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Tag: Careers

  • WeWork’s co-working model was supposed to fix traditional commercial real estate–but both the new idea and the centuries-old industry are failing

    WeWork’s co-working model was supposed to fix traditional commercial real estate–but both the new idea and the centuries-old industry are failing

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    While WeWork’s catastrophic fall from grace may have poor business management written all over it, the latest bankruptcy filing represents an indictment of the coworking business model as a whole. 

    The idea of co-working is more relevant today than ever before as flexible work has cemented its position globally. The future of five-days-a-week, in-person work remains debatable–and companies across the country have maintained hybrid work options post-pandemic. This year, 73% of American workers reported working in-office for three or more days a week, with an average of three to four days in-person, according to a McKinsey study. Fully remote employees now only represent 15% of the workforce, a strong indication that hybrid work, while previously dubbed the “new normal,” is here to stay. 

    WeWork’s inability to take advantage of the paradigm shift in commercial real estate is due to the fact that WeWork’s innovative brand was built on the same traditional terms that commercial real estate has used for centuries. The co-working business model takes on long-term leases at a locked-in rate, placing a huge bet on occupancy rates and rents staying high. This leaves a huge risk imbalance in the committed term lengths between landlords and occupants. As disclosed in WeWork’s infamous S-1 filing in 2019, its average lease term is approximately 15 years. This leaves the company offering clients flexible lease terms, while they remain committed across interest rate cycles and market downturns.

    When rates are low, and companies aren’t rigorous about burn, coworking has product-market fit. When rates are high and wallets are tight, the results can be catastrophic, as evidenced by WeWork’s latest bankruptcy–and that’s regardless of the demand for flexible working environments. 

    As soon as office spaces are not filled, it’s the coworking platforms that lose money, not the landlords. As of Q3 2023, over 20% of American commercial real estate space remained empty, according to JLL. This has created an existential crisis for firms like WeWork, who are struggling to grapple with an outdated model that has provided a valuable product for consumers, but has failed in changing the status quo with landlords. 

    It’s time that we embrace the fact that coworking, while billed as an inventive means to insert energy and collaboration into the workplace, is built on the foundation of the same age-old model that it claims to transform. 

    Coworkers crave building culture and feeling a sense of belonging to their company, which requires privacy instead of a shared floor with outside distractions. Existing research has proved that over 52% of employees prefer private offices over open floor plans, which is a foundational aspect of the coworking model. These employees seek in-person work to feel connected to their company’s mission and culture, not to be a part of WeWork’s culture.

    In today’s flexible office environment, employees are encouraged to reap the benefits of the workspace by being able to interact closely with their counterparts. If these interactions are becoming less meaningful by participating in coworking, then the model’s key value proposition is at best, failing to address the needs of a substantial segment of its customer base. 

    In many ways, WeWork’s collapse is just the tip of the iceberg for a model that failed to live up to its expectations. While the workplace question is clearly a topic that will continue to be iterated on in the coming years, it’s time that we accept that co-working is not the answer.

    Christelle Rohaut is the co-founder and CEO of Codi.

    More must-read commentary published by Fortune:

    • Economic pessimists’ bet on a 2023 recession failed. Why are they doubling down in 2024?
    • COVID-19 v. Flu: A ‘much more serious threat,’ new study into long-term risks concludes
    • Access to modern stoves could be a game-changer for Africa’s economic development–and help cut the equivalent of the carbon dioxide emitted by the world’s planes and ships
    • The U.S.-led digital trade world order is under attack–by the U.S.

    The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

    Subscribe to the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. Sign up for free.

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    Christelle Rohaut

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  • Recent data shows AI job losses are rising, but the numbers don't tell the full story

    Recent data shows AI job losses are rising, but the numbers don't tell the full story

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    Elon Musk insists artificial intelligence will get humans to a point where “no job is needed.”

    Are there signs this prediction is already becoming true? Headline numbers can make that seem so.

    According to a recent report of 750 business leaders using AI from ResumeBuilder, 37% say the technology replaced workers in 2023. Meanwhile, 44% report that there will be layoffs in 2024 resulting from AI efficiency.

    But even amid reports of AI-inspired layoffs, many experts disagree with Musk’s view.

    Julia Toothacre, resume and career strategist at ResumeBuilder, recognizes the numbers from its research may not accurately reflect the broad business landscape. “There are still so many traditional organizations and small businesses that do not embrace technology the way that some of the larger companies do,” Toothacre said.

    Layoffs are a reality, but AI technology is also enabling business leaders to restructure and redefine the jobs we do.

    Alex Hood, chief product officer at project management and collaboration software company Asana, estimates that half the time we spend at work is on what he calls “work about work.” Here, he’s referring to the status updates, cross-departmental communication and all the other parts of work that aren’t at the core of why we’re there.

    “If that can be reduced because of AI, that can be a great unlock,” said Hood.

    He says that without the nuance behind the numbers, the statistics marking and predicting AI-induced layoffs reflect fear more than reality.

    With AI tackling task-based work, humans have the opportunity to move up the value chain, says Marc Cenedella, founder of Leet Resumes and Ladders. “For the entire economy,” Cenedella said workers will be able to focus on “integrating or structuring or defining what the task-based work is.” He compares this shift to mid-century office culture, when there were entire floors of typists — something that the efficiency of word processors eliminated.

    White-collar work and ‘human-centered’ AI

    According to Asana’s State of AI at Work 2023 report, employees say that 29% of their work tasks are replaceable by AI. However, Asana is a proponent of what it calls “human-centered AI,” which seeks to enhance human abilities and collaboration, not replace people outright. The more people understand human-centered AI, the more they believe it will have a positive impact on their work, the report states.

    White-collar and clerical workers represent somewhere between 19.6%–30.4% of all employed people globally, according to the United Nations. Analytical and communication tools have redirected knowledge work over the years, and “generative AI should be considered another development in this long continuum of change.”

    But as of 2022, 34% of the global population still did not have access to the internet, so any conversation around AI’s impact on layoffs and potential restructuring of the work needs to also include discussion of a wider mote between the technological haves and have-nots.

    A worker’s personal responsibility and AI tinkering

    For professionals seeking to avoid redundancy in an AI-fueled work environment, there are steps to take.

    Cenedella says that being a modern white-collar professional bears a level of personal responsibility. “Part of your job is to keep developing new skills,” he said. “If you learned some software five years ago, that’s not enough. You’ve got to learn new software today.”

    While positions like research and data analysis are in line for AI automation, for example, companies will still need someone to prompt the AI, make sense of the results and take action.

    “My advice for anyone is to understand how AI could impact your position in your industry right now,” Toothacre said. “At least you have an idea of what to potentially expect versus having no idea what’s going on.”

    But Cenedella also recognizes that there’s an expectation for business leaders to help employees continue developing their skills during their time at the company. “Just out of their own self-interest, the companies that do fund the development of their employees are going to be better positioned to be a little bit more ahead of the companies that don’t,” he said.

    Even Hood, who’s on the front lines of creating collaboration and project management solutions using AI, still experiments with his own products. In preparation for an upcoming performance review for a member of his team, Hood experimented by asking AI to summarize how he was collaborating with the team member.

    The AI produced a list of all of their shared interests, all of the assignments and feedback between them, and a characterization of their relationship based on messages they’ve sent to each other. In this, Hood exemplifies what AI tinkering can look like.

    “You learn it by asking it questions and seeing what it’s capable of, and in some ways being disappointed, and in some ways being wowed, and then leaning into that,” Hood said. “The best thing that employers can do is give folks the ability to understand what the art of the possible is through individual experimentation using AI today.”

