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☆ Mass tech layoffs don't signal a recession, but this trend could
▼ + stars: | 2023-01-31 | by ( Jennifer Liu | ) www.cnbc.com time to read: +3 min

" Loud layoffs " in tech have a disproportionate chilling effect, says ZipRecruiter chief economist Julia Pollak, because they're happening at household name-companies that just experienced rapid growth. But while these job losses are sudden and no doubt disruptive to the people impacted, they're not the wave of job cuts that would signal a recession, economists say. "We're not in a recession yet" and may not realize we're in one until it's over, says ADP chief economist Nela Richardson. Tech companies may be "pruning" their headcount, Richardson adds, but they're still investing in building future technology, and by extension, workforces. "We've entered a new era of the labor market," Richardson says, "where just-in-time supply of goods or workers has been disrupted, and workers may not be there when you need them."

☆ Amazon, Google, Meta, Microsoft lay off thousands — but tech jobs are still hot in 2023, Indeed finds
▼ + stars: | 2023-01-26 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Google announced plans on Friday to lay off 12,000 people, the biggest reduction in the company's 25-year history. Meta CEO Mark Zuckerberg and Amazon CEO Andy Jassy alluded to this overextension when explaining the rationale for their respective layoff plans. Tech skills are in 'high demand'Tech skills are in "high demand across the economy," Julia Pollak, chief economist at ZipRecruiter, wrote in November. "Had tech companies continued growing at the breakneck 2020-2021 pace, they would have monopolized U.S. tech talent and made it impossible for employers in non-tech industries to hire tech talent," she said. Aside from good news for existing tech workers, high demand for technical skills is also a "big sign" of where opportunities exist for those starting or switching careers, Indeed said.

☆ 'Quiet hiring' could mean more contract positions: 7 in-demand roles paying from $16 up to $48/hour
▼ + stars: | 2023-01-26 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

Average hourly pay: $18Customer service representativeCustomer service representatives reach out to potential customers in person, online or over the phone. Average hourly pay: $23Project managerProject managers spearhead projects for their companies including their organization, planning and execution. Average hourly pay: $38Business analystBusiness analysts survey data about their company or clients to come up with recommendations for reducing costs, increasing revenue and so on. Some positions may require a bachelor's degree and many require extensive experience. Average hourly pay: $40Sales director

☆ The Job Market for Remote Workers Is Shrinking
▼ + stars: | 2023-01-24 | by ( Ray A. Smith | ) www.wsj.com time to read: 1 min

Many prospective workers who were determined to get a remote job just a few months ago are hitting a wall as remote listings rapidly dwindle. After remote work surged during the pandemic, fewer employers now feel the need to lure talent with the promise of working from home. Remote jobs made up 13.2% of postings advertised on LinkedIn last month—down from 20.6% in March. Other job sites such as Indeed.com and ZipRecruiter also report declines in remote listings.

☆ Some Walmart employees can more than triple their wages by becoming truck drivers
▼ + stars: | 2023-01-18 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

Walmart raised truck-driver pay to as much as $110,000 in April 2022 in an effort to recruit more drivers. The company also launched a 12-week program to allow employees to get commercial driver's licenses. Walmart employees can make as little as $25,000 to $35,000, according to job-posting websites. Walmart truck drivers can make up to $110,000 per year — much more than the average annual wages of Walmart store employees, which range from $25,000 to $35,000, according to estimates from job-posting sites like Indeed, Glassdoor, and ZipRecruiter. A Walmart spokesperson did not immediately respond to a question about how much the average Walmart store worker earns.

☆ Economists say there is a 61% likelihood for a recession in 2023, and businesses are preparing
▼ + stars: | 2023-01-16 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Economists say there is a 61% likelihood for a recession in 2023, according to the Wall Street Journal survey. Some say high interest rates will push the US economy into the recession. For instance, some say higher interest rates will push the U.S. economy into a recession this year. Regardless, businesses and workers alike are preparingSince the middle of 2022, businesses and workers have continued preparing for the economic downturn to come. Despite today's economic fears, now is actually a beneficial time to start these small businesses, financial experts told Insider.

