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Editorial: The workforce is getting younger. Are you ready?

"New transitions are always tough, but this is one every company needs to prepare for.".....»»

Category: topSource: bizjournalsNov 27th, 2022

Leveraging Social Media To Grow Your Career In 2023

Employees are ready to change their jobs, with nearly half of American workers planning to look for a new job in the coming six months. According to a new Robert Half report, which surveyed 2,500 professionals, around 46% of them said they plan on making a career or job change in the first half of […] Employees are ready to change their jobs, with nearly half of American workers planning to look for a new job in the coming six months. According to a new Robert Half report, which surveyed 2,500 professionals, around 46% of them said they plan on making a career or job change in the first half of the year. Job-hopping has become a workplace trend among young working professionals in the post-pandemic labor market. A recent Gallup study found that 60% of surveyed millennials – ages 27 to 40 years – are more likely to look for different opportunities this year. The percentage of non-millennials workers looking to switch jobs is roughly 15% lower. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2022 hedge fund letters, conferences and more   A majority of Generation Z candidates have also claimed that they are likely to make a job change this year. In a 2022 Lever Great Resignation report, around 65% of Gen Z professionals said that they are likely to leave their job by the end of the year. Moreover, 13% of them are twice as likely to quit their jobs in the next month. Job-hopping has become almost synonymous in the post-COVID workforce, and younger professionals are fueling this trend by leaving unfulfilling roles and moving on to greener pastures. Yet, with so many professionals changing jobs, or looking to switch careers, even against the backdrop of a looming recession, many of them have geared themselves towards social media as a way to build a professional brand and market themselves to potential employers. Using Social Media For Career Growth Keeping your social media professional can be a hard ball to juggle. In a 2020 Harris Poll survey, around 70% of employers said that every company should screen candidates’ social media throughout the hiring process. Additionally, the majority of employers - 78% - believe that all their current employees should adhere to a work–appropriate social media profile. Employees should care about what they share and post on social media. Although the debate over whether social media screening during the hiring process is ethical is still ongoing, candidates willing to leverage social media to develop or boost their careers will need to set up a social media strategy that can help them land the job they want. Much of our digital identity is pinned to our social media accounts, and a lot of what we share, like and the people we interact with via these channels can speak a great deal of the types of person we are outside of the workplace. Aside from employees using these platforms to grow their network, or search for possible job opportunities, employers and recruiters are using it to look for any possible red or green flags that you might bring to the workplace. Social media has moved beyond its traditional form, and today it’s become a digital ecosystem that helps to connect like-minded professionals and their potential employers. How To Use Social Media To Boost Career Opportunities Searching for a job is more than browsing through recruitment websites and job listings on LinkedIn or Google. The internet, and social media is a vast place, with near-endless possibilities, and when it comes to growing your career through social media, you will need to know a few things first. Have A Social Strategy It might sound strange at first, but having a social media strategy will help you come in contact with the right people faster. Your social media strategy should include building an online identity that reflects your professional and personal side. You can use different platforms for different connections or networks, it’s all about how you present yourself through your brand. Think of the type of content you share regularly, does it reflect who you are as a professional? How often do you post, or reply to comments and messages? Are there any areas where you can improve or update the information to help you grow your network of contacts? Write some questions down to get you started, and start working on building an online identity that can get noticed by like-minded individuals in the same industry. Network With Industry Professionals Nowadays it’s easier than ever before to reach out to a company or recruiter through their social media, and the same goes for connecting with professionals working in the same industry. Instead of using social media to only share insightful content, or engage with your friends, try to grow your professional network. On top of this, it’s important to engage with these people as well, even if it’s simply exchanging a few words now and again. Be active in your mission to get to know the people that are out there, and spend a bit of time researching their profiles to better understand the type of skills and qualifications these people may have. Networking is one of the best possible ways to move around your industry without putting in much effort. Grow Your Skills Looking at other people’s social media profiles, whether it’s Twitter or Indeed.com, or even Instagram will give a better idea of the type of skills you might need to develop to help grow and make the next big career jump. Often professionals will share their skills, and what they’re experts in at the top of their social media accounts, this way it is easier for recruiters to know who the person is, and for like-minded professionals to engage with them. If you compare the skills of several professionals already working in the field you’re interested in, you will get a better idea of where you might need to upskill yourself by completing some courses or doing a bit of reading. Advertise Your Expertise When we say advertise, we don’t necessarily mean flashy and colorful digital adverts that you’d hope will get the attention of your potential employer. Instead try and convey your expertise through the type of content you can share such as blog posts, news articles, industry research, or even projects you’ve worked on. Additionally, you can also share your job title and relevant experience in the bio section of your profile. The better you are at showing people your expertise in a professional, yet unpretentious way, the faster your feed will fill up with similar content and other experienced individuals.   Update Your Profiles This is relevant to almost every social media profile you have, regardless of what you use it for. People often neglect social media platforms they don’t use anymore, and while it can be tedious to spend so much time updating photos or replying to messages, decide on a couple of platforms you’d like to use and stick to them. Make sure that the platforms you end up using have a recent photo, and that all other relevant personal information has been updated such as your job title, industry experience, and your current city. You don’t need to do this every week, only when needed, or when you’ve changed jobs or moved. The better you curate your social media, the easier it will be for employers and recruiters to notice you as you actively begin to network. Final Words Social media can be a professional tool, despite it receiving so much negative clout in recent years. Although it’s hard to determine whether possible employers or recruiters will screen your social media accounts before or during the hiring process, it’s best to always keep a well-groomed online identity - especially if you’re looking to make progress in your career. Make well-informed decisions, and think about the type of content you’re sharing. Remember to engage with like-minded professionals, and have conversations online through the information you share with your followers. The better you are at curating one or two social media platforms for career purposes, the quicker you’ll be able to expand your network, and grow your professional skills. Don’t think too much about it, try and have a balance as much as possible, as this will help you to enjoy your social media experience while maintaining a professional, yet fun digital identity......»»

Category: blogSource: valuewalkJan 13th, 2023

Meet the workers who "acted their wage" at their "silly little jobs" and made life their 9-to-5 this year

The past two years have led to a workforce who sees themselves as more than workers, and they're bringing about a cultural shift. Avery Monday/Sarai Soto/Micah Nadwodny The pandemic and post-vaccine era have led to a massive rethink of work for Americans. Some are quiet quitting, or acting their wage, and others are recontextualizing their jobs. It all speaks to a labor market jolted by the pandemic, and how workers want more of a say. For workers, the past two years have been a whirlwind — and a fundamental reexamining of what work means.And 2022, in particular, has been marked by several workplace trends that demonstrate how people are feeling about their jobs. "Quiet quitting," "acting your wage," having a "silly little job," and treating your personal life as a full-time job fascinated Insider readers.It goes back to 2020, when the low-wage work that became increasingly dominant in the wake of the Great Recession was suddenly rebranded. The in-person workers who kept grocery stores and warehouses running were "essential" "heroes." But as the pandemic dragged on, meager pay increases didn't.At the same time, laid-off workers — some of whom saw work as intrinsic to their own identities — were flung out of the workplace. Expanded unemployment benefits meant that some jobless Americans received higher and more steady incomes than they ever had before. Once vaccines became widely available, Americans were ready for a rethink of work, even if the workplace wasn't ready for them. The result over the past year and a half has been workers quitting at near-record rates, unionizing across previously untouched industries, and redefining the role work plays in their lives. Insider has spoken to Americans as they rethink work, grapple with structural barriers to doing better, and push for better. All of their perspectives — from those acting their wage to younger workers shaking up workplace norms – show an appetite for a workplace changed by and for workers.Some workers are 'acting their wage'Sarai Soto.Courtesy of Sarai SotoSarai Soto's TikTok skits on the workplace have become wildly popular. The 30-year-old content creator portrays characters pushing back on overbearing workplaces by "quiet quitting," or acting their wage. It's like an instruction manual for workers looking to establish better and firmer boundaries — and one that clearly resonates."I can't tell you how many messages I receive of people being like, okay, I know your content is funny and provides this comedic relief, but I'm telling you, although it's exaggerated, I've been through those exact same scenarios," Soto told Insider. Meanwhile, Billy, a warehouse worker in Ireland, has enacted his own version of acting his wage: He makes work work for him. One way he did that was through listening to the entirety of "Das Kapital" as an audiobook, instead of just listening to music during work.Read more: How to 'act your wage,' according to 2 millennials who did it: 'If a company is paying you, let's say minimum wage, you're gonna put in minimum effort'The youngest workers see their lives as a full-time jobAvery Monday.Courtesy of Avery MondaySince joining the workforce, Gen Z's brought their own values — including a strict work-life balance — to an already pandemic-disrupted economy.Their resistance to the norms of work aren't necessarily new; millennials have been trying to push beyond cushy workplace perks for better balance, and so have their predecessors. This time, though, popular sentiment seems to be backing Gen Z up. It left some older workers happily jealous."Older generations, if they could wrap their mind around it, they would be able to be a lot more fulfilled and be able to have hobbies and do different things," Avery Monday, a 21-year-old influencer-marketing manager told Insider. "My hope is for them one day to also take part in that and enjoy it, because every generation deserves a good work life balance."Read more: Gen Z treats life as a full-time job and work as a side gig. Other generations are jealous.Jobs aren't your whole world anymore — they're silly and little nowMicah Nadwodny.Courtesy of Micah NadwodnyAmericans have always had a lot to deal with outside of work, and those pressures have only intensified over the last few years. The pandemic added a new challenge: Simply surviving. The overlapping crises of the pandemic, war, and everything getting more expensive has weighed heavily on workers.The result has been a recontextualization of work, exemplified in the meme phrase "silly little job," which originated in 2020. "Early pandemic, everything felt like silly little X, as the world was so out of control around us," Amanda Brennan, a meme librarian and senior director of trends at XX Artists, told Insider. "It's like, how do you do your silly little tasks when it feels life or death?"Read more: 2 years of pandemic, war, and climate crisis have made many Americans rethink work as just 'silly little jobs'Read the original article on Business Insider.....»»

Category: personnelSource: nytDec 31st, 2022

Editorial: The workforce is getting younger. Are you ready?

"New transitions are always tough, but this is one every company needs to prepare for.".....»»

Category: topSource: bizjournalsNov 27th, 2022

Class of 2023 rejoice: Companies are ramping up hiring of new college grads as experienced workers are harder to find amid the labor shortage

A looming recession may make upcoming or recent college graduates nervous about the job market, but employers want to hire them amid a labor shortage. Paul Bradbury/Getty Images The labor market is still tight, but employers are ready to hire from the pool of new college graduates. One survey of employers found that they plan to hire 14.7% more '23 graduates than the preceding class. Roles in industries that have been hit hard by the Great Resignation are also easier to get. If you're graduating college in 2023, companies have something they'd like to give you: A job.Soon-to-be graduates can thank persistent labor shortages for employers' willingness to snap them up, along with the fact that they cost less than wooing someone from a different company."The ongoing labor shortage may prove to be an advantage for the Class of 2023 and those entering the workforce for the first time," Jennifer Chang, a Society for Human Resource Management certified professional, told Insider in a statement. "Employers are struggling to fill positions since the labor pool is low, which means there's less competition for the Class of 2023 when it comes to being selected for a position."Firms are eager to hire 2023 graduates, according to a recent survey with 246 responding companies from August 3 to September 16 from the National Association of Colleges and Employers (NACE). NACE found that respondents plan to hire 14.7% more 2023 graduates compared to the class of 2022. Nearly half of employers surveyed think that the class of 2023 is entering a very good to excellent job market.That's a stark contrast to their peers just a few years older. The pandemic plunged the class of 2020 into labor market chaos. When coronavirus hit, Gen Z workers were disproportionately laid off, with one in four young workers losing their jobs. But, paradoxically, the same conditions that led to 2020 and 2021 graduates emerging into a shaky labor market now spell good news for the class of 2023. The fallout from pandemic working conditions led to the Great Resignation, which, in turn, led a lot of employers towards the newest crop of workers in an attempt to plug their labor holes."Employers had a decrease in the number of actual hires for the class of 2020," Shawn VanDerziel, executive director at NACE, told Insider. "So when it came to the next two classes of '21 and the class of 2022, they're really recalibrating back to their earlier numbers pre-covid. And so now, we're seeing additional increases to where we were pre-covid."And, based on the results from NACE, VanDerziel said roughly "50% plan to increase their hires, while 43.6% plan to maintain the number of hires from last year.""Right now, employers are really concerned about the future of their workforce, especially considering the historic number of job openings and the continued employee turnover and movement of employees as well as low unemployment," VanDerziel said. "And so employers see new college graduates as a way to gain a competitive edge."All of that bodes well for the class of 2023, who might not have to contend with the same concerns that other recent graduates encountered. A hiring boom might seem contradictory to fears of a downturn. But the pandemic's effects on the labor market are far-reaching, and new graduates are getting their day in the sun. Companies still need more workersThe post-vaccine labor market has been shaped by a lack of workers. For over a year, companies have been scrambling to hire and retain employees. In September, even with recession fears looming and inflation still high, another 4.1 million workers quit their jobs. Job openings ticked back up."A lot of economists were a little surprised by how strong the labor market is," Evan Riehl, an assistant professor in economics at Cornell University's School of Industrial and Labor Relations, told Insider. "The pandemic revealed the value that people would get out of remote work, and as a result they may be pickier choosing jobs."That's good news for workers, especially recent college graduates. Firms who are desperate to hire — and don't want to have to go pluck someone else out from the Great Resignation when a more experienced worker quits — might gravitate toward a fresh crop of workers entering the labor force.With a large number of Americans retiring and shifting roles, VanDerziel said, "employers really are seeing these recent college graduates as being this new pool of talent that they can actually pull from in a time in which they are really scrambling to find the talent they need to fill in their companies."This could be good news for companies dealing with high turnover, since it takes time and money to train new hires. According to the Society for Human Resource Management, it costs an average of $4,700 per hire. However, it can potentially cost less to hire a recent graduate than a worker with years of experience."Typically, the average cost per hire does differ based on years of experience," Chang said. "For instance, in many cases it costs less to hire a recent college graduate compared to a mid-career or senior-level professional."Chang added that salary contributes to this, adding that "the more experience required for a position, the higher the salary tends to be."But as employers deal with issues finding and retaining talent, graduates may have bargaining power to negotiate good starting pay. "Many employers are offering higher pay to incentivize and attract candidates, so individuals just entering the workforce may be able to jump-start their career with a higher base salary," Chang said. Of course, there's still competition for many roles, but the lasting effect of labor shortages has some companies eyeing new graduates even more.Jacqui Barrett, an economist and data scientist who works with Handshake, a hiring platform catered towards college students, said that some industries, like media, marketing, and tech, are seeing more competition among new graduates for fewer postings. At the same time, some particularly Great Resignation-stricken industries are growing less competitive — food and beverage jobs, for instance, have a lot of postings.Another plus: Recent graduates are more mobile than older workers. They're less likely to be attached to a particular city or have families they need to stay at home with. Riehl said that that might mean it's easier for a firm to attract a younger worker, because they can search more widely.That might not be good news for everyone elseEven while the number of Americans quitting remains high, the economy is cooling, and layoffs have begun. While they're not widespread, they are disproportionately concentrated among one group — millennials. Workforce data provider Revelio Labs analyzed the demographics of layoffs, looking at 17,000 workers who had been cut, as Insider's Aki Ito reported. They found that the highest earners and new hires were generally on the chopping block. But layoffs were particularly concentrated among millennials, especially in the 30 to 34-year-old range. Previously, millennials had finally turned their economic luck around by dominating the Great Resignation, and finally healing the scars of the Great Recession. The latest downturn already imperiled that — and may position fresh graduates to be seen as a solution for the newly missing workers.To be sure, it still may be tough for recent graduates to find work. According to an analysis from The Federal Reserve Bank of New York, month after recent month, the unemployment rate for recent graduates has been higher than the rate for all workers. In September 2022, for instance, the recent graduates unemployment rate was 4.0%, higher than the all workers' rate of 3.4%.But even so, "this recession — if you can call it that — is not comparable to previous recessions," Riehl said. "As a result, the outlook for young graduates is much more positive than a typical recession."If there is a recession, it may not hit new graduates looking for their first jobs out of college too much. According to results from NACE, "20% of responding organizations are planning for a recession," per the press release. But it noted "only 6% expect to cut back on hiring new college graduates.""Companies are really struggling to find those entry-level employees and those entry-level professionals, and so they're looking to this pool to fill those needs," VanDerziel said.Are you a recent graduate or upcoming graduate struggling to find a job or just landed work and want to share your story? Reach out to these reporters at jkaplan@insider.com and mhoff@insider.com.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 6th, 2022

Gen Z"s not lazy — they"re just refusing to put up with the toxic work culture that boomers created

Young people are tired of being treated unfairly at work, and unlike the generations before them, they are actually doing something about it. Gen Z has turned to labor organizing as a way to stand up to toxic work norms, earning them the title: "America's most pro-union generation."Marianne Ayala/InsiderIsaiah Thomas was only 7 years old in 2008, but he was old enough to understand that his family was struggling. He noticed his parents were around less: They'd go straight to sleep once they got home from work and were out the door first thing in the morning. They were being forced to pick up extra shifts at work to make ends meet, and the lack of family time left an impression on Thomas. "That made an impact on me because my parents worked for a living, and we lived paycheck to paycheck," he said. "And I personally think that all of us in Gen Z, when we experienced that with our parents, we were like, 'Fuck that. We don't want to continue going through that.'"As a young Black man working to organize an Amazon warehouse in deep-red Alabama, Thomas has his work cut out for him. But he's committed to making his workplace better and ensuring future generations don't have to miss out on time with their parents because of job pressures. He isn't alone in his activism. There's a growing wave of labor organizers and reformers in their 20s who have been working overtime across the country to change the workplace. Workers born between 1997 and 2012 have come of age at a time when college degrees no longer promise job stability and economic anxiety is high.More than any other generation, these new entrants to the workforce prioritize fair treatment on the job and refuse to bend to exploitative or outdated corporate norms. And now, Gen Z is turning to organizing as a way to stand up to corporate bosses. Recent union drives at varying workplaces such as Starbucks, Amazon, Home Depot, Minor League Baseball, and even North Hollywood's Star Garden Topless Dive Bar have all involved Gen Z workers — and some have been led by Gen Z outright.'There comes a point where enough is enough'The internet is littered with articles fussing over Gen Z's alleged distaste for workplace "norms," but young workers are not lazy, entitled, or keen on slacking off — they're simply choosing to reject some of the practices that previous generations were forced to accept. Surveys have found that Gen Zers are less likely than their elders to go along with long hours, overbearing bosses, or a lack of boundaries between the personal and the professional. Instead, this new wave of workers is actively pushing back on the behaviors that make the workplace a toxic environment."When I started at Starbucks, I never understood why I had to deal with the treatment I was given," Laila Dalton, a 20-year-old college student who was fired from Starbucks earlier this year after organizing a union in her store, told me. "I think my generation is finally starting to realize that it doesn't matter if you're in the food industry, retail, construction, healthcare, etc., we all deserve to have healthier working conditions."When Dalton would complain about being disrespected on the job or the prevalence of poor working conditions, others would brush off her concerns, saying, "It's the food industry. What do you expect?" But she and her Gen Z peers are not ready to accept that mode of thinking. A recent National Society of High School Scholars survey of 11,000 high-school and college-aged people found that Gen Z's highest priorities when choosing an employer were the fair treatment of all employees (across genders and races), followed by quality of life, employer flexibility, and corporate social responsibility. They are also more likely to leave jobs that don't meet their needs and find better-paying employment elsewhere (though they're not alone in that propensity; Gallup dubbed millennials "the job-hopping generation"). Put simply, young workers want something better than their parents had and aren't afraid to seek it out. The content creator Jade Carson, 22, told Vox's Terry Nguyen: "I want to be in a role where I can grow professionally and personally. I don't want to be stressed, depressed, or always waiting to clock out."Younger workers have spent their lives facing crises from climate disasters to the erosion of reproductive rights. Rebecca Givan, an associate professor of labor studies and employment relations at Rutgers University, told me that as a result, they were far more likely to speak out against injustice. "They are used to holding power accountable, and they understand the deep flaws in the system," she said. "These workers are demonstrating that they will not accept a lack of voice in the workplace, or employers who pay lip service to progressive values and then fall woefully short."As Jun Shin, a 23-year-old labor activist in Honolulu, put it: "There comes a point where enough is enough."Quitting isn't for everyone, though, and many young workers have opted to create change from within instead, whether that's been by workplace activism or unionizing.  "Young workers are open to finding ways to make their workplaces and jobs better, especially if they could not afford to quit and find another job," Shin told me. As Jacqui Germain recently wrote in Teen Vogue, a new report from the Center for American Progress labeled Gen Z  "America's most pro-union generation," and its members have spent the past two years flexing their collective muscle on the picket lines and at the bargaining table. "A lot of us in Gen Z are saying we need an alternative, something that actually gives us a voice, something that's a mechanism to implement some kind of change," Thomas told me. "And so we're like, the union is the way to go because these companies are not offering us anything."'I'm not going to stop fighting anytime soon'Jonah Furman, the former national labor organizer for Sen. Bernie Sanders' 2020 presidential campaign and a staff writer and organizer for Labor Notes, points toward the upswing in union-election petitions as a sign that the young generation is turning to labor organizing as an outlet for its political energy. The number of new filings at the National Labor Relations Board, which oversees union elections, has jumped significantly. According to new data, 2,510 union-representation petitions have been filed in 2022, which represents a hike of 53% from 2021 and is the highest number of petitions filed since 2016. In September, Gallup found a whopping 77% of adults ages 18 to 34 approved of unions (compared with 68% overall). And many members of the "pro-union" generation have been at the forefront of the current organizing wave.Gen Z is "America's most pro-union generation," according to a report from the Center for American Progress.Jason Redmond/AFP via Getty Images"Not only are young workers pro-union, but they're actively turning to the NLRB to assert that stance, which is pretty unheard of," Furman told me. While other generations challenged the status quo using other means of dissent or protest, Furman said Gen Z was "turning to union-authorization cards and unfair-labor-practice charges."And while identity markers like race, gender, and country of origin have long been used by employers to drive divisions in the workplace and prevent organizing, Gen Z isn't biting. According to the Center for American Progress report, the racial and ethnic diversity that characterizes the generation has contributed to an uptick in support for unions, and even across a highly polarized political divide, Gen Z's gap in union support between Democrats and Republicans is the narrowest of any generation. As Thomas told me, a union makes it clear that "this bigotry shit is just meant to divide us so that the employer class can continue making as much profit as they want to." He added: "I'm not going to stop fighting anytime soon."Every new generation forges its own relationship with the powers that be, and Gen Z has made it quite clear which side it's on. As a loudly pro-worker, pro-union cohort, it's saying no to exploitation and standing up against corporations that want to grind them down the same way they did with these young workers' parents and grandparents.Rethinking the worker-boss struggleSince Gen Z is perhaps America's most online generation, it's no surprise that young organizers have found success using platforms like Twitter and TikTok as organizing tools to educate labor-curious workers. "We're tired of the lack of political action from those who supposedly represent us," Elise Joshi, 20, told me. "We shouldn't be handing our life away for a CEO that couldn't care less about us."Joshi is the executive director of Gen-Z for Change, a youth-led nonprofit that works with a network of 5,000 online creators and activists to promote "civil discourse and political action" around issues like the climate crisis, reproductive rights, voting, and workers' rights. The organization has also been taking on corporations trying to screw over their workers. In one notable example, when the grocery giant Kroger was attempting to hire replacement workers ahead of a strike, the digital strategist Sean Black wrote a script of code that was used to flood its careers website with bogus applications to keep the scabs out. "We're using creative tactics that we've learned from growing up in the digital age, from social media to online scab campaigns," Joshi said. TikTok, in particular, has proved a powerful tool for organizations like Joshi's and individual content creators to spread pro-union messages and educate their peers about their rights as workers.Unlike some older union members, who may prefer to focus solely on "bread and butter" economic issues, younger workers understand the need to take a more intersectional and inclusive approach to bring in as many workers as possible to their cause. Instead of focusing solely on better pay, Gen Z organizers are also fighting for racial justice, trans rights, and reproductive freedom, recognizing that economic well-being comes from more than a paycheck. "It's obvious to Gen Z how all of the issues are connected, and how in order to combat one issue, we must address them all," Joshi said. Givan, the Rutgers' employment-relations professor, sees this surge in youth-led organizing as a significant moment for labor, and one that may have a lasting influence on the workforce as Gen Zers continue in their careers. "Many of them may go on to organize in their next jobs as well," she said.The current US labor movement is stronger, and more digitally savvy, thanks to Gen Z's contributions. And because of this new generation of activists, the future of the American working class is shining a little brighter than it was only a few short years ago. Because if there is one quality that Gen Z has in spades, it is audacity — and no mass movement has ever succeeded without it.As Shin summed up: "Young workers have decided to make a very simple demand, which the Irish socialist and trade unionist James Connolly put best: 'For our demands most moderate are, we only want the earth.'"Kim Kelly is an independent journalist, organizer, and author of the book FIGHT LIKE HELL: The Untold History of American Labor. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 3rd, 2022

