There are two recent reports that stress that flexibility in the workplace is key to a productive work environment, and that employees prefer a schedule that includes a hybrid model. The two reports are: State of Hybrid Work 2023 and the 2024 Workplace Flexibility Trends Report.
Archive for Business
Documents in the News: Increasing Insurance Rates Due to Climate Change
Insurance rate increases or insurers pulling out of markets like California and Florida are becoming more common. As damage from floods, wildfire, and winds continue to profilerate throughout the country, the pressure on insurers just ramps up. This report from the First Street Foundation – 9th National Risk Assessment (free registration required) – examines this issue, and the results are not optimistic. There is a lot of information in these pages, along with helpful links. It is a short read, but one that encapsulates the ongoing problems facing the nation as climate change impacts our weather more severely than before.
AI and the Future of Work in the United States
What sectors will AI impact the most? What areas will be less affected by AI? These and other questions are explored in a new McKinsey Global Institute survey report – Generative AI and the future of work in America.
Another worthwhile read is Growth trends for selected occupations considered at risk from automation from the Monthly Labor Review; it is replete with graphics and numerous notes.
Documents in the News: Reports on Recent Bank Failures
The failures of Silicon Valley Bank and Signature Bank sent troubling reverberations through the financial sector. In the immediate aftermath of these collapses, important reports have been generated: FDIC’s Supervision of Signature Bank; Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank; Preliminary Review of Agency Actions Related to March 2023 Bank Failures (GAO); New York State Department of Financial Services Internal Review of the Supervision and Closure of Signature Bank, April 28, 2023.; and these CRS reports – The Role of Cryptocurrency in the Failures of Silvergate, Silicon Valley, and Signature Banks; Bank Failures and the FDIC; and Silicon Valley Bank’s Failure and Potential Director/Officer Liability
It would appear that lax oversight and poor leadership played significal roles in the downfall of these institutions.
Regulatory Agencies for the Financial Sector
With the recent collapse of several banks,this series of CRS reports on the financial services sector provides an overview to this complex question of regulatory oversight. These briefings explore the banking, insurance, and securities markets providing definitions of terms, the regulators for each sector, and the assets associated with each group.
Documents in the News: The Child Care Crisis in America
The inability to provide for safe, well-regulated child care is having a devastating impact on the U.S. economy to the tune of $122B a year. This brief report – $122 Billion: The Growing, Annual Cost of the Infant-Toddler Child Care Crisis -provides the grim details. It is costing New Jersey alone $3.6B in loss revenue.(11)
What is the Beige Book?
This is a ongoing publication that essentially takes the pulse of the economy through reports from the branches of the Federal Reserve and interviews with key economic/business leaders. It is an eagerly-awaited report. Back files to 1996 are available here.
2022 Fortune 500
How did companies fare during COVID, supply chain issues, and The Great Resignation? Actually, many did quite well, thank you. This newest iteration of the list allows numerous filters to be employed to ascertain how specific businesses prospored, or not.
Here are the New Jersey entities that made the cut.
Women in the Labor Force: [2022] Databook
Containing statistics, charts, figures current through 2020, this databook dives into all the various components: educational attainment, earnings, hours of work across multiple employment sectors. Previous databooks can be accessed here.
Women in the Workplace
Women in the Workplace 2021is the latest annual survey issued by McKinsey & Company is the largest survey on women in corporate America. The data was collected “…from 423 participating organizations employing 12 million people, surveyed more than 65,000 employees, and conducted interviews with women of diverse identities, including women of color.”
The results speak for themselves – women are still underrepresented and the pandemic has added another level of stress to women’s lives.
A trove of statistical data from the Bureau of Labor statistics sheds further light on the participation of women in the labor force. This 2022 report – Demographic Changes in Employment during the COVID-19 Pandemic – is certainly worth perusing as is this 2020 study – How Women and Aging Affect Trends in Labor Force Growth.
African Americans in the U.S. Workforce
Labor Market Activity of Blacks in the United States details the participation rates, educational attainment, union membership, access to paid leave, fields of employment among other statistics. Graphs accompany each entry along withe links to the original data.,
Statistics on Union Membership
Sometimes it proves frustrating to find definitive figures on union membership broken down by sector, occupation, year, race, or sex. This compilation – Union Membership, Coverage, and Earnings from the CPS – does just that. It is a very valuable tool providing a plethora of information across half a dozen tables. Some figures date back 1973.
One Hundred Best Jobs in 2022
US News & World Report has just issued its annual job rankings; the number one job is information security analyst. A description of each job is provided along with such details as salaries and job demand. Another source that while it does not rank jobs, provides in-depth examination of careers can be found in the Occupational Outlook Handbook. See what it says about information security analyst.
Companies’ Return to Work Plans
As the Omicron variant pervades the working force, many companies have halted or altered their return-to-work plans. This is an updated list of what major companies are annoucing. And when workers do go back, here is a checklist of what must be done to keep employees as safe as possible.
What Stores Are Open/Closed for Thanksgiving?
The trend for stores to open on Thanksgiving is slowly receding as bad press about forcing family members to cut short their holidays to work has forced a re-appraisal of this sale tactic. This updated list shows what will be open or closed this Thanksgiving.
Only 28% of Office Workers Are Back at Work in Manhattan
A new survey by the Partnership for New York City reveals that less than one-third of the work force has returned to their place of employment, and many that have gone back are doing so on a part-time basis. As for the future, major Manhattan employers do not foresee a return to pre-pandemic working patterns:
- 80% of employers expect a permanent change in their remote work policies.
- 47% expect that a portion of their New York City-based workforce will work remotely for more than three days a week after the pandemic.
How Office Staffing May Look Within the Next Year
The Office Re-Entry Index from LaSalle Network will be an updated survey detailing the opinions of high-level executives as they look forward to re-opening offices. Questions posed range from mandating vaccinations to hybrid workforces to re-entry obstacles. Numerous links are provided for further guidance. One figure of note:
When asked how they believe their workforce will be modeled 12 months from now with the information currently available, 77% of respondents stated it will be a hybrid model, with a portion of employees working in-office and a portion working from home.(4)
Report Card on Auto Insurers Issuing Refunds
Of late we have seen more than a few commercials touting insurance companies lowering/reducing/partially refunding their auto customers’ policies. How have they done? As with almost everything in life, some did well, others were horrible. Here is a listing of all the major players and how they are rated along several metrics. Where does your company fall?
Online Primary Sources: COVID-19 Effects on U.S. Finance and Economic Sectors
This timeline from the St Louis Federal Reserve Bank traces the first appearance of COVID-19 as identified by WHO, and the subsequent actions taken in response to this pandemic. Links to multiple sources add to the utility of this site; it is updated as needed.
Guide To Brexit Abbreviations and Phrases
What is a hard Brexit? The term “alternative agreement”means what? What is “Article 50 TEU”? These and other terms are explained (along with embedded links where necessary) in this Brexit Glossary recently published by the UK Parliament Library.
Congressman Frank J. Guarini Library Blog 