Latest news with #Gray&Christmas
CNBC
9 hours ago
- Automotive
- CNBC
Nissan's CEO on leading in chaos: Be fast and be flexible
If you've just taken the top job, Nissan's new CEO Ivan Espinosa has some advice for you. Espinosa steps into the role at a turbulent time for the global auto industry — with slowing EV sales, intensifying competition from China, and new tariffs threatening profits. "Keep the optimism up, because the environment is very tough, and you don't want to get overwhelmed," Espinosa told CNBC on Wednesday. "If you get overwhelmed, you can paralyze — and paralysis is not what you need in the current environment. You need to keep moving." And it's not just the auto world. Across sectors, CEOs are under pressure to navigate geopolitical instability, economic uncertainty, and rapid technological change. Many haven't lasted the course. CEO departures at U.S. companies surged 38% in December alone, according to data from Challenger, Gray & Christmas, published in January this year. For all of 2024, a record 2,221 chief executives stepped down — the highest number since tracking began in 2002. Espinosa believes the modern CEO needs to lead with a different mindset. "It's a very turbulent environment we live in. In the past, some CEOs were very stubborn, very resistant to change. I think now you need to stay open, and stay flexible." As the industry shifts, so does its leadership style. "There's a lot more collaboration," he adds. "We're having more open discussions about what we can do together. The context is very unique — geopolitics, supply chain challenges — and sometimes, it's just not possible to go it alone." While the past year has seen a record number of CEO departures, it's also ushered in a fresh wave of leadership. From Boeing and Starbucks to Stellantis and Nike, a new class of chief executives is stepping into the spotlight — and into some of the most challenging business conditions in recent memory. These leaders are taking the reins amid global uncertainty, geopolitical tensions, and rapid advancements in artificial intelligence. Add to that the growing risks of cybersecurity threats and supply chain disruptions, and the modern CEO's job description looks more demanding than ever. Nissan's Espinosa, took over in April, making him the firm's fourth CEO in eight years. He has plenty of experience at the Japanese autos giant, where he's worked since 2003, taking on his first role as a product specialist at the company's Mexico division, followed by positions in Thailand and Japan. Despite his extensive experience, Espinosa now has a tough brief: turn around declining sales and fend off intensifying competition from Chinese automakers. "We need to move quickly. We need to make decisions on the spot. And you need to be comfortable making decisions even when you don't have 100% of the information available," Espinosa told CNBC. "It's better to move and then correct course than just sitting and waiting." Shortly after taking the top job, Espinosa unveiled plans to slash 11,000 jobs and shut down seven plants as part of a major restructuring push. But beyond cost cuts, he's focused on building a cohesive leadership team. "What you cannot afford in today's very complex situation is to have a team that doesn't have the same goals and is not sharing the same objectives," he said.
Miami Herald
24-05-2025
- Business
- Miami Herald
Teenagers' Summer Jobs Under Threat
Each summer, millions of teens shift from the classroom to the checkout counter. But with widespread economic uncertainty, increasingly essential extracurricular commitments and the rise of automation, the opportunities for America's youth to gain experience-and earn a little cash along the way-may be quietly vanishing. A report last week from Challenger, Gray & Christmas (CGC) revealed the extent of these threats. The outplacement firm estimates that teens will gain around one million jobs across May, June and July this year, a stark drop from its forecast of 1.3 million last year and a slight decline from the 1.1 million that were eventually added. If their prediction is correct, this would mark the lowest number added since 2010 (960,000). "Many teens need these jobs and employment opportunities to stay in school, help with school expenses and help their families," said sociologist and labor market expert Yasemin Besen-Cassino. "Limited opportunities could mean more hardship for teens from lower-socio-economic status backgrounds." Senior Vice President of CGC Andrew Challenger summarized the threats: "This summer, we may not see the opportunities manifest. With the current socio-political climate, we may see fewer tourists; with the expected impact of tariffs, we may see higher prices and lower consumer demand. Those who traditionally hire in the summer may hold off this year." Besen-Cassino told Newsweek about these broad-based economic concerns: "It's not surprising to see fewer businesses hiring teens in the upcoming summer." "This is just the demand size of the equation," she said. "With economic uncertainly, challenging job prospects, and mass layoffs, many teens are apprehensive about their future job prospects." These impacts have already begun to drip into the data. Some 5.5 million workers aged 16 to 19 were employed in April, the lowest total for the month in three years, according to CGC, citing the Bureau of Labor Statistics. Meanwhile, the April unemployment rate for teens is at its highest since 2020, during the early stages of the COVID-19 pandemic. Eric Edmonds, Economics Chair at Dartmouth College, believes the core issue is a "mismatch" between the types of jobs employers are offering and the wages at which these are offered, and those that "align with the preferences of teen workers." "Thus, there is a shortage of attractive teen jobs at wages they find acceptable and simultaneously a shortage of workers at wages employers prefer to pay," he told Newsweek. Besen-Cassino said similarly that, while "many teenagers are seeking employment, but they are reluctant to seek the typical teen jobs in the retail and service sector." Both highlighted the alternatives on offer for teens, which have grown in appeal as longer-term anxieties about post-school or college career prospects heighten. These include classes, internships and other credentialing opportunities that will give them a stronger edge when they seek to enter the job market. "A few decades ago, they might feel summer jobs prepared them for their future jobs," Besen-Cassino told Newsweek. "But many teens are using summer time to better prepare themselves for future jobs by applying for internships or applying for jobs that help them develop marketable skills." Youth unemployment has remained relatively stable since descending from its COVID-era highs, currently at 9.6 percent per the Bureau of Labor Statistics, up from 9.3 percent last May. However, beyond competing interests and a resultant reduction to spend summer working retail or hospitality, a larger threat to teen employment, across all seasons, looms on the horizon: Automation. "It's not just the economic uncertainty that may make teen jobs unavailable," Andrew Challenger said. "Employers are using new technologies and automation for things the teen worker would have otherwise done." Edmonds told Newsweek that a "substantial increase in motivated teen workers" would reduce the move toward automation, which he said was incentivized by "chronic labor shortages" in low-wage jobs such as agriculture and the service industry. "Teen employment in the United States enjoyed its heyday in the 1980s and 1990s with teens staffing many retail and service sector jobs," Besen-Cassino told Newsweek. "However, in the past few decades we have witnessed the decline of the malls. Malls going away, the rise of automation and AI in many retail and service sector result in fewer need for these jobs." She added that these trends are fueling anxiety not only among teenagers but also among their parents, whose own jobs may be similarly at risk. Related Articles U.S. Adds 177,000 Jobs in April in Big Boost for TrumpMillennial Laid Off From Corporate Job-6 Months Later the Unexpected HappensChina's Economy Faces Rise of 'Rat People'Millennial Applies to Over 80 Jobs-Then One Finally Breaks Her: 'I'm Done' 2025 NEWSWEEK DIGITAL LLC.