Boomer Businesses Are A Great Investment For Millennials

Perhaps more than ever before, the up and coming generations of the American workforce want autonomy and freedom. They want to order their own steps, be their own boss, and answer to themselves regarding their time and life management. Of course, social media plays a part in this. Never before has sudden success been so […] Perhaps more than ever before, the up and coming generations of the American workforce want autonomy and freedom. They want to order their own steps, be their own boss, and answer to themselves regarding their time and life management. Of course, social media plays a part in this. Never before has sudden success been so accessible to the masses, and never has it been allowed to be so personalized. From TikTok fame to creating an innovative entrepreneurial dream from scratch, younger generations have many avenues to success. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. Boomer Businesses Are A Great Investment However, they may be overlooking something that’s been right under their noses the whole time. Baby Boomers are a highly entrepreneurial generation. In fact, 40% of all small businesses in the US are owned by Boomers. They own restaurants, contract/construction companies, business or commercial or residential services, and small retail stores, among other things. Boomer businesses provide millions of jobs across the country, and vendors rely heavily on their business to stay afloat. Many of these business owners love what they do and aren’t ready to step down just yet, however they are beginning to age out of the workforce. They need successors ready to take over their businesses, and they are looking to younger generations to do it. Often, children of Boomer small business owners are uninterested in carrying on the legacy. The world is changing and the need to follow in their parents' steps is no longer as evident. Nevertheless, missing out on the opportunity of succession may be a huge financial mistake. Baby Boomer small businesses are very often profitable and many of them have been in operation for more than 10 years. They are well seasoned, already fully operational, and are ready to keep thriving and growing. As Millennials and Gen Z’s begin to inherit the wealth of their predecessors, they’ll be in the position to purchase Boomer businesses. These businesses are nothing short of a wise and profitable investment opportunity for the younger workforce. Successors don’t have to start from the ground up, and can invest in a business that is already making a profit. While it may not be the glamor that young generations are aiming for, investing in Boomer businesses can bring financial stability early on. It also frees them up to pursue their other passions, all while owning a fully functioning, profitable business. When it comes to ambitions of success, investing in a Boomer business is a sure fire way to get there fast. Infographic source: MBAStack.org.....»»

Category: blogSource: valuewalkOct 25th, 2022

America Is Less Divided Than We Think, Says Harris Poll’s CEO

Will Johnson, CEO of The Harris Poll, offers suggestions for how pollsters can improve their methodology and rebuild trust with the public (To receive weekly emails of conversations with the world’s top CEOs and business decisionmakers, click here.) As America heads into another election season, voters once again turn to pollsters for insights into how the results may turn out. After predictions that missed the mark during the 2016 and—to some extent—the 2020 presidential elections, people’s faith in polls has been shaken. So TIME asked The Harris Poll, which doesn’t do any political horse-race polling, to look at attitudes towards the polling industry. The news was mixed. About 60% of respondents believed that pollsters were right at least as often as they were wrong. And in a heavily politicized era, slightly fewer than that believed that poll questions were always fair and balanced. However, the vast majority of respondents believed that the media was more to blame for inaccurate interpretation of the data than pollsters were. And people who followed polls very closely tended to trust them more than those who used other media sources. [time-brightcove not-tgx=”true”] Will Johnson, CEO of The Harris Poll, which was founded by John F. Kennedy’s pollster Lou Harris, calls the elections in 2016 “a wake up call” for the polling industry, some of which is not keeping pace with technological changes, including bots, that are leading to the spread of disinformation. But he’s an optimist, both about polling, and about America. Having looked closely at the data, Johnson sees less division in the country than the fights on social media would suggest. He also offers several suggestions for how polling companies can improve their methodology and rebuild trust with the public. This interview has been condensed and edited for clarity. We live in an era at the moment where everything is politicized. How is polling dealing with politicization of facts? The reason people get into this business is they’re curious about what people think. So we really make that the primary value. That comes in three places: Are you sure you’re measuring the people you’ve set out to measure with your poll? Are you asking the question in a way that is balanced and getting at the essence? And then—as you’re interpreting the statistics that come out of that result—are you able to provide a commentary that balances what you’re able to glean, as far as insights, and what it’s not able to tell you? People are becoming very disenchanted with institutions—with media, government, law enforcement, scientific and academic institutions, and with health institutions and schools. How is that reflected in your data? As everyone has access to more and more information across all those institutions, we’ve just got a way more sophisticated consumer. In general, people just have seen further behind the curtain. And that’s going to inherently bring more skepticism of things, which in some respects, I think is healthy, but I like to go back to local institutions. Someone may say they don’t like hospitals, but they love their local hospital. They love their doctor. When you go back to polling and look at the drivers, if you ask ‘Do you trust this institution or that,’ you may get a number. But if you go under and say, ‘Do you trust your local hospital? Do you trust your doctor? Do you like your kids’ teacher?’ Then all of a sudden it gets way more nuanced and complicated and I don’t see the level of erosion that some of these places that maybe benefit from creating fear see. Have you noticed that people have been more distrustful of polls? I think 2016 was clearly a miss for the industry in general as far as understanding the electorate—and 2020 to some extent. It was sort of a wake-up call in the sense that people were resting on their laurels as far as techniques. You can’t use the same techniques as things move faster and faster. Are you sure you’re getting the right respondent? Are you asking the right question? And then back to when you get the answer to those polls, are you really looking at the underlying drivers of the issues to [firstly] confirm that you got an accurate read, and [secondly] you know what is really happening, and not the headline. I push back on people who think that was inherent bias and nefarious. I think it was more about how rapidly people are changing and us having to be much better at how we actually get to the voter to ask them who they want to vote for. Do you think that faith in political polls can be restored? Yeah, I think that faith can be restored by getting it right. That’s kind of the bottom line. That’s the neat thing about polling, the results are out there and you can see how you did. So I think that’s number one, but number two is what exactly are you polling? What are you talking about? You know, is it just national horse race poll data, or are we talking about local polling about a particular issue? I don’t think that faith is lost in that. The whole horse race dynamic of how we cover elections seems to be sending us down a less optimal path. So then what are you doing differently? Why should people trust polls? I think it’s always good to make [the sample] as robust as you can and we are investing more and more in that. That changes the economics, but we live and die by the Harris brand, so [we will do] whatever it takes to make sure we maintain that integrity. The second and most important [thing] is making sure you’re getting the right people. There are bots, and the technology is changing so dramatically. We’re reaching people online or on their phones and you have to be vigilant. I’ve spent more time in the last couple of years talking to clients about who we’re measuring than what we’re measuring—that is no longer just a given. So being able to have a quality sample and really understanding if this is a real human who’s taking the survey and if it is a human, is it the human that we want to measure? And are they actually engaged in the survey? We’re putting a lot of investment into that, which I think, candidly, our industry probably took for granted previously, and as technology caught up, that’s a premium. The third part is making sure that when you do get that data you have the right sample and you’re putting it out to media, fighting the temptation for what may be the salacious headline. And having that discipline to say, ‘Let me explain and give you context behind this whole survey of what we’re looking at,’ whether it was polling about an issue or candidate or whatever. It may not be as dramatic as we’d all like, or as exciting. But it’s truth. The way people live and the way they consume has changed. And the way they take polls is just like everything else—it’s moving faster and faster and faster. So we just had to reprioritize. In the poll you did for TIME, more than a third of the people you polled do not think poll questions are fair and balanced. Does that concern you? There’s always gonna be a percentage whenever you ask a question that’s gonna think that. I think the way you frame a question can have a huge impact on the answer. So it just goes back to trying to get to the truth in the question. And are you designing it correctly? So, to answer your question, yes. We don’t take anything for granted. The poll also showed that more than 70% of your survey participants say that the media misrepresents the results of polls. Is that also your view? It’s kind of become a sport to bash the media on certain things. So you’re gonna have a population who do that, but back to a point I made earlier, I don’t think this is a bias issue. I think this is a business model issue. There’s that pressure to have the data point that is gonna get clicks. And that may cause media partners to publish something, or make something more prominent without telling a more nuanced story that’s actually, in my opinion, more interesting and more accurate—but may not get you the quick hit or the traffic that you need to survive. One of the things that your polls have shown is that the popularity of businesses is affected by people’s political leanings, so that Chick-fil-A is much more popular with people who are conservative and Samsung is more popular among progressives. At the same time, businesses are getting more politically involved. Is this a helpful or an unhelpful trend? As we’ve seen trust erode in big institutions, business has no choice but to get involved in these issues. Not only are their customers demanding it, but we see their employees—particularly this new kind of millennial workforce—say you can’t just stay out of the political fray. With that said, I think brands really need to be thoughtful about how they think about these particular issues. Because again, people are so much more complicated than snap polling or quick online media would give them credit for. For example, people may not be for defunding the police but they want more racial equity in how police forces work, right? So, as a company, you need to really move judiciously about how you take a stand on certain issues, and keep that in line with exactly what goods or services you’re trying to serve. Looking at a lot of data and polling, I’m an optimist. I think people are closer together than some would have you believe on a lot of issues. I think companies have to get involved. They can’t ignore these issues. It used to be that the CFO was the most important person after the CEO. It’s now the chief communications officer because you have to be involved, but you need to to think about it in a measured, nuanced approach, and understand that it’s not black and white. Trader Joe’s is very popular on both sides of the aisle. So is Krogers. Why is that? I think it goes back to being local. That’s where you’re getting your food; that’s in your community. I think those brands do a great job at keeping their brand promise and delivering for their consumers. People go in there and actually physically engage in most cases there. And so, while it’s national, to the average person, it’s the store down the block from them. What are the trends that make you feel optimistic? If you follow social media, you’d think that it’s just two worlds completely divided. But when you talk to neighbors and even go out into places that may be different from yours and talk to those constituencies, you see a great balance of the values are similar when you get deep underneath the whole [question of] whether you’re a Trump person or not. Give me an example of these shared values. What would they be? Well, family. People care about their families. People want to feel secure in their neighborhoods. Generally speaking people want other people to be happy and feel secure and feel like they have a good chance for a good life. I do polling for a local business publication in Chicago and we’re looking at health outcomes in Chicago. And you see that 87% of Caucasian people feel very good about their health and longevity. For minority populations, it’s 10 points less—significant. When you present that data in a non-polarized way, I find everyone says, ‘This is a problem we need to solve.’ That has nothing to do with are you a Republican or a Democrat. People see that data and it’s sort of arresting, and it’s like ‘How do we work for a solution?’ According to nearly all polls, most Americans believe that something should be done about assault rifles. But it doesn’t seem to get reflected at all in legislation. Are there times when you feel like polls are just not effective enough? We do see in the data that an overwhelming bipartisan majority want to see a sensible action taken as it relates to that issue and I think the reason you’re not seeing more significant movement unfortunately has less to do with sort of general public sentiment and more the way that our electoral system is constructed, particularly as a relation to primaries. Have you done some polls where a piece of data does not land in the way that you thought it would, where you thought, people are not seeing these trends in the way that they should? Yes, COVID. So we ran a COVID tracker right after things started—we’ve run it over a hundred plus weeks—where we measure a bunch of different feelings about how people are thinking about COVID. Particularly this last year, older respondents were much more ready to get back out in the world and do things than younger respondents and Millennials. That runs counter to at least intuitively what you’d think from health, but they were sort of more, “Let’s get on. We want to get back out there. We want to go do things!” There was far more of a cautious attitude from the kind of Gen Z, young group, which was “Wait a minute…” I don’t think that young people are being disingenuous about some of the fear they had. But the older cohorts were much more. “We gotta keep moving forward.”.....»»

Category: topSource: timeOct 23rd, 2022

A psychiatrist explains how to deal with "career milestone FOMO" when it seems like everyone you know is getting promoted

"It feels like everyone else around me is getting a promotion." Gen Z is experiencing widespread "career milestone FOMO," says a psychiatrist. Dr. Anisha Patel-Dunn, DO Gen Z is experiencing widespread "career milestone FOMO," Dr. Anisha Patel-Dunn told Insider. The pandemic and social media have made it worse. As young Americans enter the workforce, it's important to avoid this new kind of FOMO. While some Americans are "quiet quitting" and not going for a promotion, many are grasping to reach their next career milestone — and wondering why everyone else seems to be getting ahead faster. There is a widespread "career milestone FOMO" among young Americans, Dr. Anisha Patel-Dunn, a psychiatrist of college-aged students and Chief Medical Officer at LifeStance Health, told Insider. Patel-Dunn describes this "FOMO" as "the feeling of internal criticism or spiraling fears when we compare ourselves with others and their achievements," which can trigger negative emotions about one's self-worth. She says this feeling can be set off by watching a colleague or friend get promoted or accept an exciting opportunity, or by seeing someone the same age living a lifestyle beyond what one's own career can provide them. While she's worked with patients for 20 years and says this experience is not a new phenomenon, she believes it's "accelerated in recent years." "The pandemic may have delayed or derailed career milestones for people who were expecting to reach a certain goal in a set amount of time or by a certain age," she said. "Social media also plays a role in the "FOMO" experience because it increases your exposure to other people's lifestyles and standard of living."While millions of Americans have joined the Great Resignation and advanced in their careers, the pandemic has created career obstacles for others. And while most research has focused on how social media use of platforms like Facebook, Instagram, and Snapchat can lead to fears about missing out on fun social activities, the rise of career platform like LinkedIn is contributing to some workers experiencing a similar kind of FOMO in their working lives. And as more Gen Zers enter the workforce, more and more could fall victim to it. 'It feels like everyone else around me is getting a promotion'Patel-Dunn says "social media comparison" can increase feelings of "anxiety, stress, and depression," particularly when people are already feeling uneasy about their careers. The most common phrases she hears from patients are some version of the following: "It feels like everyone else around me is getting a promotion," "I feel like my boss is always helping someone else and doesn't pay any attention to me," and "I wonder if I'm not working hard enough or just not good enough."This "milestone FOMO" is not just a US phenomenon either. Pragun Dua, a 22-year-old Web3 product designer in India, says the constant change in the tech industry can create the "fear of missing out on the next big thing.""Especially on Twitter, you see a lot of people building, and many of them can be younger than you" he told Insider, adding that one's success can become "benchmarked on what people — especially of your age group — are achieving." 36-year-old Abhishek Ponia, an India-based consultant, says that many young people come to him seeking career advice, and "almost all of them" say they haven't achieved much and are "losing the race."Many societies put "too much pressure" on kids to be high achievers, comparing them with others of the same age, Ponia adds. And with the emergence of social media platforms like Twitter and LinkedIn over the past decade, he says things have gotten even worse. "Even the ones who are actually doing pretty well are now feeling they aren't doing enough," he said. "Topics like 'hustle culture', 'have a second income,' etc. may be good for few, but aren't necessarily for everyone."Milestone FOMO can extend to marriage, having kids, and buying a homeThis FOMO can extend "to every aspect of life," Patel-Dunn said, including personal life goals like getting married, having kids, and buying a home. "Whether it's pressure from family to get married by the age your parents were married, or to have kids or buy a house before you are emotionally ready to do so or financially stable, it's common to feel like you are the only one who is falling behind," she said.But regardless of where the FOMO is coming from, there are ways to combat it. Patel-Dunn says it's important to remember that "everyone's timelines look different," and that social media is a "highlight reel that often doesn't depict reality." She recommends young people limit the amount of time they spend on social media to protect their mental health. "If your career isn't where you want to be, set realistic goals for yourself to get to a place where you would feel more comfortable," she said. "It's important to also have perspective about your situation – even if you haven't hit a certain goal, it doesn't mean you are unsuccessful, and it's important to remain kind to yourself through the process."Ponia says he shares two pieces of wisdom with young people he speaks with: "Their biggest competition is not someone else, but themselves" and "All of us have unique paths." "No two people in the world have lived life exactly the same way, done things exactly the same way," he said. "So what applies to someone may or may not apply to someone else."And it's important to remember, Dua says, that everyone's in the same boat and will often be open to helping you along the way. The more he's gotten to know people in his industry, the more he's realized they are "very helpful, humble and collaborative" and "no smarter" than him. This has helped him move forward without comparing himself too much to others.Read the original article on Business Insider.....»»

