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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
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today’s big story, we’re looking at Google’s new internal AI model aimed at improving worker efficiency. The big storyAI assistanceCBS Photo Archive/Getty ImagesGoogle employees are getting an AI-powered wingman in the company’s bid to improve efficiency. Goose can answer questions about Google's tech and write and edit code, according to an internal summary of the model. Tech companies have tested inventions on their own employees for years in a process known as "dogfooding," writes BI's Alistair Barr.
Persons: , Denny's, customizations, Hugh Langley, Tom Cruise’s copilot, Alistair Barr, Tyler Lee, , Bryan R, Smith, Wall, Gary Gensler, We’re, Société, Elad Gil, Gil, ChatGPT, it’s, Uber, Nomura, Young homebuyers, Meredith Whitney, Donald Trump, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Service, CBS, Getty, Microsoft, OpenAI, Tech, Google, Big Tech, Fed, UBS, SEC, Silicon Valley’s, BI, Xbox, Dragon, Workers, Wall Locations: China, New York, London
RTO mandates are a "disruption" to remote workers' lives because they made big changes during COVID. Many remote workers moved cities, bought houses, and invested in home offices during the pandemic. Additionally, many remote workers invested in having an office set up, including buying office equipment, or designating a room for an office if they have a house. AdvertisementMajor companies across the US have enforced RTO mandates in the past year, including Meta, Google, and Salesforce. In fact, making workers come back to the office will just make them unhappier, according to Nicholas Bloom, a Stanford economics professor.
Persons: Dan Schawbel, , Schawbel, millennials, Dell, Nicholas Bloom, Bloom Organizations: Workers, Service, Companies, Workplace Intelligence, Meta, Google, Katz Graduate School of Business, Stanford, Big Tech
Many remote workers also invested in having an office setup, including buying office equipment or designating a room as an office. "There's that investment too, and they don't want to have to sell everything and come back to work," Schawbel said. AdvertisementMajor companies across the US have enforced RTO mandates in the past year, including Meta, Google, and Salesforce. In fact, Nicholas Bloom, a Stanford economics professor, said making workers come back to the office would just make them unhappier. Advertisement"I think RTO mandates will reduce employee morale unless it is handled very carefully," Bloom told BI over email.
Persons: , Dan Schawbel, Schawbel, millennials, Dell, Nicholas Bloom, Bloom Organizations: Service, Workplace Intelligence, Business, Meta, Google, Katz Graduate School of Business, Stanford, Big Tech
I decided to leave investment banking because I'd lost the meaning and purpose of my work, and I wanted to find it. Becoming a managing director wasn't a specific goal when I started in investment banking. I realized money is just part of the puzzle. The biggest expense isn't the business investment but the opportunity cost and covering my living expenses while extending my financial runway. I don’t have fixed commitments, like a mortgage or children, which gave me the flexibility to leave my banking career.
Persons: , Valeri Gervaziev, Morgan Stanley, I'd, wasn't, could’ve, HENRY, I’ve, I've, Lauryn Haas Organizations: Service, Barclays, Business, lhaas@businessinsider.com Locations: London, Bulgaria
After the first rounds of return-to-office mandates in 2023, many companies are now introducing more punitive measures to make their employees come to the office — actively tracking attendance, micromanaging employees' time, and blocking remote workers from bonuses and career progression. AdvertisementThis week, Dell informed staff that most of its workers will have to come into the office an average of three days a week. Mike Blake/ReutersIn November, Amazon also added a no-promotions policy for perennial remote workers. For example, women — who tend to take on more responsibility for the family and therefore benefit more from flexible remote work policies — will take a bigger hit from punitive policies, Cooper said. The Equal Employment Opportunity Commission recorded a 16% increase in mental health disability complaints between 2021 and 2022 from employees who want remote work allowances, The Hill reported.
Persons: , weren't, Dell, Andy Jassy, Mike Blake, Young, Cary Cooper, Cooper, Justin Garrison Organizations: Service, Forbes, Business, Citibank, BI, Amazon, Reuters, Google, Ernst, University of Manchester, Dell, Amazon Web Services, Tata Consultancy Services, Gallup, Employment, Commission Locations: London, United States
I tried working from home using the Apple Vision Pro on Wednesday. And it turns out the Apple Vision Pro is perfect for remote workers like me who like to multitask. While working on the Vision Pro, I had multiple windows floating in my field of vision. I couldn't last more than 4 hours in the Vision Pro, and by lunchtime, I needed a break from screens. The Vision Pro keyboard is touch-to-type.
