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Over 50% of CEOs Say They're Considering Cutting Jobs Over the Next 6 Months - and Remote Workers May Be The First Go To (marketwatch.com) 254

Alarm sirens from the C-Suite about a looming recession are gaining volume in America and elsewhere, but calls back to the office for full-time work are a lot softer. Most CEOs across the globe shared the view that a recession is on the horizon and coming sooner than later, according to a Tuesday report from KPMG on business-leader outlooks. From a report: Nine in ten CEOs in the U.S. (91%) believe a recession will arrive in the coming 12 months, while 86% of CEOs globally feel the same way, according to the findings from the international audit, tax and advisory firm. That echoes the foreboding predictions coming from big name Wall Street investors like Stanley Druckenmiller. In America, half of the CEOs (51%) say they're considering workforce reductions during the next six months -- and in the global survey overall, eight in ten CEOs say the same. One caveat for people who like working from home: Remote workers may find it in their best interest to show their faces in the office as their job security becomes more uncertain.

It is "likely" and/or "extremely likely" that remote workers will be laid off first, according to a majority (60%) of 3,000 managers polled by beautiful.ai, a presentation software provider. Another 20% were undecided, and the remaining 20% said it wasn't likely. When asked how they foresaw their company's working arrangements in three years for jobs traditionally in an office, nearly half of U.S. CEOs (45%) said it would be a hybrid mix of in-person and remote work. One-third (34%) said the jobs would still be in-office, and 20% said it was fully remote. CEOs across the globe sounded more keen on in-person work. Two-thirds (65%) said in-office work was the ideal, while 28% said hybrid would be the way and 7% said it would be fully remote. The global findings pulled from U.S. business leaders, but also from CEOs in Australia, Canada, China, India, Japan and certain European Union countries and the United Kingdom.

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Over 50% of CEOs Say They're Considering Cutting Jobs Over the Next 6 Months - and Remote Workers May Be The First Go To

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  • by leonbev ( 111395 ) on Wednesday October 05, 2022 @03:56PM (#62941805) Journal

    Who paid for the creation of this "news" piece? Is it an office space provider like WeWork trying to get people back into the office, or a job search site like Indeed trying to "stir the pot" and get people in a tenuous work-from-home position to look for a permanent work-from-home position?

    Or, maybe it's simpler than that, and it's just beautiful.ai (A site I've never freaking heard of before) trying to promote itself.

    • There are lots of industries that would benefit from this actually. For example, if I were the leader of a multi-billion dollar fossil fuel corporation, getting people driving back and forth to work each day would be top of my list for a paid "news" piece.
    • > Nine in ten CEOs in the U.S. (91%) believe a recession will arrive in the coming 12 months

      These kinds of prophecies have ways of fulfilling themselves

      • Quite... but you have to remember that the Fed is actually trying to create a recession and they have all the tools to make it happen. It is almost like the CEOs have "inside information."

        That said... the difference between a mild recession and a major recession is largely in how much people assume there will be a major recession. Most employers I know are either hiring or freezing hiring-- nobody is really laying off anybody. The next phase is to lay off "dead weight." When it goes past that phase you e

  • by Opportunist ( 166417 ) on Wednesday October 05, 2022 @03:59PM (#62941827)

    If you hire and fire based on flawed considerations, don't wonder when your company suffers. But hey, if your metric is the sycophant level rather than output, more power to you. Just tell me if I'm working for you so I can bail before I have to explain why I stayed with you while you were sinking.

    • by CAIMLAS ( 41445 )

      The demographic for this "study" was self-selecting for lazy, impulsive and ineffectual: the site makes automated presentation software, for fuck sake.

      All this tells you is that lazy executives for likely-shit businesses will make shit decisions.

    • and hence reduce profit. Those new features will not be ready on time to get an income boost from upgrades. Working fewer employees harder degrades the product. So essentially CEO's are saying they plan to destroy their own companies. Way to be responsible to the shareholders!
  • Global warming (Score:4, Insightful)

    by gillbates ( 106458 ) on Wednesday October 05, 2022 @04:01PM (#62941837) Homepage Journal

    Is it any wonder that global warming is inevitable when CEOs are dead-set against one of the most easily achievable CO2 reduction steps available: working remotely.

    Why, in the 21st century, does any company require technology professionals to physically drive into the office, with all of the emissions that entails? If you are truly hiring professionals, you only need to give them a task, and if they need a physical presence in the office for something, they'll take it upon themselves to drive in if necessary.