Category: smallbizSource: nytOct 22nd, 2022

13 Ways You Are Sabotaging Your Retirement

One of the most significant and confusing parts of being an adult is planning for retirement. Retirement savings and concerns are regularly-talked about issues in the news, and, frankly, the talk is not often brimming with encouraging updates. In truth, most Americans aren’t anywhere near as on track for retirement as they think they are. […] One of the most significant and confusing parts of being an adult is planning for retirement. Retirement savings and concerns are regularly-talked about issues in the news, and, frankly, the talk is not often brimming with encouraging updates. In truth, most Americans aren’t anywhere near as on track for retirement as they think they are. While this is a scary thing to consider, the good news is that some changes you can make right away will help steer you toward a more comfortable future. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. Why Save for Retirement? Many young Americans live under the misguided belief that public services are available for the elderly, so saving for retirement isn’t as urgent a situation as the media portrays or as older generations warn. There are several reasons behind this: Retirement might last longer than expected. We rarely consider the possibility of retiring earlier than planned. However, this is the case for many Americans. Chronic illnesses and other health concerns are leading contributors to early retirement, which means less money saved overall. It also means you have to spread out the little money you saved across more time. When planning for retirement, you should also have a clear backup plan in place in case life happens and throws you an unforeseen obstacle to navigate before retirement comes. You’re not paying off bad credit. Bad credit refers to any high-interest loan that doesn’t provide a return on your investment and is, therefore, a money sink that drains your wallet. Examples of bad credit are car loans (unless you’re using the car to generate revenue and offset the high interest), and most credit card balances if you don’t pay them in full at the end of your billing cycle. If you’re not prioritizing getting rid of high-interest loads first, then you’re leaving money on the table every month, even if we’re talking about purchases made with a low-interest credit card. Social Security is rarely enough to cover expenses. Social Security was once thought of as a way of ensuring every older adult and disabled person in America had the means to survive. Now, it can only be considered supplemental at best—and it’s likely to decrease in value as time goes on! As the Baby Boomers age into retirement, Social Security will be operating at a greater deficit—paying out more money than they will be taking in from the younger generation’s Social Security contributions. According to the Social Security Administration’s own website, in fact, there is a prediction that benefits may start decreasing in 2034 to make up some of the difference. Many Americans don’t have a retirement plan. This year, the Anytime Estimate Retirement Finances Survey found that 37% of American adults surveyed had no plans for retirement. Not only that, but 39% of Americans surveyed don’t have any savings accounts at all. Sadly, the survey also found that 10% of Americans don’t believe they will ever be financially stable enough to retire comfortably. This is a startling statistic, but it is easily avoidable by taking necessary action now to create a more stable future. Medicare won’t cover comfortable senior living. Many assume that if they go into Senior Living as elderly adults, they will have Medicare to look out for them. They don’t realize that Medicare does not cover senior living at all, and government subsidies that help cover the cost are limited. Most individuals who get their senior living or nursing home care expenses paid by the government do so through state-funded Medicaid programs rather than Medicare. These programs are great for those who need them, but using them often involves having little choice about living accommodations and often sharing a room with another facility resident. Now that we have a better understanding of why it is necessary to consider your retirement, even decades before the time to retire comes, let’s take a look at some of the ways you might already be sabotaging your retirement efforts. 12 Ways You’re Sabotaging Your Retirement Many think they’re doing fine in terms of retirement plans but may not realize that they are doing small things that are adding up to big problems. These little things have a significant impact on your nest egg. Here are some of the most common things to avoid, if possible, on the road to retirement. Not negotiating pay. People are often nervous about negotiating pay with their employers. This is especially true among young people who are just getting started in their field. However, by not negotiating your pay rate, you are cheating yourself out of some of the money you could already be saving for a comfortable retirement. Don’t be afraid to negotiate with employers during the interview process. Now is a perfect time to insist on what you are worth, considering that many businesses are complaining of a worker shortage. Not saving at all. If you aren’t saving for retirement, you are dooming yourself to a later retirement or no retirement at all without the help of government-funded subsidies, which are unstable and cannot be relied upon. Often, people think that they cannot afford to save money for retirement because they are already living paycheck-to-paycheck and having difficulty managing their bills. Think about it this way: Would you rather sacrifice some small luxuries now as a young person or be destitute as an old one? Borrowing from your retirement accounts. Sometimes, we all have to do things we don’t want to. However, there is a growing trend of treating retirement accounts more like emergency funds when obstacles or opportunities in life present themselves. If you want a leisurely retirement, you should not borrow from your retirement accounts for things like buying a new car or renovating your home. Instead, try to save for these expenses separately and allow your retirement money to stay put in your account, where it will have the opportunity to gain interest and grow. In addition, you’ll also avoid paying hefty early-withdrawal fees that will eat into your savings. Not working long enough. Whether you are late joining the workforce or leaving the workforce early, shorting your working years can create major problems in terms of saving for a comfortable retirement. This is also true for individuals who take time off of work to be stay-at-home parents or pursue other interests. Experts recommend working at least 35 years before you retire. This is largely based on how the Social Security Administration calculates benefits. The Social Security Administration will value your retirement based on your 35 highest salary years. For every non-working year, you will get a 0 averaged in. Withdrawing early Some retirement plans involve owning and managing stocks or bonds. The performance of these stocks can vary year to year, so you should never begin withdrawing early because of a belief that the stocks are performing well enough for you to do so. For example, if you invested $500,000 in stocks and the markets are doing well, within a few years, you’ll probably have more than your original half a million even if you withdraw, say, 4% annually. This might make you feel you can withdraw even more because your stocks are doing well. Suddenly you’re withdrawing 6% annually, then 7%, and so on. But doing this severely impacts your compounding and could mean the difference between doubling your investment in 10 years and doubling it in 20. Prioritizing college accounts over retirement savings. Every parent’s natural instinct is to help their kids first, so it’s not uncommon for parents to invest in college savings for their children before they tackle their own retirement savings. It’s important to remember that your kids have more time to pay off student loans than you do. Also, they have other opportunities to get their education paid for, including scholarships, Pell Grants, and work studies. Suffering lifestyle inflation. It’s not uncommon for individuals to trick themselves out of increased earnings that could help them retire comfortably later on. When people get a raise or find employment that pays more, their first instinct is to splurge and treat themselves to luxury. You might feel tempted to buy a new car or take on more bills to sustain a more comfortable and lavish lifestyle with your new salary increase. You’d be much wiser to fold at least half of that new “surplus money” into your retirement account. Carrying too much bad debt. Recently, a group of oblivious car salesmen went viral on TikTok for all the wrong reasons. One by one, they each disclosed the amount of money they were paying monthly on their car payments. For some, the total was over three grand. This led many commenters to criticize the dealership for trying to normalize high amounts of debt to line their own pockets. This is a classic example of bad debt because it implies high-interest rates, and the money you put in doesn’t generate any value. In fact, a large chunk of the car’s value is lost the second you drive it out of the dealership. Think about the debt you take on in your life and ask yourself if it is really worth the risk of having less money to live on later in life. Not taking risks. While all of these hints are about ensuring a comfortable future, there are times when you should take risks. Often, people fixate on retirement at the expense of giving up better opportunities that could help them save more later. For example, you might be tempted to stay with your current employer because you have already done the math and know that you will be able to retire with X amount at a certain age. This is security and stability. However, the desire to maintain this stability will often make you turn down job opportunities that can pay a higher salary or offer a better retirement plan. By not taking on this bit of extra risk, you may be missing out on the dream retirement that everyone wants. Renting. Owning property provides another nest egg for retirement: you can sell your property and downsize when the time is right. If you are currently renting instead of paying a mortgage toward your home and property ownership, you are essentially throwing those monthly payments away. Another added benefit of owning property—even just a tiny home and lot—is that you will save yourself from paying rent and risking eviction in your later years. Not seeking or accepting financial advice. According to a recent study by TIAA-CREF, many affluent Americans agree that, even in their own place of financial security, they still need advice for managing their finances and securing their future wealth. This is a great habit for anyone in any tax bracket to adopt. By seeking the advice of experts and studying the financial habits of those who have found the key to financial success, we can identify our shortcomings and re-strategize for a better and more lucrative future. Trading instead of investing. We have all heard the stories of savvy traders who have made millions playing the stock market. The stories might have fooled you into thinking this is an easy way to rack up retirement cash in a short amount of time. You’d be disappointed to know, though, that most who attempt to grow their savings by trading ultimately lose money. This is because trading isn’t easy. It requires knowing how markets work, choosing the right broker, doing fundamental and technical analysis, and more. Research consistently shows that buy/see strategies for retirement savings frequently underperform the less risky buy-and-hold method of investing. The Bottom Line Most Americans think they are well on their way to a comfortable retirement when, in fact, they’re not. In some cases, it’s because they didn’t start saving soon enough; in others, it’s because they want to retire early; in others, still, the reason lies in choosing the wrong investment strategy for their savings. Misinformation, an unstable economy, and higher inflation have all contributed to making the act of saving for retirement more difficult. However, there are several things you can avoid doing now that will provide you with a safety net in terms of setting yourself up for comfort in the twilight years of your life. Owning property, not borrowing from your retirement accounts, investing wisely, and negotiating the terms of your retirement savings is an excellent place to start. Article by Jordan Bishop, Due About the Author Jordan Bishop discovered the power of credit cards at a young age. His first splash into travel hacking came with the wildly viral launch of Yore Oyster, which landed him national media attention and more than a million frequent flyer miles. He leveraged that opportunity to help tens of thousands of people save millions of dollars on flights, all while globetrotting the world......»»

Category: blogSource: valuewalkOct 20th, 2022

Ken Griffin: Stocks “Looking Pretty Good On A Relative Basis”

Following is the unofficial transcript of a CNBC interview with Citadel Founder & CEO Ken Griffin and CNBC’s “Fast Money Halftime Report” and “Closing Bell: Overtime” Host Scott Wapner live during the CNBC Delivering Alpha conference today, Wednesday, September 28th. Interview With Ken Griffin From The Delivering Alpha Conference SCOTT WAPNER: Welcome. Great to have […] Following is the unofficial transcript of a CNBC interview with Citadel Founder & CEO Ken Griffin and CNBC’s “Fast Money Halftime Report” and “Closing Bell: Overtime” Host Scott Wapner live during the CNBC Delivering Alpha conference today, Wednesday, September 28th. Interview With Ken Griffin From The Delivering Alpha Conference SCOTT WAPNER: Welcome. Great to have you here. KEN GRIFFIN: It’s great to be here. SCOTT WAPNER: I can’t think of a better time to speak with you, either. These are such unsettled times, uncertain. I have a lot to get to and I’d like to start by sort of getting your view of kind of where we are from a market standpoint. What do you see? .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   KEN GRIFFIN: So you opened with the right choice of words. It's a very uncertain time. We are grappling with the threat of nuclear war in the Ukraine, we're grappling with unprecedented Central Bank interventions, we're grappling with record high inflation in the United States in our lifetimes. We're in a very uncertain time for investors. Fortunately, the U.S. equity market, although down quite a bit for the year, is showing a level of resiliency. And the U.S. economy, most importantly, is still strong for people who are going to work every day. In fact, I think we're looking at real wage growth in Q4 this year. We're probably looking at peak inflation having just occurred or just about to occur. So the forward trajectory on a number of key fronts looks somewhat better domestically, again, assuming nothing goes totally off the rails abroad. SCOTT WAPNER: I'm kind of surprised to hear you answer the question that way. I was expecting maybe more gloom and doom. You don't really sound that way, like Stan Druckenmiller did, who was on the stage earlier today who was talking about, at minimum, a hard landing sometime in 2023, if not worse. KEN GRIFFIN: Well, everybody likes to forecast recessions, and there will be one, it's just a question of when and, frankly, how hard. And is it possible that end of '23 we have a hard landing? Absolutely. The Fed is grappling with a level of inflation we haven't seen in a long time. They have a very limited toolkit. They can raise interest rates. That has very adverse consequences for home builders, adverse consequences for auto manufacturers. It will slow down new office construction, for example. But it's a pretty awkward tool to actually cool the economy in a services-led economy. Your decision and my decision to go to a restaurant tonight isn't really impacted by overnight interest rates. Now, we'll get some knock-down effects from wealth deterioration, right? Stock market is lower. People are a bit anxious to spend some of their savings because their savings have come down. But with employment numbers as good as they are, with wages going up nominally, quite a bit, in real terms, back in an upward trajectory, I think the consumer is going to spend money. SCOTT WAPNER: You talk about a resilient stock market, that's the word you used. Do you think that can continue, or is that going to end? KEN GRIFFIN: If we look at multiples, they are high by historical standards, and they are still high by historical standards even given the onslaught of bad news that we've seen, right? Like you said, it's been a year of some really tough headlines. There's a war in Europe, there is record inflation. The market is -- of course, it's down, I don't want to sugarcoat that, but it's not down as much as you probably would have thought if you looked at the news headlines. I think that, again, reflects people have job security, they feel safe in their jobs. Because they're safe in their jobs, they're willing to put money at risk in the stock market. I think if people started to hear their neighbors losing their jobs, we'd see a rotation out of equities and into fixed income. But right now, the American consumer is feeling pretty good about where things stand on an absolute basis. Again, as a country, we all like to find a list of things to complain about, inflation high on the list. But in an 8% inflation environment, do you want your money in 2% short-term bills? Do you want your money in a bank account yielding next to nothing? Stock market was looking pretty good on a relative basis. SCOTT WAPNER: You speak to the competition that now exists, that didn't exist for the better part of at least a decade, if not longer. I know you've heard the debate whether stocks are better than bonds at the current time. Some suggest it's not even close right now, that bonds are the better bet. KEN GRIFFIN: I've got to tell you, with the 10-year at 4% this morning, that was pretty compelling. If you walk through the story we went through, inflation peaking here, heading to a -- you know, let's call it 3- or 2-headline number sometime early to mid next year, core will be higher. That's the challenge the Fed's going to have to deal with, is bringing core down. But you've got a 4% nominal yield. You could be looking at a pretty good real rate of return with bonds at 4%. SCOTT WAPNER: This whole conversation obviously hinges on what the Fed continues to do, and what the impact is of what they're already done. That debate has percolated maybe over the pot of late, with some suggesting that the Fed has gone way too far. I don't know if you've heard some of the debate on our own network about that. Where do you come down on that? Has the Fed oversteered, as some suggest? KEN GRIFFIN: You know, I think that you have one of the most difficult jobs you could ever imagine, right? You're trying to figure out what would be the trajectory of inflation against a backdrop of a labor market that we've never seen before. We don't know the impact of productivity from people working from home, for example. We just don't know. We also don't know what the next move out of Washington is going to be. There's been a lot of regulatory increase out of Washington which, of course, is tough on the economy. There's been a tremendous amount of spending that we, as a country, just shouldn't be incurring that, again, is pro-cyclical, pro-inflation. So the Fed's had a really difficult job to try to use a very blunt tool, interest rates, to address an overheating economy where Washington keeps making moves on the chess board that turned the oven hotter. So it's a tough job. The Fed came out pretty aggressively and then lost some credibility this summer as the financial conditions started to relax. And the most recent moves by the Fed are about reasserting credibility. They want to be very clear-cut, we're going to put inflation back in the box, we're going to take care of this issue. But they lost some credibility this summer when the market started to think the Fed was going to come off of a steep trajectory. SCOTT WAPNER: To pivot. KEN GRIFFIN: To pivot, right? And that was exactly what the Fed didn't need. Now, let's look at counterpoints. The Bank of England right now is facing many of the same challenges, right? The U.K. is going to offer a massive subsidy to homeowners to deal with the cost of energy. That's the price that Europe is paying for, frankly, really poorly thought-out energy policies borne to a significant degree by U.K. consumers who, to their credit, that country's built much more infrastructure and has much more infrastructure to grapple with the crisis created by the dynamics in Ukraine and Russia. But the Bank of England's got to deal with policies that are, again, huge subsidies to homeowners for energy bills, $100 billion-plus, in all likelihood, and then a tax cut against an economy already struggling with inflation. And there, where you see the credibility being brought into question the last couple of days, you've seen just a dramatic fall in the value of the pound, you've seen a dramatic increase in U.K. rates. You can understand why central banks are so focused on maintaining confidence when you see it go awry. SCOTT WAPNER: You run a global firm, obviously, with exposure all over the world. The fallout from what -- since you went there, the U.K -- the BOE has done, I mean, monetary and fiscal policymakers there, are you worried about contagion as a result of what they've done or what kind of exposure might you have given your big macro-presence in Europe? KEN GRIFFIN: So am I worried about contagion? No. But I'm worried about what the loss of confidence in the U.K. represents. It represents the first time we've seen a major developed market, in a very long time, lose confidence from investors. And it represents the challenges that a country faces when policymakers have created a poor foundation. The U.K, because it had high inflation, cannot resort to tax cuts in the same ready fashion to spur growth as we could have in the United States during the Trump administration, for example. When you have your fiscal house in order, when you have inflation under control, you have far more degrees of freedom from both a fiscal and monetary perspective to deal with moments of adversity. The U.K. has lost some of those degrees of freedom, and you see that in the market's reaction to policies that would have been acceptable under a different regime. I worry about that from the context of being an American, where our deficit continues to explode in size, where our government continues to expand in size, and we're losing some of our competitive advantage on a global stage because of the weight of our government and our policy decisions. SCOTT WAPNER: When you see the dramatic moves that have taken place in the currency in the U.K, in bonds, I mean, given your job, do you think about the exposure that you have at that given moment and what the ramifications are? How are you thinking about that question? KEN GRIFFIN: I mean, of course we're always thinking about every exposure we have around the world. We trade a substantial portfolio of foreign exchange positions of fixed-income assets around the world, in addition to equities, and part of our job as a management team is to understand the risks and rewards inherent in those assets, in those positions. The U.K. has been a bit of a minefield the last couple weeks, because today, for example, Central Bank stepped in and bought 10-year gilts in the U.K. to try to create stability in the market, in a country that has enormous amount of debt to be issued. So how do you interpret that? How do you think about these forms of market intervention by central banks? Bank of Japan, just a week ago, intervened in the FX market in a very profound way. And so when you're trading a large macro portfolio, part of your job is to understand how governments will intervene. But watching governments intervene is always a frightening place to be. SCOTT WAPNER: Sometimes the -- I guess you think about the "how," you never can predict the "when," and that is maybe the most unknown variable there is that brings you back to our conversation about our Federal Reserve. Do you think that they have done enough to this point in time that they should stop and wait? It speaks to the "when" and the "how much" of another rate cut -- a rate hike, and if and when that happens. Have they done enough? Should they let it go through the system like some suggest they should? KEN GRIFFIN: So, from my vantage point, absolutely not. We should continue on the path that we're on to ensure that we re-anchor inflation expectations. There's a psychological component to inflation that we need to make sure that our country doesn't start to assume that we should expect 5 or 6 or 7% inflation, because once you expect it broadly enough, it becomes reality, it becomes the table stakes in wage negotiations, for example. So it's important that we don't let inflation expectations become unanchored. But I will tell you, I think the Fed has another challenge, which is if Stan Druckenmiller is right -- let's just stipulate he is -- and we go into a deep recession late next year, then we're going to have had millions of Americans unemployed back to back twice in a three-and-change-year period. And from the perspective of our nation, the loss of human capital that that implies is devastating. To be unemployed twice in such a short period of time, the diminution of job skills, career experience, derailment to future aspirations, a belief that the American dream is not achievable, those cultural and tangible impacts are really devastating. So, for choice, if I am the Fed, I want to try to bring inflation expectations down, but I don't want to create a hard landing because of the cost in human capital. SCOTT WAPNER: You think that they can actually control that? KEN GRIFFIN: No. I think that's the really difficult dance they're trying to do right now. But, you know, you're dealing with very lagged effects. You raise rates today, it impacts very small sectors of the economy very sharply. The follow-on knock-on effects will take 6-12 months to play out. It's a really difficult job they have. SCOTT WAPNER: Stan, you know, aside from suggesting that there was going to be a hard landing at some point next year, suggested you could have something much worse than that. Do you think we could? KEN GRIFFIN: I mean, it's possible. It's always -- here is the problem with economics. I spent three years of my life pulling my hair out at Harvard studying economics. There is no answer. There's just distributions. There's just what may happen. And, of course, there's some distribution that says we're going to go into a significant recession or depression. I can give you that story. I can give you that really bearish story. I'm not sure it serves much purpose. One should always think about that in terms of their portfolio allocation. Can I endure the losses in my portfolio that would go with a severe recession or depression? I should be aware of that possibility. But you want to think about managing your portfolio over your life and over your ability to sustain your risk positions over the journey of your life. In other words, you don't want to own so many equities that when the inevitable recession happens, you're forced to sell at the bottom. That's a much more important concept for investors to understand and to focus on than trying to prognosticate as to when the next recession is going to happen, if that makes any sense. SCOTT WAPNER: Is the 60/40 portfolio dead? KEN GRIFFIN: No. Actually, the 60/40 portfolio looks much better today than at any point in recent times. SCOTT WAPNER: Why so? KEN GRIFFIN: We've got 10-year bonds at 4%, right? When 10-year bonds are at 75 basis points, or 1%, there's no real upside to the bond in a moment of a recession that's often characterized with inflation. But now with the 10-year bond at 4%, if you go into a downturn and inflation heads back towards a 1 handle, all of a sudden those bonds are worth a fair amount more than they are today. That's a win in your portfolio; that's in the green, when your equity portfolio is likely to be in the red. SCOTT WAPNER: Just to be clear, we're talking about 60/40 stocks/bonds, right? The 60/40 portfolio being the best there; we're not saying 60 bonds/40 stocks? KEN GRIFFIN: No. We're saying -- just to case it back, look at the traditional 60/40 advice that investment advisors have given people for the last 40 years of our lives, okay? What I'm saying is, right here, right now, that's a much more compelling value proposition than it was back when the 10-year bond had a 1% yield. SCOTT WAPNER: But you're not -- are you positioning for an eventual hard landing or not? KEN GRIFFIN: So, you know, we're very focused on the possibility of a recession. That's part of risk management. But our central case, unemployment claims at effectively all-time lows, labor force participation rates for prime in life, close to all-time highs. The labor market is healthy. You're going to have real wage growth in Q4. The consumer, lower gasoline prices, lower energy prices, is putting that savings right into consumption. They're putting it into airline tickets, hotels, electronics. They're spending the money that they're saving that they were spending on gasoline just six months ago on other forms of consumption. So that creates a really powerful tailwind to the overall economy. Remember, this, in America, is a consumer consumption-led economy. For better, for worse, that's what drives the American economy. What's the consumer doing? And right here, right now, for the consumer, things look better than they did six months ago. In the future, if you have a bit of a crystal ball, it looks even better over the next 3-6 months. SCOTT WAPNER: Interesting. So we talk a little bit about your positioning. I mentioned at the beginning you have had an ability to navigate these unsettled and uncertain markets better than most. Tyler alluded to that as well. Citadel is having a great year. What's been the key to that? What's been the positioning for you that has led you to do better than most? KEN GRIFFIN: So what you have to keep in mind is, is when you're running a large alternative asset management firm, and particularly one with a very sharp trading stance -- so we're very actively trading dollar/yen and pound/dollar and the 10-year bond and -- SCOTT WAPNER: And commodities. KEN GRIFFIN: -- and commodities, the fluidity with how you change that portfolio is very fast. You can come in to work one day, find that you're long on a bunch of 10-year bonds; two weeks later, you're short a bunch of 10-year bonds. So the tactics of how we're positioning our capital from a trading perspective means that the portfolio really reflects a summation of making a significant number of very on-point short-term calls over the course of the last nine months. Now, I will tell you, one of our key competitive advantages is my entire team is back at work. And the communication collaboration that goes with an in-office workforce is a really powerful competitive advantage when a lot of our competitors are still working remotely. So I think we're in a better position to assimilate quickly macroeconomic news, company earning reports, and move our feet in response to that information and capture value for the people that entrust us with their capital. SCOTT WAPNER: You mentioned your presence in commodities is large, you're one of the largest commodities traders in the world. What is your outlook for that space, specifically energy, which is still, I think, the best-performing sector of this year? KEN GRIFFIN: Energy has been just an unbelievable upward trajectory for most of 2022. And this reflects the fact that Europe -- Europe was willing to trust Russia as its fundamental provider of energy. In fact, when it came to Nord Stream, the whole point that President Trump had about "no" to Nord Stream was trying to reduce European dependency upon the Russians for energy. And guess what? The President was right. In fact, this winter in Germany, the question will be what part of the manufacturing base may need to shut down to secure enough natural gas to heat people's homes. I mean, this is really hard for Americans to relate to, this idea that GM and Ford and Toyota would shut down their manufacturing lines here in America so we would have enough natural gas to keep people's homes warm during the winter. That's how precarious things are in Europe. And the price of natural gas in Europe is several times, several times higher than the price in the United States. So Europe, unlike the United States, because of this enormous energy tax, both inflationary -- and, bluntly, you're writing a check to the Russians -- well, you were until recently; they stopped sending gas to the Europeans. That is putting their economy in a much weaker position on a relative basis than ours. Europe is probably already in a recession because of the high cost and scarcity of energy, and that's a really sad commentary on a substantial portion of the world's consumer or population base. SCOTT WAPNER: You mentioned President Trump -- former President Trump. I want to pivot, if I may, to politics for a minute, because the reports are that you are a big supporter of Governor DeSantis in your new home base of Florida. You were ear-to-ear smile before we came in here, telling me how much you love being down in Miami. Are reports of your backing of DeSantis true? KEN GRIFFIN: Well, I've been a supporter of DeSantis for years. There's nothing newsworthy, and I'm a big supporter of DeSantis. And living in Florida, you see the impact of his policies. It is a state that is prospering. Children in school are being educated and not indoctrinated, which is really great to see as a father of three children. The focus from the Mayor of Miami on managing crime, I mean, we just didn't have that in Chicago. And Chicago, one of our great northern cities right now, frankly, engulfed in almost anarchy. Crime is just out of control in the streets. My friends in New York complain about crime. Nothing compared to Chicago. So, if you look at the quality of life that people have in Florida right now, good schools, safe streets, incredibly prosperous business community, incredible influx of people from across the country moving to Florida, they're like intra-American immigrants. These are people that want to build businesses, they want to create careers. They're moving to states like Florida, where it's just easier to do. And it's really fun to be in an environment where people are forward and they embrace the future. They're hopeful about tomorrow. In contrast, in Chicago, dinner with friends would open for the first 20 minutes with crime and how bad crime is, and this person was murdered here, and what are they going to do about it. That's just not the conversation in Miami. The conversation in Miami is about building a future. SCOTT WAPNER: What did you think of the Governor's policy on migrants? KEN GRIFFIN: I don't agree with what he did. SCOTT WAPNER: Did you tell him that? KEN GRIFFIN: I'm certain that my team's communicated that to him. The point that he's trying to make, I agree with, but the immigrants -- the illegal immigrants are coming over the border in Texas. Texas is bearing the brunt of this. And Governor Abbott, in Texas, I think is justified in what he's been doing because, frankly, the rest of the United States has left him with the bill, while cities like Chicago declared themselves to be sanctuary cities. So he's making a very powerful point to the rest of the country as the state that's bearing the cost of open borders. I think DeSantis reiterated that point but, frankly, I think the Governor of Texas had made it. I don't think Governor DeSantis had to get in the middle of this. SCOTT WAPNER: What about his fight with Disney? KEN GRIFFIN: That's a complicated fight with Disney. First of all, I think Disney put themselves in a position to be punched back. I think the Governor of Florida is completely appropriate in punching back in words. I always get anxious when government does things that look retaliatory. So when the State of Florida revoked Disney's special tax status, that to me could be interpreted as retaliation. And I think it's incredibly important that the U.S. government, at the state level and federal level, stays above anything that looks like politically-based retaliation at all times. SCOTT WAPNER: And you thought that was? KEN GRIFFIN: Look, you could interpret it as such. So whether or not it was, it doesn't matter. The timing was such that one could conclude or believe it was retaliation. SCOTT WAPNER: To the reports that you would consider a cabinet position should he win in '24, perhaps as Treasury Secretary, is that true? KEN GRIFFIN: Well, the question was posed to me, if there was a moment where -- Let me just rephrase this. If we had an economic crisis and I was asked to be Secretary of Treasury, of course I would offer my services. I would be honored to be asked under those circumstances. But right here, right now, I love running Citadel. I'm not interested in being Secretary of Treasury. If we ever had a crisis, of course I'm interested in serving my nation. SCOTT WAPNER: But it would take a crisis to get you to seriously think about it? KEN GRIFFIN: It probably would. SCOTT WAPNER: Interesting. Lastly, before we go, I guess it was 18 months ago or so when you and Citadel were thrust into the whole issue of payment for order flow with Robinhood, which you, I believe, came on with my colleague, Andrew Ross Sorkin, to sort of defend the practice and Citadel's role in it. There was news last week that seemed to suggest that that policy was not going to be outlawed by the SEC. You said at the time that if it was, you would adapt. I think that was the word you used, was "adapt." Are you surprised? Did you think it might be outlawed? KEN GRIFFIN: So, you know, is there a chance, was there a significant chance the SEC was going to end up somewhere banning payment for order flow? Of course. And, frankly, I don't think we've done enough to help consumers understand the nature of payment for order flow. If you're a client of any of the major E-brokerage firms, whether it's a Fidelity, a Schwab, Ameritrade, a Robinhood, an E-Trade, you route your order flow to firms like Citadel Securities, or V2 or Jane Street. And we share our trading acumen at the time of execution of that order. We can very precisely price equities, manage the risk of doing so, and we can share our trading acumen in the form of price improvement and payment for order flow. And this has driven this spectacularly high-execution quality that retail investors have enjoyed and, at the same time, payment for order flow has allowed the major E-brokerage firms to offer zero dollar commissions. We can end payment for order flow, perhaps that trading acumen is shared by more price improvement in that world, but it probably also results in higher commissions. And I think that's just a policy decision that Gensler and the E-brokerage community need to make. SCOTT WAPNER: How will we look back on this whole period, do you think? We've had some runway now away from the meme stock mania, but if you consider that and NFTs and SPACs and some of the other -- you know, what some would call froth or frothy activity in the market, how will you look back at this period of the last couple of years with the sort of keen market sense that you have? KEN GRIFFIN: Wait. Some would call froth? SCOTT WAPNER: Okay. I was trying to be -- KEN GRIFFIN: No. I mean, we went through a period of time where there was massive fiscal stimulus to the American household, much of that early in the pandemic, completely justified. I mean, I was in the White House in March of 2020, and we were talking about the fact that literally millions of Americans were about to lose their jobs. I was pounding the table pretty hard that we had to put checks in the hands of American households, because otherwise people were going to go without food. You and I both know the numbers in the average savings account in our country. People have not saved enough money for a rainy day. And I give great credit to the administration for moving aggressively to get those early stimulus checks out to make sure that nobody in this country went hungry at the start of that pandemic. But we just kept sending checks under one program after another program, last administration, this administration. That deluge of money handed to households, which we borrowed from our great-grandchildren, the surge in the federal deficit has just been -- it's been equivalent to winning World War II. It's been incomprehensible. That surge of borrowing and money delivered to households cycled back into speculative assets in many cases, into NFTs, into crypto, into meme stocks. Now that we're past that moment in time and people are starting to spend those savings down to travel, go out to eat, enjoy other items in life that they want to have, we're seeing that speculative bubble really recede. And this is healthy for the economy. Money misallocated in speculative assets doesn't create jobs in the long run, doesn't help to create the long-term prosperity that makes America the country that it is. SCOTT WAPNER: And you see the direct cause and effect? KEN GRIFFIN: Oh, absolutely. I mean, billions of dollars going into companies that are effectively going to go broke, tens of billions, is money that doesn't go to how do we treat Alzheimer's or how do we treat Parkinson's or how do we educate our children. Our capital markets, when they're awash in speculation, miss the point of why they exist. They exist to allocate capital to the best and highest use. And America's capital markets historically are an incredible engine of job creation, innovation, and improvement in our quality of life. I mean, the stories of the great tech companies, they're almost all U.S. stories, whether it's Apple or Intel or Microsoft. And these are companies that were funded with the American capital markets to create that incredible change in our lives that you and I have enjoyed growing up over the course of the last few decades. SCOTT WAPNER: You included crypto in the areas of "froth" that you just said. Does that mean you're a nonbeliever in crypto? KEN GRIFFIN: Oh, this is -- you know, all the 20-year-olds that work for me now want to kill me, thank you very much, because there's a bit of an intergenerational fight here. I see my younger colleagues much more crypto-centric than my older colleagues, and for good reasons, including, ironically, sort of a Libertarian view of the world. You know, as our government gets bigger and bigger, a certain number of people sort of feel like, you know what, I want the privacy and I want to be -- I want to pull away from government. SCOTT WAPNER: Decentralization. KEN GRIFFIN: Decentralization, right? So what's interesting is we see people pulling away from big government when they look at assets like cryptocurrency, which is a real irony given how people view government can solve so many other problems. SCOTT WAPNER: I enjoyed our conversation. Thank you so much for being so generous with your time. That's Ken Griffin. KEN GRIFFIN: Great to be here......»»

