Are Remote Workers More Likely To Be Laid Off?
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- Опубликовано: 5 июн 2024
- Are Remote Workers More Likely To Be Laid Off? The data is in, and yes, you are 35% more likely to be targeted in a downsizing. Let's break down the numbers, and the layoff trends for the last week of January.
0:00 - remote worker data
2:47 - January layoffs
5:08 - tech layoffs
7:56 - wage growth for 2024 doesn't look good
8:33 - inflation's impact on the unemployed
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Remote or not, if the company wants to get rid of you, they'll do it. That's why I always tell people save their $ & live frugally cuz you never know when the boss gives you the axe.
always have a rainy day fund 👍
Totally agreed! There’s NO SAFE employment if you work for someone else! Due to rapid changes in technology, restructuring in companies, bankruptcy, and the CEO and investors just having a bad day, as a worker you can be let go at any time. Few employers will offer affordable healthcare, a pension, or a unionized job these days. There’s 0 loyalty from employers towards employees so it’s only fair to keep ALL your options open as a worker. I’m a versatile Gen-X and I’ve done a lot of things over the years because I’ve had to. I’m perfectly comfortable in an office environment but dislike the politics that go with it. I’m not afraid of physical labor but after a certain age it’s too hard on the body. I’m definitely looking to pivot towards something that sustains a longer term future on my own terms now. I’m pessimistic about jobs/employment/employers in general because I’ve seen way too much over the years to be happy with the current trajectory.
Good advice. You want to be prepared so that you aren't desperate if you get laid off.
Bingo! Couldn't have said it better myself. At the end of the day, we're all at will employees and they can let any of us go for any reason-remote or in office.
But you have to be brutally honest and admit that living frugally, the textbook right way with no room for slack, straight up means eating nothing but rice and beans for a lot of people. And you say it can only be temporary, but we all literally watch as wages don't scale with inflation. So temporary just means you can later add some spices to the rice and beans now. It's clear that the general public isn't in a rush to change anything if people are either already in a comfortable spot themselves (meaning you have nothing else for your fellow citizens but internet hopes and prayers), or they hold out hope that they can be one of the people that can be far enough in the green to start ignoring everyone else that never will be by virtue of how the current system was designed to function.
Quick note, the gaming industry is an infamous employer. They're famous for working people as much as they can, like a sprint of 20 hours a day, then firing everyone when they're done. I know Blizzard is really famous for it.
Exactly, it is glorified by those who love gaming?
Why would you single Blizz out, they ALL do it…
@@fractalelf7760 I just picked an example, no singling
Yes, I don't do it, but I know a lot of people love video games and want to make one, but when they do they get rolled into a ruthless industry. It's so common it's warned about in schools.@@occamsshavecream4541
Yes they do, that's why he mentioned the whole industry in the first line. Blizzard gave the problem a lot of public attention@@fractalelf7760
You don't have to be remote. Companies always find ways to lay people off if they no longer have use for them.
Hello, sometimes they're laying off people they actually need, just assuming they can force everybody else to do more!
It’s so ridiculous how companies expect you to be in the office just to do work that CAN be done on a computer. I’m a teacher now. We had online training the other day. I was told no to working from home. Made no sense that I had to drive 40 minutes to just log into a zoom meeting.
Those CEOs face no resistance.
@@bernardmueller5676 it's insane, I was in the office Thursday where I got to hear the exact same phone call on three teams sessions within 10 feet of me. Make it make sense!
That is mind bogglingly stupid. Why on earth would executives even think that's a smart move to bring people into the office just for a Zoom call.
Sorry to say it but I think you should find a new job that is more flexible then once you get that job quit your current one
How are you a 'remote' teacher? I certainly hope not for K-12.
My friend, you said it yourself. Employer loyalty is dead and it's the employers, who killed it. We have to be always on the hunt anyway, because the only way to get proper promotions, is to hop jobs. So let us hunt and let us blacklist every company that ever laid us off, particularly if without notice.
Feel the same way! Often these days the only way to get more $ is to change jobs and sometimes at a rapid pace. I’m probably looking at changing jobs at least 3-5 times this year just to get to where I want to be and salary I deserve so that I can afford to actually live!
Theyv re been saying employer loyalty was dead back in the 90s though. So that hasn’t changed
Best comment
In the 90s, the company I worked for promoted from within. After 2000, it started filling upper levels from outside applicants.
@@shitmandood I was fortunate enough to work for a couple of really good companies in the 90’s. I miss those days when you could walk into a job and simply get it there on the spot. Younger generations will never know what that’s like. The BS that exists now is simply another way where progress doesn’t necessarily mean it’s a good system. It’s 101 gatekeepers, tests, one way interviews, interviews with multiple people up to 3-7 rounds. Many of these jobs aren’t even good nor do they pay well, but you have to go through ALL of that garbage just to get one! Going through temp agencies might be the least painful way to go now and practically guarantee to get a job. Perhaps not the best job but a job nonetheless.
There was a lady at my company that was horrible and everybody hated but was the only specialist for her one job for years. New Manager came, didn't put up with BS and canned her. Everyone was in shock. But the manager said everyone is expendable
Everyone is expendable.
That manager did good. Bad behavior should never be tolerated, no matter how much of a "specialist" you are.
I've met a few over the years. Really annoying people but have 'talent' and skills that are valued so everyone puts up with it.
Very helpful information. my sister recently was called back to the “office” after working remote for almost 3 years. She went in every day and after the second week, her manager mentioned that she was not being as productive. She mentioned well now that I’m having to drive in every day I don’t have the extra time to finish many of these tasks, round and round long story short, she quit.
Idiots 🤦♂️. They can have the productivity or they can have the ✨collaborative environment✨. They can’t have both
There you go. They are finding ways to let people go. Your sister complied and still was pushed out. But because she quit she is unable to collect unemployment and lost her severance package (if any). She only got her unused vacation time.
This is why it’s good to work for companies that are fully remote!
Exactly!
Though that does increase your likelihood of being affected if lay offs come to 100%
Ive seen companies that were 100% remote, suddenly start transitioning to more office work little by little.
Yeah those companies won’t survive long
@@canyonrun2565 which companies? Fully remote?
The genie is out of the bottle, good luck getting folks who have managed a more meaningful existence with work life balance to go back in the office.
I had two glorious years of full time remote work and I miss it. Now I'm hybrid 3 in office and 2 from home and its not the same.
@@NrdCoolThe hybrid model is dumb. If you can work remotely a few days a week, then you can do it five days a week.
@@Maki-00 they're justifying their rent by having people on a hybrid work schedule.
@@smoothandchunky1 And boomers need someone to talk to.
@@smoothandchunky1 Sunken cost fallacy. They have to pay their corporate lease either way. If they end up losing good talent as a result of RTO initiatives, they're just harming themselves even more.
I was hired by a company as a software engineer few years ago with the understanding that our team had to be in the office 2 days a month at one time. The CEO decided he wanted everyone in office 4 days a week. Our whole team told our boss we'd be looking for other remote jobs if that happened. Our boss went to bat for us. She told CEO if you do that they are going to quit. So our team is still under our normal negotiations.
That can work if the company can’t afford to lose almost everyone in the department. Especially if it will hurt the bottom line.
They will still layoff because they can always hire smart IT people in other countries in Asia or India.
@@Bitcoin_Gold you're neglecting huge time zone differences, language differences, cultural differences, and (for South Asia) population level intelligence differences.
@@Bitcoin_Gold It's not as simple as that. There are regulations and procedures in place.
@@Bitcoin_Gold sure if you want your company to suffer
I'm retired. If I had to do it all over again I might start a lawn care/landscaping business. Oh, I know self employment has it's headaches but, I'd miss all that layoff baloney.
Almost consider the same thing, but getting too old to expect to do that type of work for 10+ years. Also, not at all a racist comment. I actually have a lot of respect for Hispanic culture and the folks who work here legally- but if you live an area where there is significant population of them, you will get undercut on every job.
Honestly it's what I'm aiming to do within the next 2 years. I'm fed up with working for some company that will try to control your time with the most BS reasons and the gilded cage environment that a lot of places embody, tech sector specifically.
Companies: "We are announcing that every remote employee needs to return to the office within the next 30 days or you'll be fired."
Remote Employees: "Nah." - Quits -
Companies: "Our new data shows that in office employees quit less often. Better make everyone come into the office so they dont quit on us."
😮💨
🤯
I thought the exact thing! hah, funny how that works.
Same company: "Don't leave the office building for lunch. It's too dangerous in the city".
@@therosses5they want you to go to lunch. That’s what’s propping up the value of their precious office towers. Why do you think they’re doing this. Bring your own lunch to sink the value of their towers
Companies now get tax cuts if use their offices, also bc they want people to quit, they ask them to go back to the office or leave the company. They need rotation
They could use more of their space if they gave the employees at the office larger cubicles (like they did 20 years ago) instead of packing everyone into those stupid open offices.
I'm blue collar, so much of what you do on this channel does not pertain to me, but I love listening to your take on things. Dealing with jealous co-workers has been a big issue throughout my career or almost 30 years in the HVAC/R trade. Could you do a video sometime on this subject and your experience with that?
Agreed. Jealous co-workers is a heck of a topic!
Jealous co-workers have actively tried to ruin it for me when I had flex hours, or work from home, or even a bigger monitor in my office. It’s so incredibly petty.
It even happens when you're a waitress at sushi restaurant. I guess nobody likes being outshined.Some people are also very territorial.
tradies can still get laidoff I've seen it plenty of times
As a remote worker myself, I would fully expect us to be the first to go ...all else being equal. The goal is to be irreplaceable.
If you expect to be the first to go that means you are incompetent.
@@Anonyme67 layoff has nothing to do with performance. do you know anything about how workforce work ?
@@Anonyme67 Either you were being obtuse, or you just couldn't resist a chance to take a cheap and anonymous shot at someone.
Or both...
@@Anonyme67 You could be as fast as light at the job and they would want you to go faster.
the type of contract ( in IT industry) we generally sign "at will" , makes our job to be only temporary and my goal is to learn, prepare myself for next job, if my current job lasts good if not , then jump into another one , probably being remote is an excuse used by companies to get rid of people but that is not the only one, when they want to get rid of people , they will do it anyway.
The narrative of back-to-work has more to do with corporate real estate tanking than it does productivity.
Facts. I’m reading about the concerns mounting over defaults of corporate real estate rising.
Corporations are doing their best (worst) to try and claw back the power they had prior to COVID, and trying to make those ever-important EPS keep going up, up, up. It's all about control and greed, and, while it's definitely awful at the moment, I am sure they will overreach themselves into a laborer's market again, in due time.
I work remotely for a large tech company, and if I want to move into another department or up in the company, I would have to go onsite.
I live in a low-cost state, make good money in that state, and save lots of money. If I went on-site, I would have to move to a high-cost State, and even with a large raise, I would be broke.
Remote workers being more likely to quit intuitively makes sense. A remote worker is less restricted by geography, so there's no need to move to switch jobs. An in person worker may be resistant not only to moving but also to adapting to the discipline needed to work remotely.
With that said, all workers will likely stay in the long run if they're treated well, compensated fairly, and given opportunities for advancement.
I’m in nyc and the higher paid people can afford to live near the office so what I hear is “people who can’t afford to be here anymore are likely to leave”
@@istvanpraha I hear you. I lived in Connecticut for awhile and saw those NYC real estate prices. 😜
One of the key reasons I went remote personally was to move to somewhere where each dollar went a lot further while being able to work for companies (in large cities) that paid well.
I'm so fortunate to be in a company that is not only not forcing anyone to be in the office, but it full out encouraging it. I admit when I come in the office in a set period of time slightly more efficient in my work, however when working from home I do not need to travel for 50 minutes a day in total, so I can literally log in early and stay a little later and get more work done and STILL feel less stressed because I dont need to get ready to go to work in the morning or wind down at home because im already at home. I can even be a work alcoholic without effecting my family life, because we are all at home. Being a workaholic some weeks probably helped me land my promotion a year ago in fact...
I admit there might be some people who are getting less done, who might be screwing around or whatever. In my IT field though, those who screw around would obviously have less to talk about during their daily standup meetings and would impact their year end reviews very likely.
Agreed. In our field (IT), it's hard to fake it. You are either getting your work done, or you're not.
I consider myself very fortunate to work for an employer that has consistantly shown they care about their staff, when the pandemic hit we transitioned our teams out of the office and when things opened back up we opened a smaller office in a building we owned and migrated our leaders back into the office along with any frontline staff that wanted to return to the office. We have continued to maintain the freedom of choice among our staff and have staff both in office and at home and this arrangment has served us well. I myself decided to return to the office and found I had been missing that connection with my co-workers and im glad I returned but I understand that some people feel they work better in their own enviornment.
Camaraderie may be higher onsite, but so are distractions, conflict/ interpersonal issues, expenses like office supplies and building maintenance (not to mention sh*tty birthday cake and cold pizza)😆 In contrast, Productivity and job satisfaction are higher, and cost of employee acquisition is lower, for remote employees. It’s yet another example of corporate American employers cutting off their noses to spite their faces (as if we needed another)🤦🏻♀️ My employer forced everyone back into office as a means of attrition…Promotions are now prohibited for any remote employee regardless of skill, performance, or value to the org- some of our best employees don’t happen to live near headquarters- eliminating them means lowering the talent availability to just what you can dig up within a 20 mile radius- pretty short sighted, if you ask me.
We might work at the same company... Are there thousands of low-key layoffs going on that skirt just below the requirements for a WARN notice too? 😂🤣
@@serpent77 It's all generic
Is it remote workers? Or is that they are laying off folks on the teams they created during the pandemic for new projects they no longer want to invest in, and those folks happen to be remote since that’s what MOST hires were during these time. Like if they need a remote work for an essential project, they won’t be laid off
My job is fully remote. However, it’s under new leadership and they’re doing a “Return to Office” initiative. My team is not affected right now.
Your assumptions say yes but I was a hybrid worker who loyally and consistently came to the office 3 times a week and never skipped while I saw other co-workers refusing to come to the office and stayed remote. I got laid off and those remote workers are still employed. So no, being remote did not impact them to get laid off. The reasoning can be anything but if a company wants to get rid of you, whatever you do whether it's remote or in-person, they'll get rid of you.
