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Remote work is going so well for some companies that they plan to make it permanent. But before you pack your bags and head to your dream home in the mountains or at the beach, there are some things you should take into consideration.
First things first: Your salary could take a hit.
Some companies are reducing salaries based on the local cost of living, while others are holding pay steady.
There’s also Uncle Sam to take into account. Some cities and states have high income taxes, while others (seven to be exact) have no individual income tax. That can make a difference in your take-home pay.
But it’s not all about the money.
Going remote full-time could also hurt your long-term career growth. If you are the only one not going into the office, that can put you at a disadvantage. And if you do get laid off one day, what will your job prospects look like in your new area?
Click here to read more.
Bosses: Now’s the time to reach out
It’s been a tough week. Month. Quarter. Ok let’s face it: year.
If you’ve been feeling anxious, distracted and unfulfilled because of this year’s long presidential election, know that you aren’t alone. All of this can take a toll on your productivity, engagement and morale at work.
And although Joe Biden has been declared the winner, there’s still some uncertainty on how this is going to play out.
Which is why experts say now is a good time for bosses to reach out and check in with their employees.
It doesn’t have to be a grand gesture. Simple things like giving space at meetings to ask colleagues how they’re feeling or showing genuine empathy with how hard things are right now, can help foster better relationships and connections, reports CNN Business’ Jeanne Sahadi.
Rallying employees around working toward a common purpose can also help create more stability.
Read more about what CEOs can do for their workers now.
Rideshare drivers are still contractors
It looks like Uber and Lyft won’t have to treat drivers as employees after all.
California passed a ballot measure last week, Proposition 22, that exempts the rideshare companies from having to classify workers in the state as employees rather than independent contractors.
Employees have more protections from labor and employment laws, and also get workplace benefits like minimum wage and unemployment insurance.
Reclassifying workers would have likely meant a major (and expensive) overhaul to the companies’ business models. So they spared no expense fighting to get the measure passed.
The ballot measure was backed by more than $200 million and was the costliest in California’s history, CNN Business’ Sara O’Brien reported.
The initiative does give app-based drivers some additional protections, including a minimum earnings guarantee based on “engaged time” when a driver is fulfilling a ride or delivery request.
WFH tip: Make distinctions
If you’re having a hard time putting work away at the end of the day, it’s time to create some boundaries, recommends productivity leadership coach Ellen Faye:
- Clear your desk, close out work-related windows on your computer, change your location.
- Find little rituals you can do to differentiate. Put your pens in the pencil cup, toss the scraps of paper, charge your air pods/headset.
- Exit out of as much work-related stuff as you can
- Working on the dining room table? Try after-hours surfing the internet from the kitchen island or family room chair.
Something to look forward to … in 2024
It’s going to take a long time for the job market to recover. As in, we could be in the next presidential election cycle before it’s fully repaired.
A recent report from Goldman Sachs predicts the unemployment rate will drop to 6.6% by year end. But it will take until mid-2024 to hit “full employment,” reports CNN Business’ Anneken Tappe.
The report also expects the unemployment rate to hit 3.9% by the end of 2024. That’s a strong number, but keep in mind that the unemployment rate in February was 3.5%.
Click here to read more about the job market’s road to recovery.
Jobs. Jobs. Jobs.
Leisure and hospitality: 271,000 jobs
Professional and business services: 208,000 jobs
Retail trade: 104,000 jobs
Construction: 84,000 jobs
Health care and social assistance: 79,000 jobs
Transportation and warehousing: 63,000 jobs
Almost every company executive I speak to these days has expressed concern over their employees’ mental health.
And with good reason. Workers are burning out.
And many of our go-to relaxation tricks, like going on vacation, spa days and social activities, aren’t on the table right now. But here are some natural ways you can help improve your mental heath:
Create a routine: Teach your body to calm down by starting a relaxation routine an hour before bedtime. Turn off the TV, put down the phone, take a warm shower and do a relaxing activity like reading a book or meditating.
Keep coffee a morning thing. Avoid stimulants such as nicotine or coffee after mid-afternoon, reports CNN’s Sandee LaMotte.
Inhale. Exhale. Repeat. Sounds easy enough, and it’s free. Taking deep, slow breaths can help calm our brains and lower our stress levels.