Category: blogSource: valuewalkSep 29th, 2022

Why Joe Biden thinks he"s never too old to be your president

At 79, President Joe Biden isn't focused on his age. Allies say he's motivated by his agenda — and doing "everything possible to stop Trump's return." Dirck Halstead/Getty Images; Howard L. Sachs/CNP/Getty Images; Nathan Howard/Getty Images; Rebecca Zisser/Insider If Biden wins a second term, he would be 86 when he leaves the White House in 2025. As the oldest sitting president, he's raising concerns about how long he can continue governing. But allies say he's motivated by his agenda, patriotism and stopping Trump's return. Read more from Insider's "Red, White, and Gray" series. REHOBOTH BEACH, Delaware — About six years ago, Joe Biden and an old friend were talking about what they planned to do with the rest of their lives.Biden, then in his early 70s, was finishing his second term as vice president. He had already decided against running for president in 2016 after losing his son Beau to brain cancer. Political retirement seemed imminent.But his friend says he'll never forget Biden quoting a line from a Dylan Thomas poem about defying death: "Do not go gentle into that good night.""It was a window into how he views his role," said his friend, a former staffer who was granted anonymity in order to speak candidly about the president. "As long as he feels like he's healthy and capable of contributing, he's going to do that, and he's not going to go quietly." Biden, of course, would run for and win the presidency in 2020. And as he approaches his 80th birthday, he's become a Rorschach test for the effects of aging on a world leader.Republicans have questioned Biden's cognition, even if he's just three years older than former President Donald Trump, who himself is angling for another White House bid in 2024."Nobody believes that Biden's going to run again," Republican Sen. Ted Cruz of Texas told Insider in late spring. "He's obviously diminished and not able to do the job." But allies insist Biden is still the guy he's always been, capable as ever and the right leader for the moment, regardless of his age.Across a half-century in federal politics — a 36-year Senate career representing Delaware, two terms as vice president, and three bids for the presidency — Biden has outlasted many of those he leaned on and grew up with in private and public life. He's tragically lost a wife and two children. Only two other men from his freshman Senate class are still living, and they're both in their early 90s, having long ago left politics. His longtime chief of staff, who succeeded him in the Senate, has literally written a book on retirement.Yet Biden heeds Thomas' poetic words: "Rage, rage against the dying of the light."He has said he expects to run again in 2024, as long as he's in good health. If he wins, he would be 82 on Inauguration Day — becoming the oldest sitting president and breaking the record he set in 2021 — and 86 upon leaving office."If Joe believes that he can continue to contribute and move this country forward, he'll do it again. And he should," said South Carolina state Sen. Dick Harpootlian, a Biden donor and former state party chairman whose wife, Jamie Lindler Harpootlian, is the Biden-appointed US ambassador to Slovenia.Biden's allies say he's motivated by advancing his agenda, by his sense of obligation to the country, and by fighting the same forces that got him in the 2020 race. "He sees himself as wanting to do everything possible to stop Trump's return," Rep. Ro Khanna, a California Democrat, told Insider.Biden has already cheated death by surviving brain aneurysms at 45. "It just makes you think about ... every single day, you don't know. You'd better take advantage of the day," he told me in 2008 when he was running for vice president. If Biden is thinking about age now, he doesn't seem focused on it as a barrier.He loves to tell the story of Satchel Paige, a longtime Negro Leagues pitcher who debuted in the American League at 42 and once threw three scoreless innings at 59. Last year, Biden visited the Vatican and shared the story with Pope Francis, who at the time was nearly 85 and six years older than Biden."How old would you be if you didn't know how old you were?" the president said, quoting Paige. Biden added with a smile, "You're 65, I'm 60."Then-Sen. Joe Biden of Delaware addresses Drexel University Alumni in 1974. Biden was the youngest US senator at that time.Bettmann Archive/Getty Images'Watch me'Age has been a part of Biden's story for decades, ever since Delaware voters first elected him to the US Senate in 1972, days before his 30th birthday. He is the sixth-youngest person elected to the chamber. As Biden wrote in his 2007 memoir, "Promises to Keep," he looked so youthful that the secretary of state at the time, Henry Kissinger, once mistook him for a staffer.Biden used his age to his advantage to win that race. He ran ads that pitted his generation's ideas against those of an opponent more than 30 years older. One ad boasted that Biden "understands what's happening today" — a not-so-oblique suggestion that his Republican rival, incumbent Sen. J. Caleb Boggs, did not.Decades later, in 2020, Biden said on ABC that it's "a legitimate question to ask anybody over 70 years old" whether they're fit and ready to be president. Responding to Trump's attacks on his mental acuity, Biden said, "Mr. President, watch me."As evidence of Biden's command, allies point to his recent legislative achievements. He signed a bipartisan infrastructure law, huge climate and healthcare legislation, a law to bolster the US semiconductor-manufacturing industry, an expansion of healthcare for veterans exposed to burn pits, and significant bipartisan gun-safety legislation. US drones took out Al Qaeda's leader under his watch.Sen. Chris Murphy, a Connecticut Democrat who's emerged as a leader on gun-control measures, said Biden's experience matters, adding there are people in their 40s "who couldn't pull off anything close to what he's done." Murphy described Biden as "nimble" and credited him with knowing when his team should step back from day-to-day negotiating with Congress.Murphy said that after the shooting at Sandy Hook Elementary School in 2012, Biden was part of the White House's "very hands-on role." "He learned from that experience that obviously did not result in a bill and recalibrated," Murphy said.But Biden's accomplishments have often been overshadowed by the ongoing legal drama and related defiance of the man he defeated to win the White House. Republicans — including Trump — have gleefully seized on Biden's verbal misadventures, such as when he called his vice president "President Harris."They mocked him for falling off his bike in June in Delaware — even though Biden got back up, talked about gun control, and then rode away. They blame him for inflation and crime. They say he's "hiding" from journalists because of his infrequent news conferences and one-on-one interviews, though he's had more than 200 impromptu exchanges with reporters. "The person in the Oval Office is not the Joe Biden we knew in the Senate," Cruz, who ran for president in 2016, told Insider. Biden's gait is undoubtedly stiffer and his hair whiter than during his Senate days, which ended in January 2009 when he resigned to become Barack Obama's vice president. When an Associated Press reporter talked about getting gray hair, Biden jokingly replied: "At least you're keeping it. I'd settle for orange if I had more hair."But Biden notably fielded questions from reporters for more than two hours in January on legislative priorities, inflation, foreign policy, and COVID-19."I just don't buy that Joe Biden is, you know, a doddering old man," said Jeff Weaver, a senior advisor to Sen. Bernie Sanders, who ran against Biden in the 2020 Democratic primary. "If that's the message of the Republicans, I mean, it's false. Whether they can sell it to the American people is another question."President Joe Biden drives the Ford's new all-electric F-150 Lightning in Dearborn, Michigan.Nicholas Kamm / AFP via Getty Images'He's engaged'People around Biden take pains to show he's fully capable of doing the job the presidency entails.Cedric Richmond, a former senior White House advisor, told Insider that Biden is "handling a grueling schedule," sometimes requiring 10- and 14-hour days, and reading a fat briefing book each night to prepare for the next day. "In meetings, he's asking detailed questions, thorough questions, because he's already read the briefing material," said Richmond, who's now a Democratic National Committee senior advisor. "You have to be prepared when you meet with him. And he's going to quiz you on what's there: How does it affect the American people? The average person? How does it move the agenda forward? Are there any consequences? What kind of studies have been done?"On domestic and international trips, a White House senior aide said, staffers often give Biden scheduling options, and he takes on the heaviest load. "We'll say, 'This piece isn't necessary, and you don't have to do this event, and you could probably skip that,' and he'll say, 'No, absolutely not,' and wind up putting it all back," said the aide, who was granted anonymity because they were not authorized to speak on the record. Khanna said he isn't concerned about Biden's age. "He'll call if he watches you on a good television appearance or will remember things that you've said to him about priorities," the congressman said. "He's engaged."Joe Biden and his son, Beau, in 2008.PAUL J. RICHARDS/AFP via Getty ImagesA promiseStaying engaged is an implicit part of a promise Biden says he made when Beau was coming to terms with dying. Beau, who died in May 2015, asked for his father's word that he would be OK, Biden wrote in "Promise Me, Dad." "It didn't mean I had to run for president," Biden said on "Morning Joe" in 2020, "but he was worried I'd walk away from what I'd worked on my whole life, since I've been 24 years old."Biden, especially of late, appears particularly engaged in efforts to stamp out the possibility of a nation again led by Trump. In a recent primetime speech from Philadelphia's Independence Hall, Biden targeted Trump and declared that MAGA Republican "extremism" threatened the country. The president made the comments shortly after Trump told a radio-show host that he was "financially supporting" people accused of crimes related to the Capitol riot, adding that he would look "very favorably" at pardons for them if he were to run and be reelected in 2024."He sees Trump and Trumpism as an existential threat," said Biden's friend, who defined "Trumpism" as "mindless craziness." "He sees Putin and Putinism as an existential threat," the friend added. "And he thinks — and I think he's right — he's the best person to deal with both of those issues." Then-Democratic presidential candidate Joe Biden (L) and then-President Donald Trump speaking during the first presidential debate at the Case Western Reserve University and Cleveland Clinic in Cleveland, Ohio, on September 29, 2020.Jim Watson, Saul Loeb/AFP via Getty ImagesBiden has said he was persuaded to run in 2020 when he heard Trump say there were "very fine people on both sides" of a violent clash in 2017 between white supremacists and counterprotesters in Charlottesville, Virginia, that left one woman dead.Khanna said the possibility of Trump running again is "weighing" on Biden. "It's not just the next generation of Republicans," Khanna said. "It's someone who literally has done so much destruction, damage to our democracy." Doug Brinkley, a presidential historian, said that as Biden enters the second half of his first term, he likely has a "messianic streak, a feeling that 'the country needs me.'" Democrats are united in their opposition to Trump, Brinkley said, and "Biden's the one that can say, 'I already slayed that dragon, and I'll slay him again.'"But Democratic Sen. Michael Bennet of Colorado, who challenged Biden in the 2020 Democratic primary, said that running for president is "a rigorous thing — it's a hard thing."Biden "turned out to be the one person out of 330 million people that could beat Donald Trump, and he has my gratitude for that," Bennet said.Asked whether he wants Biden to do it again, the senator demurred."That's for him to decide."Fountain of youthIf Biden has a fountain of youth, it would be found in Delaware, his Joe-asis.He's traveled there about 50 times during his presidency, according to Mark Knoller, a former CBS News reporter who has long been tracking presidential data. It's where he sees friends and family and goes to church. It's where buildings and sandwiches are named for him, where he's still getting takeout from the Charcoal Pit in Wilmington, where people know him as just Joe. "Every time I get a chance, I go home to Delaware. You think I'm joking. I'm not," Biden said in February.Biden sightings have long been a regular part of life in the tiny First State. On a recent visit to Rehoboth Beach, I was greeted — and searched — by Secret Service agents outside a bookstore. The first lady, Jill Biden, was inside shopping."I'm on vacation," she said when I asked if we could talk. "I'm not even me."First lady Jill Biden shops at a Rehoboth Beach, Delaware, bookstore on July 30, 2022.Nicole Gaudiano/InsiderRhett Ruggerio, a Delaware lobbyist and former national committeeman for the state Democratic Party, last saw Joe Biden in May at the graduation ceremony at the University of Delaware, where Ruggerio is a consultant. Biden was there doing what he does: greeting people for a couple of hours, asking things like "how's aunt so-and-so" as his staff was telling him to move on, said Ruggerio, who was a friend of Beau Biden's and helped him win his attorney-general race in 2006. Ruggerio described the idea that Joe Biden is diminished or can't remember things as "bull crap." "He was just in his glory talking to people that he has some association with," Ruggerio said. "I was observing it and thinking, holy crap, he is still the way he's always been, where he's super interested in a person, he wants to know the details, and he wants to make a personal connection, and it's real."It's a BFD when Biden's in town. Sen. Tom Carper, a Delaware Democrat who has been working alongside Biden for nearly half a century, once missed his train to Washington, DC, and had to Zoom into a Senate hearing because Biden's presidential motorcade had snarled traffic in Wilmington. At Rehoboth Beach, where Biden keeps a vacation house, a banner airplane that wasn't supposed to be flying recently caused a stir, Ruggerio said, and a military jet like "something out of Top Gun" flew over his house, spooked his dog, and "scared the shit out of everybody."As we spoke, Ruggerio noticed Secret Service agents peering through the window of the Robin Hood restaurant where we were eating. We later learned the first lady was heading to the bookstore across the street. We agreed that the White House bubble must be killing Biden."He lives off of that, the interaction with people," Ruggerio said. At the Delaware State Fair in Harrington, Darlene Cox, a retired state employee, showed me a 2019 picture of herself with Biden. She said Biden won her over decades ago when, about a year after their first meeting, when she was pregnant with her youngest son, Biden remembered to ask whether she'd had a boy or a girl. "That's amazing to be able to have that rapport with people," she said.Cox said people are painting Biden as "an older man that's senile" and it's not true. "If he's willing to run I'd support him," she said, "because I truly believe in Joe."But one of her sons, D.J., a tractor-trailer driver who's running for Kent County recorder of deeds as a Democrat, feels differently. Strolling the fairgrounds in his campaign T-shirt, he said he was feeling the effect of Biden's low approval ratings on his own campaign. "It's made it harder, yes," he said.D.J. Cox said that while he thinks Biden is "still Joe" and still capable, he worries that Biden's age is a problem."How can a politician represent me and my family when they're that old?" Cox said. "You can't be as sharp as you were at 50 and 40." Laura Najemy, an attorney from Wilmington who supports Biden, said the president could get beyond questions about his age by showing at the end of four years that people are living better, are safer, and have a better chance to save money.But she also said Biden should hold more live press conferences to show that he can handle scrutiny."It's very hard to argue that your opponent is not able to handle the pressure of being president when he's very clearly handling a press conference well, with grace and humor and very knowledgeable insight about the issues," Najemy told me during an interview at the state fair.In Newark, Delaware, at the Biden Welcome Center off I-95, some travelers expressed sympathy for Biden. Patricia Mantoan, 51, said she was glad to see his name on the center "because he's getting, I think, a tough rap." She added that age doesn't matter and that "of course" she would vote for Biden again.Andrew Beyea, of Odenton, Maryland, said Biden has good goals but is a victim of a polarized political environment.He voted for Biden in 2020, but would he again?Beyea sighed deeply. "He's really old," he said. "I don't know how much left he's got in the tank."'Healthy' and 'vigorous'Biden's latest publicly released medical report, from November, described him as "healthy" and "vigorous" and said he was "fit to successfully execute the duties of the Presidency." Kevin O'Connor, the presidential physician, also said Biden was being treated for atrial fibrillation and gastroesophageal reflux that causes him to clear his throat more often. He said that Biden's gait appeared "perceptibly stiffer and less fluid" than in the past and that Biden experienced spinal arthritis."Old age should burn and rave at close of day," the poet said. But for how long? The average life expectancy for a 65-year-old American man in 2020 was 82. A YouGov survey in January found that, as presidents and senators serve into their late 70s and 80s, 58% of Americans said they'd support an age maximum for elected officials; 39% of those respondents said that age should be 70 and 24% said it should be 60.Young voters — who once helped propel Biden to his Senate seat — are now a problem for Biden. In a New York Times/Siena College poll in July, 94% of Democrats under 30 said they'd want a different presidential nominee. And nearly two in three voters who indicated they were planning to participate in the 2024 Democratic presidential primary said they wouldn't want Biden to be the nominee.Age and job performance were part of the problem."With this disappearing middle class that we've got going on, I don't think he and a lot of the other politicians in his age range really understand what that looks like as a young person with that being your future," Winchester Kelly, 29, a Democrat from Richmond, Virginia, visiting the Delaware State Fair this summer, said of Biden.Many politicians in Biden's age group are "out of touch with what young people need financially," she said, and Biden would get a "resigned sort of 'this is what we got'" level of support if he runs again. Biden, who declined through the White House to be interviewed for this story, bristled when a reporter asked about the Times poll in July."Read the polls, Jack. You guys are all the same," he said, approaching the camera. "That poll showed that 92% of Democrats, if I ran, would vote for me." (The poll suggested he would get 92% of Democrats' support in a matchup with Trump.) People in Biden's close circle are "absolutely not" telling him to take it easy, a senior White House aide told Insider."I would pity the person who would say to him, 'You should think about slowing down,'" the aide said. "He is as aggressive as ever."But outside of his close circle, people around Biden's age are increasingly concerned about a second term.David Gergen, 80, a former presidential advisor, questioned whether it's "appropriate for the country's sake" to have a president in his 80s. He told Insider that Biden and Trump should both sit out 2024 and let a younger generation step up. "What if we're going to be in a fight over Taiwan?" said Gergen, who served under Richard Nixon, Gerald Ford, Ronald Reagan, and Bill Clinton. "Do we really want somebody in their 80s who's making those calls about what to do? I don't think so."Gergen said he is also worried about Biden's physical health at that age."What happens if Joe Biden has a heart attack? What happens if he has a stroke?" he saidRobert Reich, who served as the labor secretary during the Clinton administration, wrote for The Guardian in July: "It's not death that's the worrying thing about a second Biden term. It's the dwindling capacities that go with aging." At 76, Reich said he was "feeling more and more out of it." He blamed his generation of leaders for having "f*cked it up royally." He concluded: "Joe, please don't run."In 1995, another towering figure, South African President Nelson Mandela, faced a similar decision: run for a second term, or retire.Mandela chose the latter."I don't think an octogenarian should be meddling with political affairs," Mandela said. "I would like to give over to a younger man. I will be available for advice if they want me, but to occupy a position as a head of state, definitely, I won't take that risk."'I ain't dead yet'Presidents tend to "cling" to power, Brinkley said. Lyndon B. Johnson, the last president to opt out of running for a second term, in 1968, was in a "disastrous situation" during the Vietnam War."Being president is in Biden's DNA," Brinkley said, adding that roles such as as chairman of the Senate Foreign Relations Committee or even as vice president were "stepping stones to the ultimate achievement." "The idea of relinquishing power by Joe Biden over the age issue is extremely remote," Brinkley said. In 1988 and again in 2008, Biden tried but failed to win his party's nomination, and he didn't abandon the idea of running in 2016 until close to the end of his vice presidency. Johanna Maska, an Obama White House aide, remembers Biden as vice president "just going around and chatting with people" — and talking for hours with political donors about running for president."Everybody knew he wanted to run, and a lot of people didn't think he was the right person" because of his performance in Iowa, said Maska, now the CEO of the Global Situation Room, a public-affairs agency.Biden concluded after his son died that he had run out of time to launch a winning 2016 campaign — a decision he said months later that he regretted. By the time he ran in 2020, journalists were asking about his exercise routine and the possibility of a maximum age for candidates."What the hell concerns, man? You wanna wrestle?" he told a reporter in 2019 who'd asked whether Biden would release his medical records "to address concerns.""I think you guys are engaging in ageism here," he said in January 2020 during an interview with The Times' editorial board. "Now look, all kidding aside, I don't think they're — the voters will be able to make a judgment."During that interview, he complained that he was being declared dead politically despite leading in the polls. "Guess what?" he said. "I ain't dead. And I'm not going to die."—New York Times Opinion (@nytopinion) January 20, 2020 Unauthorized T-shirts and hoodies with this quote — as well as a picture of Biden in his signature aviators licking an ice-cream cone — are available on Amazon. While campaigning in 2020, Biden called himself a "bridge" to a new generation of Democratic leaders. But he never defined how long that bridge would be. He told ABC that he didn't mean he was running for only one term, just that he was committed to building the Democratic bench.To run for office and be elected so many times shows that "you're very competitive," said Jim Manley, who was a longtime aide to Harry Reid, the late Senate majority leader."And it's going to take a lot for you to, you know, take a step back and/or step down," Manley said.Maska, the former Obama aide, said that while Biden was a "good solution to Trump," it's time for new Democratic leaders."He's been a political leader longer than I've been alive. And I have a son who's now 10," she said.But Ruggerio, who has known Biden for more than two decades, said he doesn't see the president passing the torch in 2024."I just think it's ingrained in him at this point," he said. "He's been elected since 1972, when he was 29, and now he's going to give it up?"I don't see it happening," Ruggerio added. "Why should he?"Read the original article on Business Insider.....»»