Newsweek
24-05-2025
- Business
- Newsweek
Teenagers' Summer Jobs Under Threat
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Each summer, millions of teens shift from the classroom to the checkout counter. But with widespread economic uncertainty, increasingly essential extracurricular commitments and the rise of automation, the opportunities for America's youth to gain experience—and earn a little cash along the way—may be quietly vanishing. A report last week from Challenger, Gray & Christmas (CGC) revealed the extent of these threats. The outplacement firm estimates that teens will gain around one million jobs across May, June and July this year, a stark drop from its forecast of 1.3 million last year and a slight decline from the 1.1 million that were eventually added. If their prediction is correct, this would mark the lowest number added since 2010 (960,000). "Many teens need these jobs and employment opportunities to stay in school, help with school expenses and help their families," said sociologist and labor market expert Yasemin Besen-Cassino. "Limited opportunities could mean more hardship for teens from lower-socio-economic status backgrounds." Senior Vice President of CGC Andrew Challenger summarized the threats: "This summer, we may not see the opportunities manifest. With the current socio-political climate, we may see fewer tourists; with the expected impact of tariffs, we may see higher prices and lower consumer demand. Those who traditionally hire in the summer may hold off this year." Besen-Cassino told Newsweek about these broad-based economic concerns: "It's not surprising to see fewer businesses hiring teens in the upcoming summer." "This is just the demand size of the equation," she said. "With economic uncertainly, challenging job prospects, and mass layoffs, many teens are apprehensive about their future job prospects." These impacts have already begun to drip into the data. Some 5.5 million workers aged 16 to 19 were employed in April, the lowest total for the month in three years, according to CGC, citing the Bureau of Labor Statistics. Meanwhile, the April unemployment rate for teens is at its highest since 2020, during the early stages of the COVID-19 pandemic. A "help wanted" sign is seen at an office in Elgin, Illinois, on March 19, 2022. A "help wanted" sign is seen at an office in Elgin, Illinois, on March 19, 2022. Nam Y. Huh/AP Photo Eric Edmonds, Economics Chair at Dartmouth College, believes the core issue is a "mismatch" between the types of jobs employers are offering and the wages at which these are offered, and those that "align with the preferences of teen workers." "Thus, there is a shortage of attractive teen jobs at wages they find acceptable and simultaneously a shortage of workers at wages employers prefer to pay," he told Newsweek. Besen-Cassino said similarly that, while "many teenagers are seeking employment, but they are reluctant to seek the typical teen jobs in the retail and service sector." Both highlighted the alternatives on offer for teens, which have grown in appeal as longer-term anxieties about post-school or college career prospects heighten. These include classes, internships and other credentialing opportunities that will give them a stronger edge when they seek to enter the job market. "A few decades ago, they might feel summer jobs prepared them for their future jobs," Besen-Cassino told Newsweek. "But many teens are using summer time to better prepare themselves for future jobs by applying for internships or applying for jobs that help them develop marketable skills." Youth unemployment has remained relatively stable since descending from its COVID-era highs, currently at 9.6 percent per the Bureau of Labor Statistics, up from 9.3 percent last May. However, beyond competing interests and a resultant reduction to spend summer working retail or hospitality, a larger threat to teen employment, across all seasons, looms on the horizon: Automation. "It's not just the economic uncertainty that may make teen jobs unavailable," Andrew Challenger said. "Employers are using new technologies and automation for things the teen worker would have otherwise done." Edmonds told Newsweek that a "substantial increase in motivated teen workers" would reduce the move toward automation, which he said was incentivized by "chronic labor shortages" in low-wage jobs such as agriculture and the service industry. "Teen employment in the United States enjoyed its heyday in the 1980s and 1990s with teens staffing many retail and service sector jobs," Besen-Cassino told Newsweek. "However, in the past few decades we have witnessed the decline of the malls. Malls going away, the rise of automation and AI in many retail and service sector result in fewer need for these jobs." She added that these trends are fueling anxiety not only among teenagers but also among their parents, whose own jobs may be similarly at risk.
Mint
14-05-2025
- Business
- Mint
What if your salary is too high for today's job market?
