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đź‘‹ Hi there!
We may look a bit different this week, but we come in peace. The team at RecruitmentMarketing.com has reimagined its weekly newsletter in a way that best serves our audience of talent acquisition and HR professionals.
Our goal is to give you a weekly rundown on what’s what and who’s who of the industry and equip you with all you need to know to impress your CHRO.
Questions? Feedback? We want to hear from you on how we are doing.
— Team RMC ✨
Today’s edition is a 4-minute read. Here’s what to expect👇
🗞️ Wall Street banks fight over AI talent
🧑‍💼 Insights from a survey of CHROs
đź’» Layoffs hit Spotify, other companies
đź“‹ The Carlyle Group, Crocs, and Charlie Health are hiring recruiters
🎉 Nordstrom names new CHRO, among other industry moves
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NEWS
The Big Thing You Need To Know This Week
Bloomberg: Wall Street Banks Are Poaching Rival AI Talent
WHAT’S HAPPENING? New reporting from Bloomberg shows how for months, banks have been fighting to lure the best AI talent to their ranks—and that Goldman Sachs has been on the losing end of that fight. 👊
WHY SHOULD I CARE? The battle over AI talent is red-hot. When the world’s biggest banks are involved, the talent war becomes fierce. 🔥
- Goldman Sachs has seen a outflow of 60 people to rivals such as Morgan Stanley and Citigroup in the 12 months through September, the most of any of its biggest rivals. Bank of America, which is down 55 staffers, suffered the second-biggest exodus, while Wells Fargo had the biggest net increase with 130 people, according to Bloomberg.
WHAT CAN I DO ABOUT IT? Well, you can open your wallet: Hiring for AI is going to take big bucks. There’s no way around it. Median compensation, which includes any annualized equity grants, for employees in such roles in the U.S. was $901,000 last year, while staffers in Europe with such experience took home $676,000, according to the report. 💰
NUMBERS
Numbers That Make You Think
- 37.1 — The average number of hours worked per week by people in Utah, the lowest average in the U.S. (WalletHub)
- $15M — The amount raised to date by HRBrain, a Tokyo-based provider of HR management software that EQT, a Swedish investment firm acquired a majority stake in over the weekend for an undisclosed amount (MarketWatch)
- 40% — The percentage of CHROs in a new study saying that they wished they had understood more about core business principles before stepping into their roles (Mercer)
- 10,113 — The number of job postings related to generative AI this year, according to a recent study from research firm Lightcast that analyzed postings across job boards (Insider)
- 21% — The percentage of employees “not engaged” in their work, according to new research from StaffCircle (Unleash)
LAYOFFS
Places For You To Source Fresh Talent
- Spotify announced its largest round of layoffs this year, axing 17% of its headcount (CNBC)
- TikTok parent company ByteDance will cut 1,000 gaming jobs in a strategic shift (Nikkeihttps://asia.nikkei.com/Business/China-tech/TikTok-parent-ByteDance-to-cut-1-000-gaming-jobs-in-strategic-shift?utm_source=recruitmentmarketing.beehiiv.com&utm_medium=newsletter&utm_campaign=introducing-our-new-newsletter)
- Dataminr, the $4B big data startup, is laying off 20% of staff (TechCrunch)
- Video game software provider UnitySoftware said it will eliminate 265 jobs or 3.8% of its global workforce (Reuters)
- Unicorn education technology company Multiverse will lay off up to a third of its staff in the U.S. after missing revenue targets (Sifted)
- Broadcom is expected to lay off over 2,000 employees less than a week after finalizing its $69B acquisition of VMware (SF Chronicle)
A MESSAGE FROM RMC
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INDUSTRY MOVES
Your Colleagues Making Moves in HR
Lisa Price joined Nordstrom as chief human resource officer. She comes from Domino’s Pizza, where she served as executive vice president and chief human resources officer since August 2019 (PR Newswire)
Chipotle Mexican Grill announced it hired Ilene Eskenazi as its chief human resources officer. Eskenazi comes to Chipotle from Petco (PR Newswire)
Did your colleague get promoted or make a career move? Let us know.
OPEN ROLES
Jobs You Might Want (For Yourself!)
- Davidson College in North Carolina kicked off a search this week for a new Chief Human Resource Officer
- The Carlyle Group is seeking a Talent Acquisition Recruiter based in Washington, DC
- Crocs is looking for a Talent Acquisition Specialist based in Westwood, MA
- Northbound Executive Search is seeking an Executive Recruiter to join its team in New York, NY
- Charlie Health is looking for a Senior Business Recruiter based in New York, NY
- Victoria’s Secret is seeking a remote-based Recruiter
Are you hiring for a role on your HR team? Let us know.
