News digest from Sep 8, 2022

by irynapavlenko
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Field: Global Work Market

  1. Global Employment Trends for Youth 2022: Investing in transforming futures for young people


Incorporating the most recent labor market information available, Global Employment Trends for Youth sets out the youth labor market situation around the world. It shows where progress has or has not been made, updates world and regional youth labor market indicators, and gives detailed analyses of trends and issues facing young people in the labor market.

Less than half of the global youth employment deficit in 2020 is projected to be recovered by 2022. The global deficit fell to 5.9 percent in 2021 and is projected to decrease further to 4.5 percent in 2022. This implies a projected youth employment deficit of 19 million jobs in 2022. At the global level, the recovery of youth employment lags behind that of adults, who by 2022 are projected to recover more than half of their employment deficit in 2020. The youth labor force participation rate is projected to increase worldwide in 2022 but is nevertheless expected to remain more than 1 percentage point below the 2019 level. Global youth unemployment is projected to decline to 73 million in 2022, which would still be 6 million above the 2019 level.

The recovery in terms of youth unemployment rates is projected to diverge between low‑ and middle‑income countries on the one hand and high‑income countries on the other. Indeed, high‑income countries are the only ones expected to return by 2022 to youth unemployment rates close to what they were in 2019, while the rates are projected to remain well over 1 percentage point above their pre‑crisis values in the other country income groups.

Source: International Labour Organization

  1. Will recession cool a ‘red hot’ business graduate jobs market?

Sep 6, 2022


Hiring projections remain bullish, according to a survey of 941 companies from 38 countries in February and March 2022 by the Graduate Management Admission Council (GMAC), which runs business school entrance tests. It found that nearly nine in 10 corporate recruiters expect to hire master in management (MiM) graduates in 2022, up from 79 percent of the same recruiters who actually hired them last year. Most MiM graduates take the program straight after a first degree and have little or no prior professional experience.

To attract top talent, companies in the US plan to offer higher starting salaries to business masters graduates in 2022 compared with last year, GMAC found. For example, average salaries are up to 2021 levels for graduates of the master of finance and master of data analytics programs, by $15,000 and $10,000.

Satya Autar, employer relations manager at Erasmus University’s Rotterdam School of Management in the Netherlands, says business masters graduates entered a red-hot labor market this summer that belied the growing mood of caution over the economy. “Students have the power in their hands,” she says.

Some sectors are pulling back on recruitment, notably technology, says Maren Kaus, director of career services at Frankfurt School of Finance and Management. Amazon, Microsoft, Apple, and Google’s parent Alphabet have slowed hiring in some areas in the face of economic headwinds, but only after a hiring spree in the past couple of years.

Source: Financial Times

Field: Work Market in the USA

  1. Crypto mining could hinder U.S. ability to battle climate change, White House says | CNBC
    Sep 8, 2022


The White House Office of Science and Technology Policy on Thursday warned that cryptocurrency mining operations could hinder the country’s ability to mitigate climate change. It also said federal agencies should consider information from crypto miners and local utilities “in a privacy-preserving manner” to help understand and mitigate the problem.

Crypto operations in the U.S. now consume as much energy as all home computers or all residential lighting, the White House said in a report. The findings come amid mounting criticism over the amount of electricity that crypto mining operations produce.

“Electricity usage from digital assets is contributing to GHG emissions, additional pollution, noise, and other local impacts, depending on markets, policies, and local electricity sources,” the White House said in the report.

Source: CNBC


  1. U.S. labor market, manufacturing resilient despite rising interest rates

Sep 1, 2022


Strong demand for workers was reinforced by an Institute for Supply Management (ISM) survey on Thursday that showed a sharp rebound in manufacturing employment in August after three straight months of contraction.

The ISM survey found that “companies continued to hire at strong rates in August, with few indications of layoffs, hiring freezes or head-count reductions through attrition.”

Initial claims for state unemployment benefits decreased by 5,000 to a seasonally adjusted 232,000 for the week ended Aug. 27, the lowest level since late June. Data for the prior week was revised to show 6,000 fewer applications filed than previously reported. Economists polled by Reuters had forecast 248,000 applications for the latest week.

Unadjusted jobless claims slipped from 2,492 to 176,793 last week. There were notable declines in Connecticut, Missouri, Oklahoma, and Georgia. Those drops offset big increases in Massachusetts and New York.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased from 26,000 to 1.438 million in the week ending Aug. 20.

A separate report from global outplacement firm Challenger, Gray & Christmas on Thursday showed job cuts announced by U.S.-based employers fell 21% to 20,485 in August. Though layoffs rose 30% from a year ago, they were down 27% in the first eight months of this year compared to the same period in 2021.

The technology industry accounted for nearly a quarter of the job cuts announced in August. Technology companies have announced 14,408 layoffs so far this year, a 70% surge from the same period last year. Overall, employers announced plans to hire 41,985 workers in August, up 65% from July.

Source: Reuters

  1. US added 315,000 jobs in August as strong market defies signs of worsening economy

Sep 2, 2022


The US added another 315,000 jobs in August as the jobs market remained strong amid signs of a worsening economy.

The unemployment rate ticked up to 3.7% in August from 3.5% in July but is still close to a 50-year low. The report also showed more people came off the sidelines in August and started looking for work.

The government reported this week there were 11.2m open job positions in July – two openings for every unemployed person. New claims for jobless benefits – seen as a proxy for layoffs – fell last week to a two-month low.

The government’s latest job report follows the monthly survey of private employers from ADP, the US’s largest payroll supplier. Private employers added only 132,000 jobs in August – less than half the number ADP calculates were added in July.

“Our data suggest a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals,” said Nela Richardson, chief economist at ADP. “We could be at an inflection point, from supercharged job gains to something more normal.”

