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Companies looking to cut costs to offset the pain of high inflation are quietly paring back the non-cash benefits they offer to employees – and the problem may soon get worse.
That is according to a new analysis by Glassdoor, which found that a growing number of employees lost access to 401(k) retirement plans, dental insurance, vision insurance, tuition assistance and other benefits this year. READ MORE
US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year.
Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 5.2% from July through September, according to the Commerce Department’s second estimate, released Wednesday morning. GDP is adjusted for inflation and seasonal swings. READ MORE
Artificial intelligence could enable millions of workers to move to a four-day week by 2033, according to a new study focusing on British and American workforces.
The report from the thinktank Autonomy found that projected productivity gains from the introduction of AI could reduce the working week from 40 to 32 hours for 28% of the workforce – 8.8 million people in Britain and 35 million in the US – while maintaining pay and performance. READ MORE
The U.S. Department of Justice has abandoned its first-ever criminal indictments brought as part of a wider crackdown on no-poach agreements, potentially signaling a major shift in the agency’s enforcement efforts. READ MORE
Amazon has built its $1.3 trillion empire largely by tracking and evaluating almost every aspect of a customer's life. From a new TV to a toilet-paper refill, Amazon knows what a customer wants and when they want it, and it's always ready to serve it to them. READ MORE
For decades, members of the armed forces have traded in their uniforms for corporate suits. A handful of them have even climbed their way to the top of Fortune 500 companies.
Many are highly qualified for executive roles because they are trained to adapt quickly and make informed decisions in highly stressful environments, Eric Eversole, Hiring Our Heroes president and a vice president at the U.S. Chamber of Commerce, told FOX Business. READ MORE
A Justice Department policy shift around the disclosure of possible wrongdoing uncovered in mergers and acquisitions reinforces the need for buyers to dive deep into a target’s compliance efforts, both before and after a deal closes, corporate advisers said.
Under a new policy announced in October, an acquiring company that discloses potential wrongdoing at a company being acquired within six months of either side of the deal closing date—and fully cooperates and fixes the underlying problems within a year of closing—can presume it won’t be prosecuted by the Justice Department. READ MORE
Post-Covid, there has been a lot of media attention to what is being called “the Great Resignation”—workers leaving their jobs to look for better or different employment options. This includes changing career paths, returning to school to ready oneself for a new career, and leaving steady employment to join the “gig economy.”
Surprisingly, however, a subset of workers who leave their employers have decided to return to their previous companies, in what is called “the Boomerang Effect.” What is going on? READ MORE
Leadership is no Sunday stroll in the park. It's more like a hike up a steep, rocky mountain, often in unpredictable weather. You'll face challenges that'll test you and moments that'll have you questioning if you're cut out for it.
Whenever I deliver keynotes on leadership topics, I touch on the most critical aspect leaders need to become exceptional: You have to value your people.
If this has got you pondering whether your team feels genuinely appreciated and valued, there are some tried-and-true methods you can use to elevate your leadership game. Let me share a few practical tips to help you along the way. READ MORE
Promotions are commonly career milestones that are celebrated widely, posted on social media, and viewed as a mark of career achievement in one's life. But in reality, we are beginning to witness the very opposite.
A recent study has uncovered a startling truth about newly promoted managers: in a survey of 1.2 million workers in the United States, nearly one-third of employees quit their roles within the first month after their first internal promotion, according to ADP's findings. READ MORE
Goldman Sachs removed its forecast for a U.S. government shutdown this year given new geopolitical risks and the election of a speaker at the House of Representatives, but warned of risks in 2024.
The brokerage's previous base case was for a shutdown for up to 2-3 weeks in the current quarter ended December, which now seems "much less likely", Goldman Sachs economists led by Jan Hatzius said. READ MORE
As American businesses seek innovative ways to cut costs in a tightening economy, employers may be enticed to promote employees but withhold a salary increase.
This situation is known as a "dry promotion." READ MORE
As concerns mount about AI’s risk to society, a human-first approach has emerged as an important way to keep AIs in check. That approach, called red-teaming, relies on teams of people to poke and prod these systems to make them misbehave in order to reveal vulnerabilities the developers can try to address. Red-teaming comes in lots of flavors, ranging from organically formed communities on social media to officially sanctioned government events to internal corporate efforts. Just recently, OpenAI announced a call to hire contract red-teamers the company can summon as needed. READ MORE
Let’s acknowledge a hard truth: A colleague you love or respect may be playing a role in unproductively lowering your organization’s metabolic rate. Maybe it’s even you. People often ask us about the right timing for big change, and our answer is almost always the same: How about now? Now is typically the right time to accelerate excellence. But first you need to address some of the common assumptions that may be holding your team back. READ MORE
There are numerous academic definitions of trust, each of which can be boiled down to one thing—predictability. We trust people when their behavior is consistent, and we can accurately predict how they will behave. We trust our workplaces and the people we work with when we know how they will likely behave, and we believe they act with our best interests in mind. When you decide to join a company, uncertainty and risk are involved in making the upfront commitment. You need to trust your hard work will be met with financial rewards and opportunities for promotion. READ MORE
While shopping recently at a Paris running store, a customer stopped in front of a security guard and asked to take a selfie with him. While the security guard was distracted, the customer’s friend grabbed a hat from a nearby table and sprinted out of the store.
Realizing he had been duped, the security guard chased after the thief and caught them a few seconds later. But the guard wasn’t upset; instead, he smiled. READ MORE
A year ago this week, when he completed the purchase of Twitter for $44bn, Elon Musk tweeted “the bird is freed”. Billionaires like nothing more than casting themselves as popular liberators, but the acquisition fitted the pattern of his ever-expanding empire.
Musk has colonised areas of the economy from which public funding and regulation have been in retreat. His carmaker, Tesla, is shaping the future of transport; SpaceX, meanwhile, has in many ways replaced Nasa on the final frontier (so far this year it has launched 75 spacecraft). READ MORE
Technology has proven indispensable to improving performance management, by providing dashboards, analytics and an automated workflow.
But as important as metrics and measurement are to inform performance, people managers need to be enabled to take actions to improve performance, provide recognition and boost engagement more effectively. READ MORE
Recruiters and business owners are turning to innovative ways to determine whether potential job candidates are not only the best fit for an open position — but also if the candidate will mesh well with the company’s corporate culture.
These methods include trying unconventional communication tactics, giving personality assessments and aiming to assess job talents before an offer is extended. READ MORE
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