Wednesday April 24th, 2024.
This week in Ryan’s Weekly Wave: A major global company requires 6 days of work, an oversupply of college graduates may be unsustainable, and a debate emerges about the value of LinkedIn’s Open to Work profile photo banner.
In the News
A Dose of Optimism: Economists are now less concerned about a pending recession than they were several months ago. (Bankrate)
- Their level of concern has dropped to a 2-year low.
Banishing the Ban: Colleges seek ways around DEI bans through rebranding. (New York Times)
Election Season: Here’s how issues of higher education, including: student loan forgiveness, DEI, and wokeism may affect the 2024 presidential election. (Diverse Education)
- Will Democrats capitalize on the broad popularity of DEI by leaning into its importance?
- Will Republicans capitalize on a public who has grown tired of hearing about DEI and who questions colleges’ attitudes toward free speech?
Due to their controversial nature, perhaps members of both parties will seek to distance themselves entirely from issues like these.
Opinion:
LinkedIn’s Banner Ad: Should you use LinkedIn’s “open to work” banner on your profile photo? (CNBC)
Comments made by an Ex-Google recruiter spark debate.
- Advocates say it helps get those who need work the most noticed.
- Opponents say it serves as a red flag to employers.
A Deeper Dive – Injecting a Sense of Crisis
In South Korea, executives at Samsung are now required to work 6 days per week.
Citing poor financial performance, a Samsung executive explained the reasoning to a Korean news outlet. “…We are introducing the six-day work week for executives to inject a sense of crisis and make all-out efforts to overcome this crisis.”
The Rationale
The crisis may have already defined itself, with or without this “injection.” The company’s net profits fell 73% in Q4. Decision-makers hope this new requirement will unleash a strategic spark to properly prepare for improved future performance.
Many executives at the organization, in many of their lines of business have already been working 6 days per week since the beginning of the year.
This will likely be temporary although South Korean attitudes toward work are unlikely to change anytime soon. Employees at the non-executive level will continue to work 5 days per week.
Contributing Factors
A weak Won (South Korea’s currency) combined with higher borrowing costs, and global geopolitical uncertainty have accelerated the financial difficulties at Samsung.
In stark contrast to the rest of the world, South Korean public policy is moving towards more weekly work hours, not less. Just last year, a proposal to extend their current cap on working hours from 52 to 69 was proposed by business leaders. The idea did not advance due to a political backlash from Korean youth.
According to the The Organization for Economic Cooperation and Development, in 2021 the only nations known to work more than South Korea are Mexico, Costa Rica and Chile.
What I’m Watching
How College Broke the Labor Market – (Polymatter Via YouTube)
In 2000, the University of Central Florida awarded around 7,000 degrees each year. By 2010, that number grew 70%. By 2020, the number increased to about 18,000 degrees.
This is great growth for this one university but there’s a problem. UCF is not alone. This has happened all across America.
In 2018, about 37% of US workers had a 4 year degree. At that same time, only about 32% of jobs required one.
Underemployment has become the new normal and it is only a matter of time before the ‘college-for-all’ model reaches an endpoint.
We may have already reached peak college enrollment thanks to a damaging combination of escalating attendance costs and lackluster student educational outcomes.
Quote of the Week
“Most of what passes for legitimate entertainment is inferior or foolish and only caters to or exploits people’s weaknesses.”
– Epictetus
Articles of the Week
Can you perform better with imaginary mentor friends? (5AM Joel)
Happiness doesn’t come from simplicity and it doesn’t come from life’s next destination. It comes from something else. (Be More with Less)
Urges to impulsively engage in something unproductive or destructive do not last long. Try waiting a few minutes to let these urges pass. (Zen Habits)
From Deep Dive Careers: Lessons on Success from Sports and the Epiphany that Changed the Boston Celtics Season
Most of this post was written on one of my days off in Boston shortly after the Celtics made a magical and unexpected run to the NBA Finals a few years ago. Their accomplishments got me thinking about what makes sports special to fans and to players at all ages and ability levels.
For those who are familiar with Boston, I offer a special shout out to the Farmer’s Horse Cafe, La Columbe, Bene Cafe, Vester, George Howell, and all the other excellent cafes that I have visited while writing many of my early blog posts in America’s greatest city.
This blog is always brought to you in part by this sort of quality coffee. 💪
Other Fun Stuff
Compare your median income (if you dare) to the rest of the people in your US state here. (CNBC)
Dad Joke of the Week
I stepped on some cornflakes this morning. I guess I’m a cereal killer.
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