#JobSearch : Workers Face Fears Of Further Layoffs, AI Stealing Jobs And Higher Inflation. Workers and Job Hunters will be Harmed by AI and Ghost Jobs
Only slightly more than half of American workers are “extremely or very satisfied” with their jobs, according to a new Pew Research Center survey. The results seem better than expected.
Workers have endured a lot recently. Silicon Valley Bank and Signature Bank closed down due, in part, to a run on the banks out of fear of losing their life savings. Following the bank collapses, there was a palpable fear of a full-blown banking crisis. There has been a steady stream of layoffs, hiring freezes, record levels of inflation and rising interest rates making the costs of everything more expensive.
The start of the 2023 second quarter finds UBS’s acquisition of ailing Credit Suisse, which could lead to massive layoffs. Artificial intelligence could wipe out 300 million jobs, according to Goldman Sachs, and oil production cuts from the Organization of the Petroleum Exporting Countries (OPEC) will drive the prices of gas higher into the summer travel season. Mysteriously, McDonald’s shut down its home offices this week to figure out who and how many people the iconic burger chain will let go.
UBS Layoffs
With concerns over the viability of Swiss-based Credit Suisse, intra-country competitor UBS bought out the bank under pressure from Swiss regulators. Since both institutions offer similar financial services and have offices in many countries around the world, including a sizable presence in the U.S., there is a chance that jobs could be made redundant.
The two banks offer investment banking, high-net-worth wealth management, asset management, stock and bond sales and trading. UBS has more than 74,000 employees working from nearly 50 countries. Credit Suisse is also global and the second largest Swiss bank with around 50,480 employees.
Since there’s overlap in nearly all the divisions, intense competition between talented people at each organization will occur to keep their jobs. To slash costs and integrate the two entities efficiently, UBS, the stronger of the banks, will cut around 20% to 30% of its 120,000 global workforce after completing its merger with Credit Suisse. The numbers are staggering, as roughly 36,000 bankers, brokers, traders, wealth managers and compliance personnel will be laid off.
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McDonald’s Is Temporary Closing Its Golden Arches
McDonald’s announced that it would temporarily shut down its United States offices this week. The closure will bide time for the global fast-food chain to determine layoffs and corporate restructuring, and alert the affected employees, the Wall Street Journal reported on Sunday. Last week, workers were told via email to stay at home and work remotely for the first few days of the week. All in-person meetings with outside entities will be canceled.
Waiting is the hardest part. McDonald’s has more than 150,000 employees in corporate roles. Many people will be anxious and stressed out over whether or not they’ll have a job. In a white-collar recession, it’s not a good time for a middle corporate manager or executive to be let go, as it will be difficult and time-consuming to procure another opportunity at the same level and compensation package.
Adding to the employees’ worries, McDonald’s in January said its Accelerating the Arches program will place emphasis on “deliveries, drive-thru, digital and development,” and didn’t mention what will happen with the college-educated office workers.
Cuts In Oil Production Driving Up The Costs Of Summer Traveling
Families going through McDonald’s drive-thrus will be spending more money on gasoline, as Saudi Arabia and other OPEC+ oil producers announced that there would be oil output cuts of around 1.16 million barrels per day. The reduction in drilling and production will cause an immediate rise in prices, which the U.S. called “inadvisable,” Reuters reported.
U.S. Treasury Secretary Janet Yellen said on Monday at an event at Yale University that OPEC+’s cut to oil production is a “regrettable action” that will add to the current global economic uncertainty. The decision will cause further financial strain to consumers already burdened by high inflation.
Oil prices jumped on Monday. St. Louis Federal Reserve president James Bullard was surprised over OPEC+’s sudden and unexpected decision to cut crude production. The move may make things challenging for the Fed, as it is desperately trying to bring down record inflation levels. There are some concerns that stagflation may result as inflation remains stubbornly high. While Fed chair Jerome Powell wants inflation to go down to around 2%, Bullard said in an interview with Bloomberg last month that his own forecast is for rates to peak at 5.625% this year.
Workers And Job Hunters Will Be Harmed By AI And Ghost Jobs
Goldman Sachs, the highly regarded New York City-based investment bank, wrote a sobering and alarming research report about the ascendency of artificial intelligence. Goldman maintains that if generative AI lives up to its hype, the workforce in the U.S. and Europe will be upended. The bank estimates that 300 million jobs could be lost or diminished due to this fast-growing technology.
Office administrative support, legal, architecture and engineering, business and financial operations, management, sales, healthcare and art and design are some sectors that automation will impact. AI is anticipated to replace workers in a wide array of sectors ultimately. In the past, blue-collar and frontline workers usually bore the brunt of painful changes created by technological innovations. This time, it’s after the office class.
Job seekers are chasing ghosts.In a survey conducted by Clarify Capital, around 25% of hiring managers self-reported that they’ve kept job listings open for more than four months. Moreover, they don’t intend to hire anyone in the near future.
The reasons for posting “ghost jobs” include building a pipeline of candidates for when the tide turns and recruiting gears up again, making it seem as if the company is doing well and expanding, humoring employees that help is on the horizon with new staff arriving to help with the workload, languishing on job aggregation sites and human resources and hiring managers forgetting to take down old job listings.