-year low at 3.4% in January 2023 and ticked up just slightly to 3.7% by December. "The labor market has been fairly strong and surprisingly resilient," said Daniel Zhao, lead economist at Glassdoor. More than half, 55%, of unemployed adults are burned out from searching for a new job, Insight Global found.

Persons: Daniel Zhao, Jenna Jackson, it's, Jackson Organizations: Finance, Insight Global, Insight Locations: Ardmore , Pennsylvania

☆ Tens of thousands of workers were laid off in January. If you were affected, here's how you may find work faster
▼ + stars: | 2024-02-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

New government data shows a surprisingly strong job market for the month of January. But there are signs of weakness in the labor market, based on tens of thousands of workers who have been laid off since 2024 started. At the same time, the latest data shows the U.S. job market is still strong, with the unemployment rate holding at 3.7%. "At the same time, we have to understand that certain sectors of the economy may be experiencing more disruption or innovation." With that innovation comes a higher risk that workers may suffer from an income loss as the economy adjusts, he said.

Persons: Mark Hamrick, Hamrick Organizations: Finance

HONG KONG (AP) — Asian stocks were mixed Wednesday as markets awaited a decision on interest rates by the Federal Reserve, while China reported manufacturing contracted in January for a fourth straight month. South Korea’s Kospi shed 0.1% to 2,497.09 after Samsung Electronics reported reported an annual 34% decline in operating profit for the last quarter. Its revenue fell short of Wall Street’s estimates, and it also gave a forecast for full-year revenue in 2024 that was weaker than expected. Treasury yields were also mixed in the bond market following reports that showed the economy remains stronger than expected. The Federal Reserve began its latest policy meeting on interest rates Tuesday, but virtually no one expects it to cut rates this time.

Persons: Seng, India’s Sensex Organizations: Federal Reserve, Nikkei, Samsung Electronics, PMI, Reserve Bank, Dow Jones Industrial, Nasdaq, Whirlpool, General Motors, Treasury, Traders, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, China, Shanghai, U.S

☆ ‘Positive’ labor market data can still feel awful for workers, job seekers. Here's why
▼ + stars: | 2024-01-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Layoffs and discharges changed little at 1.6 million, remaining at a rate of 1% for the fourth consecutive month. In November, the hires rate fell to 3.5%, the lowest rate since 2014 outside of the Covid-19 pandemic recession. For all of 2023, the hires rate averaged 3.8%, making it only the 11th best year out of 23, she said. There were more job openings a few years ago because of the high turnover. From October to November, job opening rates decreased in four states, increased in two and were little changed in 44 states and the District of Columbia.

Persons: Julia Pollak, Pollak, Elise Gould, Gould, Bustamante Organizations: Getty, U.S . Bureau of Labor Statistics, Labor, Economic Policy Institute, Employers, District of Columbia, Bureau of Labor Statistics Locations: Montana, Arizona, Oregon, California, Connecticut

☆ 5 caregiving terms to help you access essential services and reduce expenses for an aging parent
▼ + stars: | 2024-01-30 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +5 min

The highest level of care is "skilled nursing care" for those who are chronically ill or disabled and can no longer care for themselves. Medicaid pays for most long-term care services — but only for people with low incomes and little savings. Long-term care insuranceDepending on the plan, long-term care insurance pays for services from at-home care to assisted living, memory care, skilled nursing care, and hospice. Long-term care insurance may have annual premiums that increase over time or may be included as a rider to a life insurance policy. Employers are increasingly offering long-term care insurance as a workplace benefit.

Persons: Abbe Udochi, AARP's Goyer, Ivory Johnson, Johnson, Couples, Goyer Organizations: Maskot, Getty, Healthcare Consulting, National Investment Center, Seniors Housing & Care, Medicare, Delancey Wealth Management, Washington , D.C, CNBC FA, American Association for, Care Insurance, Employers Locations: New York, Washington ,

WASHINGTON (AP) — America's employers posted 9 million job openings in December, an increase from November and another sign that the U.S. job market remains resilient despite the headwind of higher interest rates. The number of openings was up from November's 8.9 million, which itself was revised up in Tuesday's report from the government. Job openings have gradually but steadily declined since peaking at a record 12 million in March 2022. The U.S. economy and job market have remained surprisingly durable despite sharply higher interest rates, which have led to higher borrowing rates for consumers and businesses. The job market is cooling in a mostly painless way — through fewer openings.

Organizations: WASHINGTON, —, Federal Locations: U.S

The student loan payment match program can benefit employees actively paying down student loan debt. The new student loan match program certainly can put employees in a better situation to start paying down student loan debt. How to get a 401(k) match for your student loan paymentInvesting platforms and third-party administrators have already begun adding student loan matches to existing employer-sponsored retirement plans. For example, Betterment launched a student loan 401(k) match benefit to its automated 401(k) plan, Betterment at Work. Secure 2.0 student loan match program — Frequently asked questions (FAQs)What is the Secure 2.0 Act student loan match?

Persons: —, Teresa Greenip, you'll, Greenip, Sarah Levy Organizations: Employers, Service, Federal, Education Data Initiative, IRS, Fidelity, Secure, Chevron Locations: Aspiriant, Chevron

☆ The end of workplace loyalty
▼ + stars: | 2024-01-22 | by ( Aki Ito | ) www.businessinsider.com time to read: +16 min

Do that, and you generate the kind of trust and loyalty that leads to high productivity and low turnover. A world in which the psychological contract is profoundly broken. In the three decades following World War II, as Rick Wartzman documents in his book " The End of Loyalty ," a booming economy made American companies rich. Today, disillusioned workers might assume that the norm of workplace loyalty was nothing but a capitalistic ruse, a way for companies to exploit their employees. But the new loyalty would recognize that employees have to uphold their end of the bargain.

Persons: I've, Gen Xers, Gen Zers, they'll, Rick Wartzman, Wartzman, Denise Rousseau, Rousseau, who's, Mark, —, it's, I'm, he's, quitters, Nick Bloom, Stanford University who's, Anthony Klotz, Klotz, they're, It's, Aki Ito Organizations: Companies, Kodak, GE, Carnegie Mellon University, Stanford University, University College London, Employers, Business

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