I hope my son who’s a data science major (rising senior) will have the same luck as your son! He’s currently doing a 12 week, data analytics summer internship at a worldwide company. Discussions about a full time role after graduation next year have already begun! He will also have a capstone course this fall, which will have him working on a project for a local company close to his school (also in the South, but not Va Tech). He also had an internship last summer in Spain that had him using data analysis, although to a lesser degree than what he’s doing now.
I’ve been really impressed with the quality of his data science degree. He’s learning and using the software and skills as an undergrad, that he would get from a masters degree program in data analytics.
June’s jobs report, which showed employers adding 147,000 jobs for the month and the unemployment rate ticking down to 4.1 percent, underscores the economy’s resilience and helps to dispel the notion that it is in need of immediate support.
“There is no urgency,” said Priya Misra, a portfolio manager at J.P. Morgan Asset Management. “They can keep pushing it out in the future,” she added on the timing of the Fed’s next rate cut.
Agreed. They will often lay off the well compensated employees and hire cheap labor (sometimes offering a commission based job in place of someone who was salaried). That was even more true before there were contractors available through vendors.
A voluntary buyout is not a layoff. They may have to layoff if they don’t get enough volunteers. Their intention is to have 20k less employees. But that is not a layoff. The employee, at first anyway, is in control of the decision to leave.
3 of my team of 15 took buyouts in December. They were not replaced. That is not a layoff.
Wow - what timing for your response. I just read the Newsweek article stating they had laid off 18,000 this year and people are questioning their request for 9,500 H1B visas since October (beginning of their fiscal year). This is truly sad - not only younger but not even citizens. Are they that much better or just less expensive?
The linked page is not entirely clear. It says that UPS will reduce workforce by 20,000, but does not say that this includes only (union represented) full time drivers, who will be offered voluntary buyout. UPS employs about 490,000, of whom 330,000 are drivers. Part time employees at UPS have very high turnover, so not filling the jobs as those employees leave could get them much of the way to the 20,000 reduction before having to do layoffs.
Not sure which employer you are referring to, but here is a list of the top H-1B employers and pay levels. Note that the pay levels at what appear to be IT outsourcing companies are significantly lower than at companies that appear to be hiring for their own tasks (note: the H-1B employees at the latter type of companies tend to have master’s or doctoral degrees).
Exactly! As for UPS, they are eliminating thousands and thousands of employees, and closing multiple facilities.
“ Parcel giant UPS said on Thursday it will offer voluntary buyouts to its full-time U.S. drivers as part of the largest network reconfiguration in its history — a sweeping overhaul that includes cutting 20,000 jobs and closing 73 facilities.”.
Some of the drivers are fortunate that they were offered some sort of package, but the reality is that they are losing their jobs, albeit with some sort of compensation. A “buyout” is simply a financial incentive to leave voluntarily. Probably also keeps the company from having to pay unemployment in some cases. It’s simply a way for the company to reduce their workforce.
Have to wonder if their offer was similar to what Cox Enterprises did not too long ago- they told many of their employees that they could volunteer to take a package or run the risk, if they chose to stay, that their job could be eliminated and what they would then offered would be less than the initial “buyout” offer. A real gamble for the employee.
DH’s company is also doing major restructuring. He was (symbolically) waving his hands wildly saying “take me!! Offer me a (retirement) package !!” But in his company’s case they were not taking volunteers who would accept a package. And the separations have been in process. In his division, the head was fired a few months ago, so they gave the acting head of that dept some time to evaluate their needs. Fortunately they did ultimately offer my DH a retirement package (YAYAYAYAYAY!!) but they want him to stay on for a few more months (His boss and many others were simply walked out the door with their packages).
At my DS’s FAANG, he recently returned after using a portion of his paternity leave, and reached out to a colleague to discuss an issue, only to find out that that colleague had been “laid off”, but had found another opportunity within the company. There are lots of ways companys engage in a RIF. But a job ending by any other name is still a job ending!
Amazon made up more than 10% of UPS deliveries, by far its largest customer.
UPS voluntarily let Amazon walk and now projects to do no more than half of its business. It likely will lose all.
As a shareholder, I applaud that they are strategically making decisions. If they don’t have the business, why should they pay the people? This isn’t a governmental organization.
Regardless of the union position, like any organization, just like the family member we just read about saying take me, take me - they will have plenty of takers and a large organization like this - plenty of open reqs to close.
These folks will likely walk away with large sums and placement assistance. Those laid off from my team - one started at another automaker the next week (too soon for him) and the other two are happily retired with a gift from the company.
However, some of those who will take a voluntary buyout may have been planning to retire or otherwise leave soon, so their taking the voluntary buyout may cost the employer more money than they would have if they left normally in the absence of the buyout offer.
There are potential tax advantages and labor law rationales depending on geography. Employees are typically at first offered separation terms and if target numbers aren’t hit employees are terminated without cause and consequently given severance packages.
Use whatever nomenclature you want but this is a layoff.
@blossom as our HR resident expert please correct me if I am wrong, it happens often😀
@ucbalumnus - when my DH was so open with his boss that he would love a package (I am paraphrasing), I was worried that if he was so open with his desire to “retire”, they might be less inclined to offer a package if they thought he was going to retire anyway. But the flip side of that is, they did not want to run any risk (this is my assumption) of being accused of age discrimination, and if whatever were their new plans for their restructuring of that division, it either included him or he would be offered a package. At a previous employer (many moons ago) they took one of the director level guys who was not wanting to “retire” and kinda “put baby in the corner,” (IYKWIM) moving him to a position no longer with any direct reports and with limited responsibilities.
Amazon is our largest customer, but it’s not our most profitable customer,” UPS chief executive Carol Tomé said last month on a call with analysts. “Its margin is very dilutive to the U.S. domestic business.”
A lot of students are majoring in fields related to weather and climate—like Environmental Science, Atmospheric Science, Environmental Engineering, Geology, Oceanography, Meteorology, Ecology, and even some in Biology. Denying climate change won’t change what’s actually happening, but it will affect the job market for these grads and future grads who are trying to tackle these issues.
Quote: In fact, if we exclude 2020, when the pandemic wreaked havoc on the economy, the first six months of this year show the slowest job growth in the United States since 2010, when the economy was still trying to recover from the Great Recession.
A major percentage of those new jobs were added by state and local government and are in education. The other sectors hiring were health care, construction, and leisure and hospitality. This is certainly good news for students pursuing careers in those sectors. On the other hand both the professional and business services and manufacturing sectors lost jobs which is not so good for college graduates.
The fall in the unemployment rate belies the fact that there was also a fall in the labour force participation rate which means that there was an increase in the number of people who have given up looking for employment, not because they acquired work. It also doesn’t count the recently laid off federal government employees who received termination packages. It also hides the fact that the teen unemployment rate for those aged 16-19 rose to 13.4%, and the youth unemployment rate for those aged 16-24 is 10% both which are considerably higher than the national average. The unemployment rate for new college grads aged 22-27 rose to 5.8% up from 4.8% in January.