All of us like to think we are worth every penny of our paychecks—and then some. Many Americans who scored big raises a few years ago are coming to the harsh realization that they are overpaid in today's cooler job market. It's not that they are failing to live up to the deals they signed. It's that wages have fallen in tech and other industries while the expansion of pay transparency laws makes it hard to ignore this truth. Go ahead and snicker at these lucky stiffs, but consider that you might be one of them. Two-thirds of U.S. workers say they are compensated at or above the current value of their skills, according to a new workforce report by consulting firm Korn Ferry. 'We've certainly seen a shift in the last year with our clients," says Ron Seifert, a senior client partner at Korn Ferry. 'They're not as aggressive in recruiting. They monitor offers a lot more carefully." I spoke recently with more than two dozen people who job hopped during the pandemic-era talent war. For a lot of them, a sense of dread taints the satisfaction of having gotten raises while the gettin' was good. They fear they wouldn't be able to match their pay packages if they were looking for work today. The thought of a pay cut is especially unnerving for those who bought homes and built comfortable lifestyles around their high earnings. Some worry their salaries could put bull's-eyes on their backs if their employers decide to cut costs. A virtual-reality specialist who tripled his total compensation upon joining Meta a few years ago says he suspects his salary is one reason why he was laid off. A sales manager who had a generous incentive plan says her boss implied she had become overpaid before laying her off. 'I've been on the inside with companies as they make layoff decisions a thousand times," says Andy Challenger, senior vice president of Challenger, Gray & Christmas, which advises businesses on job cuts. 'Inflated compensation packages relative to the market can, of course, be part of those decisions." Jacob Timm, a software engineer in Minnesota, used to think a better offer was always around the corner. Recruiters contacted him on LinkedIn almost daily in 2021 and 2022. In one six-month burst, he received an internal promotion then was poached by another company, moves that collectively boosted his earnings by 70%. Now headhunters reach out to him every month or two. He's not looking for a new job but often browses open roles to gauge how his pay stacks up against advertised salaries. It's on the high side, especially for fully remote positions like his. 'If I got laid off, I think it'd be hard to match my current salary," says Timm, 30. 'I think I'd have to look a little bit longer and be willing to take a pay cut if I went six months without a job." Seeing how the labor market has shifted, he and his wife padded their emergency fund. They now keep nine months of expenses in reserve, instead of three to six months. Several others whose pay spiked told me they are confident they could equal their salaries on the open market. They don't worry about being replaced by cheaper talent, figuring the cost of recruiting and training someone else would negate their employer's savings. Still, more job switchers are settling for lateral moves or pay cuts now than a few months ago. Just six in 10 people who recently changed jobs received pay increases, according to ZipRecruiter's latest quarterly survey of new hires. That's down from 73% in the fourth quarter of last year and a far cry from early 2022, when nearly half of job switchers pocketed raises of at least 11%. Page Sheldon, an accountant in Colorado, changed jobs twice in a year around that time and increased his salary by 47%. 'Definitely wouldn't be able to replicate that right now, that's for sure," he says. Sheldon, 30, benefited from a surge in demand for CPAs as the economy revved back up and corporate dealmaking boomed. Now, tariffs and general economic uncertainty are cooling merger activity. He says he would expect stagnant pay—and less work-from-home flexibility—if he switched jobs. Joseph Magnuson, who works in private equity in Texas, scored a roughly 60% raise when he jumped to a different firm in 2021. He says he's glad he didn't follow some of his peers who chased even bigger gains. That's only partly because he is married with three children and values work-life balance. 'It's all kind of coming to a head, and the people who were really opportunistic are starting to lose their jobs," says Magnuson, 32. 'Transaction volumes are down, projected returns are falling, and fair-market wages are declining a little bit." People's level of panic depends on how they viewed massive raises in the first place. Some say they knew all along that their offers were inflated by a once-in-a-generation hiring frenzy. Figuring a correction was coming, they've been conservative with their personal finances. Others confess to thinking their paychecks were on a rocket ship bound for ever-greater heights. If that's you, it could be wise to prepare for a time when the projectile falls back to Earth. Write to Callum Borchers at
Mint
01-05-2025
- Business
- Mint
Why more CEOs are heading for the exit