Persons: , Jordan Hart Organizations: Apple, Service, Vision
Minneapolis' mayor Jacob Frey took aim at remote workers during an address, saying WFHe turns you into a loser. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMinneapolis mayor Jacob Frey made a jibe about remote workers being 'losers' while touting the benefits of visiting the city's business district. "When they stay home, sitting on their couch with their nasty cat blanket, diddling on their laptop. And as remote work continues to persist, the demand for traditional office spaces is also decreasing.
Persons: Jacob Frey, WFHe, , Frey, It's, We're Organizations: Service, Minneapolis Downtown Council's, Minneapolis, Fox, CBS Locations: Minneapolis
Spokane Valley, Washington is seeing the fastest growth in high-income households making at least $200,000 annually. The analysis found that just one Southern city made the top 10 for cities adding high-income households at the fastest rate between 2021 and 2022, while four cities in the northeast ranked in the top eight. The report notes that high-income households often have large impacts on local economies, which could impact housing markets in the long term. Spokane Valley, located in the eastern part of Washington, had an over 183% increase in high-income households, amounting to over 1,500 between 2021 and 2022. Evansville, Indiana increased by 150% during the time period, adding 816 high-income households.
Persons: Organizations: Business, Allentown, U.S . News, Southwest, Bank of America, Massachusetts, Connecticut, Santa Clara, New Locations: Spokane Valley , Washington, Southern, Spokane Valley, Washington, California, Texas, Allentown , Pennsylvania, Philadelphia, Evansville , Indiana, South, Killeen , Texas, San Tan Valley , Arizona, Jackson , Mississippi, Palmdale , California, Southwest, West Coast, New England, Springfield , Massachusetts, New Haven , Connecticut, Manchester , New Hampshire, Sunnyvale, Santa, New York City
L'Oreal wants staff globally to work in the office on Fridays at least twice a month. The beauty company currently requires employees to work in the office three days a week. AdvertisementCosmetics giant L'Oreal has told employees to come to the office at least two Fridays a month to tackle diminishing attendance at the end of the week, The Times reported Sunday . L'Oreal employees are currently expected to be in the office three days a week. The company's CEO Nicolas Hieronimus recently reaffirmed the company's firm stance on in-person working while speaking at the World Economic Forum in Davos last month.
Persons: , Rinderknech, Nicolas Hieronimus Organizations: L'Oreal, Service, Times, Business, Economic, LinkedIn Locations: Davos
Opinion | Only America Can Save the Future
  + stars: | 2024-02-03 | by ( Ross Douthat | ) www.nytimes.com   time to read: +1 min
Every new year Dan Wang, a technology analyst with an East Asia-based economics research firm and a gifted observer of contemporary China, writes a long, reflective letter about the year just past, mixing analysis with personal experience. But after years of Zero Covid policy, with China’s economy disappointing and its political culture constricting, Wang writes that it’s increasingly “evolved to mean emigrating from China altogether.”The lucky escapees are the ones who can move legally to Europe or America. The boldest are the ones traveling to Latin America and braving the Darien Gap to reach Mexico and then the United States; the migrant surge at our southern border, Wang notes, now includes thousands of Chinese nationals each month. He came away from the experience feeling a bit more optimistic about China’s uncertain future. “The China of the future will not look like the China ruled by old men today,” he writes, and some of the creative Chinese kids hanging out in Thailand may “do good things for the China they’ll one day inherit.”
Persons: Dan Wang, Zero, Wang, it’s, Locations: East Asia, China, Europe, America, Darien, Mexico, United States, Singapore, Japan, Thailand
Remote workers and middle managers are often more vulnerable to layoffs, experts say. Remote workers who are anxious about job security should return to the office, one expert said. Still, there's likely to be more cuts on the way, experts say, and remote workers and middle managers may be prime targets. Middle managers are also vulnerable, experts say. Meta CEO Mark Zuckerberg said in 2023: "I don't think you want a management structure that's just managers managing managers, managing managers, managing managers, managing the people who are doing the work."
