Summary
This document provides news about workforce news, layoffs, and the availability of jobs in 2024. More information will be added as it becomes available.
Some concerning trends are surfacing in the employment and jobs landscape that had not been an issue previously. Those are summarized below.
Fake Job Listings
Fake job listings are on the rise. This is a practice where mainstream Fortune 500 businesses are posting jobs on their websites, and those jobs do not exist and there is no intention of actually hiring.
The job portals are being used a tool for companies to conduct data mining, and also make it appear that there is growth where there is none. It’s similar to the “fake it ’till you make it” philosophy that some people follow in life and business.
According to a June 2024 report, “As many as 4 in 10 companies say they have posted a job listing this year that doesn’t exist.” [Source]
Mass Layoffs
In 2023, companies began using mass layoffs as a tool to reduce labor costs and increase profits. This also creates a tumultuous labor environment where the remaining fearful employees are willing to do more work, for less pay, little or no salary increase and put up with unpleasant work conditions. Remaining workers are asked to take on the additional workload from their departed former colleagues.
News
The Hill (29 Jun 2024)
“Remote Work DEAD? Hear Expert Insights and Predictions” — Is it just a fad or the new normal for businesses? Hundreds of thousands of employees took their work online during the pandemic. Four years later, many employers are pushing to bring workers back into the office. This week on What’s America Thinking, host Julia Manchester explores the latest studies on remote work with Jessica Kriegel, chief scientist of workplace culture at Culture Partners. [Source]
CBS (28 Jun 2024)
“More companies are posting fake job listings. Here’s how to spot them.” — As many as 4 in 10 companies say they have posted a job listing this year that doesn’t exist, while 3 in 10 say they’re currently advertising for a role that isn’t real, according to a May survey of over 600 hiring managers from the career site Resume Builder. Tim Paradis, future-of-work correspondent for Business Insider, joins CBS News to explain why some companies are doing this, and how you can spot the fake postings. [Source]
CBS (20 Jun 2024)
“Nearly half of Gen X say they’ll need a miracle to retire, study finds” — The oldest members of Generation X are turning 59, but a new study from investment bank Natixis shows a stark picture of how much money they’ve set aside for retirement. The study found the average retirement savings of Gen X households is only about $150,000, with nearly half of the participants saying they would need a miracle to ever retire. CBS News contributor Javier David has more on the study. [Source]
CNBC (9 May 2024)
“Why Job Listing Qualifications Feel Absurd” — Lacking enough or the right experience, skills, credentials and/or education ranked second among the biggest barriers for jobseekers in 2022, according to McKinsey & Co. The cooling labor market has made it more difficult to find a job. Kory Kantenga, Senior Economist at LinkedIn, said that is felt acutely in the entry-level job market. Some workplace experts blame inflated job requirements and layoffs of recruiters, while others point to a skills miss-match between available jobs and recent graduate degrees. Watch the video to find out why job requirements have become so demanding and what that means for the entry level workforce. [Source]
CBS (3 May 2024)
“Why has hiring plunged for white-collar jobs?” — According to the Labor Department, job growth slowed across the U.S. in April but remained healthy. While the number of jobless claims remains historically low, a Business Insider report is warning of a possible white-collar recession. Aki Ito, chief correspondent at Business Insider, joins CBS News to explain. [Source]
CNBC (26 Apr 2024)
“How Working For Google, Amazon, And Microsoft Lost ‘Dream Job’ Status” — Despite blockbuster earnings from giants such as Alphabet and Microsoft, layoffs continue to ripple through the tech industry. Layoffs.fyi, a platform monitoring job cuts in the tech sector, recorded more 263,000 job losses in 2023 alone. As of April 2024, there have been more than 75,000 job losses in the industry so far. [Source]
CNBC (23 Feb 2024)
“Why Widespread Tech Layoffs Keep Happening Despite A Strong U.S. Economy” — The tech sector is having a big 2024. Nvidia just crushed earnings expectations. The AI boom remains in full swing. The tech-heavy Nasdaq index is up more than 8 percent year-to-date. [Source]
CNBC (2 Feb 2024)
“Why Getting A Job Feels Impossible Right Now” — The job market looks solid on paper. In 2023, unemployment hit a 54-year-low at 3.4% in January, according to the U.S. Department of Commerce. Bureau of Labor Statistics reported that U.S. employers added 2.7 million people to the payroll the same year. But it’s a different story for active job seekers. A staffing firm Insight Global found that recently unemployed full-time workers applied to an average of 30 jobs, only to receive an average of four callbacks or responses. So why does it feel so hard to get a job right now and is the U.S. labor market as strong as it seems? [Source]
Bloomberg Tech (14 Dec 2023)
“Tech Layoffs Surpass 250,000 in 2023” — In total, more than 250,000 workers at tech companies of all sizes were let go this year, according to job tracker Layoffs.fyi. Layoffs.fyi creator Roger Lee joins Ed Ludlow and Caroline Hyde for a deep dive on the numbers on “Bloomberg Technology.” [Source]