    While layoffs are happening as a result of the current generation of AI, there’s no historical evidence that technological advancements such as this will result in mass unemployment. The workforce has a history of malleability, and increased technological capacity can result in “higher value” work, as Cenedella says — and more productivity that future generations of AI will likely learn to handle.

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  • Working at Home With a Newborn? 6 Tips to Stay Sane | Entrepreneur

    Working at Home With a Newborn? 6 Tips to Stay Sane | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Leaving the hospital with a newborn is always a nerve-wracking experience, no matter if it is your first child or fifth. There are so many things to think about: diapers, feeding times, baths … and for moms who choose to work at home with their kids, they have to think about how they will juggle their career and a newborn. The constant demands of caring for a tiny human can make it difficult to find time for work, let alone stay focused on the tasks at hand.

    After working with my own kids at home and helping countless other moms do the same, I’ve come up with a few tips to help.

    Related: 5 Ways to Shift Your Morning Mindset as a Mompreneur and Be More Productive

    1. Work around your baby

    It is important to establish a routine with your baby. Always keep nap times, feeding times, etc. on a schedule. This will keep your child on track, and it will also allow you to create a work schedule for yourself. When you put your newborn down to nap, plan on squeezing in some work. To stay productive, plan on working in short bursts.

    2. Communicate with your team

    If you were up all night and do not feel as though you will be able to work the next day, let your team know! Working remotely often allows for flexible scheduling, so you may just need to let your team know you will be working later in the day after your own nap.

    3. Use the tools available to you

    There are quite a few great products on the market that can keep your baby secure and entertained while you are able to work; many products come equipped with enrichment toys and sounds that are sure to keep your baby occupied while you send off a few work emails.

    4. Ask for help

    Never be afraid to ask for help. Running on very little sleep with a newborn can easily lead to increased stress and meltdowns. Ask friends and family to step in. Look for support groups in your area where you can vent some frustrations. Search online for resources that can help. You are not alone on this journey of motherhood, and so many others have experienced the exact same things you are currently experiencing. I cannot emphasize this point enough! You are not alone.

    Related: How Employers Can Help Working Parents Navigate Back-to-School Season

    5. Be flexible

    Nothing will ever go as planned, especially with a newborn. Be prepared to be flexible in both your job and your care of your child. Some days, bath time might have to be later or earlier than planned. On other days, your meetings might need to be moved around because your child needs a little extra playtime. Just be sure to be clear and communicate with your coworkers and/or clients.

    6. Prioritize yourself, too

    Most importantly, do not forget to take care of yourself. Parenthood is a demanding role, and it’s important to prioritize self-care while juggling work and caring for a newborn. The first rule of self-care is to make sure to prioritize sleep. Lack of sleep can greatly impact your productivity and overall well-being, so try to establish a bedtime routine and create a sleep-friendly environment. Easier said than done with a newborn, but with the right support system behind you, it can be accomplished; ask friends or family to watch your baby while you squeeze in a nap or arrange your schedule so that you also nap when your baby naps.

    Additionally, take breaks throughout the day to recharge and relax. Whether it’s a quick walk outside or a few minutes of deep breathing, these breaks can help reduce stress and improve focus. This can even include just spending a few extra minutes playing with your child.

    Don’t forget to nourish your body with healthy meals and stay hydrated. Fueling yourself properly will give you the energy you need to tackle your responsibilities. Keep healthy snacks around or foods that are easy to grab and go as you will often be on the move with a baby — something first-time parents often overlook is that you will have your baby in one hand while trying to feed yourself with the other. Find foods that are nutritious but easy to handle while you care for your little one.

    Related: 4 Ways Your Company Can Radically Help Working Mothers

    Finally, don’t neglect your mental health. Find time for activities you enjoy and make time for self-reflection and self-care practices such as journaling or meditation. This is another area where support groups can help as well. Sometimes all you need are some fellow parents that you can vent to who understand exactly what you are going through! While doing this in person can provide a great bonding experience, it can be difficult to get out of the house when you have a baby. In the age of the internet, you can also find these groups online where you can visit virtually on your schedule. No matter what your preference is, it cannot be stated enough that reaching out to others at this time will be of great help to you.

    In the end, raising a newborn will look different for everyone. Find what works for you and your child, and never be afraid to ask for help.

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    Lesley Pyle

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  • Imposing harsh return-to-office mandates on employees was like taking candy from a baby. But CEOs will have to answer to their own bosses–investors

    Imposing harsh return-to-office mandates on employees was like taking candy from a baby. But CEOs will have to answer to their own bosses–investors

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    Today’s smart investors are not just looking at financials–they’re diving deep into a company’s culture, including flexible work policies, recognizing them as a significant indicator of future success.

    The Q4 2023 Scoop Flex Index reveals an intriguing trend: Companies that embrace flexible work arrangements are not just surviving–they’re flourishing. The evidence is staggering: From 2020 to 2022, companies with full flexibility led their peers by a remarkable 16% in revenue growth, adjusted for industry differences. And the trend wasn’t confined to the tech world–non-tech companies with flexible policies still boasted a 13% growth advantage.

    Companies that follow hybrid models, which blend remote and office work, are also showing their prowess, outpacing fully in-office companies by a growth margin of 3%. The difference may seem modest, but it highlights the efficacy of a balanced approach to flexible work in driving business growth.

    Why investors are looking at work-from-home policies when making decisions

    The corporate world’s shift toward flexibility is unmistakable. By the end of 2023, 62% of U.S. companies had adopted some form of work location flexibility, a significant increase from 51% at the beginning of the year. Meanwhile, companies insisting on full-time office work dwindled to 38%. This shift transcends a mere pandemic reaction–it’s a strategic move towards adaptability and resilience.

    I get dozens of calls a week from investors who want to consult with me on evaluating the work-from-home policies of companies in which they want to invest–whether it’s a startup or a well-established company. These investors are not just interested in surface-level details. They are keen on understanding how WFH policies translate into tangible business outcomes that affect the bottom line. Their primary concern is not what feels comfortable for company leadership. Rather, they are focused on identifying policies that are optimized for organizational success. This shift in investor perspective marks a significant departure from traditional investment evaluation criteria, where leadership comfort often played a more central role.

    In a recent op-ed, one investor highlighted that in his decision-making of which companies deserve investment, the efficacy of WFH policies is undeniable. That’s especially the case for sectors where human capital reigns supreme, such as tech. With company assets primarily comprising laptops and data storage, the real value lies in the talent pool–from engineers to sales experts. How these teams collaborate significantly influences overall performance as seamless customer journeys are critical to these businesses.

    Startups are leading this change, with 93% offering flexible work arrangements. This number stands strong even outside the tech sector. The message is clear: the future business landscape will prioritize flexible work, with traditional office work likely dwindling to a minority.

    Startups need to realize that their WFH policies are increasingly becoming a key criterion for investment evaluation. The message is clear: In the modern business landscape, WFH policies are not just employee perks. Instead, they should be viewed as crucial determinants of a company’s growth trajectory and, consequently, its attractiveness to investors.

    What investors look at when assessing flexible work policies

    Importantly, investors look for companies that are not just adopting flexibility for the sake of it but are following best practices grounded in empirical research. These best practices are evident in the companies that have integrated flexibility into their core operational strategy, recognizing it as a driver of growth. As the Scoop Flex Index finds, companies offering flexible working arrangements are growing at a faster pace compared to those sticking to rigid, traditional models. This growth is not just in terms of revenue but also market share and innovation capacity.