Persons: , It's, there's, Ariel Schur, Andy Challenger, Mark Zuckerberg, Daniel Zhao, they're, Daniel Keum Organizations: Service, PayPal, ABS Staffing Solutions, Bloomberg, Wall Street, Meta, Columbia Business School
That's according to a new paper that looks at how RTO mandates impact productivity and performance. If RTO mandates are hard to enforce, they probably don't make sense for that workplace. RTO mandates were more common for firms with "male and powerful CEOs." The authors found no significant impact of RTO mandates on stock returns or firm profitability. RTO mandates have divided many offices nationwide, including at leading tech and financial companies.
Persons: , Nick Bloom, RTO, Bloom, Danielle Organizations: Service, Katz Graduate School of Business, University of Pittsburgh, Amazon, Federal Reserve Bank of San Francisco, Stanford, The Conference Board Locations: Glassdoor
NEW YORK (AP) — After 46 years, Steve Replin has decided to give up his office space. About 23% of U.S. office space is available, compared with 16% before the pandemic, according to global real estate advisor Avison Young. Garnett is looking for a smaller space – 1,200 square feet or so -- in suburban Huntsville, closer to where most of his clients live. The pandemic taught her she could work in a smaller space, but she still saw value in having office space with a physical library. Saul said she was able to downsize her library, filled with samples and a necessary part of the firm’s office space.
Persons: Steve Replin, Avison Young, , Alan Pontius, Marcus, Millichap, Hunter Garnett, Garnett, I’d, Leslie Saul, she’d, , Saul, Annie Scranton, Replin, ” Replin, He’s, ” Krueger Organizations: Pace Public Relations Locations: Denver, Huntsville , Alabama, Huntsville, Cambridge, Winchester, Manhattan, New York, Larchmont, Greenwood Lake, N.J, Maryland
For many Americans, work hasn't just gone hybrid or remote — it's gone global. That's based on 300,000 contracts between Deel customers and workers. The majority, 85%, of Deel's contracts are for remote jobs, but there's also interest among a select few to actually move abroad. Many workers are highly interested in location flexibility, whether they want to move around or simply untether their work from where they live. Want to be smarter and more successful with your money, work & life?
Persons: hasn't, That's, there's, Alex Bouaziz, Bouaziz, FlexJobs, Toni Frana, Frana, that's Organizations: State, Global, Portugal Spain United Kingdom United, CNBC Locations: Deel, Portugal, Emirates Canada Germany France, Southern Europe, Dubai, Expats, Spain, UAE, expats, Malaga, Alicante, Valencia
Remote workers are 35% more likely to be fired than their peers, The Wall Street Journal reported. At the same time, those who work from home are also more likely to quit their jobs, per The Journal. The analysis, conducted by employment data provider Live Data Technologies, found fully remote employees are laid off 35% more often than their peers who work in-office or hybrid roles, The Wall Street Journal reported. AdvertisementThough more likely to be laid off, remote employees — who see flexible work as equivalent to an 8% raise — are also more likely to quit. The analysis cited by The Journal found that 12% of remote workers quit their jobs in 2023 and began a new role within two months, compared to 9% of hybrid and in-office employees.
Persons: , Andy Challenger, Danielle Organizations: Street Journal, Service, Technologies, University of Pittsburgh, Challenger, The
After six months of living in NYC, the winter blues finally caught up to me and I began to seek a different way of living. I stumbled upon Surfbreak HNL, a penthouse where co-living and coworking come together for digital nomads. From application to move-in, I didn't know what to expectThe Surfbreak rooms vary in size. I loved connecting with my fellow residents, who were remarkably openI formed lifelong friendships while living in Hawaii. After all, Hawaii has a rich heritage, and temporary residents are responsible for respecting and protecting it.