☆ This 'serial ghoster' says she cut off contact with a potential employer after checking out the CEO on social media
▼ + stars: | 2023-01-15 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +4 min

One-fifth of workers polled by ZipRecruiter said they ghosted an employer in their latest job hunt. In an October survey by ZipRecruiter, 21.6% of respondents said they'd "ghosted" a prospective employer during their latest job hunt. Before accepting a job, Gray always checks out company reviews on sites like Glassdoor and examines the social-media profiles of the senior-leadership team. Gray once ghosted a prospective employer after an initial interview. She told Insider she's trying to become a "reformed ghoster" and make a conscious effort to offer specific feedback if she felt a prospective employer wasn't the right fit.

☆ One chart shows how employment has changed throughout the US economy almost 3 years after the start of the pandemic
▼ + stars: | 2023-01-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

The US labor market has been above its pre-pandemic February 2020 employment level for a while. Some sectors are still below pre-pandemic employment almost three years since the official start of the pandemic. While leisure and hospitality isn't back at its pre-pandemic employment level, it still has been experiencing large monthly job gains as workers are needed to meet demand. Air transportation was 11.7% above its February 2020 employment level in December. It continued to expand throughout the pandemic and was 30.8% above its pre-pandemic employment as of December.

☆ The 12 most useless college majors, according to career experts
▼ + stars: | 2023-01-12 | by ( Rena Goldman | ) www.businessinsider.com time to read: +7 min

Other majors, like philosophy and anthropology, require a graduate degree and a specific role. PhilosophyPhilosophy is another niche degree that isn't much use outside the field if you don't pair it with a graduate degree. "I've run into hiring managers, colleagues, and friends who really struggle to communicate the value of that degree," Doe added. You might also need a graduate degree for some of those roles, such as professor, librarian, or lawyer. MarketingThere are plenty of career options in marketing, but Doe said the field was rapidly changing.

Moderating inflation and a strong labor market may mean that no recession will come in 2023. At the same time, the US labor market has looked at the possibility of a recession and essentially shrugged. Although the US saw higher gains in the first few months of 2022, the job growth in December still shows the labor market is hot. "Today's inflation numbers are good news, good news about our economy," President Joe Biden said during Thursday remarks. Regardless, the labor market will continue to cool, and the unemployment rate will still rise — which will be uncomfortable, Zandi said, but not a recession.

☆ How TikTok influencers are helping companies recruit new workers
▼ + stars: | 2023-01-09 | by ( Mikaela Cohen | ) www.cnbc.com time to read: +7 min

Durham's following on the social platform and her success show how influencers and content creators on TikTok can strengthen a company's recruiting efforts. TikTok influencers help recruit desired candidatesWhen you think about how people previously searched for jobs, it's most likely they turned first to their local newspaper for open roles. Finding the right type of TikTok influencerLazarus said companies interested in using TikTok influencers to promote jobs, must first distinguish between the different types of influencers and which ones have the right following to reach ideal candidates. Blaser said companies, especially local businesses, don't necessarily need to tap into influencers with millions of followers to recruit for open jobs. Lazarus said TikTok influencers can also help companies increase diversity and reach underrepresented populations, because this type of recruitment reaches candidates through their trusted sources that they're already consuming.

☆ Potential employees looking for remote work say they've been targeted by scammers offering them fake jobs: 'They prey on people who are vulnerable'
▼ + stars: | 2023-01-09 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +4 min

Scammers are targeting remote job seekers and luring them into fake jobs. Insider spoke to several people who said they were nearly duped into sending away money, believing it was for at-home work equipment. The business consultant job was high-paying and seemed like the type of role she envisioned amid her career pivot. Insider spoke with several people who told similar stories: A recruiter approached them with the perfect remote job. Reid said she thought the email address looked legitimate, and the job description matched one posted on the company's LinkedIn page.