    Seriously. Why is the CxO mindset still stuck in the 1970's?

    • Except that ability to work from home enables SPRAWL, which is car (stinkbox!) dependent. We won't get clean, efficient electric public transit (lovely trains!) funded if people continue to hermit it up at home. Save our cities! Save our trains!
      • Going to the office means you'd have to shave, take a bath, drink expensive coffee, wear pants and other stuff that requires more detergent to clean. All of these add up to your carbon debits.
      • Re:Global warming (Score:5, Insightful)

        by Bert64 ( 520050 ) <.moc.eeznerif.todhsals. .ta. .treb.> on Wednesday October 05, 2022 @04:29PM (#62941959) Homepage

        In cities with functional public transit systems, the trains tend to be over crowded during the two peak periods of the day (and usually only in one direction, with empty trains coming back), and mostly empty at all other times.

        It is not SPRAWL that is car dependent, it is commuting that is car dependent. If you take away the commuting, then you take away the need to have a car at all in many cases.

        By far the biggest problem is city design where workplaces are all grouped together with few/no residential properties nearby, and then the residential properties grouped together somewhere else.

        Have as many people as possible work from home, need for commuting massively reduced.
        For those who do need to work in a particular place, ensure that they can live within easy walking or cycling distance of their workplace.

        If you take away the reason why people travel to/from a static workplace every day, the only people left travelling are those who do inherently mobile jobs (police, delivery drivers etc) and people making one-off trips (eg attending an appointment). These users would have a much better experience due to massively reduced congestion. Ask anyone who was still doing a mobile job during COVID lockdowns.

        I utterly detested driving to work...
        I utterly detested taking the train to work...
        Due to lack of available property or unaffordable prices, i could not live less than an hour away (by car or train) from where i worked. The distance was too great to walk or cycle at all.
        I would quite happily walk 10 minutes to work.

        • I LOVE LOVE LOVE taking the trains to work. Riding trains is pretty fucking close to a religious experience for me, and I'm an atheist. If transit in the US is allowed to wither and die due to working from home becoming the new norm, at least I hope it won't die in Europe ... so happy that I have dual nationality.
          • The love of train depends entirely on the state of said train. I'm with you. Now. Living in a city where trains come every 5-10minutes during peak and I'm able to get a seat.
            On the flip side I absolutely detested it when I lived in a city where the trains came ever 20min during peak and we were crammed like a pack of sardines such that it wasn't uncommon that 2-3 stops closer to the city people could no longer get on the train.

            You still need good city planning to make trains work effectively, and the concep

      • Comment removed based on user account deletion
        • Yeah, dumbshit, I'm aware. But in person work tends to have a tethering/anchoring effect that limits people's ability to move to less dense places (since travel to work would be impractically long). This is a good thing.
          • How exactly is it a good thing to stuff humans into tiny apartments like into some sort of laying battery?

      • Re:Global warming (Score:5, Interesting)

        by dgatwood ( 11270 ) on Wednesday October 05, 2022 @05:02PM (#62942093) Homepage Journal

        We won't get clean, efficient electric public transit (lovely trains!) funded if people continue to hermit it up at home.

        We won't get those things anyway. Just being a realist here.

        If we were talking about long-range travel as an alternative to air travel, trains would make sense. For short distances, they suck. They might be better than the alternative if you're in an ultra-dense area where you can't get around in a car, but in terms of efficiency, they're terrible. You spend ten minutes (or more) walking to a mass transit stop, ten minutes waiting for the train, twenty minutes on the train that stops every half mile, and ten more minutes walking to your destination, and you've traveled at an average of three miles per hour or something. And that's if there are no transfers, and if both ends are close to a station, and....

        Even medium-range trains like Caltrain just *barely* make sense, and even then, only because San Francisco is so horrible to drive in, thanks to badly configured traffic lights that allow pedestrians to completely stop the flow of traffic for almost the entire light cycle more often than not, coupled with bizarre traffic patterns that exemplify the "you can't get there from here" joke.

        For short distances, we're much better off moving to electric vehicles, reducing density to sane levels, and fixing any global warming problems by using cleaner energy sources.

        • Walking is free exercise. Walking to/from train stations is a feature, not a bug. Real cities like NYC and many European cities tend to act as natural gyms, where people are forced to exercise (and not pork up) as part of their daily lives.

