36% of US Employees Plan to Quit within a Year
After Twitter, devastating news for the employees of Facebook’s parent company Meta reduced the size of his team by 13% and let more than 11,000 employees go. Critics accuse Zuckerberg of over-hiring and taking advantage of pandemic trends such as virtual living, online shopping, and communicating. Zuckerberg took the blame for miscalculating the financial boon during the COVID lockdown and announced that the hiring freeze shall extend until the first quarter. Meta will cover the health for consecutive six months of laid-off employees and will provide them with 16 weeks of pay along with two additional weeks for every year of service.
Gravey Work, a tech startup’s CEO found $30,000 in surprise taxes and fees after one of their software engineers worked remotely in Texas and California without informing the company. Ever since companies have allowed working remotely, it has been a professional dream come true for employees to work from a tropical location. According to Wall Street Journal, those who don’t tell their employers can end up paying a high price. The Virginia-based company will have to pay an estimated $500,000 in total costs as they did not register their business in those states. This resulted in 20,000 – 30000 registration fees, penalties, and taxes in the surprise bill. The CEO further stated that employees working outside the borders can also spark concerns over cyber security.
36%:
The Human Workplace Index Survey by Work human shows that 36% of US employees will plan to leave their job by next year. They continue to stay put as it is currently too difficult for them to search for a new job in the current economic climate. The survey also enlightens organizations that employees are more likely to stay if they are provided with good benefits, job security, positive relationship with co-workers, and are valued. It can be damaging for companies if they continue to be unhappy as it can lead to active disengagement and quiet quitting.
Disney’s disappointing quarterly reports show a loss of $1.5 billion. CEO Bob Chapek sent a memo to his executives on Friday in which he stated that they will have a targeted hiring freeze and will look at every avenue to search for savings and meaningful efficiencies. The CEO has further asked the executives to limit their business trips and conduct meetings virtually. Chief Financial Officer Christine McCarthy stated that these losses will improve in 2023 and will become profitable by the end of 2024.
Pneuline Supply, a parts manufacturer, fired a deaf employee in May 2018 after she requested an interpreter for her meetings. The Colorado-based company repeatedly denied her request and asked her to write on paper if she has any comments or questions. On November 10, the U.S. Equal Employment Opportunity Commission announced that the company is entitled to pay the former employee $44,250 and provide her other relief as well to settle the disability discrimination lawsuit.