November 3, 2022
Illustration: simplehappyart/iStock/Getty Images Plus; Protocol
Welcome back to our Workplace newsletter. Today, Amazon and Qualcomm are freezing corporate hiring and big cuts are coming to Twitter, Lyft, and Stripe. Apparently, sleeping on the office floor is back. And 81% of HR execs told PwC they were reducing head count through layoffs, more aggressive performance management, or otherwise.
— Allison Levitsky, reporter (email | twitter)
Elon isn’t the only one planning big cuts to his workforce. If you’re not scaling back, you’re in the minority of HR chiefs, according to a new Pulse Survey from PwC. Four out of five chief HR officers across sectors told PwC they were reducing their workforce “to a great extent.”
Managing out low performers is easy enough — keeping employees engaged and productive is harder. Execs expressed more confidence that their companies could eliminate unwanted employees than ensure high performance.
Amid all these cuts, companies are still hiring. The so-called labor market paradox that surfaced in PwC’s Pulse Survey in August — where companies were both cutting staff and staffing up — is still in effect.
Return-to-office is on the rise. Across industries, 42% of execs said they now expect employees to work on site four or five days per week, and another 22% said they required three days per week of in-office work. (Apparently we can count Musk among this group — the new Twitter boss is planning to order the company’s employees back to the office.)
Green jobs and corporate climate pledges abound, but skilled sustainability professionals are scarce. A new report from Microsoft and the Boston Consulting Group on “closing the sustainability skills gap” found that 57% of sustainability professionals lacked a sustainability-related degree, and that more than 40% had no more than three years of sustainability experience.
The job opportunities are increasing — green jobs grew 8% per year between 2016 and 2021, according to the LinkedIn Green Jobs report. But the talent pool lagged, only growing at 6%. Scientists are leaving academia and engineers are leaving Big Tech in order to work on climate tech, but that might not be enough to fill the widening gap.
No two recessions are alike. In fact, eight in ten workers reported looking for a new job before the upcoming market shift. Learn what HR can be doing to ensure meaningful retention today and in the near future.
Trust and transparency in the workplace are on the rise as knowledge workers head back to the office, according to a new report from Atlassian.
Anyone else having a bad case of Great Resignation whiplash? It’s hard to keep up with which tech companies are growing, shrinking, floating, or sinking. We’re here to help.
⬇️ Stripe is cutting 14% of its workforce, which will bring its head count to around 7,000.
⬇️ Twitter is reportedly preparing to lay off half of its workforce, which entails around 3,700 jobs, starting Friday.
⬇️ Lyft is cutting 13% of its employees, around 700 in total, The Wall Street Journal reported.
⬇️ Amazon is freezing corporate hiring, the company announced on Thursday.
⬇️ Qualcomm said it froze hiring at the start of the quarter, according to CNBC.
⬇️ Chime laid off 12% of its staff, around 160 employees, despite being “well-capitalized,” as co-founder and CEO Chris Britt told employees in a memo.
For more news on hiring, firing, and rewiring, see our tech company tracker.
In conversations around pay equity and pay transparency, the stakes are high and the responsibility is stressful for HR. Learn how to confidently and capably discuss these topics with everyone from executives and managers to entry-level employees with three important steps.
A roundup of workplace news from the farthest corners of the internet.
“Ask her not to walk like that.” Women face massive sexism challenges in the tech industry in India. (Rest of World)
Sleeping on the office floor is back — at Elon Musk’s Twitter, at least. (Insider)
Everyone’s productivity is plunging. (The Washington Post)
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