☆ If you want higher pay, your chances are better now than in 6 months, says expert: 'Make your moves as soon as possible'
▼ + stars: | 2023-01-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Higher pay has been needed to keep up with inflation. Wage growth, based on average hourly earnings, is up 4.6% from a year ago. watch now"People who switch jobs are much more likely to be getting a raise above inflation than people who are staying in their jobs," Zhao said. But with a possible economic downturn looming, workers seeking higher pay face a more complex decision as to whether to stay or go. With pay rates so competitive now, even some laid-off workers are finding higher offers than what they were earning before, according to Pollak.

That's good news, since the Federal Reserve has been trying to tame wage growth. Cooling wage growth could mean the Fed won't need to induce a recession to bring down inflation. Bunker said that wage growth "is still robust but starting to moderate a little bit." And wage growth has slowed even more when looking at data from the most recent months, rather than just the year-over-year change. "We're seeing wage growth at 4.6% year-over-year.

☆ Here's where the jobs are for December 2022 — in one chart
▼ + stars: | 2023-01-06 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The December jobs report beat expectations once again, as key service sectors continued to show strong growth. Health care and social services led the way with a gain of more than 74,000 jobs last month, the Bureau of Labor Statistics said in its report, released Friday. Pollak added that both sectors look poised for long-term growth due to changing consumer trends and an aging population. Retail trade and the transportation and warehousing sector also posted slight gains after shedding jobs the previous two months. Professional and business services saw the largest decline of the above sectors, shedding 6,000 jobs.

☆ What to expect from the jobs report on Friday
▼ + stars: | 2023-01-05 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —Friday’s jobs report is expected to show that the US economy added 200,000 jobs in December, with the unemployment rate holding steady for the third-straight month at 3.7%. “The preponderance of evidence suggests that the labor market is still nowhere near back to normal,” said Julia Pollak, senior economist with ZipRecruiter online employment marketplace. Historically tightThe US labor market remains atypically tight — something that was reinforced Wednesday when the Bureau of Labor Statistics released its Job Openings and Labor Turnover Survey (JOLTS) report for November. It showed there were still north of 10.5 million job openings, or about 1.7 available positions for every unemployed person looking for work. “But it’s unclear how far inflation can fall without the labor market deteriorating, or rather, it’s not clear what the underlying pace of inflation is with the labor market this tight.”—CNN’s Matt Egan contributed to this report.

☆ What the job market could look like in 2023, based on a surprisingly strong end to 2022
▼ + stars: | 2023-01-05 | by ( Jennifer Liu | ) www.cnbc.com time to read: +4 min

It could be a sign the 2023 job market will launch on strong footing, economists say, even with fresh staffing cuts announced this week. Meanwhile, there were 10.5 million job openings, or roughly 1.7 vacancies per available worker. "In aggregate, layoffs are still way lower than pre-pandemic," Pollak says. As of November, job openings ticked up for professional and business services, as well as manufacturing, and hiring shot up in health care and social assistance. Even finance openings and information openings are up compared with February 2020.

☆ Workers still quitting at high rates — and getting a big bump in pay
▼ + stars: | 2023-01-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Filadendron | E+ | Getty ImagesThe share of workers who quit their jobs jumped in November for the first time since last spring — and they're getting a big pay bump for moving, data shows. The labor market remains strong by historical standards, characterized by a high level of job openings and low layoffs. That translates to ample opportunity for workers, who generally get an increase in pay when they accept a new position. In other words, the average consumer lost buying power because rapidly rising prices for goods and services outstripped pay growth. Wage growth has moderated a bit from 2021, though remains strong relative to its pre-pandemic trend, Bunker said.

☆ US job openings fell again in November, in sign the labor market may be loosening up
▼ + stars: | 2023-01-04 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

That’s more than the 10 million total job openings that economists were expecting, according to Refinitiv, and slightly lower than the upwardly revised October total of 10.51 million. The robust number of job openings remains “a testament to the resilience of demand for labor on Main Street, even as job openings tumbled on Wall Street,” said Julia Pollak, chief economist with ZipRecruiter, in a tweet posted shortly after the report was released. There were still about 1.7 job openings for each job seeker in November, unchanged from October, according to data from the Bureau of Labor Statistics. Job hiring inched down to 6.06 million in November from 6.11 million in October, according to the report. Layoffs fell to 1.35 million from 1.45 million, and the number of people quitting their job increased to 4.17 million from 4.05 million.

