The modern-day resurgence of the Roaring Twenties was predicted by the Post- Covid America. Inflation, a recession, layoffs, downsizing and war are some of the topics Americans will be discussing in the year 2022. Human resources and the job market are affected by the economic, political and macro events.
According to layoffs.fyi, since May, tech startups have laid off nearly 30,000 workers. Musk said that he had a bad feeling about the economy and would cut 10% of his workforce. In May, Microsoft said that it would slow down hiring. The hiring freeze for some teams was announced that month by Meta. There were a number of accepted offers that were withdrawn. The exchange founded by the Winklevoss twins is going to downsize 10% of its staff during the winter. The two companies said they are laying off people as well.
The tech bubble is slowly bursting, and that’s why Bolt is laying off workers. In a pre-recorded video message, Klarna announced plans to lay off about 10% of its global workforce. Noom, On Deck, Workrise and others have announced layoffs.
The first question job seekers will ask is, “Is this remote role?” They say “Thanks, but I’m not interested.” A large segment of the workforce wants to continue working from home after two years working remotely.
There are benefits to having a better work-life balance. Since they have been forced to commute back and forth to an office every day, they can enjoy all of the family milestone events that they have missed.
Management admits that remote work benefits the company. Top candidates can be found from across the United States and around the world. In a tight job market, the ability to attract applicants from different locations is seen as a great way to promote diversity.
There will be a difference between those who work in an office and those who work from home. Both sides begin to feel like they are not being treated fairly.
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In big cities such as New York and San Francisco, workers who commute have to wake up early to get into the city on crowded mass transit and need to worry about their safety. The trek takes a lot of money and time. The remote personnel do not have to get out of bed to work.
Employees at home feel like they are forgotten about. They are worried that being out of sight and out of mind will affect their career. Managers may not invite them to important meetings. They won’t be able to see all of the opportunities in the hallway, cafeteria and elevators. The people who work from home won’t be invited to lunch or drinks in the city. They will feel like second-class citizens.
There’s a fear of missing out for both groups. People who go into the office don’t get to see all their kids’ school plays, soccer matches, ballet classes and other memories that they’ll never get back
The people in the office who benefit from proximity bias are resented by those who are at home. It is easier to give plum assignments to someone who is always around the office.
People quitting in the Great Resignation trend could be caused by the constant conflicts.
Management And Workers Are Not On The Same Page
There is a gap between corporate leadership and rank-and-file workers. Big-shot executives at New York City-based investment banks, hedge funds, and private equity firms have an advantage over their employees. Senior-level managers have the ability to get things done.
This group has the means to live in Manhattan. They don’t know how hard it is to commute five days a week from one of the five boroughs or the nearby suburbs. The wealthy can easily pay for spacious apartments close to the office, nannies, and private schools for their kids, as well as corporate cars that take them everywhere. The regular employee at the bank does a good job, but their lifestyle is not near the top brass.
Upskilling And Training
There are still over 11 million jobs available in the US. Despite fears of an upcoming recession, there is still a war for talent in hard-to-fill roles such as software engineers.
To remedy the imbalance of open jobs in sectors that require specialized skills compared to the existing pool of candidates, progressive and forward- thinking companies are upskilling, re-tooling and training their personnel
Businesses are offering in-house or third-party online courses to teach in-demand skills. Constantly training and learning are some of the things that they are providing. Target and Walmart offer free college tuition to their workers.
This trend helps the existing workers and is a good way to attract, recruit and retain talent, as the workers feel appreciated and see that there is room to grow and develop within the organization.
Helping With Employee Mental Health, Emotional Well-Being And Burnout
People are still hurting even though the world would like to put Covid-19 behind them. People have been affected by watching loved ones succumb to the virus. They know that life is short. Being locked up for two years has taken a toll on one’s health. Americans have been dealing with a mental health crisis.
One of the antidotes is for companies to take action. Mental health is a priority for many organizations. They offer memberships to gym and fitness centers for counseling, therapy, mental health and emotional well-being. Mental health days off are no longer a problem. Companies have stopped working for a week or two so that they can recuperate. Off-site activities and employee-empowerment initiatives have been put in place.
Human Resources Burnout
The job of the HR professionals is very difficult. During the last two years, they have dealt with an overwhelming amount of anxiety. This cohort had to quickly figure out how to move their employees online and set up a robust and functioning distributed workforce, all while dealing with a raging epidemic.
HR was tasked with quickly hiring people after the economy reopened. They were working around the clock because of the demand.
They are facing a new challenge now. The recent economic and global events have caused companies to downsize. There is a sudden change from rapid hiring to cutting costs and HR is in the middle of it. With layoffs and a pause in hiring, HR now has to worry about their own jobs as well. One of the largest groups that faced layoffs during the Pandemic was the HR and recruiters.
Wall Street professionals and economists think that the U.S. is about to enter a recession. Stagflation hasn’t been seen since the late 1970s and 1980s, so it could be very bad. This already-overtaxed group will be put under more pressure by these possible events.
Criminal Records May Be Overlooked
Diversity, equity and inclusion will be at the forefront in the wake of George Floyd. Lifting the barrier to gainful employment, along with the recognition that businesses desperately need more workers, are changing their tune on job seekers with criminal records. A person with a felony on their record was not allowed to work. They have been stuck by their past and unable to break out of the stigma associated with being in prison. Companies are becoming more open to second-chance employment, giving this pool of potential an opportunity to succeed.