Holiday Season Layoffs – Downsizing in Digital Media

pexels-photo-281417

Around this time of year, most people are taking this time to get ready to buy presents for their loved ones and look forward to cozy nights inside spent with family and their much-deserved break from work. Unfortunately, some families will be facing a lean holiday season this year, as layoffs echo throughout the working world.

The industry in particular that is experiencing downsizing this holiday season is online media. Digital media has been the focus of a recent round of layoffs for many prominent media companies:

Buzzfeed – 100 Workers

LA Weekly – 9 Workers

Oath – 560 Workers

ESPN – 150 Workers 

Condé Nast- 80 Workers

While layoffs are one way for corporations to improve their bottom line and increase profits into the future, they are never good for workers, especially at this time of year.

Here are some resources for laid off workers from the U.S. Department of Labor:

Rapid Response Services for Laid Off Workers

There are also laws that govern the handling of layoffs by companies, including the WARN, or Worker Adjustment and Retraining Notification Act that was enacted in 1988. You can read the full text of the law here.

 

 

Buzzfeed Layoffs Could Be a Huge Bellwether for Digital Media
The Oath Bloodbath Continues: 560 People Are Being Laid Off
In Latest Media Purge, ESPN Lays of 150 Staffers
LA Weekly Staff ‘Eviscerated’ by Layoffs, Says Editor
Layoffs Hit GQ as Condé Nast Cuts Continue

A New Take on Retirement?

bench-man-people-woman

What would your career outlook be like if your employer determined what age you would retire at the start of your career with them? Would you have more hope for the future? Or less?

“One way forward would be to amend current law to allow employers and employees to agree on a retirement age at the start of a new job. The contract could specify that, after a certain age, the employee could be terminated without cause.” A Wall Street Journal essay from this week by Saul Levmore and Martha Nussbaum proposes a new take on the current dominant retirement paradigms.

A Money magazine from last year discussed the issue: “You’ve heard the horror stories about many Americans retiring with puny nest eggs and little income to live on. Still, data show that more than two-thirds of Americans are out of the full-time workforce by age 66.”

According to the CDC, the average life expectancy is 78.8 years. This indicates that on average, Americans are spending between 15-20 years in retirement. This is a huge strain on the current Social Security system, and for employers as well, as current workers pay for the pensions of retired workers. Is there a better solution?

161201_limrachart.png

Let’s Agree on an Age to Retire

Average Retirement Ages in the U.S.: Probably Too Young

FastStats- CDC Life Expectancy

Vacation Time Unused in America

sea-beach-holiday-vacation.jpgHow many vacation days a year do you get at your place of work? Two weeks, none, or unlimited?

Today’s topic is paid leave in the Unites States – are American workers using their much-deserved time off? Research indicates that most Americans only take about two weeks off per year.

According to research from Project: Time Off, “By forfeiting vacation days, American workers gave up $66.4 billion in 2016 benefits alone. That means that last year employees effectively donated an average of $604 in work time to their employer.”

Why is this so important? The Project’s GfK survey data showed that: “Unused vacation days cost the U.S. economy $236 billion in 2016, due to lost spending. That spending would have supported 1.8 million American jobs and generated $70 billion in additional income for American workers. If the 54 percent of workers who left time unused in 2016 took just one more day off, it would drive $33 billion in economic impact.”

Not only does this have an economic effect on the country, it also takes a mental toll on the workers and their companies. Colleen Kane for Fortune writes: “when people don’t take time off to reset, their resulting stress and burnout can be detrimental to both workers and their employers.”

The benefits for employers for so-called “unlimited” vacation policies are illustrated in a recent article in the Wall Street Journal: “Employers say they like the policies because they can minimize staff burnout. It doesn’t hurt that they can save on costs, as the policies mean they no longer pay employees who leave the company for unused vacation days.” On the other hand, “unlimited vacation time isn’t a perfect solution to an overworked workforce. Employees can become more hesitant to take time off when they’re allowed to do it any time—and for as long as they desire.”

What do you think? Would you take unlimited vacation if it was offered? Or would you find it difficult to be away from the workplace?

Unlimited Vacation Time is a Lot of Work

Why Americans Just Won’t Take Time Off

The State of The American Vacation 2017

Vacay_in_America-infographic_1

Project: Time Off

Pay Transparency

pexels-photo-251287.png

Do you know how much money your coworkers are making? Would you want to know?

Pay transparency has been a hot topic in the news recently, due to legislation requiring corporations to disclose pay rates for their employees broken down by gender and race. However, many are using online sites such as Glassdoor and Indeed to look up median salaries by company, position, and location.

A New York Times article from last week by Jena McGregor outlines the growing demand for pay transparency: “Shareholders have pushed technology and financial services companies to release their gender pay gap statistics. More state and local governments have passed pay equity laws, some of which require state contractors to report data or certify they pay men and women the same.” McGregor also interviewed an executive from Glassdoor, who relayed that millennials in particular don’t see discussing salaries as taboo.

Payscale.com defines pay transparency in a different way: “Being more transparent about pay doesn’t have to mean posting everyone’s salary for all to see, though there are some companies that go that far. What it does mean is employees having an understanding of their company’s compensation philosophy, strategies and practices.”

hbr-payscale-market-pay-perception.png

What do you think? Should salaries be discussed openly in the workplace?

Push for pay transparency grows stronger

What is Pay Transparency and Why Does it Matter?

Parallel Careers- the rise of “Moonlighting”

pedro-lastra-162617

Have you ever had a second job in addition to your full-time gig? Or have you ever needed two or three jobs just to get by?

A recent article in The Japan Times discusses the increasing prevalence of the parallel career, pertaining to those “who hold multiple jobs or engage in various activities in addition to regular work.” In Japan, many millennials are choosing to reduce their hours at their regular job in order to pursue their passions and make extra money on the side. Some companies are even encouraging their workers to do so, claiming that it increases morale and productivity in the workplace.

The nature of work itself has changed over the years, in part due to the recession of the past decade. It is no longer a sure bet to work for the same company one’s whole life, and that company in turn would give their workers full benefits and a pension. Instead, workers are “moonlighting” and taking on multiple part-time jobs to fulfill their needs. Monty Mumford for Forbes writes: “The changes in those nine years have been profound. The notion of the freelancer as an outsider, as somebody who is not trusted enough or somehow too flaky to be employed full-time, is now the Average Joe, leveraging his or her time by mixing and matching any number of gigs to bring in dollars and a living income.”

What do you think? Would you rather work one full-time job, or multiple part-time jobs?

Parallel careers grow attractive for millennials, as lifetime employment loses luster

Moonlighting Takes The Gig Economy To The Next Freelancing Level

Create a website or blog at WordPress.com

Up ↑

%d bloggers like this: