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download the appSign 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 why the rise of "quiet vacationing" shows the depressing state of America's work culture . If you're unfamiliar with the distinction, let me introduce you to a new workplace phrase: quiet vacationing . But Business Insider's Emily Stewart argues workers feeling too stressed to fully take time off is a sad example of America's work culture. The irony is that quiet vacationing could arguably put you in a worse position for your job these days.
Persons: , Jenny Chang, Rodriguez, Slack, Emily Stewart, Martin Barraud, Wally Pipp, Pipp, Lou Gehrig, Wally Pipped, Alyssa Powell, Steve German, Arizona's, Mohamed El, Erian, China's, Brooks Kraft, They've, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith, Amanda Yen Organizations: Service, Business, New York Yankees, American League, Yankees, Getty, Partners, Alfa Bank, YouTube, Foo Fighters, BI, Amazon, Bain & Company, Brooks Kraft LLC, Harvard, Hollywood . Media, Dell Locations: Arizona, Miami, China, Beijing, Shanghai, Russia, Hollywood, New York, London
But "retirement spending is not pass-fail," said certified financial planner Justin Fitzpatrick, co-founder of Income Lab, a retirement planning software company. Your retirement spending isn't static, meaning there's room for adjustments over time, depending on your needs and goals, he said, speaking at the Financial Planning Association's annual conference Wednesday. However, Fitzpatrick sees retirement expenses as "a series of small liabilities," and many of these costs can be flexible. "These are not necessarily the things you would prefer ahead of time, but they're different from financial ruin," Fitzpatrick said. Total financial ruin is "almost impossible," because individual liabilities can be small and spending generally happens slowly enough to make "minor and temporary adjustments" over time, he said.
Persons: Martin Barraud, Justin Fitzpatrick, It's, Fitzpatrick Organizations: Caiaimage, Getty, Cerulli Associates
Former Amazon managers say they were pressured to cut successful workers to meet attrition goals. In anticipation of Amazon's performance-review period, he told Insider, he'd kept careful notes on what his employees were doing well and where they could improve. These people said leadership would place employees in Focus even if the managers of those employees said that the workers had met or exceeded expectations. A few weeks later, he said, his manager told him he was on Pivot and had the option to leave the company with severance, which he did. Amazon managers are required to submit their performance ratings for employees in an online tool, then discuss their rationale with managers above them, he said.
The economy has been trending downward for months, but it seems the shoe we've all been waiting to drop — layoffs — is starting to come down. Over on the tech side, Insider is covering the mass layoffs at Twitter, which started last night. Bloomberg reports that Twitter has been hit with a class action lawsuit, alleging staffers were not given enough notice before the cuts. Click here to see all the companies across industries that have already conducted layoffs. Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief.
Compassionate Eye Foundation/Martin Barraud/OJO Images Ltd / Getty Images1. Who's most at risk during layoffs? Contract workers: At the highest risk are contract employees, which companies use for this very contingency. They want to remain flexible in case of a downturn, and as such, contract employees are usually the first ones out. Special interest groups representing Big Tech companies oppose possible crypto regulation in California. Cryptocurrency companies may soon be required to get a license to operate in the state, and industry groups representing Amazon, Apple, Meta, and other tech companies wrote to the state assembly opposing the law.
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