Rare strike at US book publishing company over wages and benefits, diversity policy and union protection.
Employees who join Citigroup from January 2023 will reportedly receive an extra four days of annual leave a year, in the latest move by the bank to improve its working culture, while Disney is expected to freeze hiring and cut jobs. Meanwhile, a Slack survey shows that stability and great management top the employer desirability list for Australian workers and HarperCollins employees, including copy editors and marketing assistants, have embarked on a strike.
Disney to freeze hiring, cut jobs
Disney is planning to freeze hiring and cut some jobs as it strives to move the Disney (DIS)+ streaming service to profitability against a backdrop of economic uncertainty, according to a memo seen by Reuters.
According to the memo, the company anticipates “some small staff reductions” as it looks to manage costs.
Disney+ is expected to become profitable in the 2024 financial year.
More leave days for new Citi employees
Employees who join Citigroup from January 2023 will reportedly receive an extra four days of annual leave a year, in the latest move by the bank to improve its working culture.
“Our benefits and policies represent the ways we support colleagues throughout all stages of life and during the realities of good and tough times,” Kathryn Skelton, head of human resources in the UK, said in an internal memo seen by Bloomberg.
The move underlines how Wall Street banks are trying to hold onto top-performing staff amid continuing competition from fintechs and hedge funds, even as the economy cools.
“Even as we head into a recession the battle for the best brains is going to be fierce,” Andrew Mawson, founder of the consultancy Advanced Workplace Associates, said. “Even if I’ve got two offers that are substantially the same but one gives me four extra days’ holiday and more flexibility then I might well be swayed.”
Stability, great management trump salary
Salary may not be as critical as first thought when it comes to workers choosing a company, with stability and great management being more desirable for many Australian workers, according to research by Slack.
The instant messaging platform found that employees have been irrevocably changed by the impact of the pandemic and the uncertain economic environment, both of which have contributed to the burnout that nearly two-thirds of Australian workers have experienced in the last year.
Consequently, nearly 50 percent of employees are considering switching jobs in the next year, and 12 percent have admitted to quiet quitting, reports Women’s Agenda.
Strike at HarperCollins
HarperCollins employees, including copy editors and marketing assistants, have embarked on a strike following differing views over wages and benefits, the company’s diversity policy and union protection. It was a rare work stoppage in book publishing, where HarperCollins is the only company among the industry’s so-called “Big Five” to have a labour union, according to AP.
“HarperCollins has agreed to a number of proposals that the United Auto Workers Union is seeking to include in a new contract,” a HarperCollins spokesperson said in a statement. “We are disappointed an agreement has not been reached and will continue to negotiate in good faith.”