DOGE’s impact on the economy

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What’s up Office Partiers?! Hope the week is off to a great start! Here are the top stories from over the weekend ⬇️

PARTY PLAN 🎉

🐶 DOGE’s impact on the economy

📈 4 ways to focus on talent retention

But first, MEMES!

MEME OF THE DAY

Economy

Economists are skeptical of DOGE’s promises

Elon Musk’s Department of Government Efficiency (DOGE) has promised to save the federal government billions of dollars by cutting unnecessary spending. This has lead to nearly 100k layoffs in the first two months of operations. Now, some economists are skeptical that it’s a good thing.

A group of economists at Bank of America “see a potential threat to job growth from extended federal workforce cuts.” Economists Stephen Juneau and Shruti Mishra expect the U.S. government to reduce its employment by another 100k people by the end of the fiscal year, not including government contractors that are sure to be affected.

Economists are worried about a spike in unemployment which could have trickle effects to the rest of the economy. While the DOGE website claims $66 billion in savings, it lacks some transparency and may be overstating the results, according to BofA’s website.

Talent

4 ways to focus on talent retention

To stem the tide of turnover and reduce costs, employers need to invest in talent retention, not just recruitment, according to a pair of reports released Feb. 19 by The Conference Board.

Through an analysis of its own recent surveys, The Conference Board spelled out four areas that employers could focus on to retain talent in an uncertain market:

1.) Workplace flexibility

• One of the main drivers of retention is a hybrid work strategy with strong communication and a focus on flexibility, The Conference Board said.

• The only benefit valued more than a competitive salary was workplace flexibility, according to recent survey results from the firm, followed closely by incentive pay and “generous paid time off.”

• Enforcing a return-to-work or on-site policy tends to spike retention challenges, survey data showed; forty-five percent of employers enforcing on-site work policies stated they had retention difficulties, compared to 15% of those with flexible policies.

2.) Growth and development

• Employee development opportunities, including both learning programs and an internal talent marketplace, make employees more likely to stick around long term.

• More than half of employees previously surveyed by the company said they would likely leave a job if they didn’t receive any development opportunities. Additionally, an internal talent marketplace may help workers envision themselves staying at the company for a long period of time because they would know what opportunities are available.

3.) Compensation and benefits

• The old saying “cash is king” holds true for workers. Employers are reacting in kind, even in a tight market.

• Comprehensive rewards packages “foster a sense of loyalty and commitment — and reduce the likelihood of employees seeking financial opportunities elsewhere,” according to The Conference Board.

• Compensation planning outside of simple pay increases includes increasing promotions, working toward internal pay equity and focusing on skill-based raises.

• But these approaches require employers to regularly assess their programs, Conference Board said, to ensure they are meeting employee needs. Health insurance, retirement plans, child care and professional development are all part of the rewards package.

4.) Leadership and culture

• A worker’s experience with an employer is often directly affected by their manager and leadership of an organization.

• Employees want a “culture of care, value and belonging,” which can be nurtured through onboarding programs that link new workers with others in the organization, well-being programs that include aspects such as sabbaticals for long service, and “stay interview” programs that help managers understand what keeps a worker around and what is challenging them, according to the report.

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