 | FRI, JAN 20, 2023 | | | |
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| | | TECH, TRANSFORMATION AND THE FUTURE OF WORK | | | |
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Welcome to the CNBC Work newsletter, brought to you by CNBC Events. Think a friend, colleague or business partner should receive this newsletter? Subscribe here. Today, Google announced it will be laying off 12,000 people. This is just the latest in a slew of major layoffs in the tech industry. Earlier this week, Microsoft said it's letting go of 10,000 workers. Meanwhile, Amazon had already announced it will be reducing its workforce by 18,000. This continues the trend of tech ratcheting down its workforce more than other industries: 150,000 tech workers lost their jobs in 2022. However, there is a big name missing from the mix in tech job cuts: Apple. Although the company has not been immune to the macroeconomic environment, it has not announced widespread layoffs. So, what makes Apple different from the others? In 2020, when the world went remote, many tech companies went on a hiring spree to keep up with the new demand for their products. This trend continued into 2021, but now demand has slowed and companies are adjusting. While Google, Meta and Amazon scaled up during the pandemic, Apple didn't dramatically increase hiring. As a result, Apple does not have to adjust its workforce in this uncertain economic environment. Although tech has been hit hard, the overall labor market remains strong. We will have to wait and see if these laid off workers find jobs in other areas of the workforce. For more on the world of work, check out our Key Stories roundup below. Until next time, stay safe, stay healthy and stay in touch. |
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| Whether you're leaving your job by choice or not, don't forget about your 401(k) plan. As workers continue quitting their jobs at an elevated rate and some companies embark on layoffs — including Amazon, Salesforce and Goldman Sachs — there's a good chance some departing workers will be leaving an employer-sponsored retirement plan behind. |
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| | The job landscape has been in constant flux over the last three years as some industries still struggle to recover from the Covid-19 pandemic and companies brace for a potential recession in 2023. Some jobs have become more popular in the wake of the pandemic and the nationwide quitting and hiring spree it triggered. The U.S. is expected to add 8.4 million new jobs by 2031, according to the latest U.S. Bureau of Labor Statistics' job projections, with nearly one-third of jobs being in health care and social assistance. |
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| It will soon be the Year of the Rabbit, according to the Chinese calendar, but it might as well be the year of the new job. A whopping 96% of workers are looking for a new position in 2023, largely in search of better pay, according to a recent report by jobs site Monster.com. "This is phenomenally high," even compared with the numbers at the height of the "Great Resignation," said Vicki Salemi, career expert at Monster. Nearly half, or 40%, of job seekers said they need a higher income due to inflation and rising expenses, Monster found. Others said they have no room to grow in their current role or that they are in a toxic workplace. |
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Healthy Returns | Moonshots to Miracles | March 29 CNBC Healthy Returns convenes a world-class virtual gathering of CEOs, scientists, investors and innovators in the health care space to reflect on the progress made today to reinvent the future of medicine, including the newest drug breakthroughs and device innovations. Plus, an exclusive rundown of the best investment opportunities in biopharma, health-tech and managed care. Learn more and register here. |
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