True
Joshua Fluke calls the inflation issue in the U.S. and around the world "Greedflation"! I love your videos, Bryan!!
I have a hybrid schedule. My employer has never had layoffs in its 70+ year history, but I’m effectively earning the same as I did in 2015. I’m also seeing a lot of cost cutting steps that I’ve not seen in over 25 years working for them.
It’s rough out there, folks.
I am a finance mrp Microsoft implementor, mine was always remote work unless you needed to be on a customers site.....which is expensive for the customer..... when covid hit we adapted to completely remote work; I took that model and made it work for the customer and saved them money
I am semi retired but have plenty of work as a subcontractor good rate for me and much better for the customer
can u explain ur work profile ? Is it in the IT domain ?
Finance MRP Microsoft implementor, could you kindly share more about your career and this profession? I am in top line corporate finance function, looking to learn about other opportunities.
Happened with my employer, too. It was all remote hiring throughout Europe during the pandemic. Now the ones outside of city hubs are being laid off.
Companies will try to pitch workers against each other to stimulate competition and reduce cooperation. When workers are busy fighting each other, overwhelmed by long work hours, stressed by cost of living, they find less time to think and creatively try to improve their working conditions. Companies profit from this, but society as a whole suffers. If you don't believe me just look at East Asian countries. People there are struggling and they are not having children. Workers NEED to care about their working condition and do their best to improve it. Nobody else will do it for you.
Yes, office jobs cause too much stress.
Yeah fr this is so true about China, Japan and Korea.
Based on what evidence do you have that letting people run a rat race and work inefficiently and by being overly stressed out companies “profit” from this. Absolutely baseless claims you just throwing BS based on no evidence. We don’t hire people to compete with each other unhealthily like that. This isn’t 80s investment banks you know?? And if you think this is the way companies run things you haven’t worked in decent companies.
Btw you know NOTHING much about East Asian countries. I live in Japan and we don’t ever work like that. Having people run a rat race is an American capitalistic concepts which is far from Japan. Which society has low morals?? America. Not much EU and country like Japan as we aren’t so capitalistic and if we run like American companies our society would have no morals. Which country does have no universal healthcare among all developed countries? The U.S. And Japan having birth rate has NOTHING to do with how companies are run. Too many people don’t know how to read data with contexts. Just reading numbers can be done by anyone but to have contexts like culture, believes and society norms you don’t know obviously as you are not Japanese and even if you live in Japan I highly doubt as a foreigner you can understand about Japanese society.
And who is blurting it out in the news that somehow Japanese are not having children? Only western media. The reason it looks like it’s declining is only when you compare the data to baby boomers generations which are people in 80s+. And because the Japanese tend to live much longer than the westerners it was putting stress on the pension system.
It has nothing to do with society morals. Worry about your American issues at home as you guys have real social issues at home. Staggering numbers of homelessness, the fact that people can go bankrupt by being terminally ill to getting hospitalized to gun violence to rampant drug issues and school shootings to huge influx of illegal aliens you should worry about your home. The fact you forget about very serious issues you have in America and using analogy of Japanese society which has none of the serious issues like of America shows you don’t have a clue to what’s going on at your own country.
@@shermanngjazzThose three countries have nothing in common from language to culture to the size of economy or style of government... One is a hardcore adversary of the U.S. and definitely enemy of the other two. Do you even know China?? People disappear just by speaking up against its leaders. We get news here about them they disappear. They have no freedom of speech. Zero. They also have no cultures at all. If you don’t know, look at their history of Mao communism, which is the foundation of the current CCP. It’s a hardcore communist country. Korea is 1/5th of the size of Japanese economy and its 1/4 of its size, it’s a very small country. Japanese people say that Korea feels like 100 years ago Japan in terms of culture and some development. They’re very different. It’s not too long ago my laptop got stolen by someone at the airport just by putting it in a suitcase to be checked in just traveling to Seol. None of those things happen in Japan even when it was dirt poor. I mean don’t be so ignorant here. Why do westerners seem so freaking ignorant? If you want to compare live in these countries for a long time and get to know them very well. Then compare. Traveling doesn’t count and definitely western news media doesn’t count to get to know these countries. Why make such absurd comparisons of such drastically different countries. It’s like saying Mexico, US and Venezuela are similar. Drastically different.
The company where I work has a pattern of doing a smallish round of layoffs around January. I suspect it’s a PR thing of not wanting to look bad by laying people off before the holidays. So they just push it back a month.
I was laid off as a remote worker in 2022 and the day before they laid me off my manager had asked me if I wanted to switch positions to a manual labor job and work onsite instead. They hardly laid off any of the onsite staff.