    Moreover, the clarity of a company’s WFH policy and the degree of employee buy-in are critical factors that investors should evaluate. Policies that are well-defined, transparent, and have the support of the workforce lead to improved retention rates. In the current job market, where talent acquisition and retention are increasingly challenging, the ability to keep skilled employees is invaluable. Companies with strong, clear WFH policies are more likely to attract a diverse talent pool, offering them the flexibility and work-life balance that modern employees seek.

    Additionally, these policies play a significant role in enhancing employee engagement and morale. When employees feel that their needs and preferences are acknowledged and accommodated, it fosters a sense of belonging and commitment to the organization. This heightened engagement translates into higher productivity, creativity, and overall job satisfaction, which are key drivers of business success.

    In essence, for investors looking to gauge the potential of a company, evaluating its WFH policies offers a window into its future performance. Companies that have successfully integrated flexible work arrangements, backed by clear policies and strong employee support, are setting themselves apart as forward-thinking, resilient, and adaptable. These are the companies poised for sustainable growth in an increasingly dynamic and competitive business landscape, making them attractive prospects for discerning investors.

    Addressing biased thinking to appeal to investors

    Incorporating an understanding of cognitive biases into the decision-making process regarding WFH policies can greatly enhance a CEO’s ability to align with investor expectations. Two particularly relevant cognitive biases in this context are the status quo bias and the empathy gap.

    The status quo bias, which is the preference for the current state of affairs, often leads to resistance to change. In the realm of WFH policies, this bias might cause CEOs to lean towards maintaining traditional office-centric models due to comfort with the known, overlooking the potential benefits of flexible work models. This can result in missed opportunities for growth and innovation that flexible policies might bring. As one angel investor notes, “It is the fear of the unknown and the wish to stay in the comfort zones of the last 20 years that makes managers call people back to the office. Successful managers will embrace remote work as an opportunity for improvement and find smart solutions for the benefit of the company and the employees.” To counteract this, CEOs should challenge their assumptions about traditional work models, engaging in scenario planning and examining data from companies that have successfully implemented flexible work arrangements.

    Similarly, the empathy gap, which is the difficulty in understanding others’ feelings when they are in a different emotional or physical state, can create a disconnect between understanding the actual needs and preferences of employees regarding WFH policies. If a CEO hasn’t experienced the challenges and benefits of remote work personally, they might underestimate the value of flexibility for employees. This gap in understanding can lead to policies that do not fully address employee needs, reducing effectiveness in terms of morale, productivity, and ultimately, business performance. To bridge this gap, it’s crucial for CEOs to engage directly with employees to understand their experiences and perspectives. Conducting surveys, focus groups, or informal discussions can provide valuable insights into what employees actually need and value in WFH arrangements. Being aware of and actively addressing these cognitive biases can lead to more informed, balanced decisions that benefit the entire organization and enhance its appeal to investors.

    As we navigate the ever-evolving business environment, the focus on WFH policies as a key investment criterion is not just a trend but also a strategic necessity. Companies that recognize and adapt to this change are set to lead, and investors who identify and leverage this insight will find themselves at the forefront of a new era of smart investing.

    Gleb Tsipursky, Ph.D. (a.k.a. “the office whisperer”), helps tech and finance industry executives drive collaboration, innovation, and retention in hybrid work. He serves as the CEO of the boutique future-of-work consultancy Disaster Avoidance Experts. He is the bestselling author of seven books, including Never Go With Your Gut and Leading Hybrid and Remote Teams. His expertise comes from over 20 years of consulting for Fortune 500 companies from Aflac to Xerox and over 15 years in academia as a behavioral scientist at UNC–Chapel Hill and Ohio State.

    More must-read commentary published by Fortune:

    • Bosses thought they won the return-to-office wars by imposing rigid policies. Now they’re facing a wave of legal battles
    • Inside long COVID’s war on the body: Researchers are trying to find out whether the virus has the potential to cause cancer
    • Access to modern stoves could be a game-changer for Africa’s economic development–and help cut the equivalent of the carbon dioxide emitted by the world’s planes and ships
    • Melinda French Gates: ‘It’s time to change the face of power in venture capital’

    The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

    Subscribe to the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. Sign up for free.

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    Gleb Tsipursky

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  • 24 of the most motivational quotes from GLAMOUR's Empowerment Summit 2023

    24 of the most motivational quotes from GLAMOUR's Empowerment Summit 2023

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    Let’s face it: we can all benefit from some inspiring motivational quotes from time to time. And GLAMOUR’s Empowerment Summit, in partnership with Samsung, Squarespace and Tinder, provided all the material we needed – and then some.

    If you didn’t make it to the summit – which took place at Somerset House Embankment Galleries on Saturday, 25th November 2023 – you can catch up on all the major moments here. We’ve also rounded up some of our favourite empowering quotes from the event – which you can add to your Notes app, stick on your fridge, or repeat in the mirror after brushing your teeth… you do you.

    Here are 24 of the most motivational quotes from GLAMOUR’s Empowerment Summit:

    On self-love…

    “If it sabotages you, bin it. If it empowers you, run with it” – Tiwalola Ogunlesi

    “Get sassy with the mean girl in your mind” – Tiwalola Ogunlesi

    “Self-love is a choice you have to make every single day” – Tiwalola Ogunlesi

    “I will not be bullied out of my purpose” – Florence Given

    “Stop running and recognise that everything that you need is within you” – Munroe Bergdorf

    “Let’s just end the quest of perfection because none of us are perfect and that is absolutely fine” – Deborah Joseph

    “Empowerment is not necessarily one place, it’s a journey” – Laura Whitmore

    INDIA BHARADWAJ

    On careers…

    “You are 100% worthy of all the opportunities that come your way” – Tiwalola Ogunlesi

    “Authenticity is the best thing you can have when starting a platform” – Michelle Reid

    “Find your special sauce, see what works for you and stick to that” – Oghosa Ovienriob

    “Every time you worry about sounding stupid, you undersell yourself, you minimise yourself, and you water down all the great things that make you so different” – Stefanie Sword Williams

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    Lucy Morgan

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  • These Are the 10 Most Difficult Conversations in the Workplace | Entrepreneur

    These Are the 10 Most Difficult Conversations in the Workplace | Entrepreneur

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    Sometimes, navigating the workplace requires hard conversations — whether it’s asking for a raise, delivering bad news or owning a mistake.

    It can be tempting to put off those difficult discussions, and many people do. A survey from VitalSmarts revealed that more than 80% of workers are hiding from at least one uncomfortable conversation.

    But not confronting workplace issues head-on will only hold you back.

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    Amanda Breen

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  • Stingy Paid Holidays Exacerbate U.S. Work-Life Imbalance | Entrepreneur

    Stingy Paid Holidays Exacerbate U.S. Work-Life Imbalance | Entrepreneur

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    The U.S. comes in second on the list of 10 countries offering the least amount of paid vacation time, according to a report from career-resource platform Resume.io. In the private sector, American employees receive 10 days of PTO on average, not including holidays and sick days — a shockingly low number compared to those in other developed nations.

    In many countries around the world, particularly those in Europe, it’s not uncommon for employees to take vacations for months at a time, in many cases due to the European Union Working Time Directive, which requires a minimum of 20 working days of paid vacation in all EU countries, CNBC reported.

    Related: How to Determine Your PTO Policy

    “In the U.S., it is estimated that less than 50% of workers who get paid vacation time use their full allotment each year.”

