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Good Afternoon Party People! 🎉
This is Office Party. The newsletter that keeps you up-to-date on everything job market-related.
We deliver career news so that you don’t have to doom scroll LinkedIn.
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MEME OF THE DAY
A job search nightmare…
JOB MARKET
The Company Offering Career-Coaching and 9 Months Severance…
Everyone knows about the costs associated with company growth…you have to pay for recruiters, job ads, signing bonuses, and training/onboarding.
But what about the costs of downsizing?
To drastically reduce headcount, McKinsey, a management consulting company, is offering to pay workers for up to 9 months while they look for another job.
They’ll also have access to career-coaching resources on the company’s dime.
The only catch is if you still can’t find a new job in 9 months, you still have to leave.
"The company's mission is to help staffers grow into leaders, whether they stay at McKinsey or continue their careers elsewhere. These actions are part of our ongoing effort to ensure our performance management and development approach is as effective as possible, and to do so in a caring and supportive way.”Â
Last year, McKinsey said they planned to cut 1,400 jobs, roughly 3% of their total workforce.
In February, the company gave 3,000 employees poor performance reviews and told the employees they had three months to improve or their roles would be terminated.
According to Bloomberg, the company is also giving some senior employees ultimatums of 2.5 years to get promoted. Kinda weird since the employees don’t have a choice if they get promoted or not…
But the overall message is clear: Move up or move out!
Why this is noteworthy:
The job market is absurd right now. Companies are laying off employees left and right.
Every posting seemingly has thousands of applicants.
But at least some companies are taking care of their affected employees…
What is your experience with the current job market? |
PAY
The BIGGEST Bonus of All Time
A 51-year-old gardener is about to be worth over $10 billion. Yes, you read that right.
Nicholas Puech is the grandson of Thierry Hermès, who founded the luxury fashion brand “Hermès” in 1837. The company, now valued at $220 billion, is the third-largest publicly traded company in France.
Nicholas, the fifth-generation heir, reportedly owns about 6% of the company (worth roughly $11B).
Puech is unmarried and childless at 80 years old…so where does his fortune go?!
Well, he plans to adopt his middle-aged former gardener…and leave him at least HALF of his fortune.
The long-time employee’s identity is unknown, but he’s reportedly married with two kids.
Imagine that conversation at the dinner table…
“Yeah, I had a good day at work. Oh, by the way, my boss is going to adopt me and pass down his fortune worth billions. So, what’d you learn today at school, kids?!”
HIRING
A Nightmare Scenario
Car keys, check âś…
Suitcase, check âś…
Toothbrush, check âś…
Official employment offer,âť“
“Why do I feel like I’m forgetting something…?”
A few months back, 24-year-old Camryn Spina moved from Florida to Virginia to be a collegiate cheerleading coach. She worked for 7 days before realizing she didn’t actually have a job.
Now, her story is going viral.
Spina had her first interview with the head coach at a Virginia college via Microsoft Teams last summer. The first interview went great, so the school planned an in-person interview as the next step. They even got her a rental car to make the drive halfway up the East Coast.
At the end of the interview, the head coach told her that he wanted to hire her for the role. He sent over job details and expectations, along with instructions for applying to HR, and even a start date!
Even before her official start date, Spina was organizing itineraries and working on other administrative tasks for the head coach. Seems like their working relationship was off to a great start! There was only one problem; she never received or signed an official offer letter or contract.
When Spina arrived on campus with a moving truck, she checked into the hotel that the school was paying for. A week into the job, her boss asked if she had gotten everything squared away with HR. When she emailed the HR department, they said they’d never received an application from her.
Uh oh.
"Your application is currently under review by the department, and if you are selected to move forward in the hiring process a hiring manager will contact you directly.”Â
She responded by saying that she’d already been hired and suggested that it must just be a clerical error. Two days later, an HR employee called to inform her that they "decided to move forward with other applicants for this job.”
A true nightmare.
Eventually, the school reimbursed her for travel expenses and apologized for the misunderstanding. However, the 24-year-old was now stuck in a brand new state, 13 hours from home with all her belongings without a job or a place to stay.
Reminder to job seekers to always look for an official offer letter or contract before starting a job!!
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