Tag

tech industry

Browsing

BY MICHAEL GROTHAUS.

People who work in IT, software development, and advertising appear to be the most anxious.

Mass layoffs in the tech industry have made headlines nearly every week since late 2022. Combine that constant barrage with the rise of AI and uncertainty over the global economy and you have the perfect recipe for increasing anxiety across the American workforce when it comes to fears about job security.

Now a new survey out from online marketing firm Authority Hacker put some concrete numbers on just how many of the currently employed are worried about their job security in the years ahead. In a survey of 1,200 workers, Authority Hacker found that:

  • 54.58% of full-time workers have increased concerns about their job security.
  • Men (62.87%) are more likely than women (47.53%) to fear for their job security, which Authority Hacker says may reflect the 3:1 gender ratio of male to female employees in tech firms.
  • The more a person makes, the more likely they are to worry about their job security. Those making $150,000 or more worry the most about their job security (72.48%), while those making $50,000 or less worry the least (50.26%).
  • The younger an employee, the more likely they are to worry about their job security, with 62.2% of 25 to 44 year-olds worried versus less than 50% of those over the age of 45 worried.
  • C-suite execs are the most worried about their job security at 79.31%.
  • But just 46.82% and 45.80% of non management staff and admin staff, respectively, are worried about their job security.

The larger the company is, the more likely employees are to worry about their job security. Authority Hacker found that 74.33% of those at companies that employ between 500 and 1,000 workers worry about their job security, while only 45.38% of workers at companies with 25 or fewer employees worry about their job security.

And when it comes to concerns by profession, workers most likely to fear for their jobs happen to be those whose industries are most at risk of being impacted by AI. Those professions are:

  1. IT – Services & Data: 89.66%
  2. Software development: 74.42%
  3. Advertising: 70.00%
  4. Finance and Insurance: 67.56%
  5. Human Resources: 64.29%

 

To arrive at its findings, Authority Hacker surveyed 1,200 full-time workers in the United States aged 25 and above.

Feature Image Credit: Aziz Acharki/Unsplash, Richard Horvath/Unsplash

BY MICHAEL GROTHAUS

Michael Grothaus is a novelist and author. He has written for Fast Company since 2013, where he’s interviewed some of the tech industry’s most prominent leaders and writes about everything from Apple and artificial intelligence to the effects of technology on individuals and society. Michael’s current tech-focused areas of interest include AI, quantum computing, and the ways tech can improve the quality of life for the elderly and individuals with disabilities More

Sourced from FastCompany

The message comes as the company seeks to rein in costs during an economic downturn in the long-booming tech industry

Facebook is instructing its engineering managers to identify and weed out their lowest-performing employees as the company seeks to rein in costs during an economic downturn in the long-booming tech industry.

Facebook’s head of engineering, Maher Saba, sent a memo on Friday to managers urging them to identify anyone on their team who “needs support” and report them in an internal human resources system by 5 p.m. Pacific time on Monday.

“If a direct report is coasting or is a low performer, they are not who we need; they are failing this company,” Saba wrote. “As a manager, you cannot allow someone to be net neutral or negative for Meta.”

The memo, which was first reported by the Information, is one of several messages from Facebook executives warning about the need to cut costs as the social media giant seeks to shore up its stagnating digital advertising business and reinvent itself as a virtual reality-powered device maker. Its arrival shocked many employees, who are concerned about potential layoffs, reduced bonuses and fewer promotions.

“The reaction from folks that have seen this is that this will be used to create a bunch [of] ‘performance improvement plans’ that will result in mass layoffs,” a person familiar with the matter said, speaking on the condition of anonymity to describe sensitive conversations.

Meta did not immediately respond to a request for comment.

Facebook, which last year renamed itself Meta, spent years raking in digital advertising dollars as it became the go-to platform for businesses of all sizes to tailor their marketing campaigns to niche audiences. Early on, Facebook and other social media companies benefited from pandemic as more advertisers shifted their marketing dollars online to reach customers spending more time at home.

The company’s stock price has fallen nearly 52 percent since the beginning of the year as it faces threats to its social media business. Apple imposed new privacy rules on app makers on its iPhone devices, which aimed to reduce data collection on its users. Apps such as Facebook were forced to ask users if they wanted their activity tracked across the internet for the purposes of targeted advertising — a request many users rebuffed.

During the final three months of last year, Facebook reported that it lost daily users for the first time in its 18-year history, sending its stock price plummeting. While the social media outlet’s user growth numbers held stable early this year, company executives have warned that it is facing intense competition for users’ attention from social upstarts such as TikTok.

