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Explore SolutionsWelcome to this week’s Friday Five, spotlighting key trends and changes in the world of work and recruitment. In this edition, we explore a range of topics, from Google’s influence on job searches to the post-pandemic challenges for college graduates and significant shifts in both corporate and public sector employment. These articles offer insights for HR professionals and those interested in the evolving job market. So, grab a moment and a coffee, and dive into these five engaging topics that are currently shaping our work landscape.
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1. Google Reveals, Indeed Falls, & Labor Wins
In this episode of the Chad and Cheese podcast, a significant focus is placed on the evolution of Google for Jobs and its impact on the recruitment industry. The hosts discuss how this Google feature is becoming increasingly influential, potentially overshadowing traditional job platforms and altering the dynamics of job searching and recruitment. This shift highlights the growing importance of adapting to tech-driven changes in the industry, even as the broader labor market continues to thrive in various sectors. This one came to us from the Aspen Tech Labs newsletter.
2. Jobs for the Future Announces $20 Million Donation from MacKenzie Scott
This article came out a few weeks ago but it’s too good not to share. Philanthropist MacKenzie Scott has donated $20 million to Jobs for the Future (JFF), a nonprofit aiming to reform U.S. education and workforce systems. This donation launches JFF’s $60 million campaign to help 75 million people facing systemic employment barriers over the next decade. The focus is on individuals without a four-year degree, people of color, women and those with criminal records. JFF’s initiatives include a new Center for Artificial Intelligence & the Future of Work and the acquisition of programs like Dave’s Killer Bread Foundation’s second chance hiring. This contribution is pivotal for JFF’s mission to modernize education and workforce systems and close the equity gap.
3. Textron to cut 725 jobs as part of restructuring plan
Textron, a prominent defense manufacturer, has announced plans to eliminate 725 jobs as a part of its restructuring strategy, aimed at reducing operating expenses. The job cuts will affect various segments of the company, including its Industrial, Bell and Textron Systems divisions. As part of this restructuring, Textron anticipates impairment charges related to its powersports product line at Textron Specialized Vehicles and fixed assets at Kautex. The company expects to face a pre-tax special charge ranging from $115 million to $135 million in the fourth quarter, as it navigates these significant organizational changes.
4. The government is welcoming laid-off tech workers with open arms
The U.S. government is actively recruiting tech workers laid off from the private sector, with the Department of Veterans Affairs hiring over 1,000 tech employees and raising salaries to match industry standards. The government is hosting recruitment events and advertising remote roles in major tech cities, with a federal tech portal listing numerous high-paying jobs. This initiative is part of a larger plan to hire 22,000 tech workers, supported by significant federal funding for cybersecurity. Despite a slower hiring process, these roles offer unique opportunities in the public sector for skilled tech professionals.
5. College Graduates are Having a Harder Time Finding Work After the Pandemic
Recent college graduates are struggling more than ever to find jobs, with a 4.4% unemployment rate among this group, surpassing the general rate. The pandemic has worsened this long-standing trend, particularly affecting industries like media, tech and finance where graduates often seek employment. Many face the paradox of needing experience for entry-level roles, leading to increased instances of young adults living with their parents. The shift to remote work has also heightened job competition, as graduates vie for fewer opportunities in their desired fields.
