🎉 Work for this company to be a millionaire

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Good Afternoon Party People! 🎉

We are back and ready to party!

Hope you all had a great 4th.

PARTY PLAN 🎉

💰 Work for this company to be a millionaire

🎓 College credit for working your job?!

🏢 Jobs report

And, of course, MEMES!

MEME OF THE DAY

JOB PARTY

Let’s Help You Get Hired.

The job hunt is frustrating. And time consuming.

Do you need a new resume?

Tired of writing cover letters?

What about career advice? Need some of that too?

That’s why we created Job Party, your AI toolbox for your job search.

Now you can get instant resumes, cover letters, interview questions, and advice from our AI career coach.

Try Job Party here.

PAY

If You Want to be a Millionaire…Work for This Company

76% of NVIDIA employees are millionaires.

Yes, you read that right.

💰 A recent poll of over 3,100 NVIDIA employees revealed that 76% of employees are millionaires - which means 2,356 millionaires work for NVIDIA.

Even crazier is that over one-third have a net worth upwards of $20M!

So what the heck is going on at NVIDIA?!

Engineers at the company are called “individual contributors” (IC) and are ranked from tier 1 to tier 8. A tier 4 IC earns about $250k per year, but can make up to half their base salary in restricted stock units (RSUs) per year.

This means ICs who have been with the company for a few years could have stocked up close to half a million dollars in stock.

Fortunately for them, the stock has exploded since the pandemic (and with the AI boom), becoming the most valuable company in the world with a market cap of over $2T.

It’s now settled back to number three behind Apple and Microsoft, with a market cap of $1.9T as of the beginning of July.

This example shows how crucial it is for job seekers to consider and negotiate things other than base salary.

Startups offering new employees equity in the company may be more valuable than traditional cash compensation. NVIDIA currently has 444 open roles in the United States.

Here’s another resource with thousands of open jobs at startups.

COLLEGE

College Credits for Working?

Some of the nation’s largest employers, including Walmart and McDonald’s, are trailblazing a new frontier in higher education: convincing colleges to give retail and fast-food workers credit for what they learn on the job, counting toward a degree.

We love it.

Walmart trains associates with a program known as “Walmart Academy,” where employees can expect intensive training on leadership, financial decision-making, workforce planning, and more.

Walmart has over a dozen short-form certificates and 25 training courses in tech, leadership, digital operations, finance, and more that translate to credit at partner universities.

McDonald’s is working with several community colleges to build a path for converting on-the-job skills into credit toward degrees in culinary arts, hospitality, and insurance.

(They also looked at transferring credit for fixing the ice cream machines, but didn’t want employees flunking out before they even started)

Converting on-the-job skills to college credits is obviously a huge benefit for workers, but employers can benefit too.

Companies that offer tuition assistance programs (like Walmart) will have employees spending less time in school, and they won’t have to pay for classes to teach them things they already know.

Tuition benefits can also attract talent in a competitive labor market. This initiative can help keep employees longer; slowing turnover, and ultimately saving money on recruitment and training.

JOBS REPORT

206k Jobs Added in June

The economy added slightly more jobs than expected last month, but unemployment rose to the highest level since October 2021.

Economists say this sends a mixed signal to Federal Reserve officials weighing their next move on monetary policy.

The labor force participation rate (level of working-age people who are employed or actively looking for a job) rose slightly to 62.6%.

The prime age rate (ages 25-54) rose to 83.7%, the highest it has been in over 22 years. Broader economic growth is slowing as well.

GDP increased just 1.4% annualized in the first quarter and is on track to grow at just a 1.5% pace in the second quarter.

More numbers you need to know:

• The government led the way adding 70,000 jobs (definitely not a waste of money).

• Business services (-17k) and retail (-9k) were at the bottom.

• Hourly earnings increased 0.3% from last month and 3.9% from a year ago.

• There was a decrease of 28k full-time workers and an increase of 50k part-time workers.

• Long-term unemployment rose sharply on the month, up 166k to 1.5 million, compared with 1.1 million a year ago.

• Long-term unemployed as a percentage of the total jobless level was 22.2%, compared with 18.8% a year ago.

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