I am mostly remote. We are required to be in the office 2x a month . I had a random skip level meeting with my senior manager. Specifically asked about how I felt about remote vs office. I said "I live 15 minutes from the office. I like working from home, but just let me know where you want me. I like the folks I work with". Got told by him "Good answer!".
People need to tell management how they feel, but there are some battles you just won't win.
There's one reason not mentioned that results with remote workers being more vulnerable to layoffs: to their bosses they are just a name & not a person. A person working remotely only interacts with the rest of the team only about business-related matters: there's no way for bosses or co-workers to get a sense of the person -- & meetings don't cut it. It's far easier to fire a number on a spreadsheet than an actual person.
Personally, I think people ought to be allowed to work at least 1 or 2 days a week from home: commuting sucks. But without some face-to-face time, an employee can become someone that the team can forget exists.
This makes me laugh - as someone who has been through numerous restructures this is not how it works - remote or not, you are a number in a ledger - and it doesn’t matter if they see your face or not. You will be laid off. Considering how quickly many companies expanded after COVID particular tech this is unsurprising data.
What are you saying ? It's definitely not like that
The main question is whether you are essential to the company or just a "worker".
US tech companies are some of the most unstable places to work. I spent 10 years at HP and layoffs were every quarter…decimated the culture…
Whoa, what a difference a year or two makes, remember when folks were demanding WFH? I remember some folks saying they wont take a job unless it’s 100% WFH.
We’re in a recession
Cost of living is now so high, and so few jobs available that all the power is now back with the employers.
Weird as in NZ, they have found flexible work places that offer remote working/4day weeks have seen more productive workers. With the call for flexible working/4days a week getting to the point where workers are now expecting it.
I think the only way in states people are going to force this change is vote with the only thing companies care about $$$$ only buy from companies that support workers.
I transitioned from white collar to blue collar. The new career is far from perfect, but MUCH more bearable than white collar. Almost everyone just wants to get their crap done whereas most people at my white collar jobs just wanted to gossip and play dumb games.
I’m still focused on getting remote skills and moving abroad.
I had a decent job, but the cost of living is too expensive as a single man in California.
Try here in The Netherlands. You don't need Dutch to work.
This is a crazy job market. I’ve interviewed like 10 times in the past 3 weeks which is crazy. Prior to this time looking, I’d rarely had an interview for a job which I didn’t receive an offer.
I don’t know, but I always prefer a hybrid role. When I first started, it was much easier for me to be trained and learn in the office, and when I got confident, I feel more comfortable working from home.
I don't understand why companies insist having remote on-site whilst the job can be done remotely. It was working during the pandemic, what has changed?
If they need the workers back in the office then they should pay higher salaries.
Commercial mortgages and signed leases
Middle managers want people to watch and to boss around, both for their egos and so their bosses don't realize that they are the ones who need to be laid off.
Their office towers were loosing value and middle management was going to get laid off if they didn’t force the peons into the tower cubes where they could micromanage them
I feel very fortunate after seeing this video. Been remote since Feb 2020.
I was the only fully remote worker on a team and got laid off recently.
Wow, how much were you making per year? Was it your main income stream? Or was it a side hustle job?
Sorry
@@SaL-ep7zb $120k/year. It was my main job.
@@SaL-ep7zb 120k/year. Not side hustle.
This is a great channel. Thanks for the info.
I’m a self employed barber that owns a shop, but I still love listening to your videos. I was laid off from an escrow job in real estate in January 2023. I decided to go back into doing hair (I’ve been licensed for 10 years) and I’m so glad I did.
Games industry dev here. Last year was the best and worse for the games industry at the same time. We saw record profits and successes all across the industry but at the same time a lot of downsizing. Record profits in the billions followed by mass layoffs should be a crime honestly. A lot of this comes especially from poor management or shifts in focus in larger companies, as well as low investment due to high interest rates and global economic fears.
The bright side is, although remote workers might be more impacted now, the games industry is still one of the most ideal industries to house remote workers. Artists, programmers, sound designers and musicians, HR, game designers, everyone can easily do their job remotely for at least a decade now. The games industry is pretty future proof in that regard. Until recently it was pretty common for game devs to relocate for work, but now that these jobs are seemingly riskier than ever everyone is advocating for more remote work. With the massive pool of experienced game devs laid off (10+ years of experience) the companies who expand and get flexible with remote work will attract top talent very easily. These veterans are also more inclined to open their own remote busineses.
Thanks for your sharing your insights. I'm old now, but as a kid it was my dream to design and create games, but I am sure at some point it's just another job. Incredible the amount of effort that goes into creating many of these titles, I'm sure. I imagine much harder for games to be profitable than most people would think.