    “[The disparity] has largely been driven by American business resisting any kind of mandate to provide paid time off for workers,” Joe Mull, a 20-year HR veteran and author of the new book Employalty: How to Ignite Commitment and Keep Top Talent in the New Age of Work, tells Entrepreneur. “For more than 100 years, all proposed national laws guaranteeing paid leave to workers have failed to pass. In nearly every other developed nation on earth, workers are guaranteed paid time off.”

    Thanksgiving is around the corner in the U.S., and although 39% of private industry workers nationwide will have the day off, most of them aren’t grateful for the stingy vacation policies their employers subject them to year-round. And even those lucky enough to have more PTO at their disposal are tired of being unable to use it.

    Related: These Are the 10 Countries With the Least Paid Vacation — and Where the U.S. Ranks Might Surprise You

    “In the U.S., it is estimated that less than 50% of workers who get paid vacation time use their full allotment each year,” Mull says. “The most common reason given for not taking vacation time is fear of falling behind at work.” And many other workers feel they must reserve paid vacation time for when “life happens,” including issues surrounding childcare and elder care, sickness, transportation and more, he adds.

    “A functioning society with optimal mental health requires periods of rest and restoration.”

    What’s at stake if the U.S. doesn’t catch up? According to Mull, a lot: American employers can expect continuing high levels of burnout (77% of U.S. professionals have experienced burnout at their current job, per a Deloitte survey) and will struggle to attract and retain top talent.

    “Much of the turmoil in the labor market in recent years has been driven by employees changing jobs in pursuit of better quality of life,” Mull says. “So the business case here is that employers reduce employee churn and deliver better products and services to customers when they have a full complement of healthy, engaged employees.”

    Related: 3 Truths About Unlimited PTO — Why Employees Are Worse Off With Endless Vacation Days

    But there’s an even bigger issue at play, Mull warns: “A functioning society with optimal mental health requires periods of rest and restoration, and our current culture around work and paid time off doesn’t support this.”

    “It’s a symptom of several larger issues related to rising workloads, childcare deficiencies and more.”

    Mull compares the plight of U.S. workers to an engine that’s been racing at maximum RPMs for long periods of time — “eventually, it gives out.” That’s why time away from work, and the restoration it provides, actually makes for more productive employees and better work outcomes, he says.

    “What’s important to note here is that it’s not just about offering more vacation time,” Mull adds. “Employers must create the conditions that allow employees to actually use it. In many ways, the rate at which we take vacation time isn’t the problem — it’s a symptom of several larger issues related to rising workloads, childcare deficiencies and more.”

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    Amanda Breen

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  • How new pay transparency and AI hiring rules will impact Canadian workers – MoneySense

    How new pay transparency and AI hiring rules will impact Canadian workers – MoneySense

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    Job seekers should understand that salary ranges are influenced by compensation trends in their chosen field of work, market rates for specific job titles, and even geographic location. For example, some employers may offer a “cost of living” increase if you live in an expensive city. Generally, you can expect entry-level salaries to be within a narrow range. As you progress into more senior positions, you may see salary ranges widen to account for a broader number of factors, such as responsibilities, performance targets and bonuses. 

    Access to salary information in job postings provides an obvious up-front benefit. You could more easily find roles that match your income expectations—and you can overlook the ones that don’t pay enough. If you believe the position should pay more than what’s posted, know that you will have to defend your thinking in an interview. Employers may be reluctant to offer you what you want if they have many other interested candidates. 

    And while you may be tempted to negotiate for the top end of the stated pay range, make sure you have the education, skills and experience the hiring manager is looking for. Otherwise, you may be eliminated from the candidate pool should there be other qualified candidates who are willing to accept a lower salary. 

    Existing employees

    Knowing the pay scale for your current role at your organization—or even what competitors are paying for the type of work you do—can help you figure out if you’re underpaid. If so, you should feel comfortable going to your boss and asking for a raise (with the statistics to back up your request). If you feel valued in your role, you may have the most negotiating power during your performance review. 

    You may believe the longer your tenure at the company, the more competitive your pay will be. Think again—nowadays, it’s often the new kid on the block who’s paid more. That’s because new employees are hired having negotiated their salaries at the current market rates, whereas existing employees often get smaller annual raises. Going into 2024, one study found Canadians could get an average 3.6% bump in pay. 

    Negotiate for other perks

    Whether you’re a new or existing employee, if you’re at the peak of your pay band, it may be impossible to negotiate a higher salary. 

    However, you can always ask for other perks, such as a bonus, stock options, more vacation days, a flexible work arrangement or more benefits. These can be just as valuable as a raise. Make sure to enter negotiations with the same kind of performance and industry information you would use to ask for a salary bump. 

    Focus on jobs that meet your overall “dream job” criteria

    Ultimately, knowing the pay ranges for a job you’re considering can save you time and energy. But remember salary is just one factor to consider when working for a company. Having a good work culture, flexible work schedule, social gatherings, training opportunities and great leadership are examples of non-financial benefits that can also add value to your career.

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    Sandy Yong

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  • I’m a veteran of the special operations community. Here’s how Hollywood glamorized us–and deprived most troops of lifesaving donations

    I’m a veteran of the special operations community. Here’s how Hollywood glamorized us–and deprived most troops of lifesaving donations

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    When I entered the special operations community in 2003, “veteran nonprofit services” meant partaking in cheap beers and drunken war myths, courtesy of the Veterans of Foreign Wars, a charitable organization that has been around for more than 120 years. Today, the term conjures other images: An obscure, tax-exempt industry that is fueled by the public’s frustration with the Department of Veteran Affairs and is leveraged to favor the elite within the armed forces.

    Most Americans share a similar view of the veteran community. By and large, we are a sentimentalized, homogenous group of heroic victims. That is, unless we fall under recognizable categories such as “fighter pilot” or “Navy SEAL,” and are therefore deified in movies and books. This has broad ramifications: For decades, Hollywood and the publishing industry have aided the military in its recruitment efforts. However, the idealization of specialty groups within the military has also impacted the distribution of charitable donations to organizations aimed at helping veterans with healthcare (in areas where the VA falls short) and with the transition to the private sector.

    In short, these “elite” groups, especially the ones who have enjoyed the most attention in popular culture, are attracting and absorbing a disproportionate amount of the country’s well-meaning donations to its veterans.

    For example, I come from the Air Force Pararescue community, also known as the PJs. To become a PJ, an airman must first complete years of training which is among the most difficult in the military. The resulting gang of qualified PJs is a hyper-focused, agile, and subconsciously aligned tribe of operators who can carry out extremely complex rescue missions with a small team. There is a smattering of other groups within the military that are similar in their effectiveness, such as the SEALs, Green Berets, and others that you’ve heard of and many you haven’t. Each of these job-specific organizations can be distilled down to being a collection of highly effective, highly motivated individuals with a knack for getting what they want through creative and aggressive modalities.

    We are ready-made networks of high performers–but not all of us are good at marketing ourselves and this is reflected in the funding of our associated nonprofits. The Pararescue Foundation is worth just under $400,000, which is not a lot, even for a community as small as ours (there are around 500 active PJs at any given time, in addition to a proportionate number of family members and living alumni). Compare that to the Navy SEAL Foundation, which serves SEALs and SWCCs (Special Warfare Combat Crewmen), a population estimated to be around 3,300 active members plus their proportionate family members and alumni–with current assets sitting comfortably at just under a staggering $135 million. And just to measure those numbers against a broad-spectrum organization serving all service members, veterans, and family members, the assets of the Wounded Warrior Project, which provides physical and emotional health services to all veterans, are at just under $450 million. (The Department of Defense’s 2021 report on demographics put the number of Guard, Reserve, active duty, and family members at 4.7 million and the U.S. Census put the number of living veterans at 18 million in 2018.)

