October 2022
Some companies are turning to hybrid or remote work as a way to cut costs and offset an upcoming recession, with 82% of CFOs reporting that they see these arrangements as a way to lower expenses. While hybrid or remote work (and reducing office space) are important ways businesses can control spending, managers must ensure that these changes are made sustainably, keeping an eye on employee engagement and productivity in addition to the bottom line. (Worklife)
A new study estimates that employees who take a week off for COVID are 7% less likely to be working a year later, a phenomenon that has reduced the U.S. labor force by at least 500,000. Moreover, many of these workers who were absent due to COVID later worked fewer hours (if they still remained in the workforce at all), and had an 18% decrease in earnings. (National Bureau of Economic Research)
At the start of 2022, Xers and Boomers drove faster growth in resignations than their Gen Z and Millennial coworkers. While quit rates often tend to be highest among younger, less senior workers, record job openings and more financial flexibility appear to have opened the door for more older employees to explore career changes. (Visier)
Nearly 2 in 5 American college graduates regret their major, and for those with degrees in the humanities and arts, the share rises to just under 50%. As fewer and fewer students are graduating from liberal arts, managers should take note: Their accomplished new STEM hires may be in need of more support to refine their communications and soft skills. (The Washington Post)
Creating benefits plans that appeal to a wide variety of employees is a key way that companies can cater to a generationally diverse workforce. The top concerns for younger employees might include wellness programs, family leave and fertility benefits, and student loan aid, while older employees prioritize affordable health benefits, tax-advantaged savings plans, and job sharing programs. (World Economic Forum)
The share of US adults who said they took at least a week-long vacation in the prior year has risen by 13 percentage points since 2021, but the majority of workers are actually still working during their time off. Fully 60% of executives plan to check in with the office during vacation more than they did last year, 47% said they were reluctant to unplug due to staff shortages, and 15% said they were nervous about layoffs. (The Wall Street Journal)
Some workplace experts are concerned that remote managers who have entered leadership roles since the pandemic may be missing critical soft skills and office fundamentals that can only be acquired in person. While it’s true that there are some skill sets that only experience can hone, organizations that properly support remote workers should have no issue training both employees and managers alike. (WorkLife)
Despite coming under fire in recent years, unpaid internships still make up nearly half of all internship opportunities. State governments, nonprofit organizations, and professional programs in fields like social work, teaching, and journalism are particularly likely to require unpaid work, which can price lower income students out of these careers. (The Associated Press)