 | FRI, APR 14, 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. Is a soft landing possible? A spate of economic data over the past couple of weeks seems to suggest it is as the Federal Reserve's rate hikes are beginning to make an impact: inflation has cooled a bit and hiring is slowing.
Earlier this week, a report showed that consumer prices for March rose 0.1%, a bit less than expected and last Friday's jobs number was in line with expectations at 236,000. After a few years of a red-hot labor market, this was the lowest monthly jobs gain since December 2020. Although the number of job openings has decreased marginally from 1.9 to 1.7 per every available worker, it is still significantly higher than pre-pandemic levels. Prior to 2021, there had never been 8 million jobs open in this country and in February of this year there were 9.9 million available jobs. Despite the fact layoffs are up 396% year-over-year, the number of job cuts remains historically low. Headlines have been reporting about wide-spread layoffs in the tech industry for the past few months, but according to labor experts this is not indicative of the broader economy as some industries are still scrambling to find workers.
Still, there's a ways to go before there is an all-clear signal for the economy. A report earlier today showed advanced retail sales dropping 1% last month, double the 0.5% estimates as recession and potential job loss fears weigh on consumer minds. 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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| More women are becoming breadwinners, but the division of labor at home has barely budged, a new report found. Although men still out-earn women in most households, the share of women who earn as much as or significantly more than their husband has roughly tripled over the last half century, according to a new Pew Research Center survey and analysis of government data. Today, 55% of opposite-sex marriages have a husband who is the primary or sole breadwinner, down from 85% 50 years ago, Pew found. |
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| Pay transparency laws are intended to increase pay equity for workers of color and women and protect job seekers during the hiring process. Colorado was the first state to require companies to provide salary ranges on job postings, and since then, eight other states have put this law into effect with 16 more and the District of Columbia considering it. Yet, even with salary ranges out in the open, there is still ambiguity stemming from these laws, especially when it comes to how job seekers should navigate the pay ranges that are now available in job postings. |
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| People usually think the best times to negotiate your pay are when you're interviewing for a new job or at your year-end performance review, but they're not the only acceptable checkpoints to bring up compensation with your manager. Even some HR experts say they wish they'd known this sooner, including Maddie Machado, a reverse recruiter in Tampa, FL, who's previously worked for Meta, Microsoft and LinkedIn. She says one big myth she wishes people understood better is that "you don't have to wait until promotion cycles or merit increase cycles to ask for more money," Machado tells CNBC Make It. |
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Sustainable Returns | Impactful and Profitable for the Long Term | April 19 What makes something sustainable? It's fulfilling the needs of today without compromising the potential of tomorrow. That can be businesses reducing carbon footprints; rethinking talent pipelines and governance strategies to build a workforce and leadership more reflective of the communities being served; it can be eschewing short term gains and the cheap wins in the market in place of long term returns for shareholders and stakeholders. CNBC Sustainable Returns looks at how business leaders and investors can make sustainability a fundamental part of their strategy, not just for the greater good, but for greater profit. Learn more and register here. |
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