    The numbers tell a part of the story but they miss the details. While the Pararescue Foundation is poorly funded compared to the Navy SEAL Foundation, I am still part of “the club” since I’m a veteran of the special operations community. Doors are left open for me and where they aren’t I can whisper the magic words, “I was a PJ,” and the latch is pulled back. But my experience in combat was no more severe and, in many cases, less severe than conventional troops–collectively referred to as the Grunts–who neither have effective nonprofits to their name nor a brand beyond being the targets of patriotic sympathy.

    What doesn’t come through in the numbers is that all veterans need the help of non-profit organizations to fill in the gaps left wide open by the VA. These are the avenues for accessing personalized mental healthcare, top-level career bridging, robust familial support, and focused counseling on how to navigate the VA’s labyrinthine disability system, which can mean the difference between transitioning into financial freefall or hopping into a comfortable cadence of monthly governmental stipends. It’s obvious why more equal access to these services is critical.

    America obsesses over the heroics of special operators, specifically those who have developed a brand–the ones represented over and over again in countless movies and books. And while most of the country remains either unaware or apathetic to who is–and isn’t–the beneficiary of their help, their charitable contributions favor the veterans who are most visible, not the ones who might be most in need.

    So, if you want to help a vet in need, focus on the ones silenced by their trauma and muted by the magic of marketing. The true heroes aren’t the ones getting book deals–and sometimes, not even the healthcare services they desperately need.

    Pat Gault is a retired Air Force Pararescueman (PJ) and lives in Anchorage, Alaska.

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  • Gen Z remote workers are ‘probably not going to become CEOs’ and will likely fall behind, says NYU business professor

    Gen Z remote workers are ‘probably not going to become CEOs’ and will likely fall behind, says NYU business professor

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    Remote work is great for a lot of things. There’s no commute, and many employees feel they’re more productive without the distractions of the office. But for Gen Z workers whose career-building has just begun, in-person collaboration at the office might be the better way to get ahead.

    “The young people who choose to have that life—that go into work maybe one or two days a week or never, and work entirely remotely—they may have a version of success that is not our version of success,” New York University business professor Suzy Welch told Insider this week. “It’s all about how you define success. They’re probably not going to become CEOs, but maybe that’s not what they want.” 

    She also warned that, down the line, such employees may fall behind and not see the same “financial rewards” as hard-working peers making their presence felt in the office and, say, skipping a party to deal with clients instead. 

    Recently, a GenZer’s TikTok video, in which she complained about the 10-hour-day required to commute to an office for her first job, went viral. In it, she asked, “How do you have friends? How do you have time for, like, dating? Like I don’t have time for anything, and I’m like so stressed out.” 

    If the job were remote, she tells viewers, “you’d get off at 5, and you’re home and everything’s fine.” Or if she could just walk to the office, instead of having to commute because rents near it are too expensive, that would fix the problem.

    Welch, however, cautioned that “there’s never really been a time where you could just sort of show up at work, work nine to five and have wild success. That wasn’t the deal in my generation, and it’s not going to be the deal going forward.”

    Remote workers might also be more vulnerable to their jobs being outsourced to countries. This week in Australia, an Indian investor said that jobs done remotely Down Under can “absolutely” be outsourced to his country, calling the Indian workforce “one of the largest opportunities” for Australian companies.

    “Support staff, IT, finance, mortgages—all of those can be supported because of a lower cost and at the same time English-speaking workforce,” he noted, while estimating that roles filled by Indian workers would cost 10% to 15% of an Australian employee’s salary.

    Gen Zers opting for remote work should also beware of proximity bias, or the tendency of company leaders to give preferential treatment to employees who are physically close to them. It’s difficult to overcome the bias when the time comes for performance reviews and promotions—or, for that matter, layoffs.

    Perhaps most concerning, Gen Zers skipping the office will likely miss out on important mentoring, suggests a recent report from WFH Research. It found that in-office workers spend significantly more time per week getting mentored or mentoring than peers working from home. 

    But Gen Z “shows the strongest overall preference for working in an office,” according to a 2023 State of Workers report from Morning Consult.

    Oliver Pour, a 2022 college graduate, told Fortune of his generation earlier this year: “People want to grow quickly, [and] mentorship—being able to connect with the manager or director on a more personal level—is extremely important.” 

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    Steve Mollman

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  • This TikTokker crying about her 9-5 kind of has a point

    This TikTokker crying about her 9-5 kind of has a point

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    Dolly Parton said it best: “Working 9-5, what a way to make a living – barely getting by, it’s all taking and no giving.”

    She may have first sung those lyrics back in 1980, but the sentiment is still just as relatable. Let’s face it — jobs can kind of suck. No matter how great your actual work might be, the whole process of commuting, taking lunch breaks and, you know, just fitting in other things like cooking and cleaning and socialising can be utterly draining.

    A TikTokker recently captured just how wild the 9-to-5 schedule can actually be.

    In a video that showed her crying, Brielle Asero explained her shock at starting her first 9-to-5 office job.

    TikTok content

    This content can also be viewed on the site it originates from.

    “This is my first job, like, my first 9-to-5 job after college and I am in-person and I’m commuting in the city and it takes me fucking forever to get there,” she began. “There’s no way I’m going to be able to afford living in the city right now, so that’s off the table.”

    “I don’t have time to do anything,” she went on. “Like, I want to shower, eat my dinner and go to sleep. I don’t have time or energy to cook my dinner, either. Like, I don’t have energy to work out, like, that’s out the window, like. I’m so upset, oh my God! Nothing to do with my job at all, but the 9-to-5 schedule is crazy!”

    She added, “How do you have friends? How do you meet, like, a guy? I don’t have time for anything and I’m, like, so stressed out.”

    The video quickly went viral, inspiring a heated debate in the comments section. Is this girl just a wimpy Gen Z learning about the realities of surviving in our capitalist society? Or, maybe, does she actually have a point.

    “Welcome to ADULTHOOD,” one person commented.

    Another wrote, “Welcome to life. Love Gen X.”

    Ok, harsh.

    Others, however, agreed with Brielle.

    One person even wrote, “I had a crisis when I got my first 9-5 job. Literally I couldn’t believe this was life.”

    As Brielle’s video and the response to it proves, there is something fundamentally wrong about the way we work.

    After all, the office 9-to-5 set-up used to work well when men drove into the office each day, while their wives (or mothers) dealt with the household chores. When they came home, there was a hot meal waiting for the on the table. At least, this was the idea.

    Now, however, many single people work full-time. Plus, people in relationships and families are typically dual income households, so everything around the house has to be done in the evening or on the weekends.

    And then there’s the commute. As the cost of living continues to rise, rents have become astronomical in city centres. In London, a one-bed flat in the centre of London is likely to cost you around £2,000 a month. The average salary in the city is around £2,777 a week — in other words, living close to work is probably next to impossible if you want to have money to actually, you know, eat and live.

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  • The happiest country in the world? This Finnish company with a 10% lifetime employee turnover shows their real secret is trust

    The happiest country in the world? This Finnish company with a 10% lifetime employee turnover shows their real secret is trust

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    As the metrics of the World Happiness Report demonstrate, Finnish happiness is ultimately underpinned by values–like social support and freedom–that are created by trust.

    Indeed, there is no point in chasing happiness. What really counts is cultivating a culture that supports long-term well-being. And that’s what Finns do particularly well. 

    Finland is a high-trust society, and Finns trust their institutions and their fellow citizens. That same trust extends to the workplace and is visible in how employees trust their leaders and their colleagues.

