Daily Update

(Name TBD)

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.

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

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