US companies have slashed 270,416 jobs so far this year, a 396% increase from a year earlier, according to data from Challenger, Gray & Christmas. Close to 90,000 layoffs were announced last month, a roughly 15% increase from the February, while planned hiring slowed in March.
Employers worry that correcting pay discrepancies surfaced due to this will cost a fortune. It's a big project for HR to tackle, but you're not alone. Join us at the SHRM Annual Conference & Expo 2023, June 11-14, in Las Vegas and virtually, to hear from experts to help drive change in the workplace. Register to Attend.
Employers are reconsidering how to do layoffs, including the best day of the week to deliver the news and whether to announce job cuts in-person or via communications technology. "It almost seems cruel to ask someone to commute into the office just to let them go," said Andy Challenger of the firm Challenger, Gray & Christmas.
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Almost half of the employees in a study cashed out their workplace retirement plans when leaving their jobs between 2014 and 2016, despite the financial penalty for doing so. Some workers may view their retirement accounts more like bonuses than as a critical source of savings for the future.
Boost employees' performance by trusting them to do their work, recognizing their success, giving them constructive feedback and providing opportunities for growth, writes Cyndi Wenninghoff, the employee success director at Quantum Workplace. "This creates an environment where employees can contribute ideas and improve performance across the organization," Wenninghoff writes.
Epstein (Billie Weiss/Boston Red Sox/Getty Images)
After helping bring World Series titles to the Boston Red Sox and the Chicago Cubs, Theo Epstein took a job with Major League Baseball to focus on fixing the on-field product and overall fan experience. Epstein joins this podcast at the 11:20 mark to talk about why baseball needs to evolve and shares some life lessons that can be used by anyone trying to implement big changes in any industry.
I was talking to a dear friend recently about her work. She’s an exceptional professional and a veteran in her field. She moved into a management role last year and it’s taxing her. She doesn’t just feel stretched thin. She feels stretched all the way to the edges of her mind. Worse, she feels she’s not able to give the right attention and focus to a community project that she leads, which matters a great deal to her.
“This job isn’t my passion. I enjoy it but that project is my passion,” she told me. I could tell it was wearing heavy on her mind.
I showed her a picture of my two children. It was taken when the kids were 11 and 5. The hard copy of the picture lives on the wall next to my desk where I see it daily.
“Em, this is my passion,” I told her, pointing to the kids. “Kawai and Kiaha. I keep this picture near me when I work so I’m reminded daily that they are my passion. God owns my life, but he’s given me them to steward. This job pays the bills, but they are my passion. Doing this job allows me to earn the income to provide them with things as they need it. The job also lets me set an example for them of an industrious professional. The job is the means to the end."
We talked for a bit about ways to handle the workload and stress and then got off the line. But the conversation stayed with me. Passion versus paying the bills. How do we balance those two things?
Well first, I do have passion for this work. How could I not? I cover education and the workforce -- two people-focused markets. There’s no way to cover these beats without having passion for them.
But I keep things in perspective. I aim to do the job well because I truly enjoy it and I earn an income doing it. I know that continuing to enjoy it, though, means putting parameters on it. I do this by:
Having a hard start and stop to my day
Saying no to non-essential meetings
Turning down certain colleague requests, during times of high-volume projects
Having templates and hacks for routine tasks and assignments
Blocking out time in my calendar to work and then holding those times closed
It also means keeping my personal life in order and not letting those things encroach on my work time.
What about you? How do you balance passion and paying the bills? What hacks work for you? (This story has some great suggestions, some that I employ.) How do you push back on colleagues and time-sucking tasks without upsetting the apple cart in your organization? Let me know! And if you enjoy this brief, tell others so they can benefit also.
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