@@kevinmach730 you're welcome :)
It is an industry mainly driven by passion. The majority of game devs really do this out of love, and it is a really fun and rewarding job. They're usually much more efficient and specialized than their counterparts in other industries, that generally have lots of bureaucracy, repetitive and boring work and idle time. Sadly many companies especially the big ones take advantage of that passion and pay abysmal salaries. Well established IPs can almost always guarantee huge profits if they deliver the bare minimum. For smaller companies though the risk is much higher. No matter the size, it's always a huge challenge to finish a game project and a lot of heart and soul is poured on each one of them, even the ones that go wrong.
If your job is easily done remotely it will probably be automated. 🙂
@@MrDante10noThat’s a really false statement. The correct statement is “likely to be offshored to some lower cost country”. Remote and automation have nothing to do with each other.
15 years ago I worked for a major CPG company. Remote workers were specifically targeted during one layoff we did. So, it doesn't surprise me that it's a criteria now. Companies were hiring remotely during the lockdown. The pendulum swings the other way.
This has become a bigger picture item where companies now view employees as "gig" staff instead of long-term. Now it is the new norm from entry-level through senior management. Hire in Q1, get the biggest bang for the buck, and layoff Q4. Rinse, recycle, repeat...
To be honest...i expect nothing less. Expect to be the first to go, unless you're considered VERY VERY valuable.
Everyone's getting laid off: over 50+, remote, fresh out of college. Over 50+ have it worse.
With the federal interest rate thing, anything is higher than what it has been since basically 2009 until 2015 and then from 2020 until 2022 it was effectively 0. So these companies could effectively borrow money at close to nothing from the fed and when that changed, they had to go lean...these layoffs are just a swing in the other direction from bloat.
Great analysis.
What is described in this video is not a bad economy but the modern corporate economy, and one that still hasn't rebalanced after Covid and a major European war. At the local, non-corporate level It is still hard to find people to do work at your house - even when paying more than 'white collar' rates. And many defense firms still report significant difficultly hiring workers - because many of those workers have skills that get perfected after years. But the rest of corporate America and their short-term thinking have destroyed worker's trust to get into a career that needs commitment.
Yes saving this
I agree. Mine is fully remote and our CEO is big on remote work.
The problem is companies hire managers that are less competent than in the past. Money buys companies and constantly turn over and reorganize companies leaving everything in complete chaos. It has nothing to do with remote, in office or hybrid
Private equity with M&A firms are to blame
I don't know if that chart is measuring both Remote & Non-remote workers but when you look at January figures you have to take HIRING statistics into account because ahead of the _Holidays_ certain Businesses (like Health Insurers in Open Season) HIRE temporary workers and then lay them off in January.
This happened at the insurance agency I worked for. They started firing all the remote agents and only kept a few that hit extreme production levels
Hey Brian, what do you think about the recent trend of international companies targeting the US job market specifically for remote workers?
I was just going to ask the same thing. I hear Canada is hiring a lot of non-Canadian remote workers.
Fantastic video! Mic drop!
Fairly deceptive title most of the narrative is spent on gaming companies and tech companies which is largely true. Are remote workers being targeted? perhaps in my company, I work in the healthcare industry, We have lots of remote workers. People who are unproductive lose their jobs. It doesn’t matter if they’re remote or not.
answer is, yes we are. will I cave and find an in-office job when I'm laid off? maybe... but I'd happily take a paycut to stay WFH.
I’m in this exact position. Trouble is the decent in office positions mean moving back to the cities with their crazy rents.
@@wulfsorenson8859 they want us to spend more money while earning less 🙄
I spoke to a friend that was let go from PayPal who worked remote. He basically said that is easier to let go if someone you don’t see in the office.
Is this taking tenure into account? Since remote workers are likely to be newer hires, I'd expect to see them let go first, during a contraction.
If a company lays someone off because they are working remote, without looking at their performance data, they are utterly stupid.
I saw this at my last two IT/Tech jobs: The IT manager wanted remote IT and Tech workers fired, if they wouldn't come in, at least under a Hybrid-mode. Most didn't come back, so he figured out how to fire them and or get them layed-off!!
What’s your take on virtual interviews that require you to record your answer for pre selected questions?
I think it depends on wild variety of reasons which includes roles and compensations. I think remote is more targeted in 2023 is due to compensations. There are plenty of people who were hired and paid based on the local office but remote from a place where same role would be going for like 2/3 of the cost, so it's obvious that if a specific job is remote only, then it is likely to have more competitions as it's not just nationwide but worldwide. Imagine a IT role in NYC making $150K, now this guy has been remote from Arkansas where a local resident living and working in a similar job for a local company making $90K. so what's the incentive for company to keep this remote role at $150K instead of looking for $90K? Collaboration definitely is a factor, service oriented job probably need more in-person collaboration, they could be working as a team servicing a set of clients.