Chief executives make big bucks, but many would rather pass the buck than lead a company in the current business climate. CEOs are leaving their posts at a record clip this year, according to Challenger, Gray & Christmas, which tracks executive departures. Last year 373 public-company chiefs exited, 24% more than in 2023. Among U.S. businesses with at least 25 employees, 2,221 CEOs bid farewell last year, the most since Challenger started tallying the departures in 2002. Just when they had hoped their headaches might subside following the pandemic, corporate leaders have been hit with a fresh set of challenges: artificial intelligence, tariffs, the possibility of recession and scrutiny of diversity, equity and inclusion efforts, to name a few. Some who struggled to adapt have been shown the door. For others, a career break or retirement sounds pretty good right now. Don't cry too hard for these burned-out bosses. Median CEO pay in the S&P 500 hit a new high of $16.4 million last year. But turnover at the top affects the rest of us. Replacement leaders often put their stamps on organizations by installing new deputies and reorganizing teams. Even if a business is healthy—a big if, since a CEO's departure can be a sign of trouble—other people may lose their jobs in a shake-up. A wave of new CEOs also means the fate of our delicate economy increasingly depends on people who are getting up to speed in their roles. And it's no sure thing that those willing to shoulder this responsibility are the best the business world has to offer. Executive recruiters and coaches say the leadership issue extends beyond the C-suite. The pipeline of up-and-coming executives is thinning. As companies reduce middle managers in the name of efficiency, junior executives' workloads can swell. Some prospects are bailing early or saying 'no, thanks" to climbing the management ladder. In January, David Darragh wrapped up a six-year stint as a director of the Federal Reserve Bank of Atlanta. During that time he was chief executive of Reily Foods in New Orleans and, later, interim CEO of Pod Pack International, a maker of single-serve coffees and teas. David Darragh has time to travel with his wife. He isn't rushing back into the fire, despite having plenty of energy at age 60. 'I'm an empty-nester with opportunities to travel with my wife and do things we've always wanted to do," says Darragh, now managing director of the Team Gleason Foundation, which supports people with Lou Gehrig's disease. He says he is open to another CEO role and continues to field interest, most recently from a private equity-backed company. But he can afford to be picky. Executive recruiter Rod McDermott says running a PE-owned business is typically attractive for experienced leaders who like short-term projects. In the current market, though, accepting a mission to take a company public or position it for acquisition can feel like signing up for frustration. 'We're mired in this place where a lot of private-equity firms can't exit investments they've made," he says. 'I can't tell you how many senior execs have called me and said, 'I'm in year eight or nine of what was supposed to be a five- or six-year deal, and I'm getting burned out.'" 'It's a very difficult time to lead,' says Blake Irving. Tech companies looking for a veteran leader needn't waste time wooing former GoDaddy CEO Blake Irving, whom I reached in Mexico. That is where he spends about three-quarters of his time, Zooming into meetings for the three public-company boards he sits on. His view from the balcony where he took my call is considerably better than what he sees in today's executive job openings. 'It's a very difficult time to lead," he says. 'Given all the weird gyrations going on in the economy and with our new administration, it's really hard for even great leaders to find a true north that they can keep their eyes focused on." It's one thing for Irving, 65, to retreat to the beach after reaching the top of the corporate ladder. It's another for someone like 49-year-old Ryon Beyer to stop climbing and head for the sand early. Ryon Beyer is attending more of his sons' baseball games. The former principal at a wealth-management firm near Washington, D.C., took a buyout in 2023 and moved his family to Puerto Rico. He advises high-net-worth family offices, earning less money than he used to but making more of his sons' baseball games. Rising through the ranks of an investment bank doesn't appeal to him. 'I look at that and see the hours and the stress," he says. 'I feel there's a diminishing return on each additional dollar of wealth, and it comes at the expense of not seeing your kids grow up." It used to be a given that rising stars would be gunning for the top. Now? 'A lot of organizations are worried about retention of high-potential talent and whether they are even interested in being leaders," says Elysca Fernandes, director of human resources research and advisory services at HR consulting firm McLean & Co. In a recent survey of more than 200,000 people at 236 employers, McLean found managers are 1.7 times more likely to report high levels of workplace stress than rank-and-file workers. Fernandes says her firm's succession conversations with clients now involve strategies to make high-ranking jobs more appealing, such as lightening workloads. Parson Hicks is enjoying a fuller personal life. Parson Hicks left her job as a healthcare finance executive last year and works as an independent consultant. At 43, she won't rule out returning to the corporate world eventually but says she doesn't care if she never reaches the C-suite. She wasn't eating or sleeping well in her previous job and realized she could live comfortably on less than half of what she was making. Since quitting, she has cut back on massages and dining out but says she is happy to make those sacrifices for a fuller personal life. When her aunt died, she spent two weeks with a grieving cousin. She watched her nephew collect a math award at his eighth-grade graduation. Hicks isn't interested in trading those moments for a management job anytime soon. 'Right now, everything seems so volatile," she says. 'Even though I'm a person who excels in crisis, at a certain point it affects your health. I just don't want that kind of life anymore." Write to Callum Borchers at
