Tag: employment perks

Bullish Jobs Prediction: Bank Of America Says Employment Will Return To Pre-Pandemic Levels By Year’s End

Daily Life in New York City Around The One-year Anniversary of The COVID-19 Shut Down

Following blockbuster data showing the U.S. added 917,000 jobs in March, analysts from Bank of America said they expect jobs to return to pre-pandemic levels by the end of the year if that pace of improvement continues.

It’s a much more aggressive prediction than other experts, including the Federal Reserve and Treasury Department, have taken so far this year.

Federal Reserve chair Jerome Powell has said that while he’s optimistic that hiring will pick up in the coming months, it’s “not at all likely” the U.S. will reach maximum employment this year.

In a hearing before Congress last month, Treasury Secretary Janet Yellen said she believes the economy may return to full employment next year.

Bank of America’s analysts said they expect “considerably more job creation” in the leisure and hospitality sectors—two areas hit hardest by the pandemic—in the months ahead as the U.S. economy reopens.

The growth Bank of America is predicting also comes with a risk, the analysts said: jobs could continue to accelerate beyond pre-pandemic levels right as trillions of dollars in stimulus spending kick in and the economy reopens in earnest.

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Employment Lawyer Alex Lucifero answers questions about Employee Rights When Businesses Reopen during the COVID-19 Pandemic in Canada. Can my employer discipline or fire me if I don’t feel safe returning to work when the business reopens? Can my employer recall me from work and put me in a different job, or give me different responsibilities? Can my employer recall younger employees before older employees, in an effort to protect the latter from COVID-19? Lucifero, an Ottawa employment lawyer and partner at Samfiru Tumarkin LLP, joined Annette Goerner on CTV Ottawa Morning Live, where he answered those questions and more.

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All those factors could lead to dangerous overheating and inflation, which could destabilize an already fragile economic recovery and rattle investors.

Crucial Quote

“We saw the economy gain traction in March as the American Rescue Plan moved and got passed, bringing new hope to our country,” President Biden said during prepared remarks on Friday. Biden’s flagship pandemic relief bill authorized another $1.9 trillion in federal stimulus spending.

Big Number

9.7 million. That’s how many people are now unemployed across the country, according to the Labor Department, down from 22 million at the onset of the crisis last spring.

Key Background

Biden unveiled his next legislative effort, the $2+ trillion American Jobs Plan, earlier this week. That plan is designed to revitalize American infrastructure and manufacturing and  jumpstart the transition to clean energy and industry. The Georgetown University’s Center on Education and the Workforce estimated that the plan would create or save 15 million jobs over a decade and that three-quarters of the infrastructure jobs it creates would be for workers with no more than a high school diploma.

Further Reading

The U.S. Added 916,000 Jobs In March As Labor Market Comes Roaring Back (Forbes)

The Economy Doesn’t Need The Fed’s Easy Monetary Policy To Keep Booming, BofA Says (Forbes)

$1,400 Stimulus Checks Are Already Working As Credit, Debit Spending Surges 45%, BofA Says (Forbes)

Powell And Yellen Praise Aggressive Stimulus Spending, Acknowledge Incomplete Economic Recovery In Congressional Testimony (Forbes)

Sarah Hansen

Sarah Hansen

I’m a breaking news reporter for Forbes focusing on economic policy and capital markets. I completed my master’s degree in business and economic reporting at New York University. Before becoming a journalist, I worked as a paralegal specializing in corporate compliance.

Source: Bullish Jobs Prediction: Bank Of America Says Employment Will Return To Pre-Pandemic Levels By Year’s End.

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Bill Gates Says You Must Offer This Perk if You Want to Hire the Best People

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Recruiting talent over the next decade will be challenging for many companies. As the work demographic continues to shift and technology advances at breakneck speed, traditional brick-and-mortar companies will be challenged to recruit and retain the best talent available.

Bill Gates understood this several years ago when he imparted on us wisdom that is now deemed conventional:

The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area.

The gig economy, remote work, compressed workweeks. It’s clear we have transitioned to an age where workers expect more flexibility. But while “flexibility” has increased substantially, the majority of companies today are either unable or unwilling to adapt to the lifestyle demands of young workers. In turn, they’re losing good talent to companies with more flexible options like remote work.

Why you should offer more flextime for employees

According to a recent study by FlexJobs, 84 percent of Millennials want more work-life balance and 54 percent want to work a flexible or alternative schedule.

According to Global Workplace Analytics, up to 90 percent of the U.S. workforce say they would like to “telework” at least part-time, with two to three days a week being the sweet spot for the right balance of “concentrative work (at home) and collaborative work (at the office).”

Other research from survey software firm Qualtrics found that roughly 76 percent of Millennials would take a pay cut to work for a company that offers flexible office hours.

So what are some tangible business reasons why companies should offer their employees flexible work options?

1. Longevity.

According to The Deloitte Global Millennial Survey 2019, Millennials and Gen Z may stay in a job for more than five years if their employers are flexible about where and when they work.

2. Job satisfaction.

According to a recent Staples study, a massive 90 percent of workers indicated that more flexible work arrangements will boost morale and increase their satisfaction at work–a key component of employee recruitment and retention.

3. Companies save money.

It’s a simple equation: Healthier employees lead to more engaged and productive employees. Lost productivity due to poor health costs U.S. businesses nearly $226 billion per year. Companies also pay less in health coverage for healthier employees.

4. Improve employee retention.

Companies with no flexible working policies in place are losing valuable talent. Per the Staples study listed above, 67 percent of employees would consider leaving their jobs if work arrangements become too fixed.

5. Recruit better talent.

Flexible working will also improve your recruitment metrics. A 2018 Zenefits survey found 77 percent of employees list flexible work as a top perk when evaluating job opportunities.

6. Employees are more productive.

People who have some control over their schedules are more productive, plain and simple. Ron Friedman, award-winning social psychologist and author of The Best Place to Work: The Art and Science of Creating an Extraordinary Workplace, said in an interview, “We have decades of studies showing that people are happier, healthier, and more productive when they feel autonomous.” Friedman explains that autonomy is a basic psychological need so that “the more autonomous we feel, the more likely we are to be engaged.”

The future is here

Compared with five years ago, 40 percent more companies are now offering flexible work arrangements as the demand for remote and flexible arrangements rise in unprecedented numbers. Firms not jumping on the bandwagon will be at a significant disadvantage as younger generations seek out flexible work options.

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