GOOD INFO!👍
Brian, thanks for speaking out for remote workers regarding layoffs. You might be interested in the fact that a number of states are taxing the income of remote workers who are not residents of their states. Thus in my case I pay taxes on my income earned through my NY employers in my home state of MO put NY also sees fit tax my income at their higher rate. This is my case but CT, NJ, DE, NB and AL are also doing it to remote workers employed by their companies in other states. You can see a potential nightmare scenario where a remote multi-contract worker could be taxed beyond belief. BTW, in the case of NY paying taxes does not give the remote worker access before their Division of Human Rights. Their is some efforts being made to resolve this. Please feel free to contact me.
You never have to pay full taxes to two states. One state or the other will allow you to reduce your taxes by the amount you pay the other state.
Your analysis is spot on for everything but inflation. The pst 15 years have been the outlier, with unusually low interest rates and inflation. When good things come to an end, there is a consequence.
Prices rarely go down once a price level is established hence YOY rates, by definition, will be high for a year even if there is zero month to month inflation.Also, the Fed historically targets YOY inflation in the 2 to 3 percent range, which is where we are.
Hi, I don't know if you have a video on this but I have a corporation that I had for 5 years and I need to reconcile it on my resume for corporate jobs. I notice that presently, despite this experience where I hired and managed people, did accounting, did marketing, got myself on the front cover of a major newspaper, and a full-spread of interview with me about my business inside, yet, currently, after 3 years in hospitality targeting mid-management jobs, I am being told that I should start off as a front desk agent because I lack any transferable skills to even be a supervisor. They say, I should work within their operation for 1-2 years, then I could consider having a title change. I live in AZ and the minimum wage in the state is $14.35 and they offer me $14.35-16 an hr. I am on the verge of moving into my parents' basement and re-starting the same business that I had. I believe I have wide set of skills, including budgeting and organizing the big pic but the corporate honchos seem to only acknowledge a degree in hospitality. So now some gen Z punk that got out of college last year is going to tell me how I don't have any experience. PLEASE MAKE A VIDEO ON THIS.
It’s hard to know how much of these layoffs are just a corporate trend (they follow each other all the time with stuff that might not be necessary) or if it truly is a reflection of decreased sales/demand to sustain the previous levels of employment. I do think that now is the best moment to consider entrepreneurship and betting on yourself.
I'm always curious about these articles on remote work vs office work and the stuff they say because I work for one of the larger cell phone carriers and they went hybrid and plan on staying that way especially after getting rid of a lot of real estate. When we started going back into the office after being fully remote throughout covid, I was at a closer office location that we called "the campus" because it was 3 buildings with wooden bridges connecting them so we can walk from building to building outside through the mini forest and over the lake/creek, and they closed that down moving all of us to another location 5 miles away. So now we have 2500 people assigned to this other location that has about 1200 desks, and there's no we could go back full time. As far as outsourcing goes, they were already doing that prior, so I don't get the whole argument about if people don't go back into the office they'll just replace you with people overseas. They had also moved their customer service centers into what's called home based agents well before covid as well. So it's interesting the differing perspectives and opinions on this topic because of what I'm personally witnessing. Now, my team goes in 2 days a week. Every team under their VP is different. The minimum hybrid day is once a month, and there are few teams that have to be in all week because of what they do. There are several complete work from home positions as well.
Truth is the remote workers are strong in Government sector. Specifically in marketing, accounting and finance, as well as legal.
That's sort of where I am. I'm a lowly customer support rep for a large tech company that does IT for my state's websites. The devs are fully remote but the account managers who do the wheelin and dealin with the state agencies are hybrid, so they go into the office for meetings with the agencies. I too am hybrid, but I go in just one day a week. I sometimes get reallt burnt out with talking to people all day, but I will say I'm super fortunate to have found this job. Has some great benefits, too.
@@BewareTheLilyOfTheValley that is awesome~ congrats to you on your career role. I too work in a hybrid role in marketing for fitness and wellness. therefore, my leadership/manager team goes into the office only 2 days per week, with some optional Fridays for company events to congregate/meet new interns. Best year 2024 to you!
Vroom has actually ceased buying and selling cars as of last week. Probably going out of operation soon.
It kills me how the current Administration talks about us having low unemployment. The fact is that millions of people are now under employed because they've had to take jobs making far less than the job they got laid off from. Here in Nashville it is a bloodbath right now. Even for us IT workers, the company I work at has everybody wondering every day when the hammer is going to drop.
In similar situations here, laid off last year due to company bankruptcy. I’m now working for $7 less per hour compared to whatever I was making and it’s killing me. I can barely afford food now despite 40 hours and will need government assistance with food! As soon as any better opportunity arises, I’ll be forced to jump ship. I’m extremely uncomfortable and unhappy and do not understand how companies exist this way.
Lol blue collar jobs are thriving. That’s why. Tech industry doesnt reflect the whole economy. Stop the selection bias
@@zofiajaneczek184 government
Literally every president lies about the unemployment rate.