Source: The Guardian

  1. Rimini Street Earns Additional Great Place to Work® Certifications in US, Australia, and New Zealand

Sep 8, 2022


Rimini Street is now globally recognized by its employees for building an inclusive, high-trust, high-performance culture with career growth and development opportunities for all employees.

“The certification is the only official recognition determined by employees’ real-time reports of their company culture. Earning this designation means that Rimini Street is one of the country’s best companies to work for,” said Sarah Lewis-Kulin, vice president of global recognition at Great Place to Work.

According to Great Place to Work research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at certified workplaces are 93% more likely to look forward to coming to work, and are twice as likely to be paid fairly, earn a fair share of the company’s profits, and have a fair chance at promotion.

Rimini Street has excelled beyond its global Great Place to Work certifications, earning additional awards, including “Great Place to Work for Women” in the UK and “Best Leaders in Times of Crisis” in India – a recognition of the Company’s extensive support of its employees during the COVID-19 pandemic.

Source: Market Screener 

  1. Labor market added 315,000 jobs in August, a bright spot in the economy

Sep 8, 2022


The U.S. labor market added 315,000 jobs last month, hitting a 20-month streak of strong job growth that’s powering an economy through ominously high inflation.

Monthly change in non-farm jobs

The August jobs gains were far lower than the stellar July job growth when half a million people found work. Still, the labor market remains an area of strength for the economy, especially as the Federal Reserve raises interest rates to rein in blistering inflation, which is weighing on the housing sector.

“The great American jobs machine continues its comeback. American workers are back to work, earning more [in] manufacturing, building an economy from the bottom up and the middle out. With today’s news, we have now created nearly 10 million new jobs since I took office,” Biden said in comments at the White House.

The biggest gains were in professional and business services, which added 68,000 jobs last month, shooting past its pre-pandemic numbers. There was a big job boost in computer systems design, management and technical consulting, and architectural and engineering services, while legal services lost 9,000 positions.

Source: The Washington Post 

  1. COVID’s wrath is receding: Women from 25 to 54 are returning to the job market

Sep 2, 2022


The construction industry is fighting to recruit more women into a sector that faces chronic labor shortages. Women make up only 4% of skilled construction laborers in the U.S. and often face discrimination on job sites.

Source: USA Today

Field: Remote Work Market

  1. 9 questions applicants are Googling about remote work right now | Benefit News

Sep 7, 2022


The University of the Potomac recently analyzed data from Google Trends and found that the number of people searching for “remote jobs hiring immediately” has increased by 262%, compared to the same search period from 2021, suggesting that the amount of applicants on the job hunt is at an all-time high. 

Simultaneously, searches for “work when you want remote jobs” grew by 556%, and searches for “remote positions” increased by 85%, according to the university. It’s no surprise that the workforce is on the lookout for something better:  at least 4.5 million Americans quit their jobs in March 2022 in search of better perks, benefits, and culture, all while inflation was skyrocketing to 8.6%.  

“One of the many benefits that remote jobs offer is that you are not limited by your local job market,” Elise Alva, director of career services at the University of the Potomac said in a release. “The moment you start searching for remote jobs, doors to a world of possibilities open up for you that you would not otherwise have access to.” 

These are the top nine questions current job applicants are asking, and Alva has a few answers and expert insight for them:

  1. “What skills to put on your resume?”
  2. “How to list references on a resume?”
  3. “How to write a cover letter?”
  4. “How to prepare for an interview?”
  5. “What questions to ask in an interview?”
  6. “What to wear to an interview?”
  7. “How to follow up after an interview?”
  8. “How to get a remote job?”
  9. “Jobs where you can work from home?”

Source: Benefit News 

2. Co-living takes off in Europe amid remote work boom and cost of living crisis

Sep 8, 2022


Husbands, 43, is an IT consultant who also runs her wellness brand SophiaWorld. She took up the opportunity to work remotely for a while and found a room at the Awid Aman Nomad Community in Tenerife.

‘A lot of demand and very little supply’

The idea of co-living has taken off in recent years, with more companies getting involved in a space that they see as ripe for growth.

“There is a lot of demand and very little supply,” said Riccardo Tessaro, the CEO of Gravity Co-living, which currently has four co-living accommodation buildings in the UK.

He told Euronews Next the number one draw for co-living is flexibility.

“You have a lot of young professionals moving around cities, especially tech professionals.”

Riccardo Tessaro
CEO, Gravity Co-living

“We offer anything from one month to 12 months. This is because the demand for residential housing is changing very quickly. You have a lot of young professionals moving around cities, especially tech professionals”.

Those tech professionals are a particular target of Gravity’s marketing, with the company looking to establish links with the big tech players as it grows.

Gravity recently raised £5 million (€5.7 million) in funding as part of a move to expand to other European business hubs, with plans already in motion to set up in Barcelona, Paris, and Milan.

Tessaro listed the key benefits of Gravity co-living as “flexibility, the fact it’s all-inclusive, access to a dynamic community of young professionals, and all the benefits that can have from a social and professional perspective.”

Source: Euronews 

3. Amazon CEO Andy Jassy says he has no plan to force workers to return to the office | CNBC
Sep 7, 2022


Amazon CEO Andy Jassy said the company doesn’t plan to order corporate employees to return to the office.

Jassy said Wednesday, most employees have returned to physical offices and are spending some days working from home. Certain teams tend to be at the office more often, such as hardware or creative units, while others, such as engineers, continue to work largely remotely, he added.

Amazon’s position on remote work differs from some of its tech peers. Google began requiring most employees to return to physical offices at least three days a week in April, which has generated some pushback among workers who oppose the mandate.

Source: CNBC

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