APC’s top articles this past month included information on the recession, an update on FTX, the cryptocurrency company that filed for bankruptcy, hiring freezes and tech giants, and ADA compliance regarding automated hiring techniques. Read more in-depthly about these notable topics we’ve covered over the past month:
1) Are automated hiring techniques ADA compliant?
Today’s hiring processes almost always involve some sort of AI-enabled technology, automation, and the use of algorithms. In May of this year, the Equal Employment Opportunity Commission (EEOC) published new guidelines for the Americans with Disabilities Act (ADA) concerning the use of software, algorithms, and AI when reviewing candidates. Read more.
2) Tech Giants Forecasting Incoming Decline Amid Layoffs
Recently, many technology conglomerates like Meta, Twitter, and popular ride-sharing services are forecasting declines as many have entered hiring freezes and started layoffs. Lyft, a popular ride-sharing service, has announced it plans to reduce approximately 13% of its workforce. Not to mention the droves of layoffs at Twitter in the last week prompted by the new ownership of the social media platform. Read more.
3) Concerns for crypto: FTX Files for Bankruptcy
Last Friday, the crypto company, FTX, filed for bankruptcy. Evidently, the business was investigating what they called “unauthorized transactions”. Last month, we reported about the vast amounts of layoffs many cryptocurrency companies ignited. Their founder and Chief Executive, Sam Bankman-Fried, has announced his resignation. Read more.
4) October BLS Report for Tech Employment
The U.S. Bureau of Labor Statistics released its most recent employment statistics for October data. 261,000 new jobs were added last month. In the latest report, professional and technical services added 43,000 jobs in October. This is despite droves of layoffs and hiring freezes from top tech giants that we’ve seen in recent weeks. Most likely, the November report will be affected by those trends. Read more.
5) An Update on Concerns of a Recession
Amid concerns of a recession remaining top of mind for many, new insights from experts indicate we may not be heading into quite the turmoil as previously expected. In fact, Jamie Dimon, CEO of JP Morgan, said on Wednesday that we “Will enter a mild recession in the second half of 2023. We’re effectively looking for a Category 1 economic hurricane.” Additionally, Goldman Sachs analysts predict the very real possibility that the U.S. may even avoid a recession in 2023. We will know more information once the Federal Reserve meets for its December policy meeting. Read more.
Kristen Burgess is the Marketing Specialist at Alliance of Professionals & Consultants, Inc. She has five years’ experience in curating content for digital platforms, social media contributions, and supporting marketing campaigns and strategies. Before joining the APC wolfpack, she worked in digital marketing for software as a service, giving her keen insight into the types of professionals APC hires today. In addition, she likes to stay up-to-date on the most relevant trends within the technology industry through thought-provoking podcasts and newsletters while paying attention to industry leaders’ trends. In her spare time, she serves on the Management Team and helps craft communications for the Junior League of Durham and Orange Counties.
