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Jobs Market Forces Employers to Trim Down Candidate Requirements.

I hope you've had a much better week(end) as I've had over the last week. However, this week's brief
Jobs Market Forces Employers to Trim Down Candidate Requirements.
By Hipsternomics  • Issue #33 • View online
I hope you’ve had a much better week(end) as I’ve had over the last week. However, this week’s brief has some interesting gems for your interests, and hopefully by the time you are reading this I should be in SF, God-willing.

Seems like the entry-level job market has gotten so hot and competitive in 2018 that many employers are getting rid of ridiculous requirements like “x” years of experience, higher education, olympic medals, etc. in order to just hire people to fill up job positions. Across industries, companies are lowering the bar to getting hired from software engineering roles at Intel and GitHub, to bank teller jobs at Bank of America. Through the end of last year, about one million new jobs were opened up to candidates with “no experience necessary,” making occupations such as ecommerce analyst, purchasing assistant and preschool teacher available to novices and those without a degree. To attract more entry-level employees, toy maker Hasbro, divided four marketing jobs, which it previously designed for MBA grads, into eight lower-level positions and dropped any college requirements. DAMN! Bank of America currently has 7,500 job openings worldwide and less than 10% requires a degree, therefore these jobs could be filled by non-graduates, including most of the bank’s tellers and call center jobs.
So what’s the takeaway? With 3.9% unemployment rate across the US, employers continue to compete for workers, as wages rose 2.7% for all workers in July. However, even with the wage increase, the rising prices of household goods have made those pay raises less valuable to workers, keeping pressure on employers to increase salaries or re-evaluate their target hire.
Companies mentioned (YTD): Bank of America (+7%), Intel (+8%)
The same drug industry conglomerates who ran up the opioid epidemic (killing about 100 people a day) is now dishing out millions in grants and donations to charity organizations in counties and states that have sued them, in an effort to provide treatment. But don’t get caught up in their smokescreen, these donations also reduce their tax bills and build some goodwill ahead of a potential multibillion-dollar settlement against their companies, as corporations can deduct or donate up to 10 percent of their annual taxable income. In true capitalistic fashion, corporate lawyers have also joined in this new opioid gold rush by leading the lawsuits against corporations to pursue a settlement for $50 billion, which could lead to a $12.5 billion payday for the law firms.
Some drug makers like Cardinal Health Inc. has given at least $3 million to some 70 groups, McKesson Corp. created their own nonprofit dedicated to fighting the opioid-abuse crisis with $100 million, AmerisourceBergen Corp. started its own opioid-focused grant program with plans to donate $50,000 help patients who overdosed on opioids. Oxycontin maker Purdue Pharma LP has positioned itself as an advocate for fighting the crisis, helping fund distribution of overdose antidote naloxone through a national sheriffs’ association. Among others are, Endo International, Teva pharmaceuticals, and Johnson & Johnson - whose opioid outreach focuses on supporting mothers and babies.
Companies mentioned (YTD): Teva (+17%), Johnson & Johnson (-6%), Cardinal Health (-18%), AmerisourceBergen (-12%), McKesson (-20%).
Chart of the week
how streaming music is changing the music economy.
how streaming music is changing the music economy.
Interesting Quick Hits
  • 23andMe joins pharma giant GlaxoSmithKline, to use the genetics data from its 5 million customers (like you), to create and market drugs for its own profitability. This is a win for GSK as the company can use consumers genetic data to produce drugs based on these data set, rather than playing the guessing game to know what drugs to produce.
  • When life gives you homelessness, print your resume and ask for job instead of money, like this man did. Moral of the story is you have to hustle if you really want it. Also, an underlying moral here is that if he received 200 job offers but only took one, there’s still 199 jobs out there for you. 🤔
  • The slow death of MoviePass continued this week as the company announced to raise prices shortly after it had recently introduced surge pricing for blockbuster movies, then blocking access to blockbusters altogether. The stock price of Helios and Matheson (parent company of Moviepass) has sanked more than 97% to merely $0.10/share. If you’re like me, you are already making your exit from your MoviePass subscription, so here are other options you can try: Sinemia, AMC, Cinemark.
  • Facebook and Instagram will begin to show you how much time you are wasting on their apps, because it wants to help you manage your time, and be less prone to anxiety and depression from looking at all those carefully manicured brunch and travel posts that makes your life seem miserable. While it also wants to use WhatsApp to charge businesses to send you text messages for promotions and deals.
  • Swipe right for your next job…on Tinder and get a date on the side. Using dating apps like Bumble, Tinder and OKCupid, etc to network has become the new unconventional dating/gig approach as more creative professionals are scoring business deals through their dating profiles. If you don’t find love on your next date, you can always drop a few hints about what your skills and hopes for a job interview.
🙅🏿‍♂️ Arts & Culture 🤴🏾
The Best Books to Read on Nigeria
NBA Players backlash EA Sports for cutting Kaepernick's of Madden 19
LeBron James Opens Public School in Akron, for at-risk Kids
Resources of the Week
Walk-Up Weekdays in September | National Museum of African American History and Culture
Books: In July, I was fortunate to completely get through two books: Trevor Noah’s Born A Crime, wow this was simply an incredible story of his experiences growing up in apartheid South Africa as a mixed-race boy, which was apparently worse than being Black. I highly recommend to listen to the audiobook instead of reading the book, as Trevor narrates the book himself in a hilarious way. Second book I read was “Essentialism - The Disciplined Pursuit of Less”, my second time reading this book because I needed to remind myself why I should declutter my life and everything surrounding it, so that I can focus on what my core priorities are and be great at what truly matters. Highly recommend this book!
Podcasts: Two of my favorite podcasts this week are “Marketsnacks” which is a daily 15-mins podcast which has a hilarious but informative take on the financial markets. Second is “Highly Melanated”, four cohosts who discuss everything about race and culture that we face on a daily basis.
This weekend’s brief was written at the Bluestone Lane cafe, in DUMBO Brooklyn as I drank an iced coffee with icecream in it to cool off this heat (don’t knock it until you try it lol), and listening to “Everything is Recorded” a compilation album featuring artists like Sampha, Ibeyi, and others, and “Mi Mandela“ an album by Idris Elba who also moonlights as a club DJ when he’s not working on cool movies. This is a very a dope music project and really enjoyed the vibes.
Thank you for reading through this weekend’s brief! Drop a note to share what articles did you find most interesting this week.
Valentine
Facing Wave of Opioid Lawsuits, Drug Companies Sprinkle Charity on Hard-Hit Areas - Bloomberg
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