Category: dealsSource: nytSep 13th, 2022

Deciding The Best Time To Retire

Choosing when to retire is one of the most important decisions you’ll ever make. People typically do so when they’re older, but not every retiree is considered a senior citizen. As a result, some people retire earlier than the recommended age and may not get all the benefits, while those who retire later will likely […] Choosing when to retire is one of the most important decisions you’ll ever make. People typically do so when they’re older, but not every retiree is considered a senior citizen. As a result, some people retire earlier than the recommended age and may not get all the benefits, while those who retire later will likely get a better payout but will have to work additional years. Retirement is a relaxing period of life everyone hopes to make it to. However, it requires some financial stability, allowing people to enjoy the rest of their lives in peace and only work if they choose to. During your retirement, you can choose to do whatever you want — as long as you have the financial means. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. What Does Retirement Mean? Simply put, retirement is when you no longer have a job and can enjoy the rest of your life doing things you love rather than working. Most retirees are senior citizens, but others retire much earlier if they have a better financial situation. Just over 10% of people retire before 60, with others deciding to wait until after this age to indulge in retirement. Retirement is a set of years people dedicate to completing things on their bucket lists. They spend more time with their children and grandchildren and begin to prioritize their health more with all their free time. People take this time to pick up new hobbies, learn new skills and write or read books. Retirement is different for everyone, and people don’t have to retire fully. Sometimes, they may hold an easy part-time job to keep busy or supplement their income. For financial purposes, the Full Retirement Age (FRA) is in the mid-60s. So going into early retirement can actually reduce the benefits you get long-term. Before people jump into retiring, they must examine their finances to see if it’s feasible for them. Ideally, you should have had a retirement fund while working, and you might have a pension to pull from if you spent enough years at one workplace to be eligible for benefits. Potential retirees must look at their monetary history to decide the best time to retire. Retiring may not always be an option for some people at certain stages of their lives, or jobs may force others to retire. Knowing when you’re ready indicates you have a plan for the rest of your life — and it’s okay if you can’t retire precisely when you thought you would. How Do You Know When You’re Ready to Retire? Everyone knows when retirement age roughly is, but people don’t realize more than just age factors into whether a person is ready to retire or needs to keep working. Of course, setting yourself up for retirement years ahead of time is the best way to go, but if that wasn’t an option for you, you might need to consider a few other factors. Can You Afford It? Before retiring, you must first ask yourself whether you can currently afford it. If you cannot do so comfortably, you may need to wait. On the other hand, if you don’t have a pension or money saved up, you can at least draw from Social Security after a certain age depending on how many benefits you want. It would help if you had started saving for retirement as early as possible, but not everyone has the same opportunities. Try to save around 15% of paychecks for retirement, but you should put away more if you are closer to retirement age. Then, if you have enough saved or a lucrative passive income to supplement you until you can start drawing from Social Security, you can technically retire any time you want to. Do You Have Things to Keep You Busy? You may fall into a funk without things to do in retirement, which could put you in a dark place. While less important than the financial aspect of making sure you’re ready to retire, this question can help you find something to keep you physically and mentally in shape. Many people are transitioning into a phase of “unretirement,” reentering the workforce to have a job making a difference and keeping them busy rather than worrying about financial obligations. Aside from getting a part-time job, you can also take up new hobbies or return to old ones you used to do before you became too busy. If you have children, you may choose to spend time with them and any potential grandchildren or great-grandchildren. As you move into a new phase of your life, spending time with your loved ones should become more critical than ever. You should also look after your social life outside of your family during retirement. Get out and get to know new people, whether at a community center or by playing games online. Try something new — even if it’s challenging, like video games — and you may find a new hobby. How Burnt Out Do You Feel? It’s no surprise burnout has driven most people into an earlier retirement. Many people may find their worth in their careers, but others see their jobs as a means to an end. They may find fulfillment in other areas of their lives and have jobs to have money to achieve the things they find joy in. However, you may feel burnt out when you work for a long time without taking a moment for self-care or vacation. Burnout can bring people to dark places. You may notice a change in your eating or sleeping habits, which can signal that you may be experiencing burnout. Leaving the position is likely the best option when you’re in a demanding job, taking away your quality of life. A job is never worth your mental or physical health. However, if you’re closer to retirement age, it might be worth considering retiring instead of searching for another position. At some point, retirement can become a form of self-care. Are You the Right Age? Many benefits may be behind a few gates, such as your age or how long you worked at a particular place. The best way to ensure you can retire when you want is to start saving as soon as possible. The closer you are to retirement age, the more you should keep from your current paycheck. Anyone can retire any time they want, but whether they receive full or partial benefits usually depends on their age. While you can start withdrawing money from retirement without penalty a few months after your 59th birthday, 62 is when you can begin claiming social security. Depending on the year you were born, you may never get the full benefits of Social Security if you start pulling payments earlier. However, the FRA rests around 66 or 67, so you can expect to get the full amount if you begin taking Social Security payments then. Late retirement — which occurs from 67-70 — awards you a greater payout. Before your 70th birthday, the law will require you to start taking money out of retirement funds and pensions. However, you will receive your maximum Social Security benefits by age 70, so you don’t need to hold out on taking it any longer. Does It Feel Right? At first glance, unlimited free time and the ability to do almost anything might seem significant to just about anyone. But is it for you? Some people might go back to work after they retire because they feel like they’ve lost their purpose or need the extra money. Just because everything has fallen into place to allow you to retire doesn’t mean you need to that very minute. But, on the other hand, if it doesn’t feel right, or you can’t make peace with your decision or leave a workplace you love, retirement might not be for you. People’s average age to retire is 63, but this number depends on gender. The average retirement age may fluctuate due to economic shifts or pandemic trends, but you don’t need to follow it. Instead, choose whatever stage of your life feels right for you. Then, if everything has aligned and you feel good about moving to the next step, take the plunge. You may love everything retirement has to offer you. Plan Your Retirement Step by Step When you retire depends entirely on your situation, not what others have done. Always keep up with your finances to determine what time works best for you. Some people may have the passive income to retire much earlier than others, while other people still may enjoy their jobs enough to continue working until they can’t anymore. While finances are a significant factor when choosing whether you’re ready to retire, they aren’t the only element you need to prepare. First, it would help to consider how happy you are in your current position. If you’ll have nothing to do during retirement, now is the time to look into hobbies and potential vacations. Then, make the most of your retirement when you get there — or keep planning and saving for the day you’ll be able to. Article by Devin Partida, Due About the Author Devin Partida grew up in the San Francisco Bay Area, where the booming tech and startup scene nurtured her curiosity. Always an avid writer in her younger years, Devin began covering the tech industry for ReHack in 2019, and has since become the young brand’s Editor-in-Chief. When she isn’t writing, Devin enjoys biking around the Golden Gate Bridge, eating hand-crafted ice creams and listening to true crime podcasts......»»

Category: blogSource: valuewalkAug 28th, 2022

Ivana Trump"s Money Lessons for Older Americans

Ivana Trump's Money Lessons for Older Americans Authored by Richard Rosso via RealInvestmentAdvice.com, Ivana Trump, the first wife of Donald Trump, was recently found dead in her Manhattan residence. She was 73. Known throughout her life as a dynamo socialite and dealmaker in heels, her death from a blunt trauma from a fall down the stairs in her multi-story townhome, was a shock to residents who perceived her as vibrant and full of life. So, her passing got me thinking about Ivana Trump’s money lessons for older Americans. Listen, it’s tough to age, but don’t let the process get you down. It’s too hard to get back up! Get it? Seriously, a great challenge is an acceptance of growing older. Aging can be a tough pill to swallow. Especially for those who are known for the travails of their younger days. I have friends who explain as they age, they ‘disappear.’ I hate to hear this. Personally, I’m living my best self and wouldn’t change a thing. However, Ageism is a real societal challenge. Based on numerous surveys, white papers, and reports from health organizations, those who are 60 and older are subject to negative stereotyping and discrimination in the workplace. Also, to younger generations, they do disappear in a manner of speaking. But I have news for you. I think that’s about to change for you ‘seasoned’ folks. During the pandemic, the Labor Force Participation Rate collapsed and has yet to recover. For those who need a reminder, the LFPR represents the people age 16 and older employed or seeking employment. Older Americans decided to accelerate retirement. Younger cohorts decided to go out on their own or sit back – satiated by government stimulus. I think many older Americans will seek to unravel their retirement decision and return to the workforce. Also, I believe they’ll be welcomed with open arms by employers eager for a generation that is timely, responsible, and willing to work! Let’s kick Ageism where it hurts. Right in the work ethic! One money lesson I’ve learned from Ivana Trump about older Americans is that the entire world is wrinkling. According to Peter Zeihan in his latest book – The End of The World is just the Beginning, population, and spending shrinkages are realities the entire globe must embrace. Demographics outline that mass-consumption-driven economies have already peaked. By 2030, the world will be populated with twice as many retirees. Therefore, we all better internalize the fact that we’re getting older and financially and emotionally prepare accordingly. Long-term, poor demographics are deflationary. In my opinion, Ivana Trump refused to accept aging. Thus, I consider Ivana Trump’s money lessons for older Americans applicable to all of us.  Regardless of her immense wealth, she must have encountered anguish when it comes to getting older. Sure having money doesn’t hurt. Suffering in luxury isn’t bad. However, aging doesn’t care about a net worth statement. Denial of aging is real and one of Ivana Trump’s best money lessons for older Americans. Who needs comprehensive studies to understand that denial of getting older is a reality? I see it in myself as I dramatically changed my diet and amped up my physical workouts years ago to fight or slow the inevitable. Frankly, my graying hairline stresses me out.  I engage with people regularly who aren’t ready to deal with how someday they may move slower, forget things often and work through periodic illness or injury. Older clients and their adult children have a tough time facing that mom and dad are grayer, smaller, and frailer than they used to be. Per a July 2022 analysis from the Center for Retirement Research, older Americans and retirees poorly assess the risks they face in retirement. Health and longevity risks (the risk of living longer than expected and exhausting financial resources) are underestimated. Per the study: Perceived longevity risk and health risk rank lower because retirees are pessimistic about their survival probabilities and often underestimate their health costs in late life. I cannot tell you how many clients inform me how sure they are about dying early. How do they know? So, I always ask the following question – “What if you don’t?” Ivana Trump’s friends were concerned about her home’s beautiful but dangerous staircase. They were worried about her falling. She had an elevator and rarely used it. The stairs at her home were steep, the carpet was worn. Although she had trouble walking, she regularly took the stairs. She had the money to remove or replace the carpet; the elevator would have been perfect, but she rarely used it. Why? In her halcyon days, Ivana was New York royalty. Young, vibrant. She could accomplish anything. How can someone like that stare into the mirror and face vincibility? How can you? Can I? Acceptance is the first step to a rich life as we age, to feel comfortable in different but richer skins. That acceptance opens the door to preparation – eating right, exercising regularly, and preparing for the risks of aging through comprehensive planning and open communication with family and friends. If I deny aging, then I’ll force everyone around me to deny it too. Or, at the least, family members and friends will discuss issues concerning me behind my back. Who wants that? Older Americans must be open to listening. This leads to my next financial lesson for older Americans from Ivana Trump. Communication. Another one of the money lessons Ivana Trump has for older Americans. I wonder how many times Ivana was advised (perhaps delicately) by Ivanka and the other kids to update her place for aging, move to a one-story, or take the damn elevator. Whatever it is, would Ivana listen or just carry on like it was the 1980s? In her mind, it may have been decades ago, but her aging body lived in the here and now. There’s a nuance and empathy to communicating with older loved ones. Remember, they were young like you once. Listen to your special older Americans. Never be condescending. A good idea may be to bring in an objective third party such as your financial advisor to assist with the discussions. I’ve witnessed adult children infantilize their parents, and that never works. Imagine approaching Ivana with that tone! Not good! Remember, even mild cognitive impairment can drive a communication wedge between you, and your aging loved one. However, don’t give up sparking conversation. I work with clients who consistently need to nuance their speech with their parents. They get their points across eventually. Impaired older relatives eventually take action, but the process is like chipping away at an iceberg with a butter knife. Don’t give up! Genworth, a leader in long-term care insurance and research, maintains an impactful Conversation Starters page with helpful tips about what to talk about and how to maintain a dialogue. Check it out.   Use your financial plan to motivate others. How can you discuss long-term care issues with loved ones if you’re personally in denial about aging? A risk mitigation plan as part of a comprehensive financial strategy validates your commitment to preparation. Actions forge your conversations with credibility. According to AARP’s most recent Home and Community Preference Survey, 77% of adults 50 and older want to remain in their homes or age in place. The number has been consistent for over a decade. Aging in place requires planning – whether it’s to eventually downsize to a one-story home, renovate kitchen and baths or install easy access ramps for items of mobility such as wheelchairs. It would be worth practicing financial openness and sharing this information with aging parents. In other words, if you’re preparing for these expenses, they should be too. Don’t forget long-term care insurance as one of Ivana Trump’s money lessons for older Americans. Ivana didn’t need long-term care insurance. You probably need to consider it. Unfortunately, nearly half of individuals who apply for traditional long-term care insurance after age 70 have their applications declined by an insurer, according to Jesse Slome, director of the American Association for Long-Term Care Insurance. However, loved ones in good health in their 50s and 60s can still consider long-term care insurance. The sweet spot for looking into long-term care coverage is generally between ages 55 and 65, per Jesse Slome. Three out of every five financial plans I create reflect deficiencies in meeting long-term care expenses. Medical insurance like Medicare does not cover long-term care expenses – a common misperception. Nearly 60% of people surveyed in various studies falsely believe that Medicare covers long-term care expenses. The Genworth Cost of Care Survey has been tracking long-term care costs across 440 regions across the United States since 2004. Genworth’s results assume an annual 3% inflation rate. In today’s dollars, a home-health aide who assists with cleaning, cooking, and other responsibilities for those who seek to age in place or require temporary assistance with daily living activities can cost over $54,912 a year in the Houston area. We use a 4.25-4.5% inflation rate for financial planning purposes to reflect recent median annual costs for assisted living and nursing home care. Candidly, I fear that I’ll need to increase this inflation rate in 2023. As I examine long-term care policies issued recently vs. those 10 years or later, it’s glaringly obvious that coverage isn’t as comprehensive, and costs are more prohibitive. One option is to consider a reverse mortgage, specifically a home equity conversion mortgage. The horror stories about these products are overblown. The most astute planners and academics understand how incorporating the equity from a primary residence in a retirement income strategy can help with the burden of long-term care costs. Those who talk down these products are speaking out of lack of knowledge and falling easily for pervasive false narratives. Reverse mortgages have several layers of costs (nothing like they were in the past), and it pays for consumers to shop around for the best deals. Also, to qualify for a reverse mortgage, the homeowner must be 62, the home must be a primary residence, and the debt limited to mortgage debt. There are several ways to receive payouts. One of the smartest strategies is to establish a reverse mortgage line of credit at age 62, leave it untapped, and allow it to grow along with the home’s value.  The line may be tapped for long-term care expenses if needed or to mitigate the sequence of poor return risk in portfolios. Simply, in years where portfolios are down, the reverse mortgage line is used for income while portfolios recover. Once assets recover, rebalancing proceeds or gains may be used to repay the reverse mortgage loan, restoring the line of credit. RIA’s approach to helping older Americans age comfortably in place. Our planning software allows our team to consider a reverse mortgage in the analysis. Those plans have a high probability of success. We explain that income is as necessary as water regarding retirement. For many retirees, converting the glacier of a home into the water of income using a reverse mortgage will be required for retirement survival and especially long-term care expenses. Ivana Trump’s money lessons for older Americans are lessons for us all, regardless of age. Planning to age gracefully and healthfully will lead to a prosperous retirement attitude. As George Burns said: You can’t help getting older, but you don’t have to get old. The longer I live, the more I realize how true that quote is. Tyler Durden Thu, 08/11/2022 - 09:17.....»»

