Welcome back to our workplace trends digest. As usual, we dive into the news and meaningful discussions on how the future of work is transforming.
Last week was highly turbulent for Big Tech. With companies under the pressure to report their quarterly earnings – and some realizing the numbers don’t hit their targets – layoffs mounted and affected hundreds of employees.
At the same time, things look quite bright for hybrid work which companies are increasingly accepting as an inevitability.
Without further ado, let’s dive into the news.
Elon Musk Begins Layoffs at Twitter | New York Times
After his first week as Twitter’s top man, Elon Musk is wreaking the havoc of layoffs employees have been dreading for months. The billionaire’s way to handle workforce reduction led to a massive outcry – teammates had no prior notice of the layoff and found their credentials disabled overnight. What’s more, Musk decided to axe Twitter’s ethics- and moderation-focused teams that would have been crucial in Tuesday’s mid-term elections.
Lyft lays off 13% of workforce as it tries to slash operating expenses | TechCrunch
In an attempt to cut operating costs, the company is bidding farewell to over 600 employees. Since the start of the year, the company’s stock price has been dwindling and is now 73% lower than it was in January. Today (November 7th), Lyft is scheduled to report its Q4 revenue – once it does, there might be more clarity on why the company is cutting its workforce so drastically.
Stripe lays off 14% of workers | CNBC
Patrick Collinson, the CEO of Stripe, shared a memo with his team this Thursday, according to which, the company is laying off 14% of its workforce. The decision is the result of Stripe executives miscalculating the speed of the Internet economy development and sharply rising operating costs. “Stripe is overhired for the world we are in”, Collinson writes.
Amazon.com to freeze hiring in corporate workforce | Reuters
Amazon announced a global hiring freeze for the rest of the year. According to Reuters, the company made this move to adapt to an “unusual economic development” it has been placed in. Yet, Beth Galletti, the VP of People Experience and Technology, is hopeful the company will hire a “meaningful number of people” next year.
Hybrid and remote work
Americans Move to Mexico at Record Pace as Remote Work Beckons | Bloomberg
Struggling to get by in a soaring housing market, Americans are moving to Mexico. Empowered by remote work, they relocate to the neighboring country at an unprecedented rate, bringing billions of dollars into the country’s economy.
The Best Paid Remote Jobs and How to Get Them | TIME
TIME shares a list of high-paid remote-friendly job titles that combine work-life balance and a sizeable paycheck.
Startups, Investors Bet on Remote Work Future | WSJ
The widespread remote work frenzy is coming to an end but employers are not done investing in remote collaboration tech and investors keep backing these startups. Granted, remote work might not be ubiquitous n the post-pandemic workplace, but it will stay and need a sturdy technological backbone.
Remote work may level the playing field and ensure women aren’t forced to “walk on eggshells” | Fortune
The global workforce is a long way to go from closing the gender pay gap or completely leveling the playing field for women in the workplace. Yet, switching to remote work may have been a huge win in advancing gender equality – Fortune explains how it empowers working women.
Management and leadership
How Bullying Manifests at Work — and How to Stop It | Harvard Business Review
Bullying comes in many forms and manifestations – it can be “hot” or “cold”, “open” or “covert”. Regardless, it costs companies a lot in missed opportunities, the physical and mental health of their employees, and reputation in the public eye. That’s why knowing how to catch the early signs of workplace bullying is vital to successful management.
New workplace norms: Is it okay to quit via text, Slack, or email? | The Washington Post
The shift to remote work created a new trend: leaders firing teams via email and employees leaving their jobs via Slack. What does it tell about the state of our workplace and should managers try to re-humanize employee exit?
Slack CEO Stewart Butterfield On Meeting Overload, A ‘Dystopian’ Metaverse And A More Intentional Future Of Work | Forbes
Slack, along with Zoom and Teams, was among the defining products of the pandemic – it united disoriented teams and gave them a toolset for remote work when meeting face-to-face was no longer an option. Steward Butterfield, the CEO of Slack, shares his view on how technology will lead the change in the way we work and calls for intentionality in workplace design.
What Managers Can Do About Burnout | The Atlantic
Until burnout enters DSM-5 and readily available remedies hit the market, managers are the ones responsible for making sure no employees on their team are taking more than they can carry. In an insightful interview with a mentor who trained thousands of managers, The Atlantic gives managers actionable tips for addressing burnout.
The rise of the ‘chief remote officer’ | BBC Worklife
While some companies took an ad-hoc approach to designing a hybrid workplace, others aim for clarity and control. To stay ahead of the trend, forward-facing leaders are implementing remote-focused roles, like Chief Remote Officer. Learn more about the responsibilities of these executives.
Workplace tech is changing fast. Are companies keeping up? | Quartz
In the past two years, companies were focusing on creating comfortable remote environments for their employees – improving the quality of audio and video, supplying teams with powerful hardware, and creating employee benefits to reduce employee stress and anxiety. Now companies are shifting from full remote schedules but finding theright technology to enable hybrid work is still a juggling act.
New Framework for Organizations to Succeed in Today’s Fragmented Workplace | Gartner
With all the advantages of remote and hybrid work, it still has a significant drawback – fragmentation. According to new research, employees who are pulled apart from their organizations are 57% less likely to be high performers and 86% more likely to leave their teams. Since fragmentation is a signature property of the workplace of the future, leaders should work towards minimizing its impact and bringing everyone together.
What is a ‘meta-employee’? | UNLEASH
Despite the widespread skepticism about working in the metaverse, some workplace experts see it as an excellent way to engage employees. They have a point, especially when it comes to younger workers. The new generation of employees grew up socializing online on social media, forums, and games and are ready to be successful as digital – or “meta” – workers.
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