    At Framery, a global company headquartered in Tampere, Finland, we prioritize trust in everything we do. It’s also why as a 400+-employee firm we’ve had less than 10% global turnover in all the years we’ve been in business–and why we’ve maintained market leadership in our sector. Trust drives results.

    However, it’s important to remember that trust must be earned over time, and that it is easily lost. Here are five critical ways we foster trust in our organization–principles that we believe can work at any level, for any team, in any corporation.

    Enforce 8-hour days

    Many workplaces have exciting policies like unlimited vacation days or four-day work weeks that on the surface seem to promise exceptional employee work-life balance. Yet the reality can often be much less cheerful: employees work even longer hours to make up for that extra free time or are afraid to use the benefits in fear of losing out on a promotion. This all chips away at their trust in each other, and in the company.

    At our firm, we have fairly normal vacation policies, but what’s different is that we make sure not to glorify all-nighters. We enforce strict rules around maximum working hours. All overtime hours must be taken as leave, and there is a set annual paid two-week vacation guaranteed for all new hires. The idea is that everyone, regardless of title, gets equal treatment and time to rest.

    By staying firm in our enforcement of vacation time and 8-hour working days, we demonstrate to our people that we stand by our policies and that they can trust us to look after their rights and well-being.

    Destroy closed doors

    In large corporations, there are usually layers upon layers of secrecy. Who gets invited to which meeting determines who’s privy to what information. That can create suspicion, distrust, and even paranoia.

    At our company, critical information is shared freely and often, everyone’s calendars are openly accessible to everyone else as a default, and full company financial reports are distributed to every employee once a month.

    Not only does this openness form the basis for company-wide trust, but it is also beneficial in guiding employees toward value creation. Our mission and goals make more sense when all our employees have the full picture of where we’re headed. With a free flow of critical information, our people can better self-direct their work toward communally beneficial outcomes.

    Unleash entrepreneurs

    Remote and hybrid work have brought about a greater variance in ways of working than ever before. The urge for many leaders now is to control and standardize those ways of working. Policies abound on how and where employees should work, demanding staff to, for example, come to the office on designated days of the week.

    This kind of micromanagement is unnecessary and detrimental to trust. At our company, we let teams decide how they operate. That can mean fully remote, hybrid, or fully in-person work–whatever working style and method fit best. What matters more than where and how is the overall direction of our efforts. 

    Management decides where we’re going, but we have a policy of empowerment in letting teams and individuals determine how we get there. Employees know better than the CEO how to structure their work and drive results. Different tasks require different environments and tools, and top-down mandates therefore often do more harm than good.

    Stop spying on employees

    Remote work has led to an increase in employee surveillance. Employees are finding out about corporate tracking of their work hours, emails, systems use, and more–all of it secret. 

    This corporate spying destroys trust. If employers are suspicious of their staff, then employees become wary of their employers too. Many workers become more occupied with gaming the tracking system than doing actual work. In fact, research shows that employee-monitoring software actually makes employees more likely to break rules, as the employees subconsciously begin to feel less in control of their own behavior.

    We believe employee data should only be used in employees’ favor, not against them. In an organization rooted in real trust, how people perform their work shouldn’t matter at all. We measure our people based not on how much work they put in, but on the results they generate.

    That also means our employees don’t have to ask supervisors to approve their hours: Whatever hours have counted as overtime can be freely used to shorten other workdays. We trust our employees to put in the right amount of hours without monitoring their every move.

    Maximize job security

    No matter what policies and freedoms are in place, trust in organizations is still ultimately fragile. It can be destroyed in an instant with something like surprise layoffs. If people feel replaceable, then they will never trust the company fully, and will always keep an eye out for ways to jump ship.

    We believe laying off employees should be avoided at all costs. We made a company-wide commitment at the beginning of the pandemic to not let any of our employees go. Instead, we invested in research and development and new processes–in our people. It wasn’t easy. The losses were deep. But we all committed to finding ways to cut costs together, and it paid off in the end: not only did we return to profitability but we also ultimately protected the foundation of all of the trust in our organization.

    When people aren’t afraid of being let go, they can begin to trust their leaders and co-workers in a whole new way. Suddenly everything clicks into place: honest feedback can be more freely given and received, information can flow more openly, and no excessive monitoring or management of ways of working is needed. Employees commit to the work and continuously do their best.

    The trust that’s given to employees will be returned tenfold–or even hundredfold. Everyone wins.

    Anni Hallila is the head of people and culture at Framery.

    More must-read commentary published by Fortune:

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  • The Most and Least Competitive Major Companies for Applicants | Entrepreneur

    The Most and Least Competitive Major Companies for Applicants | Entrepreneur

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    If you’ve ever wanted to work for one of your favorite companies — whether it be a tech giant like Apple or a fashion service like Stitch Fix — you might have navigated to its job posting on LinkedIn, seen that hundreds of applications were submitted within hours and wondered if you even had a shot.

    Not surprisingly, some of the biggest names in American business do tend to be the most competitive, but others aren’t exactly flooded with applicants. In fact, despite a gradually cooling job market in the U.S., economists maintain that employees are in a great position to negotiate and job hop, CNBC reported earlier this year.

    Related: After 526 Rejected Job Applications, I Broke Through. So Can You.

    So, what are your chances as an applicant at a household name company, really? What are the most — and least — competitive companies for job seekers? A new study from Resume.io set out to answer that question by analyzing data from LinkedIn.

    Based on the average number of daily job applicants to job postings, Resume.io determined the 20 companies where getting hired might be particularly difficult and the 20 where it might not be so hard after all.

    Related: ‘Annoying’ AI Chatbots Taking Over Fast Food Job Applications

    The No. 1 most in-demand company among applicants? That would be Netflix, which, despite its controversial (and successful) crackdown on password sharing earlier this year, is the most competitive major American company for job seekers, boasting 84.87 average daily applicants per job posting.

    Check out the full list from Resume.io below:

    Image Credit: Courtesy of Resume.io

    Image Credit: Courtesy of Resume.io

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    Amanda Breen

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  • Get AI-Powered Help With Resumes With This $29.97 Tool | Entrepreneur

    Get AI-Powered Help With Resumes With This $29.97 Tool | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    The holiday season may be the worst time of year to be laid off, and mass layoffs are continuing this year according to TechCrunch. The outlet reported there’s already been 224,000 job losses this year, though the tech world has been largely immune.

    If you’re among the unlucky or simply looking to switch careers to the world of tech, you’re going to need to enhance your resume. And since it’s 2023, there’s now a high-tech way to do that — introducing Resoume AI, an assistant resumé writer. Through October 23, you can score a lifetime subscription to this handy helper for just $29.97 (reg. $180).

    Embrace the power of AI for a practical purpose with Resoume. This AI-powered tool can help you get ahead of other prospective applicants, by ensuring your resumé and cover letter are looking their best. This easy-to-use builder works on your device, importing all your info from LinkedIn and designing a resumé build to stand out. And you can rest assured it’s ATS-ready (application tracking system), so it won’t fall to the bottom of the pile. Customizable themes, fonts, and colors help make it your own, too.

    Need something beyond just a resumé? Resoume can also prepare portfolios to show off your best work in your field, or it can draft a captivating cover letter that gets you noticed. And you’ll see the results in real time thanks to the analytics it provides, which show how many visitors they receive.

    Get a leg up on competitors with a lifetime subscription to the Resoume AI assistant resumé writer, now $29.97 (reg. $180), with no coupon code required until October 23 at 11:59pm Pacific.

    Prices subject to change.

