Welcome to “The Most Interesting Recruiting Stories of the Week,” a weekly post that features talent acquisition insights and information from around the web to kick off your weekend. Here’s what’s of interest this week:
Guess Who Has the Most Layoffs This Year?
I recently read an update about the companies with the most layoffs in 2024, and it’s pretty eye-opening. Microsoft Corporation leads the way with around 1,000 employees being laid off. This comes after Microsoft cut over 10,000 jobs last year due to investor pressure following slow revenue growth. But on a positive note, Microsoft’s stock has shot up by 79% since early 2023, even though its earnings per share have only slightly increased.
Let’s Talk About the Real Reason for All These Tech Layoffs
Have a look at Joe Procopio’s article, “Let’s Talk About the Real Reason for All These Tech Layoffs,” It really makes sense. He thinks the recent tech layoffs are a huge mistake but unavoidable because the industry has been too focused on growth over profitability and building useful products.
Procopio highlights that tech companies are obsessed with metrics like user growth and engagement, leading to attention-grabbing but not necessarily valuable products. They hired aggressively for growth, even when their main products weren’t profitable.
The article criticizes the tech industry for losing focus on solving problems and improving lives, instead prioritizing screen time and ad impressions. These layoffs are a result of these flawed strategies. Procopio suggests tech companies should focus on creating products that genuinely improve lives and provide real value rather than chasing growth and vanity metrics.
40% of Execs Brace For Major Reorgs Including Layoffs
PwC’s Pulse Survey shows that around 40% of execs are gearing up for major reorganizations in the next 12 to 18 months, up from 24% last August. They’re looking to shuffle resources and boost productivity, which might mean some staff cuts. The big push behind this is technology, with 51% of execs planning to invest in new tech like generative AI soon. The survey also highlights that more CFOs (58%) are focusing on investing in tech rather than cutting costs, compared to a year ago.
Do you know James Ellis? He’s like the employer branding mastermind that can turn your company from ordinary to extraordinary. Well, he’s got a guide he wants to give TA pros, HR, and anyone looking for employer branding help. This guide answers many questions, so you don’t have to sit through vendor demos.
While many companies claim to “do employer branding,” their approaches vary widely. To find the right match, you need to understand your needs and their capabilities.
Ask yourself questions like:
Visit EVPBuyersGuide.com for a free guide with detailed listings of 25 employer brand companies. You’ll thank me later.
Is AI Taking Our Jobs?
In a recent episode of the HR Leaders Podcast, Sam Zheng shares his journey from studying engineering psychology to leading DeepHow, a company focused on leveraging AI to bridge skills gaps among frontline workers. He discusses the importance of capturing and transferring knowledge using AI-powered video and the impact of digitizing expertise to enhance operational excellence. Oh, and AI won’t take your job, but you’ll need some AI skills to stay ahead of the game.
Artificial Intelligence (AI) Employment Discrimination Laws Proposed in Six States: What Employers Need to Know
This article discusses new legislation being proposed in six U.S. states (California, Georgia, Hawaii, Illinois, and Washington) to regulate how employers use AI systems to make employment decisions. The goal is to reduce the risk of algorithmic discrimination, and I wanted to share the key points with you.
These bills want employers to use reasonable care to assess and mitigate algorithmic discrimination risks when using AI for employment decisions. Some common requirements include conducting annual impact assessments, notifying applicants and employees about the use of AI systems, allowing data correction, and having a human review of any adverse decisions.
Fake Jobs Alert (or not)
A lot of recruiters are looking for work. Some never hear anything. Some are dragged through interview tasks for entry-level recruiting jobs that take weeks. But I’m not sure who to believe anymore regarding fake jobs. It’s all over Reddit. I know. It’s Reddit. But these are job seekers talking about ghost job postings. Here is the post on the subreddit r/recruitinghell about fake jobs on Indeed.
When I was deep into recruitment marketing and handling programmatic budgets, I always kept an eye on job trends in my target markets. As you probably know, pay-per-click (PPC) costs depend on the popularity of the search terms. So, it’s great for PPC advertisers when there’s high demand for popular job titles. But, when it comes to Indeed and job postings, there are pros like Jim Durbin who have strong opinions. He recently shared his thoughts on the Indeed fake job hysteria on LinkedIn.
