Posts tagged labor force
Salesforce to cut workforce by 10% after hiring ‘too many people’ during the pandemic
January 5, 2023 // In a letter to employees and a corresponding filing with the Securities and Exchange Commission (SEC), Salesforce CEO Marc Benioff referenced the “challenging” environment in which it’s operating, pointing to the “more measured approach” its customers are making with their purchasing decisions. Similar to other companies hit by significant layoffs over the past year, Benioff added that Salesforce had hired too many people through the pandemic during the boom times. For context, the company claimed 79,000 employees last February, a 30% increase on 2020.
Understanding America’s Labor Shortage: The Most Impacted Industries
September 9, 2022 // For example, durable goods manufacturing, wholesale and retail trade, and education and health services have a labor shortage—these industries have more unfilled job openings than unemployed workers with experience in their respective industry. Even if every unemployed person with experience in the durable goods manufacturing industry were employed, the industry would only fill 65% of the vacant jobs. Conversely, in the transportation, construction, and mining industries, there is a labor surplus. There are more unemployed workers with experience in their respective industry than there are open jobs.
Worker Shortage Continues: Low Wage Sectors Hardest Hit
August 1, 2022 // 33% of women and 16% of men said caring for children or others at home has made returning to work difficult. Other barriers to re-employment were concerns about Covid, health concerns, Covid-related issues in their industry, or simply a greater reliance on others in the household, making it less critical to return to work. Moreover, three million adults retired early because of the pandemic. Almost half (48%) of those who lost their job said they leaned on pandemic stimulus payments to get by. Thirty-six percent said they used unemployment insurance benefits as a source of income and 29% utilized other government programs or incentives.
Worker productivity saw its biggest drop since 1947 in the first quarter—but experts say the headline figures don’t tell the whole story
May 9, 2022 // American workers’ productivity dropped sharply in the first quarter of 2022, notching the largest three-month decline since 1947. Non-farm productivity, which measures worker output against hours worked, sank 7.5% from January through March, the Bureau of Labor Statistics reported on Thursday.
Millions of people who left the US job market last year plan to stay away in an act of ‘long social distancing,’ fanning the flames of inflation
April 21, 2022 // The dropouts were most likely to be women, those lacking a college degree, and people working in low-paid sectors, the researchers said. A quarter of those unwilling to return to pre-pandemic activities cited pandemic fears as a primary or secondary factor.
TEENS ARE MISSING OUT ON JOBS. AND YOUR STATE COULD BE TO BLAME
April 18, 2022 // Research shows that teenagers who work for even a single year have incomes that are 14% to 16% higher in their 20s, and working for several years multiplies the benefits. Teenage work also leads to decreased drug use and increased graduation rates. And then there are the intangible benefits that accompany work. Keeping a schedule, getting along with co-workers, learning personal strengths and weaknesses – the sooner teenagers learn these skills, the better.