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  • How to prepare for possible job loss in Canada – MoneySense

    How to prepare for possible job loss in Canada – MoneySense

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    Let’s back up a bit to explain how we got here. When the COVID-19 lockdowns ended in 2022, financial experts warned that the economy would be due for a contraction. That’s partly because of years of massive spending and borrowing by the federal government and historically low interest rates set by the Bank of Canada (BoC), as well as rapid hiring when the world opened up. And there is good reason to ask about Canada’s employment—persistent inflation means that the BoC has been aggressively hiking interest rates since March 2022, and is willing to risk a recession to do so. Plus, Canadian and international companies have started to shed the jobs they created during the pandemic. Headline-making mass layoffs from X, Meta (Facebook and Instagram) and Alphabet (which owns Google) have shaken up the tech industry, stoking fears that other companies would follow. And several have—so far in 2023, Canadian communications giant Bell has laid off 1,300 workers, Qualcomm will lay off 1,258, Canopy Growth has lost 35% of its staff and Shopify reduced its workforce by 20%.

    There’s good news, though. So far, the Canadian job market has proved to be more robust than anyone expected. In July, job vacancies decreased by 28.1% year-over-year to 701,300 (the most recent data available). Employment has increased recently, rising by 0.3% in September, Statistics Canada said in its labour force survey. 

    Here are some strategies to help you prepare your finances so that you can cope with a job loss—just in case. (Read more on how to prepare for a recession.)

    Signs your company may have upcoming layoffs

    Often there are warning signs when a company is considering shrinking its workforce. A major one is obviously the economy—in a recession, companies may look for ways to cut costs. What about your place of employment? Have you noticed signs of cost-cutting? Other signs: It keeps missing its earnings targets, its share price is falling, or other companies in the same industry are starting layoffs.

    Know your rights when it comes to layoffs

    You do have rights if you are laid off. Each province and territory in Canada has its own employment laws governing notice for termination, pay in lieu and other termination processes. Generally speaking, if you are laid off in Canada, your employer must provide you with two weeks’ notice, or two weeks’ severance pay if it fails to give you notice. Some employers provide laid-off employees with a combination of advance notice and severance pay. There are some exceptions to this requirement, when the mandatory notice and pay in lieu of notice do not apply—such as being dismissed for just cause (which is usually serious misconduct), when the layoff is temporary or if the laid-off employee has been working for their employer for less than three months. 

    This severance pay should cover a couple of weeks or months of living expenses until you can find another job or switch over to employment insurance (EI).

    Fiona Martyn, an employment lawyer at Samfiru Tumarkin LLP, an employment and labour law firm in Toronto, recommends taking your severance package to a lawyer for review before signing anything. Even though you signed an employment contract upon being hired, sometimes the termination clauses are unenforceable, as the law may have changed during your tenure. “What [an employment lawyer] can do is help you negotiate a better severance package which reflects factors like your age, length of service and position. Severance packages help to bridge the [financial] gap until you find a new job,” she says.

    That’s exactly what Michael did (last name withheld for privacy reasons). Michael, who lives in Toronto, lost his job at a large tech company in 2019. “I saw the writing on the wall from a mile away,” he says. “I started getting my ducks in a row.” He was disappointed with his settlement offer—the company let him go only weeks before his stock options would have vested, so his total compensation package was much lower than he expected. 

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  • A Former NFL Plays Says ‘Indentity Shifting’ Is the Key to Success | Entrepreneur

    A Former NFL Plays Says ‘Indentity Shifting’ Is the Key to Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Anthony Trucks is a successful entrepreneur and former NFL player. His success formula revolves around taking immediate, decisive action and striving to get one percent better every day.

    On a recent episode of The Jeff Fenster Show, he shared his inspiring journey and provided valuable insights on achieving greatness. Here are some key moments from the interview.

    Always be in motion

    According to Trucks, success is not a result of luck or talent alone but rather the outcome of hard work and consistent action. He emphasizes the importance of being in motion and constantly seeking something more.

    “Humans are happiest when they’re in motion, when they’re seeking something,” he says.

    Adopt a new identity

    One of the critical concepts Trucks introduces is the idea of making an identity shift. He believes that to achieve success, individuals must declare a new identity and align their actions with that identity. He also highlights the significance of having a coach or mentor who can guide and support you on your journey, helping you reach your goals faster.

    Do ‘dark work’

    Truckst talks about the importance of dark work, which he describes as the behind-the-scenes effort necessary for success that often goes unnoticed. He encourages individuals to embrace their dark work by first going dark and then reading their dark work declaration out loud. This practice helps individuals draw on their inner strength and determination during defining moments.

    Get an accountability partner

    When faced with challenges, Trucks advises finding an accountability partner. He believes that having someone to hold you accountable and provide support can make a significant difference in maintaining momentum and achieving long-term success.

    Engage in intense exercise

    During the interview, Trucks also shares his experience with a challenging fitness program called “Seventy-Five Hard.” This program requires participants to complete 45 minutes of exercise every day, drink a gallon of water, and make no exceptions. He highlights the importance of discipline and identity-shifting to succeed in such demanding endeavors.

    About The Jeff Fenster Show

    Serial entrepreneur Jeff Fenster embarks on an extraordinary journey every week, delving into the stories of exceptional individuals who have defied the norms and blazed their own trails to achieve extraordinary success.

    Subscribe to The Jeff Fenster Show: Entrepreneur | Apple | Spotify | Google | Stitcher

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  • 3 Insights I’ve Learned From Turning My Passion Into a Nonprofit | Entrepreneur

    3 Insights I’ve Learned From Turning My Passion Into a Nonprofit | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    About five years ago, I found myself back at Harvard with some of my fellow MBA grads, engaging in discussions with a very different lens than my 24-year-old self would have had.

    The exercise was part of a program a fellow grad and I co-created, in partnership with the university, to bring together alumni seeking to have greater impact and purpose in the second half of their careers.

    Research shows 70% of employees say their personal sense of purpose is defined by their work — with Gen Xers holding 61% of leadership roles globally, many seasoned leaders are contemplating how to find deeper meaning within the framework of longer careers and lifespans.

    While I can attest that purpose can be found in a corporate job, there are also ways to expand your impact outside of work, such as starting a nonprofit or supporting a social venture. Here are three insights I’ve gained from starting a nonprofit side hustle in the second half of my career.

    Related: 5 Compelling Reasons Why Every Entrepreneur Should Consider Starting a Nonprofit Organization

    1. Focus on what most speaks to your heart

    Back on campus, I was struck by something Thomas DeLong, a renowned Harvard professor, said to our group: “If you don’t know what to do with the back half of your life, run towards the thing that most breaks your heart.”

    As fulfilling as our corporate ventures can be, they won’t always solve the societal problems we feel compelled to fix after life has kicked us around a little. If you’re thinking of starting or joining a purpose-led venture, the first step is to identify the cause that most speaks to your heart — for me that was youth mental health.

    Getting clear on what fulfills you personally also helps align you professionally with the people who share your passion and drive. Shortly after heeding DeLong’s advice, a fellow grad and I co-founded The Goodness Web together with our spouses. The nonprofit focuses on activating leaders to invest in solutions for youth mental health.

    Having senior leaders with varying backgrounds aligned on supporting youth mental health has been a powerful combination that has also brought perspective to my corporate career. The more senior you become at an organization, the more distant you often are from the front lines of action. From editing newsletters to putting together PowerPoint presentations, joining a social venture can be a humble reminder of how much work it takes to complete tasks when you’re not in a position to outsource them.

    Considering a staggering 79% of employees report quitting due to inadequate appreciation from their managers, this perspective shift can benefit both your career and your social venture.

