Global Youth Unemployment Drops to 13% —Lowest in 15 Years, Forecasting a Further Decline
2048
A report by The Josh Bersin Co. stated that despite many advancements U.S. women continue to earn 15% lower than men. Even in managerial roles, women earn 10% less than men, and full pay equity will be achieved by 2048. While the gender pay gap has narrowed slightly from 18% to 15% since 2017, progress has stalled since 2020. The report highlights that only 5% of companies excel at pay equity, presenting an opportunity for improvement, especially as new pay transparency laws in the EU may accelerate change.
33%
The global appointment of women as CFOs has increased in the first half of the year. In 2024, 163 CFOs were appointed of which 44 positions were women -a 33% increase from the previous year, according to Russell Reynolds Associates. Meanwhile, CFO turnover spiked by 8.9% as more CFOs chose retirement or board roles, reflecting changes in leadership dynamics amidst economic uncertainty.
12.8%
In 2023, the global youth unemployment rate fell to 13%, its lowest in 15 years, down from 13.8% in 2019., according to the ILO. The unemployment rate further fall to 12.8% in the coming couple of years. The percentage of young people who are not in employment, education, or training (NEET) is high. Among them 28.1% of young women are classified as NEET compared to 13.1% of young men. The ILO urges increased investment in creating decent jobs and support systems for young people, especially women.
6
Sonos, Inc. an American audio equipment and manufacturer company announced it is laying off about 6% of its workforce, or roughly 100 employees, to improve its operating model and cost structure. The layoffs come shortly after the company delayed two new products due to software issues, which are expected to cost Sonos between $20 million and $30 million to fix. This setback has also led Sonos to lower its annual revenue forecast by approximately $100 million.
15%
Paramount Global announced that the company is planning to lay off 15% of its U.S. workforce, affecting around 2,000 employees, as part of a restructuring plan aimed at reducing costs by $500 million. The company will also close its Paramount Television Studios, transferring all projects to CBS Studios, in response to significant industry shifts. The layoffs are expected to be largely completed by the end of September 2024.