Persons: , coworking, Kaitlyn Cheung, Surfbreak Organizations: Service, Business, Surfbreak HNL Locations: New York City, Honolulu, NYC, Waikiki Beach, Hawaii
After six months of living in NYC, the winter blues finally caught up to me and I began to seek a different way of living. I stumbled upon Surfbreak HNL, a penthouse where co-living and coworking come together for digital nomads. From application to move-in, I didn't know what to expectThe Surfbreak rooms vary in size. I loved connecting with my fellow residents, who were remarkably openI formed lifelong friendships while living in Hawaii. Although I no longer live in the house, I still have a friend group from when I did.
Persons: , coworking, Kaitlyn Cheung, Surfbreak Organizations: Service, Business, Surfbreak HNL Locations: New York City, Honolulu, NYC, Waikiki Beach, Hawaii
Today, remote work has declined from its levels of the pandemic but is still – depending on how broadly one measures it – three to four times as prevalent as it was in 2019. And remote work tends to be dominated by higher-educated employees, with nearly 40% of those holding advanced degrees hybrid or fully remote. In early January, LinkedIn’s Global State of Remote and Hybrid Work study found that at its peak, in April of 2022, the share of job postings that offered remote work reached 20.3%. The more enduring feature of remote work is now hybrid.”There are also substantial differences within industry and among countries. “You’re moving to where the housing is cheaper.”Not that it is all rosy when it comes to remote work.
Persons: , Kory Kantenga, Sandra Moran, Julia Pollak, Nick Bunker, Layla O’Kane, Lightcast, Morris Davis, Andra Ghent, Jesse Gregory, ” Goldman Sachs, Boyer, Brad Case, “ That’s, Software’s Moran Organizations: LinkedIn, Workforce Software, LinkedIn’s Global, Labor Statistics, North, , Oxford University Press, Economic Studies, Rutgers University, Andra, University of Utah, University of Wisconsin, Ivory, Google, NASA, Middleburg Communities, Green Mountain Locations: U.S, Israel, Ghent, Real Estate, Santa Ana , California, LLC.org . New York, Huntsville , Alabama, Huntsville, Glendale , Arizona, Phoenix, Arlington , Texas, Dallas, Middleburg, San Francisco, New York, Charlotte, Raleigh , North Carolina, Orlando, Jacksonville , Florida, Houston, San Antonio , Texas, Florida, Texas, Vermont, Green Mountain State, California
In today's big story, we're looking at Microsoft notching another big win by briefly reaching a $3 trillion valuation. It's an impressive run for a company often viewed as the least sexy in Big Tech. 3 things in marketsInstagram/grandmabetty33The stock market is looking gray, and that's a bad thing. A famed economist said you shouldn't confuse a booming stock market with a strong economy. Nobel economist Paul Krugman recently wrote about how consumers feel too optimistic about the economy due to the current stock market rally.
Persons: , Ethan Miller, Phil Rosen, OpenAI, Ashley Stewart, Tim Matsui, Ashley, That's, it's, It'll, aren't, We're, Taylor, Paul Krugman, Patrick Pleul, Mark Zuckerberg, Marc Benioff chatted, Brad Barket, Jon Stewart, Stewart, Trevor Noah, Donald Trump, Jean Carroll's Organizations: Service, Microsoft, Apple, Amazon, Big, Rosenberg Research, AP Tesla, EV, Microsoft Windows, Walmart, Comedy Central, Bank of America, Intel, Visa, Southwest Airlines, Comcast Locations: Big Tech
A bunch of executives at e-commerce firm Wayfair singled out remote workers as the ones who were more likely to have been laid off in a fresh round of cuts, The Wall Street Journal. The targeting of remote workers will come as little surprise for many, given the ugly battle that's been raging over remote work in recent months. Some bosses such as Elon Musk have disparaged remote workers as lazy members of the "laptop classes living in la la land," and called out the practice as "morally wrong." However, the Wayfair layoffs are a reminder that remote workers are in grave danger if their managers don't believe they're putting in the hours away from the office. Many remote workers will be feeling more vulnerable than ever.
Persons: , Wayfair, Niraj Shah, Shah, Elon Musk, Goldman Sachs, David Solomon, Ken Griffin Organizations: Service, Street, Business, Elon, Meta, Google, eBay, Billionaire, Citadel Locations: la la
We're transitioning from a sleepy capital city into a midsize-to-major city," Jonathan Melton, a member of Raleigh's City Council, told me. The first wants to solve the problem of too little housing by, well, building more housing. But Melton and the YIMBYs' vision rankled some Raleigh residents who eventually started to push back on what they considered extreme pro-development policies. The new buses seem like a great idea, but as with all these changes, residents are worried that the route will have unintended consequences. It's worth noting, too, that most Raleigh residents, even those who oppose the current pace of development, point to some positives.
