WSJ Reports 'The Balance of Power is Shifting Back to Bosses' (msn.com) 43
The ratio of vacant U.S. jobs to jobless workers "has fallen from a record of 2 in 2022 to 1.1 in November," reports the Wall Street Journal — which adds that "the balance of power between employers and employees has shifted as the labor market has gone from white-hot to merely solid."
JP Morgan's five-days-a-week return-to-office mandate was only the beginning, with big companies like Amazon and Dell "tightening remote-work policies, shrinking travel budgets and cutting back on benefits... Companies are slashing perks such as college-tuition assistance and time off for a sick pet... " 76% of [U.S.] job growth in the past year has been in healthcare and education, leisure and hospitality, and government. In fields such as finance, information, and professional and business services, job growth has been far weaker. While a shift in leverage to employers might have shown up in layoffs or wage cuts in the past, now it is more subtle, often in changes to working conditions. For example, knowing that some workers will quit rather than return to the office, some companies are ending remote work as a way of trimming payroll. "Quiet quitting" — workers who slacked off rather than quit — has been replaced by "quiet cutting" — employers who cut jobs without actually announcing job cuts...
Michael Gibbs, a professor of economics at the University of Chicago's Booth School of Business, said the new mandates might simply be a message to workers that times have changed. "Firms are trying to reset expectations," he said... [After refusing her employers return-to-office four-days-a-week mandate, Mayrian] Sanz, who now works as an independent business and leadership coach, said she applied for 25 to 30 jobs listed as remote but initially got no responses. When some hiring managers finally replied, they had a surprise: Jobs listed as remote would now be in-office. "They just say everything is shifting to going back to the office," she said.
Among tech workers, the share receiving perks such as paid volunteer hours, college-tuition reimbursement, free financial advice and mental-health programs all declined by about 4 percentage points in 2024 from 2023, according to Dice, a technology job board. Average bonuses fell by more than $800, from $15,011 to $14,194. Meanwhile, Netflix has quietly backed off from its unlimited parental leave in a child's first year, The Wall Street Journal reported last month. A company spokesman said at that time that employees have the freedom and flexibility to determine what is best for them.
The article notes that "The actual impact of return-to-office directives remains to be seen," with economists "skeptical" the directives make companies more productive and faster-growing: Many workers now being called in were already spending some time in their cubicles. Nicholas Bloom, a professor of economics at Stanford University, said most of the benefits of collaboration can be achieved with just a few days in the office, while some tasks that require concentration are better done at home.
Elsewhere the Wall Street Journal that looking for a job "is set to get less miserable this year," since roughly two-thirds of U.S. employers plan to add permanent roles within the next six months, "according to a new survey by staffing and consulting firm Robert Half."
And Computerworld notes that the IT unemployment rate is now just 2% in the U.S. (according to official figures from the US Bureau of Labor statistics).
JP Morgan's five-days-a-week return-to-office mandate was only the beginning, with big companies like Amazon and Dell "tightening remote-work policies, shrinking travel budgets and cutting back on benefits... Companies are slashing perks such as college-tuition assistance and time off for a sick pet... " 76% of [U.S.] job growth in the past year has been in healthcare and education, leisure and hospitality, and government. In fields such as finance, information, and professional and business services, job growth has been far weaker. While a shift in leverage to employers might have shown up in layoffs or wage cuts in the past, now it is more subtle, often in changes to working conditions. For example, knowing that some workers will quit rather than return to the office, some companies are ending remote work as a way of trimming payroll. "Quiet quitting" — workers who slacked off rather than quit — has been replaced by "quiet cutting" — employers who cut jobs without actually announcing job cuts...
Michael Gibbs, a professor of economics at the University of Chicago's Booth School of Business, said the new mandates might simply be a message to workers that times have changed. "Firms are trying to reset expectations," he said... [After refusing her employers return-to-office four-days-a-week mandate, Mayrian] Sanz, who now works as an independent business and leadership coach, said she applied for 25 to 30 jobs listed as remote but initially got no responses. When some hiring managers finally replied, they had a surprise: Jobs listed as remote would now be in-office. "They just say everything is shifting to going back to the office," she said.
Among tech workers, the share receiving perks such as paid volunteer hours, college-tuition reimbursement, free financial advice and mental-health programs all declined by about 4 percentage points in 2024 from 2023, according to Dice, a technology job board. Average bonuses fell by more than $800, from $15,011 to $14,194. Meanwhile, Netflix has quietly backed off from its unlimited parental leave in a child's first year, The Wall Street Journal reported last month. A company spokesman said at that time that employees have the freedom and flexibility to determine what is best for them.
