Millennial employees want flexible work hours and ownership of their schedules and this trend is expected to grow. “We’re fundamentally shifting towards, as a culture, is the place where you want to have autonomy over your skillset, how you apply it, how you work, and how you earn,” Alexa Von Tobel, founder and managing partner of Inspired Capital says.
British employers plan to scale back their pay rises for staff next year, an industry survey says. Employers are expected to offer a 2.1 % annual pay settlement between now and the end of August 2020. In the past 12 months, this extended to 2.5%. Average wage growth increased to 3.9% before slowing down in August. Unemployment is close to 3.9%.
Recruiting firm Career Builder showed 78% of the U.S. workers live paycheck to paycheck to make ends meet. The survey found 28% of workers making between USD50,000 and USD99,000 per year ‘usually or always’ live paycheck to paycheck. 9% of workers with incomes of USD100,000 per year or more do the same. This has led employers to scrutinize the biweekly pay period.
A study conducted by Mind Share, SAP and Qualtrics, among 1,500 workers found that less than half of employees feel mental health is a priority at their companies. 86% of workers feel companies should support mental health culturally. Less than half of respondents found discussions at work around mental health are positive. Most workers feel their managers can spot mental health issues.
Adam Neumann, Founder, WeWork, will get as much as $200 million while thousands of workers are on the verge of losing their jobs, reports Bloomberg. Softbank, the Japanese VC, will invest $6.5 billion and secure as much as 80 percent in the company, helping it stay afloat during its financial crisis. WeWork employees are showing signs of outrage against Neumann’s payout.
Increasing digital transformation will require companies to train workers, suggests HR Dive. “New World, New Skills”, THE PwC training initiative backed by a $3 billion investment, aims to upskill its workforce for the future. Businesses should consider the fear and anxiety of being left behind among employees and the impact of income inequality due to this. People’s development is their responsibility, and access to learning can be offered by companies.
Nike’s Chief Executive Officer Mark Parker will step down from his position and continue as Executive Chairman, said Nike on Tuesday. Parker will be succeeded by former eBay CEO and Nike board member John Donahoe. Kevin Plank, founder, and CEO, Under Armour, another athletic company, had announced his departure from his chief executive position. Nike’s sales increased and its stock soared during Parker’s time.
On Monday, JP Morgan Chase announced the expansion of its efforts to hire people with criminal backgrounds. In 2018, the company hired 2,100 people with criminal records. Applicants with criminal backgrounds are considered for entry-level jobs, the company says. Since 2000, ‘Banning the box’, a move that eradicates asking questions related to the criminal background from job applications has been going on.
A study released by MIT Sloan Management Review and Boston Consulting Group’s BCG GAMMA and BCG Henderson Institute says companies that report value gain from adopting artificial intelligence recognize that investment in talent is required. The demand for talent in AI skills has risen steadily in the past few years. Between January and September 2018, job openings increased by 63%, according to CompTIA.
Chief Executive Officer Andy Cecere, U.S Bancorp, in a memo said, the company had “made the difficult decision to eliminate their jobs because customer behaviors have changed”, Bloomberg reported. The job cuts will amount to less than 2% of the company’s workforce. The job cuts, however, won’t lead the bank’s 3,700 branches to close.
Chipotle Mexican Grill employees can now pursue business and tech degrees for free, under the company’s education benefit program. Debt-free degree benefits will give workers a chance to gain the skills and knowledge needed for next-gen jobs, the company said. Chipotle pays 100% of the tuition for 75 types of business and tech degrees.
Wells Fargo discriminated against more than 2,300 candidates for online customer service representatives and phone bankers positions in three U.S. cities, Bloomberg reports. The U.S Department of Labor found the bank discriminated against them and the company now must pay about $600, 000 in back wages, benefits and interest to individuals. The bank agrees to revise its selection process and train hiring managers.
Robin Daniels, Chief Marketing Officer, WeWork is leaving this week, Bloomberg reports. Daniels is the fifth executive to step down in the last few weeks. Adman Neuman and wife Rebekkah Neuman, CEO and Chief Brand Officer respectively, stepped down after the company failed at IPO last month. The company will soon run out of money, as early as next month, reports suggest.
Dennis Muilenburg, Chief Executive Officer of Boeing, announced he was fully supportive of the board’s decision to split his chairman and CEO roles. The move comes after Boeing, the world’s large plane maker, was criticized for the development of the 737 MAX. The company wants to focus on strengthening Boeing’s governance and safety management processes, Reuters suggests.
Los Angeles courts force nearly 1,00,000 people to do weeks and months of community service, new research from the University of California says. Court-mandated community service accounts for nearly 8m hours of unpaid work over a year, which is equivalent to 4,900 paid jobs. These workers face sexual harassment, abuse, injuries or other forms of mistreatment, but have few options, the research said.
A new report from iHire says job hopping is no longer seen as a red flag in recruiting. The survey conducted by iHire among more than 1000 job seekers found they had voluntarily left their jobs in the last five years. 75 percent of respondents said they planned to not stay for more than 5 years and 31 percent planned to stay for less than one year.
WeWork may layoff 2,000 workers this week, the Guardian said. Reportedly, new projects are put on hold and workers are preparing for the freeze. WeWork was forced to pull out its IPO. “The atmosphere is toxic. A lot of people worked so hard for this company. We thought we were in on something really big”, a worker said.
A new poll from Kimble Applications says employees want more responsibilities at work. However, managers seem to hold them back. 83 percent of employees polled in the survey said they want their managers to seek their opinion more often. Workers want to contribute, make an impact and have their voices heard”, Kimble Applications said in a statement.
Microsoft’s Chief People Officer, Kathleen Hogan, says “we’re always trying to close the gap between our aspired culture and the daily experience of our employees. You can’t freeze culture in a declaration.” The reaction of leaders in tough moments shapes the culture of learning and failure.
Female workers at a Bangladeshi factory from which Lululemon sources clothing claim they are beaten, the Guardian reported. Lululemon said it has a strict code of practice and doesn’t tolerate any violence of this sort. Interestingly, the brand had launched a partnership with the United Nations to reduce stress levels and promote the mental health of aid workers, the Guardian says.
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