          We shouldn't be waiting 10 minutes for trains. The Kyiv Metro DURING A FUCKING WAR, is running trains every 5-7 minutes in off-peak hours. We could do better in the US, but we choose not to.

          • Subways in Vienna run (aside of after 10pm, then it's a wee bit longer) every 3-5 minutes. So do most trams.

            While I was still living there, I didn't even have a car. What for? For a buck a day, you get the whole town's public transport system and it's reliable, clean and fast.

          • by dgatwood ( 11270 )

            Walking is free exercise. Walking to/from train stations is a feature, not a bug. Real cities like NYC and many European cities tend to act as natural gyms, where people are forced to exercise (and not pork up) as part of their daily lives.

            The problem is not that you spend twenty minutes walking, but rather that:

            • If you didn't have to spend that time walking, you could have used it for some other kind of exercise that might be considerably more beneficial/efficient.
            • Were it not for traffic, you could have driven from door to door in three minutes, gotten twenty minutes of exercise, and still saved half an hour to do other things.

            People who advocate for public transit often fail to understand that time has intrinsic value beyond the obvious mon

        • You spend ten minutes (or more) walking to a mass transit stop, ten minutes waiting for the train, twenty minutes on the train that stops every half mile, and ten more minutes walking to your destination, and you've traveled at an average of three miles per hour or something.

          It sounds very much like you have an example of a bad rail setup. Here's an alternative to me:
          I spend 10minutes walking to a mass transit stop, a maximum of 7 minutes waiting for a train (during peak hour, if I'm stupid enough to show up that early for something which I know will arrive at the same exact time every day), 10minutes on a train, and I'm in the city centre. Total ride time 20minutes.

          My alternatives are: 40min by car during peak hour, 25min in the middle of the night, 30 min by bicycle (this I a

        • You seem to be talking about the Bay Area. You are right that transit in the Bay Area is mostly mediocre. That's a consequence of land use. Except for SF, the Bay Area has low average population density (mostly single family houses due to zoning restrictions) which means that every step of a journey is geographically long. In Europe or Asia, housing is much denser, and distances are shorter and transit trips are quicker and more pleasant despite having a similar average speed.

          Reducing density and relying on

      • by Junta ( 36770 )

        I don't know what world you are living in, but pre-pandemic commuting wasn't exactly building tons of rail or making people place their offices all together and all the residential together.

        No, people drove their cars, on average, 41 miles a day just for work. I personally have avoided burning over 1,500 gallons of fuel owing to working remotely since the pandemic began.

        Having everyone go back will not cause public transit to improve appreciably. Even given fantasy level funding and eminent domain, our ar

        • Guess I'll have to move to Europe to get what I want. I fucking HATE living in a shithole of a cuntery that's bereft of lovely, amazing trains.
      • Except that ability to work from home enables SPRAWL, which is car (stinkbox!) dependent. We won't get clean, efficient electric public transit (lovely trains!) funded if people continue to hermit it up at home. Save our cities! Save our trains!

        Cities are AWFUL for one reason alone: they're incredibly fucking loud, at all hours of the day and night. Some of that is the fault of internal combustion engines, but a whole lot of it is not. Every time I visit a city I thank my lucky stars when I can finally escape. (From cities in both the US and Europe.) Incessant emergency vehicle sirens all fucking night is the worst of it. Police, fire, ambulance, all the damn time. In a dense city, someone is having an emergency every hour, and those sirens

    • Actually, 70% of C02 emissions are from electric generation, which isn't really reduced by people working at home.
  • There aren't enough employees to fill the open positions. Employees are jumping from job to job to get better pay, but the companies pass that increased cost on to customers. That's how inflation works!

    Hopefully only minor layoffs will be necessary to tame inflation. But I don't see a way out of this without some job losses.
    • If there are more jobs than people able to fill them, how is fewer jobs a loss in any way? If anything, we might see a few CEOs eventually get kicked out when their boards realize that they can't do fuck all but pretend to work.

      • by tsqr ( 808554 )

        If there are more jobs than people able to fill them, how is fewer jobs a loss in any way? If anything, we might see a few CEOs eventually get kicked out when their boards realize that they can't do fuck all but pretend to work.

