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📊 Remote Workers Are At a 35% Higher Risk of Being Laid Off

📊 Remote Workers Are At a 35% Higher Risk of Being Laid Off

Be a LinkedIn Ninja, dealing with layoff-related taxes, Cisco big layoff, & new tools

-THIS WEEK-

⚡️ Quick Tips - 🫣 Hide Yourself When Looking at LinkedIn Profiles
📊 Job Market Data - Remote Workers’ Careers May Be On The Chopping Block
📉 The Layoff Report - Cisco, Instacart, Grammarly…
💰 Money & Financials - How Do Severance and Unemployment Affect Taxes?
📊 Job Market Data - Job Searches See Modest Rise, But Job Postings Falling Short
🛠️ Tools & Resources - Huntr, Meander, InPrep AI

-QUICK TIPS-

🫣 Hide Yourself When Looking at LinkedIn Profiles

@careerdivacoaching
Im not saying DONT stalk hiring manager or recruiter linkedin profiles, Im just saying play the game #stitch #jobsearch #jobsearchtips #li... See more

-JOB MARKET DATA & TRENDS-

📊 Remote Workers’ Careers May Be On The Chopping Block

Attention job seekers! Navigating the evolving workplace landscape? Remote workers face higher layoff risks as companies lean towards office returns. Stay agile and informed in this shift towards traditional work settings!

📈 Last year saw a surge in hybrid and remote job advertisements, with 87% of Americans expressing a preference for flexible work setups.
📊 A survey by Slack uncovered a stark contrast: only 12% of employees want full-time office work, yet 50% of leaders insist on it.
🔍 Research by Live Data Technologies reveals that remote workers faced a 35% higher risk of layoffs than in-office employees in 2023, with 10% of remote roles cut versus 7% of in-office positions.
📉 The workforce working from home dropped by 3.2 million people, a drastic fall from the early 2021 peak of 37%.
🗣 Critics argue that laying off remote workers based on their physical location, rather than performance, fosters disengagement and disloyalty among the workforce.
🔄 The trend towards office returns, termed "The Great Mismatch," shows some employers enforcing stricter return-to-office policies.
🚀 Despite a push from some sectors for office returns, the appetite among job seekers for flexible working conditions remains strong, though the job market is tightening.

-THE LAYOFF REPORT-

📉 Cisco, Instacart, Grammarly…

So far in 2024:

34,560 employees laid off
144 tech companies have done layoffs

Source: layoffs.fyi

Notable Layoffs this Week

Cisco is laying off thousands of employees in order to focus on high-growth areas, Bloomberg reports. About 5% of its 84,900-person workforce will be affected.
Instacart is cutting 7% of its workforce, or 250 workers primarily in middle management, CNBC writes.
Paramount Global is laying off 800 people, representing 3% of its staff, just a day after announcing record high Super Bowl viewership, CNBC reports.
SiriusXM is cutting 160 jobs, or 3% of its workforce, as part of an effort to become "more efficient," The Hollywood Reporter says.
Grammarly is cutting 230 jobs as the company focuses on the "AI-enabled workplace of the future," TechCrunch reports.
Warner Music is laying off 10% of its staff, or 600 roles, in order to cut costs, Bloomberg reports.
Morgan Stanley is planning to lay off hundreds of jobs in its wealth-management division to cut costs, The Wall Street Journal reports. The company has roughly 40,000 employees in its wealth unit.

-MONEY & FINANCES-

💰 How Do Severance and Unemployment Affect Taxes?

Navigating the tax maze with severance or unemployment checks in hand? Here’s the scoop on how to dodge tax time surprises! 🎢💼📈

Severance Pay

💸 Taxable Treats: Think of severance pay as a parting gift that keeps on giving... to the IRS! Yes, it's taxable income, so be ready to share a slice with Uncle Sam.
🚧 Withholding Woes: Just like your regular paychecks, severance checks come with tax withholdings. It’s like your employer is helping you save for tax season - how thoughtful! 🐿️

Unemployment Benefits

🎁 Taxable Goodies: Unemployment benefits? Also taxable! The government giveth, and the IRS taketh a little back. 🔄
📝 Form 1099-G Galore: Come tax time, look out for Form 1099-G from your friendly state unemployment office. It’s your golden ticket to reporting those benefits correctly.

Tax-Smart Moves

📈 Level Up Your Tax Game: Both severance and unemployment might boost your taxable income, possibly bumping you to a higher tax bracket. Time to strategize! 🧗‍♂️
💡 Lightbulb Moment: Adjust withholdings or make estimated payments to avoid an end-of-year tax bomb. It’s like setting up a savings account for your future self. 🏦
🔍 Deduction Detective: Hunt down deductions and credits to lighten your tax load. Every little bit helps!

Further Reading:

-TOOLS & RESOURCES-

🛠️ Huntr, Meander, InPrep AI

huntr

huntr.co

Huntr helps you create tailored resumes and cover letters fast with AI, fill out application forms in one click, and automatically organize your job search.

meander

meander.so

Take control of your career. Don’t just go with the flow – take charge. Get actionable insights, set measurable goals, and get one-to-one mentoring from top industry experts.