- The unemployment rate remains high for young workers.
- Younger workers are more likely to work part time for economic reasons
- As school enrollment continues to rise, the labor force participation rate for 16- to 22-year-olds continues to decline
- Choosing to pursue an education over work experience may come with risks and trade-offs; the college debt burden continues to swell while the body of research on college food insecurity grows.
- As anxieties and predictions about the future of work abound, it is crucial that researchers avoid overlooking the young workers who will eventually enter the labor force.
The Federal Government Thinks That’s Illegal.
In a first, the U.S. Equal Employment Opportunity Commission has ruled that companies violated civil rights law through their use of Facebook’s targeting advertising.
Two years ago, ProPublica and The New York Times revealed that companies were posting discriminatory job ads on Facebook, using the social network’s targeting tools to keep older workers from seeing employment opportunities. Then we reported companies were using Facebook to exclude women from seeing job ads. Experts told us that it was most likely illegal. And it turns out the federal government now agrees. A group of recent rulings by the U.S. Equal Employment Opportunity Commission found “reasonable cause” to conclude that seven employers violated civil rights protections by excluding women or older workers or both from seeing job ads they posted on Facebook. full article
AT&T has cut more than 23,000 jobs since receiving a big tax cut at the end of 2017, despite lobbying heavily for the tax cut by claiming that it would create 7,000 jobs. AT&T also cut capital spending despite promising $1 billion capital boost. READ REPORT HERE
Two updated energy jobs reports have been released, and they paint a picture of how the last year has affected different energy sectors.
Energy jobs reports say solar dominates coal, but wind is the real winner. Latest report offers a look at how the last year of policy has affected energy jobs. READ REPORT HERE
Even during this current period of low unemployment and decent economic growth, a huge portion of the population is being left behind. Nearly half of all wage earners today bring in less than $30,000 a year. Last week, the Federal Reserve reported that four in ten Americans don’t have $400 to handle an emergency expense, and 25% of non-retired adults have absolutely no savings or pension to lean on once they stop working. Paying for just the basics, such as rent and medical care, is enormously stressful for many millions—even if they’re employed.
Facebook cofounder Chris Hughes has a $2.5 trillion plan to lift up the working class. Hughes, who made waves with his call to break up Facebook, helps lead the Economic Security Project, which is building support for boosting tax credits for working people.
The manufacturing plant of the future will produce not products but experience. If you take the new the robots for mobility – self-driving cars – they’re connected machines. Where does the value come from – the chassis and four wheels – or does it come from the connected services? Those connected services are what we call the experience.
The customer seeks the service, not the product. The value to the customer is coming from the experience of using the car, not from the car itself. Those who succeed in the 21st Century will be those who provide change by offering a new type of experience. This is what makes the 21st Century different from the 20th Century. Millennials Are Ready for a Post-Product World.To some extent, the post-product world is a generational issue. Millennials get the notion that products are essentially experience. For Gen Xers and Boomers, the concept takes some getting used to. Many Millennials used shared rides during their college years. They understand the positive economics of not owning a car.The diminishing sales of CDs is another example of experience over products. My Millennial kids are perfectly content not owning any of the music they listen to, and they’ve taught their Boomer old man that CDs are a clunky way to consume music. I now have countless albums in my Amazon Prime collection. I pay a monthly fee for access, it’s far less than I used spend buying CDs. full article
There’s a fear that AI is going to take over our jobs – and with the advent of everything from self-driving cars to artificial customer service agents, it’s a valid concern. It’s especially fair when McKinsey, one of the most trusted global management consulting firms, predicts that as many as 800 million full-time employees could have their work displaced by 2030 due to automation
Yet, that data point alone is not reality. In fact, with the following statistics next to it, we can paint a much better picture for the future of work. According to the same McKinsey report:
- Less than 5 percent of occupations consist of activities that can be fully automated
- In about 60 percent of occupations, only one-third of tasks could be automated
IT professionals are certainly up for it. Because while their jobs are becoming more complex and time consuming, their numbers in business are not increasing to balance this growth. The principal value of AI in IT is that it can help predict problems rather than just react to them – i.e. prevent problems rather than just attempt to mitigate them. more at Forbes