Although it may appear that participation of women in the labor force has increased significantly in recent times, but that is not the case – at least not at the global level. Even though the labor force participation rate for women aged 25-54 has undeniably increased from 67 percent in 1990 to 77 percent in 2021 in high-income countries, situation looks quite differently in all other income groups. According to estimates from the International Labour Organization (ILO), only 61.4 percent of women in prime working age were either employed or actively seeking employment globally in 2022, which is actually a small decline from 62.8 percent in 1990.
What could be a better way getting detailed information about
work culture of a company than to hear from those who have already been on the
inside?
The infographic used here shows how America’s top employers have changed over the last five years based on employee reviews on Glassdoor, a website that lets present and previous employees to anonymously review their employers on areas like company culture, pay, benefits, diversity, and more.
Following Twitter, tech giant Meta is also planning large-scale
layoffs starting this week, The Wall Street Journal reported. While Twitter
made its decision as part of Elon Musk’s takeover, Meta has a different reason
to cut jobs, and it has to do with its efforts to maximize profit.
Currently, over 87,000 people are employed at Meta and so, if the company cuts thousands of roles, that would result in a considerable reduction. Meta has already lost a huge sum of money as a result of changes in data privacy. The company still expects to lose more in the near future; about $10 billion, after losing its app-tracking ability following Apple’s updated data privacy policy.
After the successful completion of acquisition of Twitter on October 28th, Elon Musk plans to lay off 50 percent of its 7,500 employees, according to sources familiar with the matter. This would be considered as the fourth-biggest single layoff in the world of technology since the beginning of the coronavirus pandemic, according to the data crowd sourced by Layoffs.fyi. Although it is presumed to be one of the biggest, but it is not the only case of reducing the taskforce in the tech world in the last couple of weeks. This works as an indicator, that the layoff wave in the technology sector which started in April this year, diminished in November, and is now growing again is not yet over.
Huge tech companies have employees in tens of thousands of
numbers. On the top of the list are Meta, Uber, and PayPal. Meta is the biggest
social network by staff size and has more than 83,000 employees. According to
the list of biggest tech companies by staff provided by Companies Market Cap is
Amazon at around 1.5 million employees. The company that follows is Apple
contractor Foxconn with 826,600 employees. In the top five are also Chinese
e-commerce giants JD (390,000 employees) and Alibaba (245,700 employees) as
well as IBM (282,100 employees). It is important to note that all of these
companies employ staff to manufacture physical goods or move them. However,
this does not apply to online services specifically social media networking,
ride exchanges, media, or financials, that makes the number of their staff
smaller by default.
According to Mercer’s Cost of Living Index, the most expensive city to live in for emigrants is Hong Kong, in the year 2022. Mercer rated more than 200 cities for this survey from all over the world. The survey focused on more than 200 number of items from categories such as food, housing, daily conveyance and entertainment. Hong Kong has been on the top of the list for couple of years but according to last year’s survey, first position was taken by Turkmenistan’s capital city Ashgabat. It was quite unusual that Ashgabat was on the top of list beating many financial centers and well-known businesses.
Employees are enjoying the ability to work from their own devices with ample workspace. They’re still meeting deadlines and are able to do so with fewer interruptions. They’re motivated and more satisfied in their current positions.
Employees at Apple are not happy with the company’s new work
policy, that requires them to return to the office three days a week starting
in early September. In opposition to the policy, the employees are demanding a
flexible approach, so that only those who want to work remote are allowed to do
so.
The employees wrote a letter to the company where they addressed their concerns, saying that some of their colleagues have already quitted due to the conversation around Apple’s new policy. “Without the inclusivity that flexibility brings, many of us feel we have to choose between either a combination of our families, our well-being, and being empowered to do our best work, or being a part of Apple,” the letter read.
To learn more about how the COVID-19 pandemic has impacted pay changes and employee compensation across the globe, Elements Global Services recently surveyed over 2,000 people from both the United States, Canada, and the United Kingdom. Their aim was to learn more about feelings executive pay, raises and bonuses and overall compensation levels over the past year.
The first part of the survey asked specifically about pandemic pay changes. 2020 was a year that disrupted the global pandemic and left many workers either without jobs or working a reduced rate of salary. The survey found that Americans were the hardest hit in terms of pandemic pay changes. 65% of those surveyed said their income has either stayed the same or decreased during the past year. The top reason for pay loss during 2020? Pay cuts followed by loss of job. 39% of Americans surveyed said they took a pay cut because of the pandemic and another 29% report having lost their job.
Another thing that happened for many workers worldwide was freezes both raises and bonuses in 2020. 44% of surveyed respondents said their employer has stopped offered both raises and bonuses temporarily until the pandemic situation improves. On top of that over 50% of American workers who had a pay cut during the pandemic report that they have not returned to their full salary level yet.
Despite all these eye opening statistics, many workers are optimistic about making more money in 2021 than they did in 2020. Across both the United States, the UK and Canada over 50% of those surveyed said that they expect a health rebound to their compensation levels in 2021 and expect to take home more pay than they did last year. Another trend that is being embraced worldwide is the idea of being paid part of your compensation in cryptocurrency. 50% of UK workers said they would accept a portion of their compensation in Bitcoin if offered by their employer. 40% of Canadians said they would accept a portion of their compensation in Bitcoin if offered by their employer. 37% of Americans said they would do the same if offered.