The article notes that "The actual impact of return-to-office directives remains to be seen," with economists "skeptical" the directives make companies more productive and faster-growing: Many workers now being called in were already spending some time in their cubicles. Nicholas Bloom, a professor of economics at Stanford University, said most of the benefits of collaboration can be achieved with just a few days in the office, while some tasks that require concentration are better done at home.
Elsewhere the Wall Street Journal that looking for a job "is set to get less miserable this year," since roughly two-thirds of U.S. employers plan to add permanent roles within the next six months, "according to a new survey by staffing and consulting firm Robert Half."
And Computerworld notes that the IT unemployment rate is now just 2% in the U.S. (according to official figures from the US Bureau of Labor statistics).
Gee it's almost as if something changed (Score:5, Insightful)
Fun fact high interest rates are tailor-made the create layoffs. To get you fired. The way we control inflation in this country is by causing mass layoffs resulting in massive pay cuts and people burning through their savings and going up to their eyeballs in debt. Then we all work harder and consume less and the combination of increased productivity and reduced consumption is what is supposed to control inflation.
Of course with a almost complete lack of competition in America now thanks to decades of mega mergers and zero antitrust law enforcement there is little or no reason for companies to cut prices or even stop raising them.
Meanwhile the job market is perpetually getting worse. It's just a good thing everybody here on slash dot is so young and vibrant so that we don't need to worry about it when we get laid off..... That's only something that happens to those other guys never us.
Re:Gee it's almost as if something changed (Score:5, Insightful)
Re:Gee it's almost as if something changed (Score:4, Interesting)
But you need to be careful, because with desperation comes desperate action if one believes they have nothing to lose.
Think what Luigi Mangione did when he killed that CEO. Sure he's going away to prison, but the authorities have been treating him like he's Osama Bin Laden and going to cause another 9/11.
Or how they're trying to get all merchandising promoting what happened off the internet.
I think people are simply watching what's going to happen first. And the desperate might decide that there's nothing to lose and go for the big scores, Especially if more do the same and then realize that there's more of them than of the billionaires.
The Secret Service might be able to protect Mar-A-Lago against a small crowd, but a bigger crowd and they'd get Trump off the roof and onto a helicopter while the masses start razing it to the ground like the LA wildfires. And then the other billionaires like Bezos and such? All in Florida.
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The Luigi thing happened once. It will not happen again. Security is too tight now
You live in a crazy fantasy world.
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The 1% know that (Score:1, Troll)
over changeing him may lead to him getting off! (Score:2)
over changing him may lead to him getting off!
Say they aim to high get an not guilty on a top change and then he walks.
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My AMD was purchased at 9. And more at 32. But that's irrelevant.
Either way the math is simple. There is a max to be made on bad economic times and effectively unlimited upside in good times.
And if bad times go long enough and bad enough then we're all fucked as the entire economy collapses. It has happened many times over human history. Only stupid and insane people hope for a bad economy.
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Only stupid and insane people hope for a bad economy.
There are people who have gotten very rich selling short who would disagree with you.
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Sure in a large enough group you can always find edge cases. So?
I've been investing my whole life, talked with many professionals, read tons of articles and books, and etc etc etc. The people who engage in short selling are generally considered nuts by the rest of us. You have a capped upside and theoretically infinite downside. You realize if the stock goes up the short seller has to put in more money to cover the difference out of their own pocket? The limit to how much is ... unlimited, based solely
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Rising tides raise all boats.
No, they don't. Far from it, if your boat is securely tied to the dock with a short rope at load tide the rising tide will sink it.
And that is a close analogy for a growing number of people. The tide is going up, but they aren't rising with it. Instead they are in danger of drowning.Take a look at housing prices if you don't already own a home.
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Seriously?
Ok let's take Joe Normal with a blue collar job. Let's say he's a plumber with a GED and 10 years plumbing experience, age 29.
Is he better off in a good economy where houses are being built (and need new plumbing) people are working, making money, can afford to hire a plumber rather than DIY when something breaks, and so on?
Or is he better off when the economy is in a deep recession, everyone is holding tight to their money, no houses are being built, jobs are scarce, etc?
C'mon, the answer is obv
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Who, under what circumstances, is better off in a bad economy? What even remotely normal person is that?
I am not arguing with you in all contexts, but I figured I'd point out that in fact some people do better in bad economies. I imagine in the contexts you are thinking of your claims are valid and true. But let me add some more contexts.
I recall being told that Scentsy (a multi-level marketing company selling smelly candles) did better during recessions. The reason is more people are at home, depressed during such times and a nice smelling candle, sold by a neighbor who acts like they care about you during t
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Fun fact high interest rates are tailor-made the create layoffs.
Oh look this bullshit again. You just never stop with it do you? Despite the economics being explained to you that layoffs have nothing to do with it nor are they the goal you persist have have persisted since the COVID pandemic.
