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🎉 WILD pay ranges 💰
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PARTY PLAN 🎉
💰 Crazy pay ranges
✂️ The latest in layoffs
🧑💼 “New-Collar” workers
And, of course, MEMES!
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PAY
WILD Pay Ranges
$65,000 - $850,000 base pay?! We’ve all seen job postings with pay ranges like this…
As more states pass salary transparency laws, a growing trend has emerged. And it could hurt employers’ recruiting efforts.
Companies seem to have found a loophole in regulations that require them to post compensation info on job ads.
Unfortunately, it’s no good for anyone. A new study from Washington State University has shown how bad it actually is for employers.
In the study, participants saw multiple job ads and gave their feedback on the posts and companies as a whole. For job posts with a salary range of $50k or wider, people were more likely to respond negatively to the job and view the employer as untrustworthy.
Study authors predict that there’s a “goldilocks” range (between $10k and $50k) that allows companies to be flexible but not send the wrong signal to job seekers.
“It’s not just a choice between including a pay range or not — how compensation information is communicated matters, and at least in this study, having a very wide range might send a negative signal to potential applicants.”
More than half of all U.S. job postings on Indeed feature some sort of salary transparency and the number is expected to rise in 2024. According to a study from Payscale, salary transparency also improves employee retention rate.
Read more on crazy pay ranges here.
LAYOFFS
The Latest in Layoffs…
Below is the latest in layoffs:
Apple to Shutter 121-Person San Diego AI Team in Reorganization. Employees who don’t move from San Diego to Austin will be let go. Via Bloomberg.
Citigroup announced plans to cut 20,000 employees, 10% of its entire workforce. Via Unusual Whales.
Wells Fargo laid off 13,000 employees in 2023.
The University of Wisconsin chancellor was terminated for making online vegan cooking pornography. No idea what this means but she deserves it for being vegan.
Google has cut 1,000+ jobs in the last few weeks.
Stellantis is laying off 539 employees permanently in the US.
Kelly Moore Paints to shut down all stores, wind down corporate operations, lay off 1200.
Citigroup to lay off 20,000 employees under Project ‘Bora Bora’ - a series of massive cuts aimed at boosting profitability for the flailing bank led by Jane Fraser.
Instagram laid off 60 software developers.
Pixar is laying off 20% of its workforce.
Amazon laying off 100 employees under its ‘Audible’ umbrella. Hundreds more in ‘Prime’ department.
Fanatics to lay off 218 employees to start the New Year.
NBC News is laying off approximately 100 employees.
Discord laying off 170 employees - 17% of its entire workforce.
DTE Energy is offering buyouts to 3,000 employees - 30% of workforce.
SoFi eliminated 7% of its workforce, approx. 300 employees.
Data from MacroEdge.
The good news:
Tech layoffs have drastically decreased since last January.
EDUCATION
New-Collar Is the New White Collar?
Is college out?
“New-collar” jobs require employees to be highly skilled, and come with an above-average salary but don’t require a college degree.
Less debt, solid pay. Sounds like a good deal.
According to Monster, industries with high demand for new-collar workers include healthcare, engineering, and technology/software.
Workers are using online classes, certification programs & boot camps, and continuing education courses to get up to speed on the latest technology and get a foot in the door.
Career experts say workers who receive any sort of technical training on AI are particularly likely to benefit from the shift towards “new-collar” work.
“New-collar jobs may not require a traditional college degree. What matters most is that these employees — with jobs such as cloud computing technicians and services delivery specialists — have relevant skills, often obtained through vocational training.”
New-collar FTW.
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