News digest from Oct 6, 2022

by RemoteHub
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Field: Global Work Market

  1. Competing in the new talent market 

October 3, 2022

Many business leaders are asking when the workplace will get back to normal. If by normal, they mean “2019,” the short answer is “never.” And that might be a good thing. Blame, or credit, Covid-19.

The pandemic accelerated three workplace trends that were already under way: the search for meaning, the desire for flexibility, and the pace of technological transformation, which has enabled hybrid and virtual work but also is fundamentally changing jobs and the skills required. It also led to “the great attrition” — meaning the unceasing restlessness of much of the workforce. As the human-resource expert David Green notes, “Employee expectations have gone up.” Organizations are therefore examining how they recruit, develop, and retain talent.

Source: hbr. org

2. Human Resource: A Competetive Edge in Global Market 

October 5, 2022

Today globalization has accelrated the  need to be competitive to survive and grow in the international market. The growing economic competition has compelled countries around the world to innovate or else their economy would collapse. Technological advancements alone can’t do anything without the right human resource.  Skilled and expert human resource is the need of the hour if you are to gain a market competitive advantage. With the geometric increase in public expenditures, the need for trained manpower has also increased. The workforce management has become vital to survive in the midst of challenges raised by global competition.

Source: moderndiplomacy

3. Automotive Exhaust Systems Global Market Report 2022

October 4, 2022

Major players in the automotive exhaust systems market are Benteler International, Continental AG, Eberspacher, Faurecia, Friedrich Boysen, Sango Co. , Ltd. , Sejong Industrial Co. Ltd. , Tenneco Inc. , Yutaka Giken Co.

New York, Oct. 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Exhaust Systems Global Market Report 2022” – https://www.reportlinker.com/p06325443/?utm_source=GNW, Calsonic Kansei Corporation, DENSO CORPORATION, Eminox, European Exhaust and Catalyst Ltd, FennoSteel, Futaba Industrial, and Grand Rock Co. Inc.

The global automotive exhaust systems market is expected to grow from $34.61 billion in 2021 to $37.26 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The automotive exhaust systems market is expected to reach $46.90 billion in 2026 at a CAGR of 5.9%.

Source: finance.yahoo

4. Data Deep Dive: How Government Benefits Programs Are Contributing to the Labor Shortage  

October 1, 2022

During the pandemic, the government infused trillions of dollars into the economy to help Americans stay afloat during the height of business closures, layoffs, and uncertainty. Millions of Americans benefited from pandemic relief payments, enhanced unemployment benefits, and bolstered social programs.

These support mechanisms provided necessary help to many families during difficult times, but these same programs can discourage Americans from joining or rejoining the workforce—especially when increased earnings do not make up for the loss in benefits.

As businesses continue to grapple with a national workforce shortage, a flawed government benefits framework is one of many factors keeping Americans on the sidelines of the labor force.

This page dives deep into the effect pandemic benefits had on Americans’ financial wellness and unintended “benefit cliffs,” the point at which benefits are cut off, which can discourage labor market participation.

Source: Uschamber

Field: Remote Work Market

  1. Over 50% of CEOs say they’re considering cutting jobs over the next 6 months — and remote workers may be the first go to

October 4, 2022

Alarm sirens from the C-Suite about a looming recession are gaining volume in America and elsewhere but calls back to the office for full-time work are a lot softer.

Most CEOs across the globe shared the view that a recession is on the horizon and coming sooner than later, according to a Tuesday report from KPMG on business-leader outlooks.

Nine in ten CEOs in the U.S. (91%) believe a recession will arrive in the coming 12 months, while 86% of CEOs globally feel the same way, according to the findings from the international audit, tax, and advisory firm.

That echoes the foreboding predictions coming from big name Wall Street investors like Stanley Druckenmiller.

In America, half of the CEOs (51%) say they’re considering workforce reductions during the next six months — and in the global survey overall, eight in ten CEOs say the same.

Source: Marketwatch

2. Why are houses so expensive right now? Blame remote work

September 28, 2022

Remote work could knock 39 %, or 50 % billion, from the value of New York city offices 

While more employees started going back to the office last month, usage rates in the U.S. are still half what they were prior to the pandemic. As of Sept. 27, the average office occupancy rate was 47 percent, according to workplace security firm Kastle Systems, compared to nearly 100 percent before Covid hit.

Lower demand for offices across the U.S. could wipe $453 billion off their value in the coming years, according to a study from researchers at New York University and Columbia University recently published in the National Bureau of Economic Research. The study is a working paper and hasn’t yet been peer-reviewed.

The shift to remote work poses a particularly acute concern for New York City, which is the world’s largest commercial real estate market. But the research also finds higher quality buildings are less at risk of seeing their value depreciate, suggesting commercial investment in new, high-tech workspaces may pay off, even as older office spaces become “stranded assets.”

Resource: Observer

3. Wonking out: How the Remote Work Craze Made Housing Affordability Worse

September 30, 2022

When you’re telling stories about the economy, housing almost always looms large. It plays a huge role in the economy’s ups and downs: A burst housing bubble was the prime mover in the Great Recession of 2007-9, and the Federal Reserve’s leverage over the economy comes largely from the influence of interest rates on the housing market.

When it comes to inflation, shelter accounts for 32 percent of the Consumer Price Index and 40 percent of core consumer prices that exclude volatile food and energy prices. Other measures that try to get at underlying inflation, like the median increase in prices, are basically tracking housing prices at this point.

