Bank of America called out for 100-hour work weeks | Hourly labor market shows signs of cooling | Change leaders must be an orchestrator, agitator, listener and much more
Bank of America is in the hot seat again following the May death of associate Leo Lukenas, who had been working 100+ hour weeks, and more accounts of overworked junior staff emerge. Bank of America instituted overtime rules after an intern died in 2013 of a seizure possibly caused by fatigue, but many workers report being instructed by superiors to ignore the bank's policies limiting work hours. Full Story: The Wall Street Journal (8/11)
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Recruiting & Retention
Hourly labor market shows signs of cooling Employers and workers are noticing a shift in the hourly labor market, with signs of strain similar to the white-collar economy. Many companies are slowing down hiring and even laying off workers, which appears to be leading to other companies finding it easier to recruit and retain staff. Despite low unemployment rates, a recent slowdown in job creation and easing wage growth suggest a potential downturn. Some industries, like health care and construction, continue to add jobs, while challenges remain in sectors like trucking. Full Story: The Wall Street Journal (8/11)
Fear of missing out affects mental health Fear of Missing Out (FoMO) and information overload can affect employee mental health and contribute to burnout. This study from the University of Nottingham shows how the increasing reliance on digital communication tools heightens stress and anxiety, necessitating improved information management strategies. Full Story: PhysOrg (8/9)
Benefits & Compensation
Employees' interest in financial benefits is growing Eighty-one percent of workers feel employers should provide programs and benefits to help them manage their financial wellness, an increase of 6% over last year, a report by Logica found. The three areas in which workers most wanted assistance were figuring out how much to save for financial goals, taking best advantage of a 401(k) or retirement account, and deciding how much and what type of insurance to get. Full Story: BenefitsPRO (free registration) (8/8)
The HR Leader
Expecting the best can make decision-making easier When faced with a decision, don't make choices based on what could go wrong, writes Josh Spector, who advises you to think about what can go right, realize you can make adjustments if things go sideways and trust that others will support you. More often than not, "people rise or fall to the expectations you place on them," Spector notes, and if you expect the best, people will most often come through. Full Story: Josh Spector (8/6)
I turned 54 yesterday. As always, my birthday prompts reflection. What did I learn over the last year and where do I need to focus now? This year’s answer came quickly. Dad’s passing reminded me that life is finite. Our mortal existence is a blip on the radar of eternity. It still has value, of course; we need to be responsible with the time that we have here. But, when I look at life through the lens of eternity, it helps me make decisions about where I spend my time, resources and energy. What I allow to stress me out and who I allow into my world. It calibrates me. It’s brought a lot of peace over the last year. So when I read today’s top story about Bank of America’s junior staffers getting sick and some dying from being overworked, I shook my head. I wanted to gather up all the young associates and say, “It’s not worth it, darling! Get out. Trading your health for the promise of wealth is a death trap. You’ve discovered that. And you can’t take it with you. Get out!” I’m not absolving Bank of America of its responsibility in this mess. Not at all. But when I look at this situation -- young people staying in a toxic situation because they believed it would lead to big paychecks -- through the lens of eternity, I see pain and injury that isn’t worth the financial outcome. I see folks setting themselves up for damaged spirits. And I want to tell them to get out while they still can. What do you think? How do you decide what’s worth your time and your energy? How do you preserve your own peace? Let me know! I read every email I get from readers. And if you enjoy this brief, tell others so they can benefit also.
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