🎉 Remote work is DEAD... 🪦

August 31, 2023

Today’s edition is brought to you by CandorIQ. A unified platform for compensation planning, employee total rewards, headcount spend, and approvals to win and retain top talent with operational excellence. Get better compensation planning.

Read time: 3 minutes

Good Morning Party People! 🎉

🎉🎊 Hold onto your staplers, folks, because it's time to party like it's file-o-clock! 🎉🎊

Here’s what we got today:

đź’µ Pay translucency

🏢 Is remote work dead?

🤖 Workers are pissed at the robots

🎓 College is so overrated…

And, of course, MEMES!

MOTD (Meme of The Day)

Think you have great meme skills? Reply to this email with your best meme to be featured in the MOTD.

Pay Translucency

Maybe it’s time we rebrand "pay transparency" to “PAY TRANSLUCENCY” so you don’t freak out the C-suite.

And if you need another reason to restart these conversations now — on September 17, employers in New York State will be required to disclose salary and wage ranges for advertised jobs and promotions.

This law is similar to the Salary Transparency Act which the city of New York passed in November 2022, but there are a few important differences between the new state law and the city law:

The main differences between the New York State Law and New York City law are that NY State law requires:

• Covered employers to include the job description in writing

• Companies to maintain a history of compensation ranges and job descriptions

The new law does not provide the ability to cure first-time violations before the imposition of a civil penalty (aka the law has immediate TEETH).

Salary translucency is becoming the new norm.

If you’re ready to modernize how you design and manage your compensation and ditch the spreadsheets for a more automated approach check out CandorIQ.

RIP Remote Work?

A new survey, conducted by Resume Builder, indicated that 9 out of 10 companies (they surveyed 1,000) will have returned to the office by 2024.

“When asked about their current or future RTO plans, only 2% of respondents say their company never plans to require employees to work in-person. Fifty-one percent currently require some or all employees to work in-person, 39% plan to by the end of 2024, and 8% plan to by 2025 or later”

Why the strong push? 3 out of 4 companies say that returning to the office has improved their revenue. 28% of surveyed companies said that they would threaten to fire employees for not complying with RTO mandates.

ICMYI - Goldman Sachs was the most recent company to issue an RTO mandate.

Workers and employers are clearly at odds when it comes to RTO and WFH. Recently, 50% of employees stated they would quit over an RTO mandate.

It’s clearly a job market catered towards employers (specifically in tech). And if companies are seeing better results in-person, the trend will only continue.

For more, read the Resume Builder survey here.

US Workers Are Pissed About Artificial Intelligence?

Workers are worried about getting replaced by AI. In May, 4,000 jobs were eliminated by AI, and Goldman Sachs recently predicted that 300 million jobs would be replaced by AI. Lots of fear about artificial intelligence in the workplace…

A recent survey conducted by the American Staffing Association uncovered some of the fears that American workers are feeling…

“About 74% believe AI and automation will lead to higher unemployment by taking jobs from humans. In addition, about 47% of those who are employed said automation could easily replace their job”

Back in 2017, 73% of workers did NOT think AI would be coming for their jobs. Oh, how the times have changed.

It’s not all doom and gloom, though. AI is helping people get jobs easier. And while it may replace some jobs, new opportunities will continue to be created.

Check out the full AI Outlook.

Fewer Jobs Are Requiring Degrees

Skills-first hiring is on the rise. In fact, people using paid Recruiter licenses on LinkedIn search for skills five times more than they do by degrees. This makes intuitive sense as it would be kind of weird to search for candidates just based on their degrees, but it’s a positive sign nonetheless.

Additionally, job postings are increasingly omitting degree requirements. In 2019, 21% of postings required a college degree. In 2022, that figure climbed to 29%.

The price of college continues to skyrocket. And the data indicates that fewer kids are interested in forking over tens (sometimes hundreds) of thousands of dollars for their degrees.

We interviewed a Gen Z’er to get their take on college. Here’s what they had to say:

“College is mad overrated. It’s fun fr, but it’s expensive on God.”

Makes sense.

For more data on degree requirements, check out the LinkedIn Talent Blog.

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