To compete in the crowded market, Facebook is aggressively promoting its short-form video service known as Reels. Facebook chief executive Mark Zuckerberg has argued that the company will be able to monetize the product in the same way it once did for its news feed. Facebook is also trying to stake its future on creating the metaverse — a term used to describe immersive virtual environments that are accessed by virtual and augmented reality.

This month, Zuckerberg told staffers during a companywide call that not everyone was meeting the company’s standards and that some might want to leave voluntarily as the it faces an impending economic downturn, according to media reports. Zuckerberg told staffers they would reduce their plans to hire engineers by at least 30 percent this year, according to Reuters.

“If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history,” Zuckerberg told workers. “Realistically, there are probably a bunch of people at the company who shouldn’t be here.”

Facebook’s belt-tightening mirrors the cost-cutting happening elsewhere in Silicon Valley. After a decade of exuberance, venture capitalists and established tech companies alike are cutting back on their investments and firing workers. More than 300 start-ups have laid off over 50,023 workers since the start of the year, according to Layoffs.fyi, which tracks cuts in the tech industry.

Feature Image Credit: Susan Walsh/AP

By and Elizabeth Dwoskin

Naomi Nix is a staff writer for The Washington Post, covering Meta and other social media companies. Before joining The Post in 2022, she was a reporter for Bloomberg News and the Chicago Tribune.  Twitter

Lizza joined The Washington Post as Silicon Valley correspondent in 2016, becoming the paper’s eyes and ears in the region. She focuses on social media and the power of the tech industry in a democratic society. Before that, she was the Wall Street Journal’s first full-time beat reporter covering AI and the impact of algorithms on people’s lives.Twitter

Sourced from The Washington Post

By

There is a clear tie between transparent business communications on social media and consumer spending, according to a new report.

Data breaches, fake news, and misinformation have seeded doubt in consumers. Organisations want to step up and restore customer confidence. With this crisis in trust, organisations are looking to add transparency to their business practices according to a new report.

Chicago, Ill.,-based social media analytics company Sprout Social has released its Social media and the evolution of transparency report.

It surveyed 1,000 US consumers on their transparency beliefs, expectations and desires.

It discovered that consumers’ expectations of transparency grow daily. Almost nine out of 10 Americans believe transparency from businesses is more important than ever before.

And transparency is important to Americans with 85 percent of respondents saying a business’ history of being transparent makes them more likely to give it a second chance after a bad experience.

Almost nine out of 10 people (85 percent) are more likely to stick by a business during a brand crisis if it has a history of being transparent.

Organisations can reap rewards from being transparent. Nine out of 10 people (89 percent) said a business can regain their trust if it admits to a mistake and is transparent about the steps it will take to resolve the issue. A similar ratio (85 percent) are more likely to stick with them during crises.

But transparency is not enough. Companies need to tell their customers that they are transparent. Two out of five (40 percent) of people who say brand transparency is more important than ever, attribute it to social media.

Over half of consumers (53 percent) are likely to consider brands that are transparent on social for their next purchase.

Four out of five (81 percent) of people believe businesses have a responsibility to be transparent when posting on social media–a higher standard than they set for politicians, non-profits, friends, family, and even themselves.

However, only one in six (15 percent) of consumers believe brands are currently “very transparent” on social.

9 out of 10 consumers will stop purchasing from brands that lack transparency ZDNet
(Image: Sprout Social)

People feel brands lack transparency when they withhold information (69 percent). Ignoring questions — regardless of who asks them — can be deemed to be detrimental to the brand as well.

If companies are not transparent, then consumers will look elsewhere. A lack of transparency on social means that nine out of ten (86 percent) of people are likely to take their business to a competitor.

Transparency is not simply a sales tactic, or a way to communicate a new marketing message.

Organisational transparency asks every level of an organization to adjust how it engages, to demonstrate its aspirations and its values. Brands should commit to being transparent in both reactive and proactive ways.

Jamie Gilpin, chief marketing officer at Sprout Social ,said: “Our data shows that transparency truly makes the difference in forming lasting connections between businesses and consumers.”

This company-wide effort should have buy-in from the top. CEOs that are more present on social makes it easier for organisations to connect with target audiences and earn their loyalty — from shoppers and from potential employees.

Give your boss the microphone and embrace the social channels that will ultimately bring in business for the brand. Transparency drives loyalty, and loyalty will bring benefits for the business.

