Here's where top startups are hiring — and other happenings in the world of work

Here's where top startups are hiring — and other happenings in the world of work

Welcome back to The Work Shift, a weekly newsletter that keeps you informed about the economy, labor market and evolving world of work through data-driven insights. Click subscribe to be notified of future editions.

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Catch up on headlines from the last 7 days.

  • Prices — and spending — ticked up in August, according to the Federal Reserve’s preferred inflation gauge . The latest Department of Commerce report showed that “core prices,” excluding gas and food, rose 4.9% from a year ago.
  • Jobless claims slipped to their lowest level since April, below the pre-pandemic average . While the Fed’s aggressive interest-rate hikes are expected to hit hiring, it seems the job market is still tight.
  • Hurricane Ian could be costly, with insurers predicting between $28 billion and $47 billion in claims. At least 85 people have died amid the devastation caused by the storm.
  • Mortgage rates hit a 15-year high last week . Even as home prices start to fall , skyrocketing rates are sidelining both buyers and sellers worried about taking on a mortgage with a higher monthly payment.
  • Medical bills are the largest source of debt for Americans, a survey from The Commonwealth Fund found. About 40% of Americans are either struggling to pay health bills or paying off health-related debt.
  • Women now make up more than half of the U.S. college-educated workforce, according to new data from Pew Research .
  • Bosses are using surveillance technology, from keystroke tracking to mouse movement monitoring, to make sure their employees are actually working while remote. According to Gartner , the number of employers who use this tech has doubled since the outset of the pandemic thanks to “productivity paranoia.”

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Take a closer look at recent trending topics — and engage with meaningful conversations happening on LinkedIn.

Startups to watch are hiring here

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  • LinkedIn’s Top Startups — the 6th annual ranking of 50 emerging companies to watch — have been recruiting top talent all over the country. New York and known startup haven San Francisco might be where many young companies are headquartered, but aren’t the only metro areas where they’re hiring.
  • Top Startups have been staffing up in Seattle at more than twice the speed of other metro areas in the U.S., according to a new analysis by LinkedIn’s Economic Graph team. That makes it the fastest growing hiring hub, followed by Austin and Chicago.?
  • Seattle, the homebase of Amazon and LinkedIn’s parent company Microsoft, has no shortage of techies. Having those heavyweights around fosters a strong talent pipeline looking to tap into the thriving startup scene that includes dozens of incubators and accelerators .
  • Meanwhile, Austin saw a massive boost thanks to pandemic trends. Thousands relocated to the Texas capital since the outset of the pandemic, likely chasing lower taxes, warm weather and a buzzy social scene — startup founders and venture capitalists from San Francisco and New York included. In 2021, VCs invested over $5.5 billion across 412 deals in the area, more than double the amount invested in 2020. “The growth and energy in Austin feels like Silicon Valley in the ‘90s,” Morgan Flager, a managing partner of one of the state’s most active investors, told TechCrunch . Other pandemic boom towns like Denver and San Diego are also seeing an uptick in hiring.
  • If none of these places sound exciting but you’re a jobseeker looking for the opportunity to innovate, you’re still in luck. More than half of open roles at the companies on the Top Startups list are for remote positions.

Perks like PTO aren't curbing burnout

  • About half of employees report experiencing burnout at work right now, according to a new survey from Microsoft. Part of the problem? The commonly pronounced cure to burnout — time off — isn’t working because it doesn’t feel accessible .?
  • Even though more and more companies are offering perks like unlimited paid time off or shorter workweeks , workers aren’t feeling encouraged to utilize it. A separate survey found that about a third of employees report their workload to be too difficult to step away while just 41% said their company actually promoted time away. “Most professional roles I have ever been in have not had anyone who was cross-trained to be able to backfill me in case of vacation, or worse, emergency,” finance professional Deborah Buehrer Papiernik commented . “That is why vacations are not really restful,” she continued. “Either nobody is doing my job, or someone is doing it pretty poorly.”
  • Beyond being able to unplug completely like Papiernik, vacations from work don’t feel particularly accessible to many Americans for another large reason: There are big differences in paid leave policies from country to country. In the U.S., making time for vacation is on the worker, not the employer. One San Francisco-based entrepreneur, Cassandra Turgman, commented that she recently traveled to Scandinavia, where there was a 5-week federally mandated vacation policy. “During the summer there, people are more focused on spending time with their friends and family,” she said. Here, “most people I’ve spoken to lately have told me something along the lines of ‘I’m so busy at work, I can’t even make time for myself.’”

'Quick quitting' is gaining popularity

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  • U.S. workers are getting more comfortable with leaving their jobs quickly. LinkedIn’s short tenure rate , or STR, which measures the fraction of positions that were held for less than a year, has increased across industries over the past couple of years.
  • Some industries are seeing a more prevalent rise in quick quitting than others. The STR in the arts and recreation industry, for example, rose 11.63% year-over-year in August. Workers are also spending less time at jobs in more traditionally white-collar industries, like tech and financial services.
  • Andres Alejandro Restrepo commented that workers aren’t afraid to explain a short tenure on their resume anymore for one good reason: The pandemic introduced “a major priority shift” in how we live and work. “Life’s too short to stay stuck in a toxic environment,” he said. That priority shift, doctor Tamara Beckford commented , “means that companies will have to invest in creating cultures that ensure people want to stay,” from paying well to providing learning opportunities. Some workers aren’t so sure the quick quitting trend is primed to continue due to economic uncertainty. “Employees will settle in longer if the job market continues to shift back in favor of employers,” Jacquelyn Dupor, a corporate recruiter, commented .

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Get ready for the week by seeing what's coming up.

  • Monday, October 3: The Institute of Supply Management will release its monthly Purchasing Managers’ Index, which tracks if the non-manufacturing sector is expanding. It is an indicator of economic health.
  • Tuesday, October 4: The Bureau of Labor Statistics will release the Job Openings and Labor Turnover survey for August, which measures job vacancies across industries.
  • Wednesday, October 5: LinkedIn Senior Editor at Large George Anders will release his latest edition of Workforce Insights , digging into how confident workers are in their employers these days.?
  • Thursday, October 6: The U.S. Department of Labor will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.
  • Friday, October 7: The Bureau of Labor Statistics will release the September jobs report. The monthly release tracks the unemployment rate and how many jobs were added to the economy.

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Rick Robertson

Founder of Mate3 Networking 10K+ LinkedIn Connections

2 年

Mate3.com the network for your 3amswers.

Ahsan Rizvi

Process Engineer, Product Manager, Product Marketing Manager, Business Strategist

2 年

I’m interested in securing a career opportunity to apply my MBA learning…

Silvina Emerson

Digital leader | content strategy | knowledge management | localization | grammar nerd | KCS | leadership coach

2 年

That’s true, life is too short to get stuck in a toxic environment. Sadly m many of us did it for years at a time. I wish I had had this mentality 20 years ago. My life would’ve been so different… and I would’ve been a lot happier!

Silvina Emerson

Digital leader | content strategy | knowledge management | localization | grammar nerd | KCS | leadership coach

2 年

Wow… survelliance to see if your router actually striking a key or moving your mouse? How to makes me so terribly sad. We have reached new lows as humanity, that’s for sure.

Abigail Darwin

Benefits and Elder Law Attorney / Certified Pickleball Instructor

2 年

What’s not to love about San Francisco??

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