🎉 GOOD NEWS: Job cuts drop by 49% in June

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Here’s what we got today:

🔥 Job cuts drop by 49% in June

🏢 On-site work could hurt retention (duh)

🤨 Donate your PTO days?! 

🔍 Alternative talent pools

And, of course, MEMES!

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Job Cuts Drop By 49% in June

There were 80,089 job cuts in May. That number has nearly been cut in half, with 40,709 US-based employees laid off in June.

These are the industries with the most job cuts this year:

  • Tech (141,516)

  • Retail (48,212)

  • Financial firms (39,768)

It sure has been a brutal year for tech. The main reason for cutting employees? Economic conditions. 216,693 job cuts have been attributed to the rough economy.

But the good news? The layoffs are slowing down. And other job market metrics are pointing towards recovery.

“Workers continue to enter the labor force with the labor force participation rate for workers ages 25 to 54 hitting rates not seen since April 2001” (Indeed).

Layoffs are slowing. Job market metrics are improving. Will hiring pick back up soon?

If you want to read more, check out The June Challenger Report.

On-Site Work Could Hurt Employee Retention

JUST IN: Employees don’t want to head back into the office. They’re perfectly happy rockin’ their Zoom mullets, taking their afternoon walks around the neighborhood, and enjoying life without the commute. But more companies are requiring workers to come back to the office.

Welcome to The Great Remote Work Standoff of 2023.

According to a recent survey by The Conference Board, 54% of companies are mandating or strongly encouraging workers to head back into the office. But many employees say they’ll leave their companies if these mandates are enforced.

“About 28% of workers at companies with mandates said their intent to stay at the company had decreased in the last six months” (HRDive)

We’ve seen the in-office mandates serve as a way to cut headcount (the Elon Musk strategy). If employees don’t want to come back, they’ll simply be let go.

The job market has shifted over the past year. Employees have less leverage.

Read more here.

Party Snacks (Weekly Resources)

 Remoteok.com - RemoteOk is a remote job board used by over 2,000,000 job seekers. There are thousands of remote jobs at both startups and large companies listed on the site.

Talent Edge Weekly - Join thousands of HR and business professionals who get smarter, faster each week about the world of work, the workplace, and the workforce in just 10 minutes, every Sunday, 6 PM EST!

Blind - Blind is a place where 8M+ professionals worldwide share advice, provide honest perspectives, discuss company culture and discover relevant career information. Professionals anonymously communicate in private company channels and openly with users across industries.

This Company Wants You to Donate Your PTO?! (Trigger Warning)

Your employee of 17 years is in the hospital. They’ve used up all of their PTO. And the plan is to have other employees donate their PTO?

Wow.

Are You Swimming in The Wrong (Candidate) Pool?

Struggling to find the right candidates? It might be time to consider switching it up. Skill-first hiring is on the rise. This doesn’t mean a dentist can instantly become a doctor. But some roles translate well to others.

In fact, 81% of people that started new jobs in the last year came from different occupations.

“When sourcing candidates, it’s natural to begin with folks who already hold the job title you’re looking to fill. For instance, if you need to hire a project manager, reaching out to existing project managers is a logical first step. The only problem? That’s precisely where everyone else is looking too”

The most transferrable job title? Operations. (Operations is code for “wears many different hats”)

If you’re struggling to find the right candidates, it may make sense to consider people from other backgrounds. If you’re a job seeker looking for a new job, pivoting may be the answer.

Check out the LinkedIn Talent Blog to learn more.

Party Favors (extra reading)

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