Category: dealsSource: nytAug 11th, 2022

Woke Airline Policies Threaten Safety, Workers Say

Woke Airline Policies Threaten Safety, Workers Say Authored by Janice Hisle via The Epoch Times (emphasis ours), Southwest Airlines Co. is basking in accolades for its “diversity, equity, and inclusion” (DEI) efforts, award-winning customer service, and record-breaking quarterly revenues. A traveler walks past a Southwest Airlines airplane as it taxies from a gate at Baltimore Washington International Thurgood Marshall Airport on October 11, 2021 in Baltimore, Maryland. (Kevin Dietsch/Getty Images) Behind the scenes of that rosy picture, heartaches are afflicting Southwest, called “the airline with Heart” because of its heart-shaped logo and a corporate culture steeped in “The Golden Rule,” treating others the same way they’d like to be treated. But eight current Southwest employees, including three minorities, told The Epoch Times that “woke, leftist” DEI policies, as implemented, have tarnished the cherished Golden Rule principle, fractured a once-cohesive workforce, and, ultimately, may put safety at risk. Faced with pandemic-related staffing shortages and pressure to add minorities, the company has changed the way it hires, trains, and disciplines workers—mostly to benefit less-qualified new hires representing the diversity rainbow, the employees say. One Southwest flight attendant, a Hispanic female, said: “They are compromising safety for the sake of race, gender identity, and sexual preference … They’re risking people’s lives because of agendas.” Southwest, one of America’s largest air carriers, didn’t respond to messages seeking comment. Similar issues have spread industry-wide, according to 10 airline employees who agreed to be interviewed. Four are pilots and six are flight attendants; most have 20 or more years of experience. All of them, including two American Airlines pilots, spoke on condition of anonymity to protect their jobs. While no one thinks the policies are causing an imminent threat of a plane falling out of the sky tomorrow, all of the interviewees agreed that each time a standard is lowered, or a less-qualified employee is hired, the risk that something can go horribly wrong inches forward a notch or two. In an industry that depends on a near-miracle integration of people, machinery, and computers, even a few deviations can culminate in catastrophe. Still, some employees worry about what could happen if current trends continue to stress out and distract safety professionals. Said one flight attendant: “It’s a recipe for disaster. I just hope I’m not at work when it happens.” Us-Versus-Them Mentality While promoting diversity sounds like a great idea, the inclusionary policies have actually become exclusionary at Southwest, employees say. Disparate treatment has divided their ranks into two distinct camps: those with “desirable” or “approved” personal, social, or political characteristics—and those without. Minorities or people with leftist political views, varying gender identities, and alternative sexual orientations appear to be given wide latitude. This “protected class” is allowed to bend or break rules, and new hires in these classifications may be given extra chances to pass required skills tests, the employees said. At the same time, veteran workers—especially those who are white, heterosexual, and conservative—find themselves in the crosshairs for almost anything, including making a personal statement of religious or political beliefs, the Southwest workers said. Even minorities can be shifted into this targeted group if they espouse personal beliefs running counter to causes that the company supports. “There are two sets of standards: One for us and one for them,” said an experienced flight attendant. One of her colleagues said: “The company is trying to eliminate anybody who does not agree with their agenda. The last few years, anybody who speaks up against them, they want gone.” That flight attendant said she had no problems at work until she posted her Christian religious beliefs on her personal Facebook page, along with her support of President Donald Trump. A coworker reported the posts to Southwest, and the flight attendant said she has faced repercussions ever since. She and others say the targeting of conservatives is common—and they point to the recently publicized case of fired Southwest flight attendant Charlene Carter as a prime example. ‘Targeted Assassinations’ of Conservatives Last month, a federal jury in Texas awarded Carter more than $5 million after finding that Southwest wrongfully terminated her and that her union didn’t live up to its duty to represent her. The company fired Carter after she expressed her pro-life views to a union leader via social media and opposed the union’s pro-abortion activism. The company supported the union’s political activism, Carter’s suit says, by accommodating work-shift changes for union members so they could participate in the Women’s March on Washington, D.C., in January 2017. Marchers were protesting Trump’s inauguration; one of the primary sponsors of the event was Planned Parenthood. Southwest also showed “solidarity” with the protesters by bathing its airplane cabins in pink lights on some D.C.-bound flights, Carter’s lawsuit says. Documents in the case revealed that some union officials and political activists were singling out dissenting Southwest employees for “targeted assassinations,” meaning that they would try to get the company to fire them, using the company’s social media policy as a bludgeon. In an interview with The Epoch Times on Aug. 8, Carter, who lives near Denver, Colorado, said she can’t believe that some leaders of Transport Workers Union of America Local 556, who helped set her up to be fired, are still working for Southwest. Carter also validated her coworkers’ concerns about the disparate treatment of employees who dare to oppose leftist agendas. “I think there are a ton of cases out there just like mine,” she said. Terminated employees from Southwest and other airlines have been continuously contacting Carter for help after learning about the July 14 verdict in her case. Carter spent five years fighting in court; she thinks she was one of the first casualties of the erosion of Southwest’s unique corporate culture, which she witnessed during the latter part of her 20-plus years at the airline. “We all loved our jobs; we all loved each other—our CoHearts, that’s what we called each other,” Carter said, pointing out that the airline’s stock ticker is LUV, a nod to its birthplace at Love Field, Texas. Corporate Culture Shift But corporate leadership and philosophy shifted. Carter said, her former coworkers tell her the culture is now one where people are fired on a whim, and they’re encouraged to file complaints against each other over perceived insults, such as failure to use the “preferred pronoun” of a person asserting an alternative gender identity. Employees who face such accusations are presumed guilty, a current flight attendant said, and they risk suspension or termination. “That is how we are treated now,” she said. “It’s gotten ridiculous,” Carter said. She was astounded to learn that lapel pins, designating preferred pronouns, are being offered to staff. A fellow flight attendant says the company’s priorities are misplaced. “We used to be focused on hiring ‘the best of the best,’” she said. “So why is it now that we feel at Southwest Airlines that we have to use the right pronouns and we have to acquiesce to someone’s gender-fluid mentality?” The DEI Effect The interviewed employees blame DEI policies for sowing the seeds of division. Ironically, before DEI was implemented, “people were never labeled,” a flight attendant said. “I find it very divisive,” she said, “because now everyone is labeled, divided by race, gender sexual orientation … whatever.” “This is wrong—all the way wrong,” she said. The company’s annual report, in its DEI section, says, “Southwest Airlines recognizes, respects, and values differences. … At Southwest, DEI is and always has been a part of our DNA.” All four major airlines—and many other American companies—publicly disclose DEI-related information, such as data on minority recruitment and the racial makeup of their workforce. “Every airline is trying to push forward with minority hiring because they want to ‘show that they care,’” aviation analyst Jay Ratliff said. “They’re being asked, ‘How many women are within your pilot ranks? … How many pilots of color?’” If an airline’s diversity metrics seem low in comparison to their competitors’ numbers, the company’s reputation and bottom line can suffer, Ratliff said. That’s not necessarily fair, he said, because few people have the ability, interest, and financial means to qualify as a commercial airline pilot. Amassing the FAA-required 1,500 hours of flight time with an instructor can cost $75,000 or more, pilots said. Last year, United Airlines announced its goals: to train 5,000 new pilots by 2030 at its new flight school, with “at least half of those students to be women or people of color.” The first class of new recruits “exceeded that goal,” with 80 percent of the 30 students fitting that category, the airline said in a report. Considering that white males make up about one-third of the American population, a Southwest pilot said that composing a class with 80 percent minorities and women looks like “DEI special-status hiring on steroids.” Scoring Systems Push Diversity DEI data play a significant role in corporate ESG scores—ratings of a company’s “environmental, social, and governance” performance. It’s a complex—and controversial—way to assess which companies are considered “good corporate citizens.” Most of the interviewed airline employees believe that the pursuit of ESG scores is driving corporate personnel practices, including ignoring well-qualified male applicants while eagerly hiring less-experienced female and minority candidates. Increasingly, ESG scores can help determine whether a company sinks or swims. A good ESG score can attract investors, government contracts, and favorable loan-interest rates—benefits that are especially important for the airline industry, in which lucrative U.S. Department of Defense contracts are at stake and profit margins are razor-thin because of astronomical costs for equipment and personnel. ESG ratings have existed in some form for decades, yet they barely registered a blip on internet searches until a few months ago, amid the Biden administration’s continued push for businesses to address environmental concerns and to institute “green” policies, which weigh heavily in ESG scores and DEI metrics. Florida Gov. Ron DeSantis recently announced his intent to push back against ESG, calling it “leveraging corporate power to impose an ideological agenda on society.” Refinitiv, a company that produces ESG scores, says its process for calculating the ratings starts with collecting more than 630 ESG measures from each company’s public disclosures. Other ESG assessors have their own rating systems, which means results can vary depending on which assessment method is being used. ESG advocates are now working on standardizing how these scores are calculated. Several airline employees said it would benefit their company, their industry, and society in general if ESG scores and DEI programs were abolished. One Southwest pilot with decades of experience said such measures create unnecessary complications with no positive effect on the airline’s core mission. “Why do we need DEI programs? Why do we need ESG? A lot of the public isn’t even aware these things exist,” he said. “The passengers just want people like me to get them, and their bags, to the same place at the same time, safely … DEI and ESG do nothing to support that—zero.” “I need these DEI programs and ESG scores to go out the back of the airplane like the jet fuel that we burn.” Non-Pilots Hiring Pilots Southwest’s annual report says it has been “evolving hiring and development practices to support diversity goals.” Those changes are troubling to the interviewed employees and to the pilots’ union. In a letter to members last month, the Southwest Airlines Pilots Association pointed out that, for the first time in the company’s 51-year history, a non-pilot is in charge of hiring pilots. The “system chief pilot” used to have that responsibility. “We are just a single step away” from hiring pilots based upon mere reviews of their resumes, association president Casey Murray wrote to union members. Southwest has about 9,600 pilots, the letter said. Putting a non-pilot in charge of hiring pilots most likely will affect the quality of the pilots who are being hired, Southwest interviewees said. People who lack specific knowledge of this specialized job would have a hard time telling the difference between a good hire and a bad one, pilots said. One of the interviewed pilots said that the chief pilot told him: “The diversity department has a very strong voice in who gets hired.” Southwest wants to hire more than 2,000 pilots in the next year, the union’s letter said, questioning whether those new hires will be required to meet Southwest’s traditionally high standards. “Across the entire commercial aviation industry, employers are fighting for an ever-shrinking pool of qualified pilots,” yet Southwest may be at a disadvantage to compete for those pilots. Contract negotiations with Southwest’s pilots are lagging, compared to progress with other airlines’ pilot unions, Murray said. “Pilots are the fuel that powers Southwest Airlines, and right now Southwest’s supply of fuel is running low. Time is growing critical, and options are becoming limited,” Murray wrote. Seeking the Best (Non-White) Pilots? Current pilots also say they have learned that hiring decisions are being driven by a job candidate scoring system; they’re unsure how long it has been in place, how it works, or whether it unfairly elevates minorities. The company controls all of that information. Still, the employees feel confident in anecdotal evidence suggesting that the scoring system, coupled with other hiring practices, could be producing a pattern of discrimination against men, especially white men who come from military backgrounds—previously highly sought-after job candidates. “We could be wrong, but I don’t think we are,” said one pilot who has military experience. That pilot said he thinks the vast majority of his colleagues have heard accounts of possible discrimination similar to the following: When a well-qualified former military pilot applied for a job, Southwest never contacted him for an interview. But the applicant learned that a woman was hired as a pilot, despite having half as much experience in the airline industry. Further, the man had experience as a captain while the woman had only been a first officer, who sits next to the captain in the cockpit. “It’s a completely different world” when a person shifts into the captain’s chair, said the pilot. “We’re leaving a lot of people behind who are better-qualified, just because they’re the wrong color, or they’re identified the wrong way. That’s concerning. We’re not putting the best up-front,” he said. “We have people’s lives in our hands. It’s just like with doctors. If you go to a doctor, you want to go to the best doctor you can.” An American Airlines pilot with decades of experience said he was less troubled than some of the Southwest interviewees who worried about the effects of reduced standards as a result of the increased emphasis on diversity hiring. However, that pilot said he would become very concerned if standards are lowered “to the point where people aren’t flying as confidently.” A second American Airlines pilot said he has observed that “training is not nearly as comprehensive as it used to be,” he said. “But these people who are starting out are flying with people who are supremely qualified to be flying airplanes—so mistakes can be covered.” He thinks the reduced standards could eventually cause problems if the hyperfocus on diversity continues: “If you’re looking for a diverse workforce and not a qualified workforce, you’ve got issues. … You haven’t seen any accidents because of ‘diversity,’ but the potential is there.” All 11 people who were interviewed for this story, including Carter, the ex-flight attendant, said personal traits such as gender and race shouldn’t be part of the equation at all. “From the cockpit door forward, guys and gals of all ethnicities are after the same thing—and that’s a safe flight,” said one of the American Airlines pilots. “They don’t care who sits next to them as long as they can do the job.” More Than Snack Servers Most air passengers think of flight attendants as hospitality ambassadors who make them comfortable with beverages, snacks, blankets, and pillows. But their main purpose is to assist in the rare event of an in-flight emergency. Six Southwest flight attendants, along with Carter, say they feel less able to perform crucial duties because of the climate in which they’re now operating—and new hires appear to be less equipped to shoulder those responsibilities. “They have just made it such a hostile work environment. Southwest has made it that way, and flight attendants are afraid to do their jobs,” a flight attendant said. “But you’re supposed to put a smile on your face and pretend that everything is grand.” The flight attendants describe feeling as though a backstabber is always ready to pounce, to report any action or statement that doesn’t fit the corporate ideology. They’re being held to strict conduct and uniform standards while “accommodations” are extended to people in protected classes, such as a minority woman who was allowed to wear a nose ring—which got a white female in trouble—and a male flight attendant who described himself as “nonbinary”—neither totally male nor totally female—being allowed to wear a skirt that appeared to be shorter than regulations allowed. The nonbinary employee seemed to be using his position at the airline as a platform for LGBTQ activism and self-promotion, rather than focusing on benefiting the company or its customers, fellow flight attendants said. They shared screenshots of the nonbinary employee’s social media posts. One is a selfie of the mustached man posing in his Southwest uniform, with the comment, “My dress looks better on me than most chicks.” That employee no longer works for Southwest, flight attendants said. Yet they said they were aware that a couple of employees faced disciplinary action for referring to the nonbinary employee as “he” in a members-only Facebook group for flight attendants. Antics Embarrass Fellow Flight Attendants One flight attendant perceives that the company is making skewed, unfair hiring decisions, and creating a level of absurdity that’s hard to stomach. She knows of people who are related to Southwest employees and have college degrees—which go beyond the high-school education requirement for flight attendants—“and they don’t get hired, and yet we have this guy, with a mustache, in a skirt, distracting us all because the company wants to fight over his pronouns.” Being a flight attendant used to be considered prestigious and classy; Southwest was viewed as “Mount Rushmore,” a pinnacle for flight attendants, who felt proud just to be hired. “Now the pride is not about the brand of Southwest Airlines,” a flight attendant said. “It’s about how different I can be as an employee of Southwest Airlines—like, ‘Y’all need me more than I need you.’” Public perception of the role has diminished, not just at Southwest, but across the industry. Airlines grant diversity-based exceptions to people who don’t want to look or act professional, the flight attendants said. It used to be unusual to see flight attendants behave in ways that brought embarrassment to their coworkers. Now, quite a few of the new hires who were prized for their diversity “are rather risqué,” a flight attendant said. “They become very emboldened; they feel they can get away with this because they are in a protected class.” Still, Southwest has had to fire employees who pushed the envelope too far, including one minority flight attendant who solicited sex in a social media video and another who videoed herself twerking. In both instances, the videos, provided to the Epoch Times, show the employees in Southwest uniforms. Such conduct disgusts the flight attendants, and their concern is more than superficial. “If we relax the appearance standards and we’re letting people lower their professional standards, then they obviously are not equipped to handle any type of safety issue that can happen on that plane,” a flight attendant said. “Where do you draw the line and say enough is enough?” Commitment, Skills Insufficient One of the flight attendants who has been targeted for religious and political views said her commitment to her job boils down to this: “I will give my life for my passengers and my crew, if that’s what I need to do. My last words will be, ‘Let’s roll,’” she said, referencing the famous words spoken by a passenger on one of the U.S. airplanes that were hijacked on Sept. 11, 2001. She doesn’t see that same level of grit from the new hires. “They don’t have the same tough mentality,” she said. Nor do they have the same work ethic, which might be attributable to differences between the younger and older generations. The older flight attendant described being busy from the beginning to the end of each flight while many of the new hires tend to just serve one round of drink orders, “then they go back to the back (of the airplane) and sit down for the rest of the flight.” The new employees aren’t demonstrating mastery of the skills they were supposed to have been taught, or willingness to perform them. A passenger was having a medical emergency but the flight attendant in charge of that section “wouldn’t even come out of the galley to assist,” said one flight attendant. Instead, she and a second colleague had to take care of the ailing passenger. Such an incident stokes her worst fear: “Somebody’s gonna die. With the lack of training that we’re seeing in the new hires that are coming out … there’s going to be somebody who’s not trained, facing an emergency.” Read more here... Tyler Durden Thu, 08/11/2022 - 06:30.....»»

Category: worldSource: nytAug 11th, 2022

Social Security Benefits About to Surge

All things considered, it is good to be retired today, at least as far as Social Security payments are concerned. In a bit of good news for aged Americans, Social Security payments may take their biggest jump in years. The surge could be as high as 10%, which is larger than recent increases in the consumer price index. The Motley Fool recently reported “Each fall, the Social Security Administration (SSA) announces its annual cost-of-living adjustment (COLA) for the following year, and 2023’s hike could be one for the record books.” Since some Americans rely completely on these payments, the effects on standard of living will be significant. About 65 million people collect some form of Social Security today. Social Security carries an official name of the “Old-Age, Survivors, and Disability Insurance (OASDI).” Even the rich can get benefits. The income calculation tops out at a maximum of $142,800. People with incomes above that are not penalized because they may not need the money. One anxiety people who receive payments now and will in the future have is that the Social Security funds will start to run out of money. This could begin as early as 2034. That means people working today may miss out on benefits as they retire. Among the solutions suggested is that the maximum income that is taxed is higher than the current level. The age at which people can start to be paid also could be moved above 62. Each of these still has the effect of robbing Americans currently in the workforce of benefits older Americans have today. 24/7 Wall St. 10 Tips to Get the Most Out of Your Social Security Income wallst_recirc_link_tracking_init( "98037792762f26d3d75ff2", "graphic" ); All things considered, it is good to be retired today, at least as far as Social Security payments are concerned. For people who are 50 years old or younger, the future is not so bright financially. Sponsored: Tips for Investing A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit......»»

Category: blogSource: 247wallstAug 9th, 2022

Sheryl Sandberg has officially stepped down as Meta"s COO. Here"s how she got her start in tech and became No. 2 at one of the world"s most influential companies.