Persons: Raleigh, I've, Jonathan Melton, Zillow, Raleighites, We're, Frank Hielema, Hayes, Barton, Margie Case, Hayes Barton, Kesha Monk, Monk, who've, she'd, they'd, shudder, Adam Terando, Terando, Melton, that'll, Shaw, she's, Case, there's, There's Organizations: Raleigh's City Council, Council, Raleigh, Public, Shaw University, Raleigh City Council, New, Seaboard Station, Seaboard, City Council Locations: Raleigh , North Carolina, Southern, Wake County, Raleigh, Oaks, Raleigh's, Melton, Hayes Barton, Hayes, Hielema, Biltmore, New York, Los Angeles, San Francisco, Vermont, Austin, Cleveland, Scottsdale , Arizona, Wake, New Bern, downtown Raleigh, New York City, downtown that's
Read previewL'Oreal's CEO had some harsh words for remote workers , saying they lack attachment, passion, or creativity in their roles, during the World Economic Forum in Davos, Switzerland. L'Oreal USA's former CEO Stephane Rinderknech called the company's 11,000 employees back to the office in a staggered process in July 2020. "It's vital for the company, and it's vital for the employees. CEOs have changed their tune on remote work since the pandemic saying that employees are more productive and efficient in the office. AdvertisementNumerous firms including Google, Meta, Starbucks, and JPMorgan have walked back their remote working policies as a result, and are requiring workers to come back to the office .
Persons: , Nicolas Hieronimus —, Hieronimus, L'Oreal USA's, Stephane Rinderknech, It's Organizations: Service, Economic, Business, Daily Telegraph, L'Oreal, Google, Meta, JPMorgan Locations: Davos, Switzerland, French, California
What broke the American Dream for Millennials
  + stars: | 2024-01-19 | by ( Allison Morrow | ) edition.cnn.com   time to read: +11 min
For their nine-month-old son, Miles, Rachael and Garrett agree: They’re not going to push him to pursue the same path. “This is the American Dream,” Rachael says. The nest egg mythA common refrain Millennials heard from their Boomer parents is that buying is always better than renting. Luke Sharrett/Bloomberg/Getty ImagesCentral to the pitch of the American Dream is a house. “I don’t think anyone could have foreseen house prices going up 20% or 30% in a three-year period,” Garrett says.
Persons: Pennsylvania CNN — Rachael Gambino, Garrett Mazzeo, , Miles, Rachael, Garrett, They’re, ’ ”, ” Rachael, Kristen Gambino, Rachael Gambino, Deborah Brunswick, John General, America it’s, Brendan Duke, Baby, Millennials, gumming, Obama, , Louis, Boomer, Luke Sharrett, they’d, ” Garrett, they’re, homeownership, We’re, “ we’re, That’s, Duke, ” Duke, , Camerota, Matthew Friedman Organizations: Pennsylvania CNN, , CNN, Center for American Progress, of Education, America, Federal Reserve Bank of St, Bloomberg, Getty, Federal Reserve Bank of Philadelphia, Workers, Center, American Progress ’ Locations: Lansdale, Pennsylvania, America, United States, Attom, financials
Stanford economist Nicholas Bloom found hybrid workers can be more successful than fully remote workers. Heading into the office at least "three days a week" is enough to get noticed, Bloom told WSJ. AdvertisementHeading into the office a few days a week could be a way to stay in the good books of your managers, according to Stanford economist Nicholas Bloom. Only 42% of fully remote workers received a promotion in 2023, compared to 54% of hybrid workers and 55% of full-time office workers in a survey of 1,190 full-time employees from Resume Builder. AdvertisementAnd workers who go into the office are also more likely to receive helpful feedback .
Persons: Nicholas Bloom, Bloom, , Emma Harrington, they're, Harrington Organizations: Service, Stanford, Wall Street, Workers, Fortune, Hoover Institute
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