Future of work trends and news: Goldman Sachs lays off up to 5% of its staff, managers spy on quiet quitters

We are back with a summary of the latest news, trends, and tips on the future of work for founders and team leaders. 

Last week, the banking industry was shocked by a large layoff looming over Goldman Sachs. Also, there’s a lot of discussion around the benefits of diversity in the workplace and ways for leaders to make sure employees who fall outside the standard white male profile feel engaged and heard.  

For more news on startup layoffs, hybrid work, and team management, take a look at other episodes of our digest. 

Let’s get started. 

Layoff news

Goldman Sachs to kick off Wall Street layoff season with hundreds of job cuts this month | CNBC

The Wall Street giant opened last week with major layoff news. The company will reportedly be bidding farewell to up to 5% of its low-performing workforce. Considering the company’s 47,000 headcount, even the lower end of the spectrum means hundreds of laid-off workers.

Twilio lays off 11% of its staff as it aims for profitability in 2023 | TechCrunch

The company is laying off around 800-900 of its staff in an effort to face an economic downturn. Commenting on the layoff, the startup’s CEO Jeff Lawson called it a “wise decision” that should help Twilio reach profitability. 

What the high-profile layoffs at Snap, Netflix, and other companies could mean for the economy | Vox

News from Wall Street and Silicon Valley are keeping employees on the edge of their seats. As tech and banking giants, together with high-growth startups, are laying off thousands of staff, many are wondering what to make out of the trend. In a new piece, Vox investigates whether the wave of layoffs is a red flag or a one-time anomaly. 

Hybrid work

Seeking to be hybrid work all-in-1 platform, Envoy acquires Worksphere | VentureBeat

According to the editorial, Envoy, a workplace solution platform, is acquiring Worksphere, a platform designed to facilitate hybrid office management. The acquisition shows that tech players are willing to bet on hybrid work as a long-lasting arrangement. 

Why hybrid work schedules have made some commutes worse | Washington Post

According to experts, as leaders choose similar days for in-office work (like Monday and Wednesday), commutes in metropolitan cities start taking more time than they used to three years. In a Wall Street Journal article, people working in a hybrid work environment share their struggles in getting to work on time, and survey data shows that these concerns are reasonable. 

Google’s Former CEO Thinks Hybrid Work Is A Bad Idea. He’s Right, But For the Wrong Reason  | Inc Magazine

It looks like Eric Schmidt, Google’s former CEO, was at least partially right in criticizing the hybrid work model. However, his rationale for wanting people to work in the office is out of touch with the current reality of hybrid. In fact, the latest trends like hot-desking and infrastructure pressure put on offices show that leaders should focus on maximizing their employees’ WFH time. 

Your Business Has Decided on Hybrid Work… Now What? | CIO

Hybrid work helps business leaders kill two birds with one stone: attract skilled talent by promising flexible schedules, as well as accommodate those who work better at their office desks. However, creating an optimal hybrid schedule and employee experience is a challenge for IT departments who know have to create new infrastructures and often color outside the lines. 

Workplace culture

3 Workplace Biases that Derail Mid-Career Women | HBR

As much as women struggle with not being treated seriously and not being present at meetings that can fuel career development, according to Harvard Business Review, female workers face even more discrimination and pressure mid-career – between their 30s and 40s. 

Strong Workplace Cultures Are Key To Navigating A Shifting Workforce | Forbes

The shifts between office, remote, and hybrid work models sparked a larger-scale trend of job-shifting. Employers are struggling to retain employees who are ready to embark on a search for positions with better salaries and optimal work-life balance. Learn how cultural diversity in the workplace helps solve the job-shifting dilemma. 

Business leaders, your inclusivity plan is missing something (and it’s people like me) | FastCompany

Though leaders are increasingly focusing on diversity in the workplace, neurodivergent employees are often overlooked and left pressured to fit the mold. For them, integrating into team dynamics is a lot harder than for neurotypical workers – that’s why leaders should put in extra effort to accommodate brain function diversity. 

To scale your culture, show purpose | Unleash

How to make sure your team brings themselves to the workplace instead of mechanically clocking through the day? Claude Silver, an executive for VaynerMedia shares his tips and strategies for solidifying workplace culture through purpose for Unleash. 

Where the boss-worker power struggle goes next | BBC Worklife

Throughout the pandemic, employees and managers were often at a tug-of-war. Yet, up until recently, the workforce had the upper hand and drove organizational decision-making. As the economy braces for a downturn, will the tables turn? 

Female labor force participation is up. Don’t celebrate just yet | Fortune

A positive trend of female employees reentering the workforce might make leaders think they won the battle for diversity. However, it’s too early to declare success as ensuring retention and workplace engagement is as challenging as it used to be. 

Who Are America’s Missing Workers? | The New York Times

During the last two quarters of 2021 and the first half of 2022, the number of employees quitting their jobs hit an all-time high. Since then, most of them have joined the workforce but some haven’t yet found an application in the workforce. The New York Times is taking a deep dive into America’s missing workforce. 

More Bosses Are Spying on Quiet Quitters. It Could Backfire. | Wall Street Journal

To fight quiet quitting, managers are tightening the grip on productivity monitoring. They might hope that spyware will increase workplace visibility and motivate teams to do their best, but, thus far, the plan is backfiring and fostering toxic work culture. 

This digest of workplace trends, layoff news, and management tips is brought to you by oVice – a platform that ensures productive and seamless communication between remote and hybrid teams. 

We support over 2,000 companies with customizable virtual office spaces that bring the best of the physical workplace online – ease of starting a conversation, a sense of proximity and unity among employees. Take a look at how oVice works to see if the platform can help your team do its best.

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