Daily Update

Due to popular demand, I’ll start sending out daily updates on what I see in the market. This won’t effect my weekly newsletters on Saturday where I take a deep dive into a topic or situation though.

Name of the daily update is TBD so if you have any ideas, I’m wide open. If I pick your name, you’ll be featured!

BREAKING:

Sam Altman returns to OpenAI.

I guess we all could have seen this coming.

Somewhere in here is a joke about networking, leadership, and not burning bridges.

All in all, this puts a nail in the coffin to the saga.

1: 47% of employers would pay more for tech workers with AI skills

According to research by Amazon, employers are willing to pay a premium for AI skills. We’ve seen this recently already with OpenAI announcing they were willing to pay $10M comp packages to poach workers from Google.

Not sure about you, but when my daughter grows up, I know what she’s going to do for a living.

In all seriousness, Sam is an extreme example, but he was able to pull this off because:

• Extreme employee loyalty

• Massive personal brand

• Didn’t burn a bridge (at least publically)

• Has extreme contributing value

• Network effects - he had multiple standing offers the second the news broke out

I talk about this often, but these are the same pillars I preach - along with many other career coaches - that each of you should be focusing on every day.

2: Unemployment ticks up to 3.9% in October

Up from 3.4% in April.

While the news of rampant layoffs seems to have cooled (outside CITI this past Monday), this may be due to workers running out of severance finally applying for unemployment benefits.

Source: Unusual Whales, Axios

3: Gen Z is set to overtake Boomers in the workplace next year

More workers in the Gen Z class are entering the workforce, while more boomers are leaving and retiring.

For now, Millennials are still top dog though.

Source: Axios

4: Fed needs more evidence before changing their stance on rates

In my personal opinion, the *tech* job market doesn’t bounce back until the Fed figures out what they want to do.

There are arguments for both sides:

• Drop rates since Americans can’t afford higher costs associated with them

• Increase rates, America needs to feel more pain to drop inflation

I have no clue which is right, I just know until a lot of my clients are in somewhat of a holding pattern until this is figured out.

Source: WSJ