☆ If your raise this year was less than 7.1%, it didn't keep up with inflation — and you effectively got a pay cut
▼ + stars: | 2022-12-29 | by ( Juliana Kaplan | Jason Lalljee | ) www.businessinsider.com time to read: +4 min

Wages have been going up this year, but so have prices — and prices are growing faster. Skyrocketing inflation has meant that a pay raise of 7.1% or below is essentially a pay cut. It's the time of year when annual raises come in, but if you didn't see a pay hike of at least 7.1%, you're effectively making less. But many workers haven't seen their real wages outpace inflation since 2021, even as they have more bargaining power than they've seen in decades. "If there are 100 chairs and 50 workers, workers are cool, man!"

☆ Laid Off Tech Workers Quickly Find New Jobs
▼ + stars: | 2022-12-27 | by ( Sarah Chaney Cambon | Gwynn Guilford | ) www.wsj.com time to read: 1 min

Most laid off tech workers are finding jobs shortly after beginning their search, a new survey shows, as employers continue to scoop up workers in a tight labor market. About 79% of workers recently hired after a tech-company layoff or termination landed their new job within three months of starting their search, according to a ZipRecruiter survey of new hires. That was just below the 83% share of all laid-off workers who were re-employed in the same time frame.

☆ For employers, the big issue in 2023 is employee experience, says ZipRecruiter's Julia Pollak
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFor employers, the big issue in 2023 is employee experience, says ZipRecruiter's Julia PollakJulia Pollak, Chief Economist at ZipRecruiter, joins Worldwide Exchange to discuss her predictions for the labor market in 2023.

☆ Is the US in a recession? Not yet, but experts think we could be in one soon.
▼ + stars: | 2022-12-22 | by ( Madison Hoff | ) www.businessinsider.com time to read: +9 min

Scott Kirby, CEO of United Airlines, told CNBC that there could be a "mild recession induced by the Fed." Here's what experts are saying about a recession in 2023Some Wall Street experts and economists think the US could avoid a recession next year, and that even if one comes, it will likely not be as severe as the downturns after the 2008 financial crisis and the early Covid pandemic. As Insider's Brian Evans reported, economists at Bank of America think there will be a mild recession too. While some think a recession is on the horizon, there's a chance that the US may not enter one at all. "I think we would need to see a significant deterioration in the labor market for me to think we're in a recession, and we have not seen any significant deterioration yet," Bunker said.

☆ Silicon Valley's job cuts are everybody else's gain as tech workers find exciting new opportunities outside Big Tech
▼ + stars: | 2022-12-21 | by ( Diamond Naga Siu | Rebecca Knight | ) www.businessinsider.com time to read: +7 min

Recruiters and other experts tell Insider that tech workers are in especially high demand in sectors including insurance, healthcare, retail, government, and banking. As you may expect, the traditional tech industry remains the largest employer of tech workers, the experts say. ZipRecruiter's Pollak said the turmoil in Big Tech was pushing "some tech workers to explore opportunities outside" the usual suspects for the first time. Tech job creation and hiring numbers remain strong, but layoffs keep coming, underscoring a tech labor market in flux. As for how laid-off tech workers ought to position themselves for these jobs, the Hired Guns recruiter Hemming has some advice.

☆ Candidates empowered by labor shortages are ghosting prospective employers. Here's why.
▼ + stars: | 2022-12-19 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +4 min

In an October survey by ZipRecruiter, 21.6% of respondents said they'd "ghosted" a prospective employer during their latest job hunt. Kelly added that he thought labor shortages in both the US and Canada were empowering workers to cut off communication. Before accepting a job, Gray always checks out company reviews on sites like Glassdoor and examines the social-media profiles of the senior-leadership team. Gray once ghosted a prospective employer after an initial interview. She told Insider she's trying to become a "reformed ghoster" and make a conscious effort to offer specific feedback if she felt a prospective employer wasn't the right fit.

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