Maybe people refusing to come back in the office? Although canning someone by a Teams Call or email is much easier for the company.
I planned to retire 11.11.2023. Then my company gave me 5 weeks of vacation and 5 personal days. I have only gotten 2 weeks vacation for the last 18 years. I decided to stay one more year. I bought a new truck to celebrate. The truck will be paid off in November.
Man, that's a slavery not a job. 🙂
Well, the only two remote workers in my team of 20....we were let go last Thursday 🤷.... So there you go (REI)
At my company, yes. Because we are all remote workers.
Inflation is a RATE OF CHANGE measurement, not a reflection of prices. A change in inflation from 6.5% to 5.5% doesn’t mean things are less expensive, just that they are getting more expensive at a slower pace.
OP -- as someone who's recently back on the job market for the first time in nearly 20 years (tech stuff), I gotta ask: do you have any GOOD news?
Sadly - if you are back in the market after 20 years, you are likely an older worker. Age discrimination is real and wide-spread. You can apply for jobs that you meet every qualification for, or are even over-qualified for and you will not even get an interview.
My last remote IT/Tech job ended last year in July. Remote jobs in IT/Tech are paying 30%-50% less than onsite roles in 2023, going into 2024!! It sucks, so I will only work onsite or hybrid Tech jobs, now! High-paying, fully remote IT/Tech jobs in 2024 are very scarce and rare, now!!
Originally my company was, once a new CRO came in everything changed!!
It also largely depends on what the job is. My guess is remote work is more likely to be laid off because it can be offshored but companies could do this even before remote work got popular. We also have to remember that some remote jobs going overseas can devalue the role and service/product the positions provide if it's outsourced.
Q2 seems to be the quarter with the most consistent layoffs. Although, lately it seems to be a roller-coaster where companies can't really sync...layoffs, though, seem to be matching with the AI boom. This is going to be a huge train wreck in a couple of years...mark my words!
As a manager, this does not at all surprise me.
Wouldn't doubt it, The company that laid me off a few months is hiring for the position I had....
Remote work was disproportionately in tech, e-commerce, and journalism. All three are leading the downsizing trends.
In the long run, any work that can be done remotely will be. The companies investing in office space are facing oblivion. In 2040, most white-collar jobs will be largely remote.
Its those people who work remote 2 days a week, and then arrive late to the office the other 3 days.
Do they get the work done?
As a former senior manager and consultant, I guarantee you that work at home makes you first in line to be laid off, especially if you have the option to work in the office and choose not to. How do you impress your boss and get a promotion if your boss doesn't see your work? I have been telling people this for a few years already.
If your job is remote it means it can be done remotely in India and other countries where they can pay peanuts. Or it means it can be done by AI.
I saw a professor’s analyese of this wsj article. The results are completely misinterpreted. “According to the explanations by the company that did this analysis, they identify a worker as a remote worker if he/she lives 50 miles away from the office. However, while I do not the necessary data to tell whether this is true or not for all the remote workers, most remote workers I talked to live in the same metro area as their offices. They just do not want to spend 1 to 2 hours a day on commuting. Further, they identify a person as being laid off if the person can not find a job within 2 months. During the past several years, many people quitted in the great resignation movement. If a person is laid off rather than quitting by him/herself, it is hard to understand why the person can not find a job within 2 months in such a tight labor market. I think what they are identifying are quits rather than layoffs. More research on this important issue is definitely needed.”
With many jobs there is literally no reason to be in an office. The one I'm currently at is a clear example for this. Management gave a BS reason that the manufacturer of the software we support wants everyone to be in a secure location, meanwhile most of the people we work with that also use that software in other locations do work remotely.
I'm about 3 years into my software engineering l career post-graduation. Got 2 years at consulting firm until I was laid off (likely for a combination of market forces and the last project I was on being a disaster). Then got around 6 months at a much smaller consulting firm. Got laid off because their clients were drying up. Market is definitely bad now for people like me, the vast majority of roles I see want 5+ years.
Ugh, camaraderie, whatever. If I have to go back to commuting after 25 years at home, I'll choose to be homeless.
Working in the office create anything but camaraderie!
Thank you, my MH improved so much just by working hybrid
I'll take my Social Security check and manage somehow. Good thing I got old before this happened. 🤣
@@justv7370generally there’s a pecking order in office. Certain employees just get sh&$ on all the time in some offices. I’ve always hated working in office with mostly women, so toxic, backstabbing, gossiping and undermining bunch of bs!
Office works are going to be nothing but the least capable leftovers by end of the year.
I'm pleasantly surprised that it's only 35% more likely. Whatever the sacrifice, living in a congested, crime-ridden big city is a hard pass. Maybe one week per month onsite with per-diem expenses paid might work, staying in a hotel near the office. I live 140 miles from a major city and intend to keep it that way.