        Most of the people with jobs are people who either need or want to work. There aren't more jobs than people ABLE to fill them, but there are some jobs that few people WANT to have, and there are people who don't want to have a job and have figured out how to make do without one. If there were actually more jobs than people able to fill them, unemployment would be zero.

        At any rate, the Fed is working assiduously to ease the tight labor market (otherwise known as incentivizing layoffs) with its inflation-figh

        • I like my job. Part of why I like it is that I have a fairly lenient contract. I have a rather well funded training budget, I can work from home if I so please, I go on vacation when I want to.

          Change that and I'll find something else to work at, or I'll just do without work and focus on my personal projects instead.

          At some point, you notice you have enough money to last you a lifetime so you don't really care whether you have a job or not anymore.

          • by tsqr ( 808554 )

            I'm pretty much in the same boat as you. You do realize though, I hope, that most people work because they feel, usually rightly, that they have to in order to survive.

            • Sure. But it feels good to tell these entitled fuckheads that they have the honor to suck my cock and if they don't like it, well, I can take my ass with 20 years of security, law and financial auditing to someone else who wants to pay the not even 100k I ask.

              Part of my compensation is pretty much being able to tell CEOs that they're fucking useless and getting away with it. Yes, I'm petty like that.

      • by Junta ( 36770 )

        Well, if there are significant layoffs, suddenly there will be way more job seekers than open positions. A lot of people have seemingly cushy situations because their companies have been hoarding employees, afraid of letting go of people and finding out the hard way those people did stuff they didn't realize. I know personally a couple of managers desperately trying to make their people suddenly 'look busy' because they absolutely know the axe is coming and want data to try to minimize how big the swing i

  • Be smart Dumping one CEO on average saves as much as firing 1,129 employees on average.
  • by haggie ( 957598 ) on Wednesday October 05, 2022 @04:41PM (#62942001)

    I dare any CEO to lay off remote employees over office employees.

    Let's see what happens to your productivity and product-market fit in 2023.

  • At my company, the vast majority of C-suite are all now working in the office near full time. The old rituals of having big meetings, monthly business reviews, with the headhoncho at the head of the table, the corner office, the business class travel... It is all back for the folks making 20x - 30x more than the rest of us. The only problem is that the rest of us are not showing up to the office - because everyone can do their job perfectly fine at home, and most can avoid the rituals of power which have
  • How many of those same CEOs will give themselves a pay cut at the same time?

    Since CEOs make the most the business has the most to gain from cutting CEO pay. If you are cutting pay and cutting positions without taking a cut yourself then you are only being selfish at the expense of everyone else. If the business is having a downturn then is should effect everyone and not just your lowest paid people.

  • Our "working from home folks" call in and have us do their jobs for them because "it's their working from home day".

  • If they could fire us they already would have. If you're a remote worker and you even have a job it's because they couldn't find a way to ship your job to India or Malaysia. At rest assured they tried.
  • by rsilvergun ( 571051 ) on Wednesday October 05, 2022 @05:28PM (#62942191)
    This is about workers who have obtained a small sliver of bargaining power and the CEOs and executives who are going to yank our chains and bring us back to heel.

    What I find strange is the sheer number of people here on /. who are actively looking forward to having their chain yanked and being choked. I mean I normally don't kink shame but the problem is they keep bringing me into their damn kink by crashing the global economy.

    Why is it the people who shout the loudest about freedom are the first in line to be told what to do and how to think?
    • What you define as "strange" is just honesty and logical thinking on the part of a number of "rank and file" workers who can see that CEOs don't just declare people "should come back in to the office" because they like the sense of power and control over them.

      I've done a lot of "hybrid" work from home + going into offices over the last decade or so. IMO, that's probably the ideal compromise. But these demands to keep working completely from home aren't going to fly at many companies, and I don't blame their

      • You're smart enough to understand CEOs are only concerned with property values. Work from home was absolutely tanking commercial real estate property values and the prospect of commercial real estate being converted into apartments was further tanking the value of their investments. Anyone who does real work at a company knows that collaboration isn't as important as putting your head down and getting the job done. If it wasn't every company on the planet would have collapsed when they shipped all our jobs
    • by gweihir ( 88907 )

      Why is it the people who shout the loudest about freedom are the first in line to be told what to do and how to think?

      Compensation. They know they are defectives that are a problem, but they like to pretend they are not. So they scream loudly.

Understanding is always the understanding of a smaller problem in relation to a bigger problem. -- P.D. Ouspensky

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