1. Changing Hearts and (Anxious) Minds
During these days of economic anxiety, employees at insurance firm BlueCross BlueShield of Tennessee may be a bit calmer than the average American worker, thanks to a stress-reduction program launched four years ago.
2. Looking for the Exit on Wall Street
Stress levels have gone from bad to worse on Wall Street. And if firms don’t do something to address the situation, they risk losing their remaining talent, according to a study by the Hidden Brain Drain Task Force, a consortium of 39 companies focused on retaining and recruiting women and minorities.
3. Most Employers Exercising Caution on Slashing Jobs
Despite the faltering economy, employers appear to be trying to avoid resorting to knee-jerk layoffs, according to a recent survey conducted exclusively for Workforce Management by Equa¬Terra, a Houston-based global management consulting firm.
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From unemployment to home foreclosures to declining wages, employees’ economic fears are well founded.
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Employment
Employment
Employment fell by
1.2 million
in the first 10 months of 2008. More than half of
the decrease occurred from August to October.
Unemployment
The number of unemployed workers increased by
603,000
in October, to
10.1 million. Over the past 12
months, the number of unemployed has increased by
2.8 million.
Underemployment
In October, 18.4 million
workers were underemployed, including 10.1
million unemployed, 1.6 million "marginally attached" workers and 6.7
million people who worked part time but wanted full-time work. That is a
42 percent increase from the 13 million underemployed a year ago.
Job openings
There were
2.9
unemployed workers for every job opening in August, up from 1.9 in January and
1.8 in August 2007.
Median wages
Median weekly wages for full-time workers have fallen
1.6
percent during the
past year.
Foreclosures
There were
265,968
home foreclosures in September alone, 21 percent higher than
September 2007. There were
765,558
foreclosures in the third quarter, 71 percent
higher than the third quarter of 2007.
Pension loss
An estimated
$2 trillion
in pension wealth has been lost in the past 18 months
because of the financial crisis.
Source: Economic Policy Institute, citing data from the Department
of Labor, the Bureau of Labor Statistics, RealtyTrac and the
Congressional Budget Office
Workforce Management, November 17, 2008, p. 19
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