Initial unemployment claims climbed for a third straight week, this time reaching 251,000, according to the Labor Department. The tally was above the median estimate by Bloomberg economists and marked the highest figure since November.
The US job market remains healthy, despite a slight bump in unemployment claims last week and some major employers -- including Apple, Alphabet, Ford and Goldman Sachs -- becoming tepid on hiring. A strong labor market could prop up the US economy, say economists, including Citizens Financial Group CEO Bruce Van Saun, who added, "There could be a slowdown or even a shallow and short recession. But we're not seeing a protracted downturn that would inflict a lot of pain."
Millennials and Generation Z workers may not be putting enough money toward retirement, according to Vanguard, which found they have an average of $37,211 and $6,264, respectively, in their 401(k) plans. Tips for getting savings strategies back on track include recognizing that market volatility is normal and potentially establishing a Roth IRA.
Leaders can hone their empathy by being curious about the lives of their team and creating a positive workplace culture that promotes innovation and engagement, writes LaRae Quy. "When burnout has reared its ugly head in so many professions, empathy skills can counter many of those soul-sucking emotions because it creates a positive environment," Quy writes.
Workplace stress can take a toll on medical professionals, who may also experience compassion fatigue and moral stress that can be difficult to address, says social worker Krista Martin. Warning signs of stress include consistent fatigue, difficulty sleeping and muscle tension in the neck and shoulders, and coping skills such as self-care and connection with others can help, Martin says.
“Mom, do you have a second? I’ve got to talk about work,” Kiaha said. He was in Texas on vacation with his wife and children. I knew it had to be important if he was interrupting his time with them to talk work.
I was right. “So my company got acquired,” he explained. “I’ve been told my job is fine but still. Savannah and I are trying to make plans for this Texas move and I…I’m not sure what to expect. I know you’ve been through this. What, uh..” He sighed heavily as his words tapered off.
I flashed back to 1999, when the company I worked for was acquired. Like Kiaha, I hadn’t been through this before and was nervous about how that would affect my family. I smiled on my end of the line.
“You’re going to be fine, son,” I assured him. I explained that personnel changes would likely happen at the top levels, but that his team would likely not see a lot of immediate change.
“You’re the guy that keeps the trains running. They don’t want any interruptions to business. They want to keep customers happy and business moving along like normal,” I said. “And don’t feel sorry for the execs. They’re gonna get healthy severance packages.”
We talked for about 45 minutes, discussing what to expect, how to manage the changes at work and how to keep his plans for Texas moving forward. When we got off the phone, both of us felt better. “Thanks, Mom,” he said. “This was so helpful. I’ll keep you posted.”
We’re in shaky economic times, as we see in our Recruiting & Retention story today. Even as the job market remains strong and economists downplay concerns about a recession, inflation is hitting workers and their families in the wallet. Folks are paying more for everyday expenses and worried about what the next few weeks and months could bring.
It’s stressful. How are your workers feeling? Do you know? How will you address their concerns and keep them engaged as financial storm fronts move in? Let me know! And if you enjoy this brief, tell others so they can benefit also.
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