The US economy added 261,000 jobs to nonfarm payrolls last month, while the unemployment rate increased to 3.7%, according to the Labor Department. The employment gain points to continued strength in the job market, but it was down from September's upwardly revised 315,000 jobs. "The labor market's going from 100 miles per hour to 85," said Rob Dent, senior US economist at Nomura, noting that the Federal Reserve wants to see further deceleration. Full Story: CNBC (11/4),The Wall Street Journal (11/4)
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Recruiting & Retention
Sources: Meta to announce significant layoffs Meta's workforce of over 87,000 will experience layoffs in the thousands this week, sources say, marking the first such large-scale cuts in the company's history. While Meta continues to face increased advertising competition and rising costs due to its focus on Reality Labs, CEO Mark Zuckerberg said that, at the end of 2023, he expects the company to be "either roughly the same size, or even a slightly smaller organization than we are today." Full Story: TheWrap (11/7),The Wall Street Journal (11/6)
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How this racewalker finally took on the NYC Marathon Passle Helminski was training as a racewalker for the New York City Marathon in 1993 when a violent assault caused a stroke that meant she had to relearn how to speak and how to walk. Helminski finally got her chance to race in this weekend's marathon, saying, "I just want to try and be uplifting to other people if I can." Full Story: Sports Illustrated (11/4)
Benefits & Compensation
Employers see rises in health care costs, cancer cases Research conducted by Aon indicates that employers are likely to spend an average of 6.5% more, amounting to more than $13,800 per employee, on health care for their staff members by next year, and Business Group on Health research predicts that cancer will be the most significant driver of employer health care spending, displacing musculoskeletal conditions. Forty-four percent of employers surveyed by the Business Group on Health said they anticipate an increase in cancer diagnoses in the future, and 13% said they have noted more late-stage cancers among their workforces. Full Story: Employee Benefit News (free registration) (11/4)
The HR Leader
"Job embeddedness" now of utmost importance Creating "job embeddedness" is key to keeping your workforce happy and productive amid an economic and funding slowdown, writes Vlad Vaiman, associate dean for the School of Management at the California Lutheran University. Research shows employees stay with their employer based on three key factors -- links, fit and sacrifice, Vaiman writes. Full Story: C-Suite Quarterly (Los Angeles) (11/2022)
Training for a marathon is grueling. Training for a marathon after you suffered an assault requires a mental toughness I can’t wrap my head around. So I have huge respect for Passle Helminski, who resumed her training 29 years after her attack so she could compete in yesterday’s New York City Marathon. Her story of drive and determination is a terrific shot of encouragement to kick off the week. How can I serve you better with this brief? Let me know! And if you enjoy this brief, tell others so they can benefit also.
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