Wednesday morning news drop
It’s Time to Reimagine Employee Retention The pace of employee turnover is forecast to be 50–75% higher than companies have experienced previously, and the issue is compounded by it taking 18% longer to fill roles than pre-pandemic. Increasingly squeezed managers are spending time they don’t have searching for new recruits in an expensive and competitive market. Unless efforts are refocused on retention, managers will be unable to drive performance and affect change. Leaders need to take action to enable their managers to keep their talent while still being able to deliver on results. Managers need help with three things. First, they need help shifting the focus of career conversations from promotion to progression and developing in different directions. Second, they need help creating a culture and structure that supports career experiments. Finally, managers need to be rewarded not for retaining people on their teams but retaining people (and their potential) across the entire organization. (Harvard Business Review)
The Office Tower Has a New Job to Do: As workers opt to stay home, developers are packing commercial buildings with amenities that mix private and public spaces. (Bloomberg)
If the U.S. Is in a Recession, It’s a Very Strange One Economic output is down but the job market is strong, unlike in previous recessions. (Wall Street Journal)
What’s Priced Into the Stock Market? The S&P 500 is down around 20% from its all-time highs. It sure feels like the stock market is currently pricing in an imminent recession. But it’s important to remember the stock market doesn’t have a perfect track record of pricing in economic contractions ahead of time. (A Wealth of Common Sense)
The Mushy Middle: This is the hard part. The shock of being in a bear market wears off quickly. Some stuff blows up and the losses are not evenly distributed. Some stuff looks okay – defensive stocks, utilities, etc. Down but not down and out. Some stuff looks horrendous – the drawdowns in the hardest hit sectors (tech, this time) have always been underway for awhile by the time the bear market is truly established for the broader averages. (Reformed Broker)
Anatomy of a Product Placement: As consumers skip ads and streaming content balloons, brands aim to be everywhere all at once. (New York Times)
The People v. Donald Trump The evidence for a possible criminal case against the former president is piling up. (The Atlantic)
He’s the Best Cyclist in the World. He’s Only Getting Better. Tadej Pogačar of Slovenia is 23 and already has won the Tour de France twice. With a three-peat on the line, the all-time legend talk is building. (Wall Street Journal)