After getting her start at Google, Sandberg, 52, has spent the past 14 years as Mark Zuckerberg's second-in-command. Sheryl Sandberg, Meta's chief operating officer.Lino Mirgeler/picture alliance via Getty Images Sheryl Sandberg has stepped down as Meta's chief operating officer after 14 years at the company. During her tenure, Sandberg pioneered her own brand of feminism and weathered high-profile scandals. Here's how Sandberg got her start in tech and became Meta's second-in-command. Sheryl Sandberg was born on August 28, 1969, in Washington, D.C. Her father was an ophthalmologist and her mother taught French at a local college. She has two younger siblings: a brother named David and a sister named Michelle.An aerial view of Washington, D.C.Getty ImagesSource: The New YorkerThe family moved to North Miami Beach when Sheryl was 2 years old. Her parents helped create the South Florida Conference on Soviet Jewry and turned their home into a safe haven for Soviet Jews looking to escape anti-Semitism.People on the beach in Miami Beach, Florida.CHANDAN KHANNA/AFP via Getty ImagesSource: The New YorkerSandberg always shone in school, and was in the National Honor Society. "In public schools, for a girl to be smart was not good for your social life," her mother, Adele, told The New Yorker. She also taught aerobics while in high school.CBS 60 MinutesSource: The New Yorker, BloombergShe went on to attend Harvard University, where both of her siblings also went. She majored in economics, and started an organization at college called Women in Economics and Government. She graduated with her undergraduate degree in 1991.Students gather on Harvard's campus.Charles Krupa/APSource: Miami Herald, CNN MoneyAt college, Sandberg researched with future US Treasury Secretary Larry Summers, who would serve as an important mentor for Sandberg in the beginning phases of her career. Summers served as her thesis advisor in college, then hired her to work for him at the World Bank after she graduated.Larry Summers.Hyungwon Kang/ReutersSource: The New Yorker, CNN MoneySandberg stayed at the World Bank for a year, during which she traveled to India to help curb the spread of leprosy. She then returned to Harvard to get an MBA, and worked for a year at the global consulting firm McKinsey & Company.Facebook COO Sheryl Sandberg.Reuters / Mike SegarSource: CNN Money, GuardianSandberg said her parents instilled in her that the time to find a man was in college, because "the good ones go young." At age 24, Sandberg married a businessman named Brian Kraff, but they got divorced after only a year. Sandberg told Cosmopolitan she was nervous her divorce would prevent her from ever meeting someone else.Paul Morigi/ Getty ImagesSource: Cosmopolitan, The New YorkerNot long after Sandberg finished up her MBA in 1995, her mentor, Summers, joined President Bill Clinton's administration. Sandberg followed Summers to D.C. to work for him, and eventually became his chief of staff when he was named Treasury secretary in 1999.Larry Summers.REUTERS/Mark WilsonSource: CNN MoneyBut after the Democrats lost the 2000 election, Sandberg decided to move to Silicon Valley to join the booming tech industry. At the time, Google was a small company with less than 300 people that wasn't making a profit. However, she found the company's mission attractive: "to make the world's information freely available."Google cofounders Larry Page and Sergey Brin.GettySource: The New Yorker, CNN Money When courting her, Eric Schmidt — Google's CEO at the time — reportedly called her every week, and told her, "Don't be an idiot ... This is a rocket ship. Get on it." Sandberg joined Google as the business-unit general manager in 2001 and took over the company's ad program, which had four people working on it at the time.Former Google CEO Eric Schmidt and Sheryl Sandberg.CBS 60 MinutesSource: The New YorkerIn 2004, Sandberg married her longtime best friend Dave Goldberg, whom she had met a decade before and dated for five years. They had a son in 2005, and a daughter born two years later. "The most important career choice you'll make is who you marry," Sandberg said at Insider's Ignition conference in 2011. Goldberg became the CEO of SurveyMonkey in 2009.Sandberg and Dave Goldberg.Kevork Djansezian / Getty ImagesSource: Guardian, Business InsiderSandberg and her family have lived in a 9,200-square-foot mansion in Menlo Park since 2013. The home has six bedrooms, a wine room, gym, movie theater, basketball court, and a giant waterfall. It's only a 20-minute drive from Meta's headquarters.Meta headquarters in Menlo Park, California.Liu Guanguan/China News Service via Getty ImagesSource: InsiderGoogle grew immensely during Sandberg's time there, and she was instrumental in landing a deal with AOL to make Google its search engine. She was eventually promoted to Google's vice president for global online sales and operations.Small toy figures are seen in front of Google logo in this illustration pictureReutersSource: The New YorkerBut after nearly seven years at Google, Sandberg was ready for a new challenge. Schmidt proposed she become chief financial officer, but she turned it down for more responsibility. She asked about becoming chief operating officer, but Google executives reportedly didn't want to rock the boat and mess with the three men already in charge of decision-making: Schmidt and Google's two cofounders, Larry Page and Sergey Brin.Facebook COO Sheryl Sandberg.ReutersSource: The New YorkerFortunately, someone else was pursuing her: Mark Zuckerberg, the 23-year-old whose company, Facebook, was still relatively new. He introduced himself to Sandberg at a Christmas party in 2007, and started to court her to come work at Facebook."Charlie Rose"/PBSSource: New YorkerSandberg began to meet with Zuckerberg for dinner once or twice a week, first at a cafe in Menlo Park and then at Sandberg's home. Sandberg returned to that restaurant, Flea Street Cafe, for an interview with Oprah in 2013. After six weeks of dinner meetings, Zuckerberg eventually offered her the position as Facebook's chief operating officer.Sheryl Sandberg and Oprah.YouTube, OWN TVSource: Fortune, The New Yorker Zuckerberg told The New Yorker that Sandberg "handles things I don't want to." "There are people who are really good managers, people who can manage a big organization," Zuckerberg said in 2011. "And then there are people who are very analytic or focused on strategy. Those two types don't usually tend to be in the same person."Sheryl Sandberg and, in the background, Mark Zuckerberg.David Paul Morris/Bloomberg via Getty ImagesSource: The New YorkerSandberg is known by many as an advocate for women's rights in the workplace. Sandberg has campaigned against using the word "bossy," arguing that it damages women's confidence and desire to pursue leadership roles. She has also partnered with Getty Images to take stock photos that are meant to change the perception of women in the workforce.Allison Shelley/Getty ImagesSource: InsiderIn March 2013, Sandberg published "Lean In," a best-selling book that recounts some of her own personal work experience as well as advice for women to pursue top positions in their field. "A truly equal world would be one where women ran half our countries and companies and men ran half our homes," Sandberg wrote in the book.Amazon, AP ImagesBut not everyone has been so crazy about Sandberg's advice to lean in. Some critics have said that it's not enough to tell women to have confidence if they're not being given the opportunity to succeed. Others say it's unfair to use Sandberg as a model for all women, as she is able to afford a nanny and a staff at work.Joe Raedle/Getty ImagesSource: The New YorkerSandberg announced in 2014 she and her husband would sign onto the Giving Pledge, a commitment by billionaires to donate at least half of their fortune during their lifetime or upon their death. The Giving Pledge was launched by Warren Buffett, Bill Gates, and Melinda French Gates.Facebook COO Sheryl Sandberg at the 2018 Code conferenceGreg Sandoval/Business InsiderSource: ForbesTragedy stuck in 2015 when Goldberg, Sandberg's husband, died suddenly after he collapsed while on vacation with his family in Mexico. Reports first indicated he died from head trauma after falling while on the treadmill, but Sandberg later revealed his death was due to a cardiac arrhythmia.Dave Goldberg.SurveyMonkey/GettySource: Insider"[Dave] showed me the internet for the first time, planned fun outings, took me to temple for the Jewish holidays, introduced me to much cooler music than I had ever heard. He gave me the experience of being deeply understood, truly supported and completely and utterly loved — and I will carry that with me always," Sandberg wrote on Facebook a day after Goldberg's death.Sheryl Sandberg and Dave Goldberg.Getty Images, Kevork DjansezianSource: InsiderFollowing Goldberg's death, Sandberg penned an essay about dealing with grief and "kick(ing) the s--t" out of option B in life when plan A is no longer available. Two years later, Sandberg turned that lesson into a book about her personal experience dealing with death and other stories of adversity.Justin Sullivan/Getty ImagesSource: InsiderSandberg also joined the board of directors of SurveyMonkey — the company her late husband served as CEO for — two months after his death. When SurveyMonkey went public in 2018, the company said Sandberg would donate her 10% stake to the charity she founded in her husband's honor: The Sheryl Sandberg and Dave Goldberg Family Foundation.Dave Goldberg.Business Insider VideoSource: InsiderA year after Goldberg's death, Sandberg began dating longtime friend Bobby Kotick, the CEO of video gaming company Activision Blizzard. Kotick was reportedly a "huge source of strength" for Sandberg in the wake of her late husband's death. However, the couple split in early 2019.Bobby Kotick and Sheryl Sandberg.Drew Angerer/Getty ImagesSource: Page SixSandberg publicly backed Hillary Clinton in the 2016 presidential election. In return, Sandberg was reportedly on Clinton's shortlist for one of two cabinet positions: Treasury secretary and Commerce secretary, neither of which came to fruition after Clinton's defeat.Hillary Clinton.Mark Sagliocco/Getty ImagesSource: InsiderSandberg spoke out against former President Donald Trump's policies on abortion and immigration. A day after Trump reinstated the global gag rule that banned federally funded groups from discussing abortion, Sandberg donated $1 million to Planned Parenthood.Sheryl Sandberg, Mike Pence, and Donald Trump.Getty / Drew AngererSource: InsiderSandberg, and Facebook, drew heavy scrutiny in the wake of the 2016 election. Facebook revealed that Russia paid for thousands of ads on the platform to interfere with and manipulate political sentiment. The New York Times later reported that Sandberg tried to downplay implicating Russia in spreading misinformation on Facebook.GettySource: The New York TimesThen in March 2018, details about the Cambridge Analytica scandal surfaced. The data-analytics company had harvested data from 87 million Facebook users and used it to target voters during the 2016 election. Sandberg admitted that Facebook knew about the improper data use back in 2015, but didn't make it public.Robert Galbraith/ReutersSource: InsiderZuckerberg reportedly blamed Sandberg for the fallout from the Cambridge Analytica scandal and told her she should have been more aggressive in dealing with the "troublesome content." After meeting with Zuckerberg, Sandberg had told friends she worried whether she'd keep her job at Facebook, according to a Wall Street Journal report.Facebook's executives have repeatedly pledged to do better about cleaning up the platform, but the company has a long way to go.Drew Angerer/Getty Images; The Asahi Shimbun/Getty ImagesSource: The Wall Street JournalA bombshell New York Times report later revealed that Facebook directed a PR firm called Definers Public Affairs to conduct an "aggressive lobbying campaign" to blame billionaire George Soros — a Facebook critic — for spreading anti-Facebook sentiment. Both Zuckerberg and Sandberg denied knowing about Definers' activities, and communications head Elliot Schrage instead took the fall. However, Sandberg later admitted she had received a "small number of emails where Definers was referenced."George Soros.Sean Gallup/Getty ImagesSource: InsiderThe New York Times report put mounting scrutiny on Sandberg's role at Facebook. Although Facebook staffers threw their support behind Sandberg, investors reportedly questioned whether they should be worried Sandberg would leave the company.Sheryl Sandberg, Chief Operating Officer of FacebookKrista Kennell / ShutterstockSource: InsiderDespite the speculation, Sandberg remained at the company. In 2018, she was called to testify before Congress alongside then-Twitter CEO Jack Dorsey regarding Russian interference in the US election.Sheryl Sandberg and then-Twitter CEO Jack Dorsey.Drew Angerer/Getty ImagesSource: InsiderThrough it all, Sandberg's net worth has continued to rise. She's currently worth an estimated $1.6 billion, making her one of the 20 richest self-made women in the US.Sheryl Sandberg Facebook COO.Richard Bord/Getty Images for Cannes LionsSource: ForbesIn early 2020, Sandberg announced that she had gotten engaged to Tom Bernthal, the founder and CEO of a consulting firm in Los Angeles. The couple reportedly met through the brother of Sandberg's late husband, and started dating in spring 2019. Engaged!!! @tom_bernthal, you are my everything. I could not love you more. A post shared by Sheryl Sandberg (@sherylsandberg) on Feb 3, 2020 at 10:00am PSTFeb 3, 2020 at 10:00am PST Source: People, Insider In April, The Wall Street Journal reported that while she was dating Kotick, Sandberg pushed the UK tabloid the Daily Mail to drop reporting on a temporary restraining order filed against him by a former girlfriend. Sandberg reportedly worried that the Mail's story would damage her reputation as a champion of women.Activision Blizzard CEO Bobby Kotick.Michael Kovac/Getty Images for Vanity FairSource: Insider, The Wall Street JournalIn June, Sandberg announced that she would step down as COO later this year, writing in a Facebook post that "it is time for me to write the next chapter of my life." Zuckerberg wrote that Sandberg is "a superstar who defined the COO role in her own unique way." She officially left her role on August 1, and her last day at Meta will be September 30.Facebook executives Sheryl Sandberg and Mark Zuckerberg walk together at the Allen & Company Sun Valley Conference.Kevin Dietsch/Getty ImagesSource: Insider, SECMadeline Stone and Paige Leskin contributed to an earlier version of this article.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 3rd, 2022

What Happens When The Workforce No Longer Wants To Work?

What Happens When The Workforce No Longer Wants To Work? Authored by Charles Hugh Smith via OfTwoMinds blog, Workers are voting with their feet, and that's difficult to control. When values and expectations change, everything else eventually changes, too. What happens when the workforce no longer wants to work? We're about to find out. As with all cultural sea changes, macro statistics don't tell the full story. The sea change is better illuminated by anecdotal evidence: workers constantly quitting to take better jobs; zero loyalty to corporate employers; workers cutting hours from full-time to part-time; workers going out for lunch and never coming back; workers giving up on selling sugar-water for the rest of their lives (echoing Steve Jobs' famous challenge to John Scully: "Do you want to sell sugared water for the rest of your life? Or do you want to come with me and change the world?") and giving up on owning an insanely over-valued house. Workers may sell sugar-water but their hearts are no longer in it. Some are interested in changing the world, and others are interested in changing their own lives as the means to change the world. Numerous articles have been published describing these cultural changes in values and expectations: here are three: From the Great Resignation to Lying Flat, Workers Are Opting Out: In China, the U.S., Japan, and Germany, younger generations are rethinking the pursuit of wealth. 'We are the last generation': China's youth rallied around a now-censored social media hashtag to rage about their disillusionment with life and disdain at draconian lockdowns The rise of 'bai lan': why China's frustrated youth are ready to 'let it rot' Note that this cultural shift is global. The dynamics of the global economy are similar the world over: capital has garnered most of the gains of the past generation, leaving shards for labor; the "good things in life" such as owning a house and nice vehicle have soared out of reach of all but the top 10% of households; youth were implicitly promised "good paying jobs and fulfilling careers" if they went to university, and then they graduate into a global economy of dead-end jobs and cut-throat competition for the few slots at the top of the constantly eroding sand pile. The global lockdown revealed several great truths to many idled workers:  1) I'm wasting my life slaving away for an employer to whom I am disposable; 2) trying to own the upper-middle class lifestyle is not worth the sacrifices required, and 3) there are ways to work less and still get by, and live a better life doing so. Once the rats are no longer interested in the rewards because they're out of reach, they jump off the wheel. Once the tax donkeys flop down in exhaustion and ask why they're working so hard to pay outrageous taxes and fees, they lose interest in carrying their heavy load ever again. When debt-serfs stop and calculate their chances to pay off their debt and reach upper-middle class Nirvana, they bail on the entire project. People found they could get by on much less than they previously reckoned. Some found niches in the informal or gig economies, others secured a quasi-pension in the social-welfare system, others decided that net-net of expenses, they were better off quitting and staying home to care for the kids rather than pay thousands of dollars in higher taxes and childcare fees for the privilege of busting their derrieres on an endless treadmill. People realized they wanted a career and worklife they defined and controlled rather than one defined and controlled by an employer. I outline accrediting yourself and other aspects of this in my book Get A Job, Build a Real Career and Defy a Bewildering Economy. (sample chapter here) Some people awakened to the practicality of micro-homes and small home-based enterprises. They realized they didn't have to sign on to a lifetime of labor as tax donkeys and debt-serfs. Employers are struggling to adapt to this cultural transition. Those demanding employees go back to the good old days are like dinosaurs expecting the meteor-strike's effects to dissipate in a few days. The fantasies of fully automated whatever have been revealed as unrealistic. As with all such techno-fantasies, the proponents are never experts in the field being touted as the solution. Automation has limits. Robots break down, need to be reprogrammed, and need human co-workers (so-called cobots). Enthusiasts naively believed that because something is technically possible, that it automatically becomes financially viable. This is an entirely different proposition. How this all plays out is an open question. The Powers That Be don't approve, for obvious reasons: who's going to do all the work to enable our lavish lifestyles and gargantuan gains? Workers are voting with their feet, and that's difficult to control. When values and expectations change, everything else eventually changes, too. *  *  * My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal. If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.   Tyler Durden Tue, 06/14/2022 - 12:05.....»»

Category: blogSource: zerohedgeJun 14th, 2022

Sheryl Sandberg is stepping down as Meta"s COO. Here"s how she got her start in tech and became No. 2 at one of the world"s most influential companies.

Sandberg, 52, confirmed in a Facebook post that she'll be stepping down from her role as Meta's second-in-command later this year. Sheryl Sandberg, Meta's chief operating officer.Lino Mirgeler/picture alliance via Getty Images Sheryl Sandberg is stepping down as Meta's chief operating officer after 14 years at the company. During her tenure, Sandberg pioneered her own brand of feminism and weathered high-profile scandals. Here's how Sandberg got her start in tech and became Meta's second-in-command. Sheryl Sandberg was born on August 28, 1969, in Washington, D.C. Her father was an ophthalmologist and her mother taught French at a local college. She has two younger siblings: a brother named David and a sister named Michelle.An aerial view of Washington, D.C.Getty ImagesSource: The New YorkerThe family moved to North Miami Beach when Sheryl was 2 years old. Her parents helped create the South Florida Conference on Soviet Jewry and turned their home into a safe haven for Soviet Jews looking to escape anti-Semitism.People on the beach in Miami Beach, Florida.CHANDAN KHANNA/AFP via Getty ImagesSource: The New YorkerSandberg always shone in school, and was in the National Honor Society. "In public schools, for a girl to be smart was not good for your social life," her mother, Adele, told The New Yorker. She also taught aerobics while in high school.CBS 60 MinutesSource: The New Yorker, BloombergShe went on to attend Harvard University, where both of her siblings also went. She majored in economics, and started an organization at college called Women in Economics and Government. She graduated with her undergraduate degree in 1991.Students gather on Harvard's campus.Charles Krupa/APSource: Miami Herald, CNN MoneyAt college, Sandberg researched with future US Treasury Secretary Larry Summers, who would serve as an important mentor for Sandberg in the beginning phases of her career. Summers served as her thesis advisor in college, then hired her to work for him at the World Bank after she graduated.Larry Summers.Hyungwon Kang/ReutersSource: The New Yorker, CNN MoneySandberg stayed at the World Bank for a year, during which she traveled to India to help curb the spread of leprosy. She then returned to Harvard to get an MBA, and worked for a year at the global consulting firm McKinsey & Company.Facebook COO Sheryl Sandberg.Reuters / Mike SegarSource: CNN Money, GuardianSandberg said her parents instilled in her that the time to find a man was in college, because "the good ones go young." At age 24, Sandberg married a businessman named Brian Kraff, but they got divorced after only a year. Sandberg told Cosmopolitan she was nervous her divorce would prevent her from ever meeting someone else.Paul Morigi/ Getty ImagesSource: Cosmopolitan, The New YorkerNot long after Sandberg finished up her MBA in 1995, her mentor, Summers, joined President Bill Clinton's administration. Sandberg followed Summers to D.C. to work for him, and eventually became his chief of staff when he was named Treasury secretary in 1999.Larry Summers.REUTERS/Mark WilsonSource: CNN MoneyBut after the Democrats lost the 2000 election, Sandberg decided to move to Silicon Valley to join the booming tech industry. At the time, Google was a small company with less than 300 people that wasn't making a profit. However, she found the company's mission attractive: "to make the world's information freely available."Google cofounders Larry Page and Sergey Brin.GettySource: The New Yorker, CNN Money When courting her, Eric Schmidt — Google's CEO at the time — reportedly called her every week, and told her, "Don't be an idiot ... This is a rocket ship. Get on it." Sandberg joined Google as the business-unit general manager in 2001 and took over the company's ad program, which had four people working on it at the time.Former Google CEO Eric Schmidt and Sheryl Sandberg.CBS 60 MinutesSource: The New YorkerIn 2004, Sandberg married her longtime best friend Dave Goldberg, whom she had met a decade before and dated for five years. They had a son in 2005, and a daughter born two years later. "The most important career choice you'll make is who you marry," Sandberg said at Insider's Ignition conference in 2011. Goldberg became the CEO of SurveyMonkey in 2009.Sandberg and Dave Goldberg.Kevork Djansezian / Getty ImagesSource: Guardian, Business InsiderSandberg and her family have lived in a 9,200-square-foot mansion in Menlo Park since 2013. The home has six bedrooms, a wine room, gym, movie theater, basketball court, and a giant waterfall. It's only a 20-minute drive from Meta's headquarters.Meta headquarters in Menlo Park, California.Liu Guanguan/China News Service via Getty ImagesSource: InsiderGoogle grew immensely during Sandberg's time there, and she was instrumental in landing a deal with AOL to make Google its search engine. She was eventually promoted to Google's vice president for global online sales and operations.Small toy figures are seen in front of Google logo in this illustration pictureReutersSource: The New YorkerBut after nearly seven years at Google, Sandberg was ready for a new challenge. Schmidt proposed she become chief financial officer, but she turned it down for more responsibility. She asked about becoming chief operating officer, but Google executives reportedly didn't want to rock the boat and mess with the three men already in charge of decision-making: Schmidt and Google's two cofounders, Larry Page and Sergey Brin.Facebook COO Sheryl Sandberg.ReutersSource: The New YorkerFortunately, someone else was pursuing her: Mark Zuckerberg, the 23-year-old whose company, Facebook, was still relatively new. He introduced himself to Sandberg at a Christmas party in 2007, and started to court her to come work at Facebook."Charlie Rose"/PBSSource: New YorkerSandberg began to meet with Zuckerberg for dinner once or twice a week, first at a cafe in Menlo Park and then at Sandberg's home. Sandberg returned to that restaurant, Flea Street Cafe, for an interview with Oprah in 2013. After six weeks of dinner meetings, Zuckerberg eventually offered her the position as Facebook's chief operating officer.Sheryl Sandberg and Oprah.YouTube, OWN TVSource: Fortune, The New Yorker Zuckerberg told The New Yorker that Sandberg "handles things I don't want to." "There are people who are really good managers, people who can manage a big organization," Zuckerberg said in 2011. "And then there are people who are very analytic or focused on strategy. Those two types don't usually tend to be in the same person."Sheryl Sandberg and, in the background, Mark Zuckerberg.David Paul Morris/Bloomberg via Getty ImagesSource: The New YorkerSandberg is known by many as an advocate for women's rights in the workplace. Sandberg has campaigned against using the word "bossy," arguing that it damages women's confidence and desire to pursue leadership roles. She has also partnered with Getty Images to take stock photos that are meant to change the perception of women in the workforce.Allison Shelley/Getty ImagesSource: InsiderIn March 2013, Sandberg published "Lean In," a best-selling book that recounts some of her own personal work experience as well as advice for women to pursue top positions in their field. "A truly equal world would be one where women ran half our countries and companies and men ran half our homes," Sandberg wrote in the book.Amazon, AP ImagesBut not everyone has been so crazy about Sandberg's advice to lean in. Some critics have said that it's not enough to tell women to have confidence if they're not being given the opportunity to succeed. Others say it's unfair to use Sandberg as a model for all women, as she is able to afford a nanny and a staff at work.Joe Raedle/Getty ImagesSource: The New YorkerSandberg announced in 2014 she and her husband would sign onto the Giving Pledge, a commitment by billionaires to donate at least half of their fortune during their lifetime or upon their death. The Giving Pledge was launched by Warren Buffett, Bill Gates, and Melinda French Gates.Facebook COO Sheryl Sandberg at the 2018 Code conferenceGreg Sandoval/Business InsiderSource: ForbesTragedy stuck in 2015 when Goldberg, Sandberg's husband, died suddenly after he collapsed while on vacation with his family in Mexico. Reports first indicated he died from head trauma after falling while on the treadmill, but Sandberg later revealed his death was due to a cardiac arrhythmia.Dave Goldberg.SurveyMonkey/GettySource: Insider"[Dave] showed me the internet for the first time, planned fun outings, took me to temple for the Jewish holidays, introduced me to much cooler music than I had ever heard. He gave me the experience of being deeply understood, truly supported and completely and utterly loved — and I will carry that with me always," Sandberg wrote on Facebook a day after Goldberg's death.Sheryl Sandberg and Dave Goldberg.Getty Images, Kevork DjansezianSource: InsiderFollowing Goldberg's death, Sandberg penned an essay about dealing with grief and "kick(ing) the s--t" out of option B in life when plan A is no longer available. Two years later, Sandberg turned that lesson into a book about her personal experience dealing with death and other stories of adversity.Justin Sullivan/Getty ImagesSource: InsiderSandberg also joined the board of directors of SurveyMonkey — the company her late husband served as CEO for — two months after his death. When SurveyMonkey went public in 2018, the company said Sandberg would donate her 10% stake to the charity she founded in her husband's honor: The Sheryl Sandberg and Dave Goldberg Family Foundation.Dave Goldberg.Business Insider VideoSource: InsiderA year after Goldberg's death, Sandberg began dating longtime friend Bobby Kotick, the CEO of video gaming company Activision Blizzard. Kotick was reportedly a "huge source of strength" for Sandberg in the wake of her late husband's death. However, the couple split in early 2019.Bobby Kotick and Sheryl Sandberg.Drew Angerer/Getty ImagesSource: Page SixSandberg publicly backed Hillary Clinton in the 2016 presidential election. In return, Sandberg was reportedly on Clinton's shortlist for one of two cabinet positions: Treasury secretary and Commerce secretary, neither of which came to fruition after Clinton's defeat.Hillary Clinton.Mark Sagliocco/Getty ImagesSource: InsiderSandberg spoke out against former President Donald Trump's policies on abortion and immigration. A day after Trump reinstated the global gag rule that banned federally funded groups from discussing abortion, Sandberg donated $1 million to Planned Parenthood.Sheryl Sandberg, Mike Pence, and Donald Trump.Getty / Drew AngererSource: InsiderSandberg, and Facebook, drew heavy scrutiny in the wake of the 2016 election. Facebook revealed that Russia paid for thousands of ads on the platform to interfere with and manipulate political sentiment. The New York Times later reported that Sandberg tried to downplay implicating Russia in spreading misinformation on Facebook.GettySource: The New York TimesThen in March 2018, details about the Cambridge Analytica scandal surfaced. The data-analytics company had harvested data from 87 million Facebook users and used it to target voters during the 2016 election. Sandberg admitted that Facebook knew about the improper data use back in 2015, but didn't make it public.Robert Galbraith/ReutersSource: InsiderZuckerberg reportedly blamed Sandberg for the fallout from the Cambridge Analytica scandal and told her she should have been more aggressive in dealing with the "troublesome content." After meeting with Zuckerberg, Sandberg had told friends she worried whether she'd keep her job at Facebook, according to a Wall Street Journal report.Facebook's executives have repeatedly pledged to do better about cleaning up the platform, but the company has a long way to go.Drew Angerer/Getty Images; The Asahi Shimbun/Getty ImagesSource: The Wall Street JournalA bombshell New York Times report later revealed that Facebook directed a PR firm called Definers Public Affairs to conduct an "aggressive lobbying campaign" to blame billionaire George Soros — a Facebook critic — for spreading anti-Facebook sentiment. Both Zuckerberg and Sandberg denied knowing about Definers' activities, and communications head Elliot Schrage instead took the fall. However, Sandberg later admitted she had received a "small number of emails where Definers was referenced."George Soros.Sean Gallup/Getty ImagesSource: InsiderThe New York Times report put mounting scrutiny on Sandberg's role at Facebook. Although Facebook staffers threw their support behind Sandberg, investors reportedly questioned whether they should be worried Sandberg would leave the company.Sheryl Sandberg, Chief Operating Officer of FacebookKrista Kennell / ShutterstockSource: InsiderDespite the speculation, Sandberg remained at the company. In 2018, she was called to testify before Congress alongside then-Twitter CEO Jack Dorsey regarding Russian interference in the US election.Sheryl Sandberg and then-Twitter CEO Jack Dorsey.Drew Angerer/Getty ImagesSource: InsiderThrough it all, Sandberg's net worth has continued to rise. She's currently worth an estimated $1.6 billion, making her one of the 20 richest self-made women in the US.Sheryl Sandberg Facebook COO.Richard Bord/Getty Images for Cannes LionsSource: ForbesIn early 2020, Sandberg announced that she had gotten engaged to Tom Bernthal, the founder and CEO of a consulting firm in Los Angeles. The couple reportedly met through the brother of Sandberg's late husband, and started dating in spring 2019. Engaged!!! @tom_bernthal, you are my everything. I could not love you more. A post shared by Sheryl Sandberg (@sherylsandberg) on Feb 3, 2020 at 10:00am PSTFeb 3, 2020 at 10:00am PST Source: People, Insider In April, The Wall Street Journal reported that while she was dating Kotick, Sandberg pushed the UK tabloid the Daily Mail to drop reporting on a temporary restraining order filed against him by a former girlfriend. Sandberg reportedly worried that the Mail's story would damage her reputation as a champion of women.Activision Blizzard CEO Bobby Kotick.Michael Kovac/Getty Images for Vanity FairSource: Insider, The Wall Street JournalOn Wednesday, Sandberg announced that she would step down as COO later this year, writing in a Facebook post that "it is time for me to write the next chapter of my life." Zuckerberg wrote that Sandberg is "a superstar who defined the COO role in her own unique way."Facebook executives Sheryl Sandberg and Mark Zuckerberg walk together at the Allen & Company Sun Valley Conference.Kevin Dietsch/Getty ImagesSource: InsiderMadeline Stone and Paige Leskin contributed to an earlier version of this article.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 1st, 2022

