🎉 How many people will be switching jobs?!

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Good Afternoon Party People! 🎉

Welcome back to Office Party! The newsletter keeping you up-to-date on everything you need to know about career news. Pay information, hiring data, layoffs, and more!

PARTY PLAN 🎉

👔 High turnover in 2024

🤨 The latest in layoffs

💲 BIG pay hikes

And, of course, MEMES!

MEME OF THE DAY

JOB MARKET

High Turnover in 2024

Image showing employee turnover in 2024

One-third of company leaders are expecting employee turnover to increase in 2024.

Some of the top reasons for anticipating high turnover included:

  • Better pay elsewhere (38%)

  • Increased workplace demands (35%)

  • Employees resigning (33%)

  • Employee feelings of being overworked (31%)

  • Competitive job market (26%)

In November 2023, over 1,000 hiring managers polled said turnover cost their company an average of $36,295 in lost productivity and rehiring costs.

More than 20% said the cost is greater than $100k.

73% of company leaders acknowledged that turnover burdens existing employees.

However, some workforce experts say this trend may put job seekers at an advantage in 2024.

With more roles opening up, it’s a great time to look to climb the ladder, either at a current company or elsewhere. Companies will be forced to compete for talent, which ultimately benefits job seekers.

If you’re looking for a new job in 2024, join the waitlist of over 1,000 professionals looking to leverage AI in their job search. (Resume and cover letter generator, AI career coach, and interview prep launching soon!)

LAYOFFS

Layoff Update

Roughly 60% of the 400 largest metro areas in the United States now have rising unemployment.

Below is the latest update in layoffs (via MacroEdge):

  • Johnson & Johnson is closing its California research and development facility that it opened in September 2022. 400+ jobs eliminated.

  • Dollar Tree will shut down nearly 1,000 Family Dollar stores - will affect around 7,500 workers nationwide.

  • Shell (oil & gas) is planning to cut at least 20% of jobs in its deals team.

  • The president of Keller Williams Realty has resigned “to truly put God and family first” announcing the move as the firm lays off 30 senior employees. Interesting way to frame it…

  • Nordstrom to layoff 784 employees in California.

  • IBM is asking employees to volunteer for layoffs, targets 80% cuts in key departments, including HR.

  • Target Corporation lays off about 300 in its corporate HQ office - targeting marketing, cuts may expand.

  • The RNC is laying off more than 60 of its approximately 200 staff just 8 months before the election.

  • Fidelity Investments is reportedly laying off up to 4,000 employees, 5% of their total workforce. Largest layoff at Fidelity since 2008.

  • Tyson Foods lays off 1,276 workers in Iowa. Planning for more layoffs in the near future.

  • Fontbonne University in St. Louis will shut down at the end of this school year, will result in ~240 job cuts total across academics and athletics.

  • Lumen Technologies will reportedly lay off around 2,800 employees in April.

PAY

Approved to get Paid More!

Last month, the Director of the U.S. Office of Personnel Management sent a memo emphasizing strategies to attract AI talent for federal jobs.

Imagine an AI-automated DMV. You’re either going to be there for 10 hours or 10 minutes and there’s no in-between.

“Speak to a human representative” you shout, holding back tears.

But all the humans are on a never-ending lunch break.

We digress.

Federal agencies will be able to offer up to 25% of basic pay multiplied by number of years in the service agreement (up to 4 years). AKA, someone that signs a 4 year contract can make up to double what another federal employee of the same rank would make.

Federal agencies are also offering to repay student loans up to $60k to attract AI talent. The same incentives are even being offered to current employees who are willing to relocate and undergo training to fill these new, attractive roles.

Sounds like a pretty sweet deal.

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