So, the huge run-up in home prices and rents since the onset of the Covid pandemic is important. And I do mean huge. Home prices rose more than 40 percent from February 2020 to June 2022, although they may have recently peaked.

Source: Nytimes

4. U.S. White-Collar Remote Workers May Lose their Jobs as Companies Hire Globally to Cut Costs

October 3, 2022 

Remote workers may be at risk. Working from home became the norm during the pandemic. As the economy reopened, people demanded to continue working remotely, as it offers a better work-life balance. When micromanaging bosses called for staff to return to the office, workers pointed out the success of remote work. Productivity was at a high level, the economy held up well, stocks were flying, and plenty of jobs were available. By all accounts, employees put in longer hours during the week and worked weekends.

However, nothing is perfect. One of the downsides was that remote workers could be seen as second-class citizens by management. Being out of sight could lead to being out of mind. The remote workers risk getting left out of important meetings and conversations.

Source: Forbes

5. Remote Work Has Greatly Benefitted Disabled Workers 

October 4, 2022

After becoming paralyzed in 2009, Beka Anardi never thought about working again…until the pandemic started in 2020.

As remote work became the norm, Anardi realized she could continue working as a recruiter. She sent her resumé to a few people in her network, and she was employed within a matter of weeks. She now works full-time from her house where she can avoid commuting altogether, comfortably navigate her wheelchair, and take care of her needs in the privacy of her own home.

42.5 million disabled Americans make up 13% of the civilian population and are a valuable asset to the workforce.

Resource: allwork.space

Field: Freelance Market

  1. How people who quit jobs during the Great Resignation manage money 

Oct 6, 2022

Mouna Ramdani, a 25-year-old Briton in Dubai, left her social media manager job of six months with a UAE company in February this year because she felt she was underpaid and not valued enough.

I felt burnt out and quit even though I did not have another job lined up,” says Ms Ramdani, who’s been in the UAE for more than a year.

“Right after I quit, I was scared and overwhelmed because my rental cheque was coming up. I started to freelance in marketing a month after I quit the job and am in a better position now financially than I if I had a regular job.”

Source: thenationalnews

2. Four Tips for Startups Trying to Grow During A Recession 

Oct 5, 2022

Every tech investor on the planet seems to be making the same observation right now in light of the stock market’s downturn: Often, great companies are formed in bad markets.

Just look at Salesforce and Google, both of which grew rapidly during and after the 2000-2001 dot-com bust. Or now-iconic tech names like Uber, Airbnb and WhatsApp—they got off the ground during the 2008-2009 recession and subsequently flourished, despite some bumps along the way.

I get it. This concept is a little self-serving. Of course, we want to believe our industry will continue to create successful companies, despite stock market volatility and an IPO drought. But I genuinely believe there’s a lot of truth to this idea—and that digging a little deeper reveals key characteristics of companies that have been able to scale during recent economic downturns. And they offer lessons to today’s earlier-stage startups as they move through this current, uncertain period.

Source: Forbes 

3. Do you need a B2B marketing agency?

October 4, 2022

When you’re thinking about employing the services of a B2B marketing agency, one of your first questions should be, “Do I actually need one?” Frustratingly, there’s often no one to ask, so here’s a guide on what to consider for B2B brand marketers left feeling stranded.

The right agency can do incredible things for your brand by providing experience and expertise that supplements, augments and amplifies your own, and solving the problems that you can’t internally. But you need to know what those problems are first; you don’t want to approach an agency with a vague, “how can you help me?” If you say to a car salesperson, “I think I need a car,” they’ll probably reply, “here’s our fastest, most expensive and reddest one.”

By first understanding and defining your goals, requirements, priorities and budgets, you can ensure you find the suitable agency partner to meet your needs efficiently, effectively and enjoyably – and avoid succumbing to greasy, glad-handing hustlers.

Resource: Thedrum

4. Op-Ed | New York freelancers are on the verge of a major victory – let’s not forget fashion workers  

Oct 3, 2022

Freelance workers make up one-third of the nation’s workforce, yet they lack many of the basic protections afforded to employees. New York State made huge strides earlier this year by passing the Freelance Isn’t Free Act, which is currently awaiting Governor Hochul’s signature. The bill will impact not only freelancers based in New York State, but also anyone contracted by New York-based companies, protecting workers from wage theft and ensuring timely payment. Companies could face up to $25,000 in penalties for failing to provide a contract for freelance work or pay a freelance worker within 30 days of completing a job. However, despite this soon-to-be major victory for workers across New York and the nation, there are still many workers left out of the benefits of this progress – including fashion workers. 

Source: Amny

5. New Tech Work Reports Reveals Shift Toward the Office and Freelance Workforce Amidst Market Downturn 

Sep 08, 2022

Many leaders want employees back in the office, despite the success of remote work and the challenge of replacing top performers who exited during the pandemic.

  • 44% say that a significant number of their top performers have exited due to the Great Resignation, and 62% report it takes four months or more to hire product and engineering talent.
  • 62% believe shifting to a more flexible work model during the pandemic has increased employee productivity, while 53% say that an economic downturn would make it easier to require employees to return to the office.
  • 37% intend to have employees work from the office more over the next 12 months – that number jumps to 55% for more mature Series B, C, D, E and public companies.

Source: prnewswire

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