    Related: Purpose-Driven Companies Grow 3 Times Faster — So Here’s How to Become One Without Sacrificing Profit.

    2. Leverage strengths from your ‘second curve’

    We often hear about Gen Z and millennials starting values-based ventures, but in many ways, older generations are uniquely positioned to have a social impact. In his book, Strength to Strength: Finding Success, Happiness and Deep Purpose in the Second Half of Life, Arthur Brooks talks about how the technical skills and functional knowledge we develop to create success in the first half of our careers, change as leaders approach the “second curve.”

    While research has shown some skill sets decline as we age, aptitudes such as wisdom, teaching and sharing ideas tend to increase. Leaders wanting to start a social venture in the second half of their careers, should look to leverage these evolved strengths, along with the networks they’ve established over time.

    The experience I’ve gained over decades of working in a multi-billion-dollar corporation, for instance, has allowed me the vantage point to see where our nonprofit can strategically invest, scale systems and change initiatives across the youth mental health landscape.

    Likewise, the vast network my co-founders and I have built over the years proved critical in establishing our first 100 founding families. The collective power of that network allowed us to grant $6.1 million to youth mental health organizations in our launch year alone. By leveraging our robust life experiences, we can often offer a unique lens into the best way to solve problems, which can accelerate progress at scale.

    Related: When It Makes Sense to Turn a Passion Project Into a Nonprofit

    3. Be open to expanding your connections

    It’s not uncommon for our worlds to get smaller as we age — mobility and travel can become restricted, as can our ability to participate in our communities. A meta-analysis of 277 studies on age-related social changes found friendship networks expand during adolescence and shrink during later adulthood.

    When you’re looking to create social impact later in life, however, it’s important to be open to expanding your connections. Reaching out to others who are passionate about your cause is not only the best way to raise necessary funds, but it’s foundational for building a sense of community and a shared vision for your organization.

    It can also be helpful to connect with other startup founders and organizations. One of the first things I did when I co-founded my nonprofit was join YPO, a global leadership community, made up of entrepreneurial thinkers who are inspired to make a difference. The sheer force of being around a group of creative and experienced professionals who are driven to have a positive impact has become a great resource and source of inspiration.

    Not only can expanding our connections benefit our ventures, but they can also benefit us as we age: Research has shown people who participate in community activities and have a strong sense of social connection have a lower risk of developing mental health issues such as anxiety and depression.

    As we become more seasoned in our lives and careers, we have a unique opportunity to share our learnings and leverage our experiences in the service of others. When we do, we not only accelerate the pace of change, but also evolve into better leaders and more fulfilled people.

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    Jan Swartz

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  • How a Former Prisoner Became a Bestselling Author | Entrepreneur

    How a Former Prisoner Became a Bestselling Author | Entrepreneur

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    How former a former star college QB went from a prisoner to a bestselling author and keynote speaker.

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    Jeff Fenster

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  • Why Starting From The Bottom Is An Asset — Not a Liability | Entrepreneur

    Why Starting From The Bottom Is An Asset — Not a Liability | Entrepreneur

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    I decided to attend business school out of desperation. One year after graduating from undergrad, I still didn’t have a “real” job and was struggling to define myself.

    I saw attending business school as a chance to establish not just a career, but an identity. Unfortunately, I was also flat broke. I couldn’t afford any fancy test prep programs or a tutor who would help me develop the skills needed to ace the GMAT, a standardized test you take when applying to business school.

    Instead, I rented a book from the library. There was literally only one book to help me prepare for the GMAT and Google wasn’t really a thing back then. So, I did the best I could with what I had.

    Looking back, I believe one reason I did well on the test was that my resources were so limited. I didn’t have the luxury of choosing which route I would take to prepare for the test, there was only one, so I had to make it work.

    Fortunately, I did well enough on the GMAT and was accepted into the University at Buffalo MBA program. Months later I’d be surprised to learn that I did better on the GMAT than many of my classmates who spent thousands of dollars on test prep services.

    That was the first time I realized the advantage that comes with having limited resources. You know you don’t have much, so you find a way to make it work.

    My buddy Darrell Vesterfelt shares a similar mindset, even though our experiences are different. He grew up in a trailer home and didn’t have any real role models in regard to chasing his dreams or living up to his potential.

    But instead of giving up, Darrell forged his own path. And as you’ll learn, that path led him to found several multi-million dollar companies including School of Traditional Skills and Good People Digital. He’s also one of the most intelligent, thoughtful and altruistic people I know, so I know you’re going to learn a lot from him by listening to our recent interview on the Launch Your Business podcast.

    I’ve shared a few of my key takeaways below.

    Your disadvantages can become an advantage

    Darrell said something that piqued my interest: Often, what people think it takes to be successful is different from the reality of what it actually takes to be successful. He calls this the “myth of success.”

    “The bottom line thing that it takes to be successful is this ability to just not quit and give up. What you have to overcome is actually what sets you up for success.”

    The benefits of coming from less-than-ideal circumstances? You have all the soft skills you need to push forward and figure things out. Darrell said that when you’ve overcome something in your past, you have “the ability to understand resilience, the ability to understand the stick-with-it mentality, the ability to understand that you have to make something work when you don’t have all of the answers — or when you don’t have all of the things that you need, or you don’t have the know-how. There’s a lot of advantages that I’ve gained coming from a place of not knowing.”

    Unhappiness is a guidepost

    Darrell said that for some reason, he was never happy about that status quo. There was an expectation that he – like many of his peers – would graduate from high school, learn a trade, and then work that trade until his body started breaking down in his forties or fifties.

    “I think there’s something to be said about being unhappy,” Darrell said. “And I don’t think people will actually change until they realize that they are not where they want to be. They don’t have what they want. And that pain has to become bigger than the pain of change.”

    Darrell uses discomfort as a catalyst for change by asking what the discomfort wants to teach him. What is there to learn? Sitting in the discomfort while determined to learn from it will take you much farther than quick fixes that bring temporary ease – but no long-term change.

    What to do when you feel like quitting

    Despite having built his resilience over the years, Darrell said that he feels like quitting and going back to a normal 9-to-5 on a regular basis. He said that the big surprise here is that this is normal and we should look for the lessons in it.

    “I think there’s a myth of leadership where we feel like we don’t know what we’re doing,” Darrell explained. “We feel like we’re struggling. We feel like we want to give up, and we think we’re the only one. And the reality is, everybody feels that way on some level.”

    Here are the two ways Darell says you can stay on track, even in the face of uncertainty that makes you want to throw in the towel.

    First, know your core values and have a firm grasp of your vision.

    Second, have relationships with people who will hold you accountable to that vision. Honest relationships with folks who will call you out are hard to come by – but they’re worth their weight in gold.

    What’s next?

    Ready to learn more from Darrell?

    • Visit his website
    • Follow him LinkedIn
    • And of course, listen to the full interview below

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    Terry Rice

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  • 10 Hot Jobs That Don’t Require College and Can Pay 6+ Figures | Entrepreneur

    10 Hot Jobs That Don’t Require College and Can Pay 6+ Figures | Entrepreneur

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    Increasingly, Americans are considering alternative paths that don’t involve a college education. Four million fewer students were enrolled in college in 2022 compared to the decade before, NBC News reported.

    As of 2023, borrowers had an average of $37,338 in federal student loan debt, USA Today reported — and the typical college graduate’s starting salary is roughly $58,862, per Bankrate.

    More than four in 10 bachelor’s degree holders under 45 don’t believe that the benefits of their education exceed the costs, according to a survey by the Federal Reserve.

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    Amanda Breen

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