The next part of the survey from Elements Global Services asked about unexpected income and what workers globally would use the money for if offered from their employer this year. 48% of surveyed respondents said they would use that extra money for savings. 25% of surveyed respondents report that they would pay off debt with any extra income earned in 2021. 16% said they would buy something they have been wanting and another 11% said they would buy something they need with that extra money.
The survey next asked about compensation levels and what percentage of pay raise it would take for workers to leave their current job. 35% of those surveyed said it would take a 20-25 percent pay raise for them to leave their current job. Another 34% of surveyed respondents said it would take a 10-15 percent pay raise to leave their current job. 16% of respondents said it take a pay raise of over 50% to leave their current job.
Sharing income with friends and family is something that some people feel more comfortable sharing than others. The survey aimed to learn more about how much people share with their inner circle in regard to finances and overall compensation. The survey found that 70% of Americas reported that some of their friends know how much they earn. People are much more likely to share details about their finances with their partner than their friends. 83% of Americans report sharing salary and compensation details with their significant other. Men were more likely to share details about their income than women, surprisingly. 65% of Americans report sharing how much they make with their parents and 48% share that same information with their siblings. 65% of Americans said they share details about how much they work with their colleagues, which is a practice that is often frowned upon in the workplace.
The next part of the survey asked about executive pay and whether or not workers feel that CEO’s and owners in the industries they work in are overpaid. Listed below are the full rankings:
1. Retail (66% think executives in this industry are overpaid)
2. Restaurant/Food service (66% think executives in this industry are overpaid)
3. Media/Journalism (64% think executives in this industry are overpaid)
4. Education (63% think executives in this industry are overpaid)
5. Hospitality (61% think executives in this industry are overpaid)
6. Insurance (61% think executives in this industry are overpaid)
7. Human Resources (61% think executives in this industry are overpaid)
8. Admin (60% think executives in this industry are overpaid)
9. Transportation (58% think executives in this industry are overpaid)
10. Skilled labor/Construction (58% think executives in this industry are overpaid)
11. Healthcare (57% think executives in this industry are overpaid)
12. Professional services (56% think executives in this industry are overpaid)
13. Legal (56% think executives in this industry are overpaid)
14. IT (55% think executives in this industry are overpaid)
15. Non-profit/Social services (52% think executives in this industry are overpaid)
16. Finance (50% think executives in this industry are overpaid)
17. Marketing/Advertising (50% think executives in this industry are overpaid)
18. Real Estate (50% think executives in this industry are overpaid)
19. Manufacturing (49% think executives in this industry are overpaid)
20. Engineering (42% think executives in this industry are overpaid)
21. Science (40% think executives in this industry are overpaid)
22. Government (37% think executives in this industry are overpaid)
The last section of the survey asked about negotiating salary. Surprisingly, 29% of workers worldwide said they have had zero communication with their bosses about salary in the past year years. The full report from Elements Global Services can be seen in the graphic below.
Infographic by: elementsgs
Google fired the co-lead of its ethical AI team for using an
automated script to look through her emails in an attempt to find evidence of
discrimination against a coworker.
Google announced a reorganization to its AI teams working on
ethics and fairness a day before firing the co-lead, and selected Marian Croak,
a vice president in the engineering organization, as the team lead.
Former co-lead of the team, Margaret Mitchell, joined Google in 2016 as a senior research scientist. Two years after that, she, along with a renowned researcher named Timnit Gebru, helped initiate Google’s ethical AI team.
Google just announced that it will be paying a sum of $2.5
million to over 5,500 employees and job applicants affected by alleged
systematic pay and hiring discrimination. The decision was made after the US Department
of Labor identified that female software engineers were being underpaid and the
hiring rate differences disadvantaged female and Asian applicants in particular.
According to Google, the company will be providing $1,353,052
in back pay and interest to a total of 2,565 female engineers, and $1,232,000
in back pay and interest to 1,757 female engineering applicants along with
1,219 Asian engineering applicants for “engineering positions not hired.”
The company further added that it will set aside $1,250,000 for pay-equity adjustments, for a total of $3.8 million to resolve the issue. According to the Department of Labor, the amount has been reserved for engineers residing in Mountain View, Seattle, Kirkland, and New York, which house 50% of Google’s engineering staff in the US.
Web domain registrar GoDaddy just pulled an uncool prank on
its employees by sending them an email phishing test that promised them a $650
holiday bonus. Employees who clicked the link in the email reported
receiving another email 2 days later, where instead of receiving the promised
holiday bonus, they were asked to take a training course on social engineering.
Financial crisis has taken over a lot of families by storm in 2020. However in 2020, finding on-the-spot jobs can be very difficult due to the prevailing lockdown situation. Salary matters a lot, and it is the top thing that a prospective employee looks for before applying for a job. However, the truth is that the best salary always comes in relation to the number of experience years you have.
And not every company provides remote working opportunities. Under such circumstances, many people have lost their jobs and are looking for work-from-home jobs. Now let's consider the field that are paying well. Medical fields are on top of the fields that pay the highest, but finding remote jobs in this field can be quite difficult. However, job positions for nurses have been on the rise due to COVID-19.
Whether you like it or not, there will eventually come a time when you'll have to let go of an employee. When firing an employee or letting go of them, remember that professionalism and empathy are key. While you're going to tell your employee that they are no longer required for the job, imagine yourself in the same position and what you would want to hear from your boss in such a situation.
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