"Warning lights flashing": the US military is offering record amounts of cash to head off a recruiting crisis

The US military is using record-level enlistment and retention bonuses to attract and keep troops, and those bonuses continue to increase. US Marine Corps recruits do crunches at Marine Corps Recruit Depot San Diego, February 19, 2016.Lance Cpl. Angelica Annastas US military recruiting faces major headwinds as troops leave service and a tight job market lures away potential recruits. The services are using record-level enlistment and retention bonuses to attract and keep troops, and those bonuses continue to increase. Hints that the armed services might soon face a problem keeping their ranks full began quietly, with officials spending the last decade warning that a dwindling slice of the American public could serve.Only about one-quarter of young Americans are even eligible for service these days, a shrinking pool limited by an increasing number of potential recruits who are overweight or are screened out due to minor criminal infractions, including the use of recreational drugs such as marijuana.But what had been a slow-moving trend is reaching crisis levels, as a highly competitive job market converges with a mass of troops leaving as the coronavirus pandemic subsides, alarming military planners.Read Next: Medical Forces Could Be Shorthanded During War Due to Planned Cuts, Milley Says"Not two years into a pandemic, and we have warning lights flashing," Maj. Gen. Ed Thomas, the Air Force Recruiting Service commander, wrote in a memo — leaked in January — about the headwinds his team faces.For now, the services are leaning on record-level enlistment and retention bonuses meant to attract and keep America's military staffed and ready — bonuses that continue to climb.In an interview with Military.com last month, Thomas didn't mince words. He knows he is competing against the private sector to hire people, from technology giants to regional gas stations."If you want to work at Buc-ee's along I-35 in Texas, you can do it for [a] $25-an-hour starting salary," Thomas said. "You can start at Target for $29 an hour with educational benefits. So you start looking at the competition: Starbucks, Google, Amazon. The battle for talent amidst this current labor shortage is intense."Trainees at the 120th Adjutant General Battalion at Fort Jackson in South Carolina, October 30, 2019.Alexandra Shea/Fort Jackson Public AffairsPaired with those competitive offers for workers are a large number of service members retiring, some having delayed leaving the ranks during a pandemic that saw huge instability in the job market.Since fiscal 2020, the US Department of Labor's Veterans' Employment and Training Service — known as VETS — has anticipated that around 150,000 service members would transition out of the military annually as part of its budget justification documents.But in 2020, the Transition Assistance Program, or TAP, the congressionally mandated classes that prepare troops for life outside the military, helped counsel 193,968 service members on their way out of the military, said Lisa Lawrence, a Pentagon spokesperson. That's nearly one-third more newly minted veterans than the Labor Department had planned for.In 2021, that number grew to 196,413. Prior to 2020, the Department of Defense did not report the total number of TAP-eligible service members transitioning, although Lawrence said the number has been somewhere between 190,000 and 200,000 annually in recent years.Payouts aimed at attracting new service members to replace those outgoing veterans are at all-time highs. The Army started offering recruiting bonuses of up to $50,000 in January, and last month the Air Force began promoting up to $50,000 — the most it can legally offer — for certain career fields.The Navy followed with its offer of $25,000 to those willing to ship out in a matter of weeks. It says the bonuses are the result of an "unprecedentedly competitive job market."Cmdr. Dave Benham, a spokesman for the sea service's recruiting command, told Military.com in a recent phone interview that "the private sector is doing things we haven't seen them do before to try and attract talent, so we have to stay competitive."Benham said the scope of the Navy's offer — a minimum of $25,000 to ship out before June — has "never happened before to anybody's collective knowledge around here."Courting and paying for talentUS Army recruits training at Fort Benning.Barry Williams/Getty ImagesThe pandemic economy has placed private-sector workers in the driver's seat, pushing employers to offer more lucrative incentives such as better benefits, flexible work-from-home schedules or massive signing bonuses to make hires. That is putting major pressure on the military as it tries to attract recruits who may be considering the civilian job market.It's all been complicated by the military's myriad of other difficulties getting new troops in the door, such as recruiting efforts quashed by the pandemic, a shrinking pool of eligible recruits, and social media silos complicating advertising.And amid public scandals, such as the 2020 murder of Vanessa Guillén and suicides on the aircraft carrier USS George Washington, military service may seem like a less attractive choice for young Americans."This is arguably the most challenging recruiting year since the inception of the all-volunteer force," Lt. Gen. David Ottignon, the Marine Corps officer in charge of manpower, told the Senate during a public hearing April 27.All of the military's service branches are scrambling to find ways to compete for a younger generation of talent that has plenty of employment opportunities."The military provides a wonderful option for young people, but it's not the only option and so recruiters, I think just like other employers, are trying to understand what the different options are for young people and to address those effectively," said Joey Von Nessen, an economics professor at the University of South Carolina.The bonuses that serve as one of the most immediately tangible lures for new recruits, while escalating, aren't uniform across or even within the services.Most of the bonuses offered for new Air Force recruits range around $8,000 for certain career fields. But for two of the most dangerous jobs, Special Warfare operations and explosive ordnance disposal, the service is making its maximum allowed offer of $50,000 for people to join."It is necessary. I think these are two of our hardest career fields to recruit toward," said Col. Jason Scott, chief of operations for the Air Force Recruiting Service. "It is absolutely necessary to do $50,000 for each of those, and actually $50,000 is the highest initial enlistment bonus amount that we can give."New Marine Corps recruits make their initial phone calls home at Marine Corps Recruit Depot San Diego, May 21, 2018.US Marine Corps/Lance Cpl. Christian M. GarciaOverall, the Air Force is dedicating $31 million to recruiting bonuses in 2022, nearly double what was originally planned for.The Army faces the same problem — and is putting up the same big offers."We're in a search for talent just like corporate America and other businesses; almost everyone has the same issue the military does right now," Maj. Gen. Kevin Vereen, head of US Army Recruiting Command, told Military.com. "We're trying to match incentives for what resonates. For example, financial incentives. Nobody wants to be in debt, so we're offering sign-up bonuses at a historic rate."We've never offered $50,000 to join the Army," he added.In addition to the sign-on bonuses, the Army is also offering new recruits their first duty station of choice — an unprecedented move as new soldiers are typically placed at random around the world. New recruits can choose locations such as Alaska, Fort Drum in New York, and Fort Carson in Colorado."Youth today want to make their own decisions. We're letting them do that," Vereen said.The services are also trying to keep troops from leaving, knowing that a raft of employment opportunities are available for them if they get fed up with military life.The Army, Air Force and Navy have all announced reenlistment bonuses for certain career fields and specialties, some of them in the six-figure range.The Air Force is offering up to $100,000 reenlistment bonuses based on experience and career field. The Navy is also offering those incentives, with fields such as network cryptologists and nuclear technicians making anywhere from $90,000 to $100,000. The Army is offering a more modest cap of $81,000 to reenlist for some jobs.Anecdotally, military families are describing on social media an inability to find open slots for TAP's sessions. Each in-person class is generally limited to 50 people, but Lawrence, the Pentagon spokesperson, denied the program is being overwhelmed since classes are also available in live online, on-demand or hybrid formats.The urgency described by leaders who are putting their money toward keeping skilled service members is a sign of the worry about a brain drain.Unlike the broader enlistment bonuses, many military career fields don't offer cash for reenlistment, and some of these incentives existed prior to the pandemic. But the job market has put pressure on the services to pay up to keep service members in the force.Overweight and hard to reachUS Navy recruits march in formation at Recruit Training Command in Great Lakes, Illinois, May 14, 2020.US Navy/Seaman Amy JohnsonThe military's difficulties attracting recruits go far beyond making the right bonus offer. The forces working against recruiting increased during the grinding global pandemic — lockdowns kept recruiters home and young Americans are refusing vaccines, for example — and are also rooted in longer-term societal shifts in physical fitness and communication."The aggregate effects of two years of COVID is that is two years of not being in high school classrooms, two years of not having air shows and major public events like being in those public spaces, where our potential applicants or potential recruits are getting personal exposure, face-to-face relationships with military recruiters," Thomas said.Only about 40% of Americans who are of prime recruiting age are vaccinated against the virus. Outright refusal to get the shot immediately precludes joining the force and short-circuits any pitch from recruiters. COVID vaccines are among at least a dozen inoculations mandated by the Defense Department."Seventeen-to-24-year-olds are not getting vaccinated, and those [are] people we aren't having a conversation with," Vereen said.Even when potential recruits are interested and big bonuses motivate them to sign on the dotted line, only about 23% of young Americans are even eligible for service.Past legal run-ins or a drug history prevent potential recruits from joining, and more and more Americans are overweight. According to the Centers for Disease Control and Prevention, 40% of adults aged 20 to 39 are obese. That problem has been deemed a national security risk by some because it causes an increasingly shallow pool of potential recruits.The confluence of challenges has others loudly alerting the public that there's a problem.Sen. Thom Tillis, R-North Carolina, the ranking member of the Senate Armed Services Committee personnel panel, says the military is on the cusp of a recruiting crisis.Marine recruits line up for chow.Sgt. Dana Beesley/US Marine Corps"To put it bluntly, I am worried we are now in the early days of a long-term threat to the all-volunteer force. [There is] a small and declining number of Americans who are eligible and interested in military service," Tillis said during an April 27 hearing.He added that "every single metric tracking the military recruiting environment is going in the wrong direction." Just 8% of young Americans have seriously considered joining the military, while only 23% are eligible to enlist, according to Tillis.Meanwhile, the prime demographic for recruiting — 17-to-24-year-olds — is getting harder to reach. The military is running high production value recruiting ads on TV, but most younger Americans are watching YouTube, Twitch and other streaming services.On those platforms, ads are dictated by algorithms based on a person's search history, and prime-age viewers may never be exposed to recruiting spots if they don't already have a general interest in the military.The military has relied on Facebook, with its user base that skews much older, and Instagram pointing users to ads based on their existing interests. The Defense Department banned TikTok from government-issued phones in 2019, shutting out Generation Z's social media platform of choice. However, some recruiters have ignored the ban on the Chinese-owned platform, which is seen by some as a security risk."I know a lot of young people are on TikTok and we're not," Vereen said.When the military does get widespread exposure and makes the news, it can be due to scandals such as the slaying of Guillén at Fort Hood, Texas, or other problems that raise questions about safety and the quality of life in the services.Following a wave of suicides and disclosure of a lack of basic amenities such as hot water and ventilation aboard the George Washington, Master Chief Petty Officer Russell Smith, the Navy's top enlisted leader, was asked by a sailor why the service was spending so much on new recruits, specifically mentioning the hefty $25,000 bonus."I gotta use those bonuses to compel something. ... A post-COVID workforce doesn't love the idea that they have to, they actually have to go to work, talk to people, see them face-to-face, exchange ideas and do work," Smith told the crew, according to a Navy-provided transcript. "They would rather phone it in or work from home somehow and, with the military, you just can't do that."US Navy recruits in the galley of the USS Triton barracks at Recruit Training Command.Scott A. Thornbloom/US NavySome sailors said it didn't seem like the service was prioritizing making its current ranks happy or financially incentivizing them to stick around. Smith said the Navy already offers some bonuses to in-demand specialties and that if a particular job doesn't offer one it's because enough of those sailors "love the work that they do ... and when they do, I don't have to use money as leverage."Smith also told the sailor that he "can compel [them] to stay right here for eight years." Most contracts have an inactive period of reserve service built in following the end of active duty that the Navy can tap into."So, you want me finding sailors to come in and relieve you on time," Smith added.The military services hope the new bonuses will overcome all the difficulties and that they will meet recruiting goals for the year. But the numbers are not encouraging so far.The Army has an uphill climb for the rest of the year, having recruited just 23% of its target in the first five months of the fiscal year.The Navy said that, in order to reach its recruiting goal this year, it will have to reduce the delayed-entry program — allowing someone to enlist before they plan on actually shipping out — to below "historic norms," which could in turn cause recruiting issues in future years.There's likely no relief in sight, according to experts.US population demographics are going in the wrong direction and will make the recruiting job increasingly hard. The millennial and Gen-Z generations are smaller than previous generations, meaning there is a dwindling workforce to pull from. And only a small percentage of those youths appear likely to meet the physical qualifications to join in the first place."I think it's likely that the labor shortage is going to be long-lasting," Von Nessen said. "This is not a short-term phenomenon. It was exacerbated by the pandemic, but it wasn't created by the pandemic exclusively."— Thomas Novelly can be reached at thomas.novelly@military.com. Follow him on Twitter @TomNovelly.— Konstantin Toropin can be reached at konstantin.toropin@military.com. Follow him on Twitter @ktoropin.— Steve Beynon can be reached at Steve.Beynon@military.com. Follow him on Twitter @StevenBeynon.— Rebecca Kheel can be reached at rebecca.kheel@military.com. Follow her on Twitter @reporterkheel.Related: Space Force Offering Bonuses Up to $20,000 for New Guardians with Tech BackgroundsRead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 19th, 2022

PwC Chair says the "war for talent" could last another decade. Why he"s never seen a more challenging time for CEOs.

PwC Chair Tim Ryan expects corporate M&A will stay strong, 2022 earnings will be solid, and that a war for talent could last another decade. PwC's US chairman, Tim Ryan, expects the war for talent could last for years.PwC PwC's Ryan says while the headlines can be scary, many CEOs he talks to say business is good. The barrage of hurdles leaders face means 'There's never been a more challenging time to be a CEO.' Corporate earnings should still be good in 2022 but it won't be a repeat of the banner 2021 numbers. Tim Ryan, the US chair of the accounting firm PricewaterhouseCoopers, believes the landscape for US companies isn't as treacherous as it might appear from day-to-day headlines that ring of war, unchecked inflation, and slumping markets.Even if surging prices and higher interest rates end up pushing the economy into a slower gear, Ryan told Insider he expected strong corporate dealmaking to continue and that a "war for talent" could stretch on for a decade.The CEOs Ryan talks to are doing as much worrying as ever. Yet for many, business remains robust. "Demand is up. Revenue growth is good. When you look at the innovation capabilities that people have, they feel pretty good," Ryan said. "When you talk to a CEO, he or she generally would say, 'My business is doing well.'" There are clear exceptions, of course. Challenges at big names like Facebook's parent company, Meta, and Netflix have investors worried that there are bigger economic potholes ahead. After peaking in November, the tech-heavy Nasdaq has slumped more than 26%, while the S&P 500 index is off about 16% from its high at the start of the year.Ryan, 56, said the CEOs he talked to didn't expect the US economy to crater, in part because spending by these companies' customers remains strong. He said companies were remaking their businesses to cultivate new sources of revenue and cutting costs where they could. Ryan also expects mergers and acquisitions to continue despite the Federal Reserve's interest-rate hikes, which are designed to slow inflation and keep the economy from overheating. "M&A is really strong, even though rates have gone up a little bit. We anticipate M&A will continue to be very strong," he said.Corporate earningsRyan, who joined PwC at 22, predicted 2022 would prove a solid year for corporate earnings by historical standards, though not compared with the windfalls from 2021."What's on the minds of many CEOs is they feel like '22 will be a good year, but will it be enough for their investors?" he said. "I think it'll be younger companies reporting good numbers, but the comparables are going to be tough."Leadership in the most challenging timeThe number of fastballs coming at chief executives — from supply-chain worries to increased calls in some quarters for unionization of workforces — make the job increasingly difficult, Ryan said. Heads of companies, he said, are facing scrutiny on corporate-tax rates, data privacy and security, whether their algorithms are fair and ethical, workplace safety, and environmental, social, and governance concerns."There's never been a more challenging time to be a CEO," Ryan said.The companies that succeed amid all this, he said, will be the ones where the CEO can drive change. "Almost every company needs to change, and the bigger the company, the harder it is to change." Ryan pointed to bigger companies' larger workforces, sprawling legacy systems, and global footprints. Each can present additional hurdles for making swift changes.Another big challenge is simply understanding what is working, what isn't, and what the mood is among employees, customers, and suppliers. "Proximity to what is actually happening on the ground is critical," Ryan said. "When I look at the most successful companies, the CEO and the boards have a really good pulse on what's actually happening."The best corporate boards focus on hiring and firing the CEO and avoid getting mired in issues that can seem important but are ultimately distractions, Ryan said. A danger for a board that takes on too much is that when a variety of issues seem to be under control, it's easy to overlook cracks that might be forming."You can lull yourself into a false sense of security that every single thing we're looking at is green, but nine greens or 19 greens don't add up to an overall green if you're not focused on the right things," he said.The war for talentRyan said strong business formations, an aging workforce, and pandemic-inspired retirements for some workers meant it's likely companies would continue to compete with each other to bring on enough people for years, perhaps as long as a decade. "Even if the economy slows a bit," he said, "I think the war for talent continues to stay strong."It's a battle in which PwC has been engaging as it seeks to add to its US workforce of about 55,000. Last year, the company said it would boost its global workforce by more than one-third by 2026 as it expanded into areas like artificial intelligence and cybersecurity. Ryan said the company had been studying how to better serve its workers before the pandemic and that some of the ideas — considerations like a four-day workweek — that seemed bold at the time now felt less so. The pandemic forced a worldwide experiment in new ways to work; many of these innovations are likely to endure. "Ultimately, what we concluded is that the debate around physical versus virtual was the wrong discussion and the wrong debate for us," Ryan said. "Talent wants choice." PwC surveyed its client-service staff and found more than three-quarters wanted a mix of in-office and remote work; 22% opted to be fully remote.The No. 2 consultancy behind Deloitte in terms of revenue is giving workers greater autonomy to determine the types of assignments they take on, how much they work, and what kind of training they pursue to develop their skills. This flexibility for workers means companies like PwC will need to be more creative in how they draw up their labor pools. Ryan said that rather than requiring 55,000 people in the US, the firm might need 70,000 if some workers wanted to work 20 or 30 hours a week. Ultimately, Ryan said, successful businesses will be ones that treat their employees more like customers. "There isn't a business in their right mind that will tell the consumer what they want. The consumer says what they want," he said. What's nextThe pandemic, inflation, and other challenges that seemed to emerge overnight have pushed many corporate leaders to think more about how to be ready for the unexpected. "The name of the game is scenario planning," Ryan said. That translates to things like reducing risks associated with supply chains or making sure operations aren't concentrated in one location. "The corporate world is doing a really good job of getting used to scenario planning. And then, obviously, being agile with what you know what you can't plan for," he added.Ryan said he expected to see businesses change at a faster pace, as developments like Web3, which would remake the internet using blockchain technology, could once again reshape how businesses operate."I see more automation, more business-model transformation, than we've ever seen before. It's hard for us to find a client who is not focused on some type of transformation," he said. "I know this is cliché, but the pace of change has never been faster."Disclosure: Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member.Read the original article on Business Insider.....»»

Category: personnelSource: nytMay 16th, 2022