By

Sourced from ZDNet

By 

  • The tech industry has been under increased scrutiny lately over the potential negative effects of its products.
  • Many critics are charging that smartphones, social networks, and other tech products and services are encouraging “addiction” — but that’s likely overstating the case. Few people’s interactions with their devices or services actually meet the definition of addiction.
  • The real problem with tech products is not that they encourage addiction, but that they’re annoying and disruptive — and that’s something tech companies need to fix.

The tech industry is experiencing a whole new wave of backlash and scrutiny.

This time, it’s not about fake news or Nazis spreading venom on Twitter. Instead, the focus is on the harmful effects tech products have on users — and the charge that use of the gadgets and services is leading to addiction, perhaps intentionally.

Earlier this month, for example, a group of Apple shareholders expressed concern that kids were become addicted to their iPhones and urged the company to do something about it. Last fall, former Facebook executive Chamath Palihapitiya charged that social networks were “destroying how society works.” Meanwhile, Tristan Harris, a former design ethicist at Google, has been repeatedly beating the drum about tech addiction, telling The Guardian last year that “our minds can be hijacked” by our gadgets and apps.

And that’s not to mention the growing numbers of tech executives and other industry figures who have started to raise alarms about the supposedly addictive nature of the industry’s products.

These critiques generally boil down to the assertion that tech companies are purposefully and nefariously building products in ways that are designed to mess with users’ minds. The more minutes Facebook or Twitter can keep your eyeballs glued to their services, the more attractive and valuable they are to the advertisers who are paying them for your attention.

So tech companies do whatever they can to keep you coming back, goes the charge, intentionally creating features such as “likes” and “replies” that are designed to tap into the dopamine effect — the chemically induced good feeling you get in response to positive stimuli.

But I think the critics are being a little too free and easy with the charge that tech products are causing addiction.

Yes, there are likely many people out there who have become so obsessed with their devices or apps or online services that their attachment to them is having negative effects on their lives. Those people should absolutely get help and find ways to wean themselves off of tech.

The vast majority of tech users aren’t in that boat

“Addiction is a specific, compulsive behavior,” said Nir Eyal, the author of “Hooked: How to Build Habit-forming Products.”

Eyal, who advises tech companies on how to create ethical products that don’t harm users, added: “For example, I’m not addicted to Facebook unless I can’t stop even if I want to. Very few people are actually addicted to tech.”

Instead of addiction, the problem most tech users face is their devices and services are annoying and disruptive. It’s easy to feel stressed out or overloaded because of them.

In other words, the tech industry doesn’t need to worry about making its products less addictive. It needs to focus on making them better.

Earlier this week, the New York Times’ Farhad Manjoo offered some ideas for how Apple could “build a less addictive iPhone.” Among his solutions were giving users a greater ability to tailor notifications and providing them with more data on how much they’re using their devices.

Whether or not such changes will do much for the relative few who actually are addicted to their smartphones, the proposals would represent a great start for making devices work better for all of us.

For example, unless there’s a real emergency going on, there’s no reason after you’ve left the office that your phone should buzz incessantly with work-related alerts. Yet I find that happening all the time, thanks to Slack, the chat app we use at work. In its latest update, Slack reduced the amount of control users have over the types of notifications they receive.

Given just how distracting such notifications can be, the app’s developers should have done a better job of thinking through the changes, because ultimately they’re bad for the company itself. Slack doesn’t benefit by turning users into harried workaholics. Instead, it benefits by helping them be better workers.

Tech gadgets and services are supposed to play useful roles in our lives — helping us work, entertaining us, assisting us in solving everyday problems. But too often these products go overboard demanding our attention — without giving us much ability to turn them off. The makers of tech products need to be putting more thought into their design to head off such problems.

The good news is some tech companies are already doing that

Last year, Apple introduced a new feature for the iPhone that blocks alerts while you’re driving, even making the screen go completely dark until you get out of your car.

And just last week, Facebook announced that it’s revamping the way its news feed works, giving more prominence to posts from people close to you and playing down posts from companies and publishers that are all too often little more than clickbait. Company officials acknowledged the change could reduce the amount of time users spend on its service — thus making it less attractive to advertisers — but argued the service will be better for users.

“No company wants users to regret using the product,” Eyal said. “The market is taking care of the problem as we speak.”

That’s not to say the work is over. Far from it. In particular, more attention needs to be paid to products used by kids, as the Apple shareholders highlighted last week. Tech companies need to offer parents greater control over how their children use such products so they can teach good tech habits early.

Additionally, tech sites, gadgets, and services are constantly changing. As they do, we’ll likely run into new problems.

But the focus on addiction is overblown and misguided. What we really need from the industry is for it to think through the potential downsides of its products and make them work better for all of us.

By 

Sourced from Business Insider UK