Are you out of materials? Is that it? All you're capable of is copying and pasting your same bullshit over and over again into any thread where you think it will be relevant?
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Fun fact high interest rates are tailor-made the create layoffs.
Oh look this bullshit again. You just never stop with it do you? Despite the economics being explained to you that layoffs have nothing to do with it nor are they the goal you persist have have persisted since the COVID pandemic.
I don't get it. It at least makes sense.
He's just mod baiting (Score:1, Offtopic)
It's almost endearing how much they care about me.
rsilvergun is a raging fucking moron (Score:2)
Right, there's some kind of grand conspiracy to "rob" you of positive moderation.
The WSJ may get this one wrong (Score:5, Interesting)
The reasons why:
1. Demographics - More people leaving the workforce then those entering. Baby boomers retiring and picky Gen-Z workers not wanting to work for certain employers.
2. Mass Deportations. At the low end of the job market, they may be a huge number of openings. Either that or Fruits and Vegetables will rot.
On the other hand:
We could see a severe recession or depression if the proposed tariffs go into effect all at once in a quick manner. In this case, the number of job openings will plummet, and there will be more people looking for work then jobs available.
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Fruits and vegetables are unlikely to actually rot since the deportations won't happen that quickly.
Trump says he wants to deport immigrants. However, all those migrant farm workers prop up the multimillionaires in the California Central Valley. That's Trump's base. We'll see if Trump is willing to stick it to his base. If you thought the red cities of central California were upset with Newsome and the water scarcity that decreased profits, wait until migrant farm worker raids completely kill those farms.
Of course, this will never happen. Trump will find a way to issue agricultural retirement of H1B visas
Nope (Score:2)
"WSJ Reports 'The Balance of Power is Shifting Back to Bosses'
No, it's really not.
Look at the return-to-work edicts the managerial class has issued recently, and look at what a flop it's been.
Right now it's a tug-of-war, but the number of people willing to go into an office and sit at a desk all day to do work they could be doing from the comfort of home is dropping every day. My company saw the tide turning and fully embraced WFH, and everyone loves it.
If they tried to make me come back into the office, I'
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Business cycles.
This country hasn't seen a real recession since 2008 and that one was pretty short and not too bad on the scale of things. 17 years of economic boom times has made many people forget what bad times are like, if they ever knew.
There -will- be another recession and another and another after that and so on forever. And when the next real one hits anyone who never experienced bad times like all Genz and many millennials is going to find out the hard way what's important in life. Hint: it isn'
Need more unions! (Score:2)
Need more unions!
Yes, it is, for good reason (Score:1)
What is a business for, in any country? Not to make you happy. I am not going to get into the discussion of how the social and economical aspects have to work together or they will both flop (which is why I hate anyone who thinks their party is the only way). Instead, all I will mention is that companies are there to make money. Not just in the US either. Regulations may be different but the goal is the same. I was a low level manager at a company and when they started letting people WFH, efficiency dropped
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source: "believe me,
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The company I'm at currently grew drastically during COVID and most of the staff is WfH. The company grew supporting companies transitioning to WfH for the pandemic, who have almost entirely stayed on that model and we continue to support them.
What's interesting is that the offices with the most draconian policies that must be really 'fun' places to work are the ones demanding RTO and growing their physical office space, just like you'd suspect.
If you're doing electronic clerical work and need a phone...
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Many businesses went under during the pandemic. It wasn't because people weren't productive when they worked from home, but because people changed their spending habits. A few late projects won't kill any business that is well-positioned, but changes in the spending habits of their customer base absolutely will. I think you may be using the logical fallacy of "post hoc ergo propter hoc." Your employer went belly-up after people started working from home, but that doesn't mean that working from home is t
Productivity will go back down (Score:3)
From 2023 (Score:2)
In September of 2023, Tim Gurner, founder and CEO of the Gurner Group, had this to say about workers: [independent.co.uk]
“We need to see unemployment rise. Unemployment has to jump 40, 50%,” said Gurner, because “arrogant” workers aren’t productive enough for his liking. “We need to see pain in the economy. We need to remind people that they work for the employer, not the other way around.”
In this case he was talking about Australia, but clearly it could apply to any business [msnbc.com].
The WSJ says (Score:2)
Definitely possible, but it's like RTO. A lot of companies will probably never go back to full time, or even more than voluntary, office work. They might have team meetings a couple times a year, most of my friends are like that now, but even that isn't cheap.
Plus a LOT of people were hired a hundred (or more) miles away from any office. I know a few people who aren't
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However, I think that number is a bit misleading in terms of "balance of power." Right now, it's still really hard to hire *good* people. There are many people employed as technologists who aren't really capable of doing their jobs. We are still in somewhat of an employment bubble where employers are settling for whomever they can get rather than the skills they actu