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North American Edition
19th May 2025
 
THE HOT STORY
Shareholders push back on anti-DEI
In a surprising turn, shareholders at major companies like Berkshire Hathaway and Bristol Myers Squibb have overwhelmingly rejected anti-DEI proposals, with 98% voting against them. This pushback highlights a growing resistance to U.S. President Donald Trump's anti-DEI agenda, as shareholders recognize the importance of DEI for financial performance. Research from McKinsey & Co. indicates that companies with diverse leadership are 39% more likely to outperform their peers, noting that "supporting DEI is not just about doing good; it's about doing well, too." However, for DEI initiatives to be effective, companies must establish supportive structures beyond mere recruitment. The outcome of this shareholder resistance could lead to significant implications for corporate policies and the future of DEI in the workplace. Meanwhile, the Wall Street Journal looks at how companies sharing initials with DEI are facing confusion and reputational risks amid anti-diversity sentiment.
WORKFORCE
Americans seek EU jobs amid visa crunch
A growing number of Americans are pursuing relocation to Europe due to domestic political instability, but face tightening visa regulations. Countries like Italy and Ireland are curbing citizenship-by-descent options, while investor and golden visa programs are being reduced or abolished. “People are really worried, they have this sense of urgency to have citizenship,” said Kelly Cordes of Irish Citizenship Consultants, noting a sharp rise in applications. Deel data shows a 16% increase in U.S. hires by European firms in early 2025, and job searches are spiking in Ireland and Portugal. Employers and HR teams in Europe may increasingly attract skilled U.S. workers, especially via digital nomad, retiree, or specialized work visas, as concerns over job security and social climate drive emigration interest.
Earnings data prompts costs of living concern
A new report from the Ludwig Institute for Shared Economic Prosperity (LISEP) highlights a widening gap between what Americans earn and what they need to maintain a basic standard of living. Unlike traditional measures such as GDP and the unemployment rate, LISEP’s Minimal Quality of Life index evaluates whether families can afford not just necessities like food and housing, but also critical expenses such as healthcare, education, technology, childcare, and professional attire. The report finds that for the bottom 60% of US households, achieving even a minimal quality of life is out of reach. In 2023, these households earned an average of $38,000 annually but would have needed $67,000 to afford the essentials included in LISEP’s index.
Microsoft cuts 6,000 jobs in layoffs
Microsoft is laying off over 6,000 employees to streamline its corporate structure, impacting nearly 2,000 workers in Washington state. This move aims to reduce management layers and foster agile teams. Anneliese Vance-Sherman, chief economist with the Washington State Employment Security Department, noted: “We saw remarkable, sustained growth until that peak in 2023.” The tech sector has seen job growth stall since March 2023, with companies like Microsoft, Amazon, and Meta reducing their workforce after over-hiring during the pandemic. Microsoft plans to invest over $80bn in AI infrastructure, which may be a factor in the layoffs as companies seek to balance costs with rising capital expenditures.
Legal and investment offices affected most by SEC staff cuts
Recent data reveals that the U.S. Securities and Exchange Commission (SEC) has experienced significant staff reductions, particularly in its legal and investment divisions, with losses ranging from 15% to 19% following buyout programs initiated during the Trump administration. The SEC's overall workforce has decreased by 12% since January 25, 2025, and the agency is currently exploring further cost-cutting measures, including reallocating employees to focus on contract reviews. SEC Chair Paul Atkins acknowledged the staffing challenges and indicated that while some positions may be refilled, additional cuts could still be on the table.
New Jersey Transit strike ends after deal
New Jersey Transit train engineers have reached a tentative agreement to end a three-day strike that disrupted service for approximately 100,000 daily riders. The Brotherhood of Locomotive Engineers and Trainmen announced that trains would resume regular schedules on Tuesday. The strike, the first in over 40 years, was primarily about wage increases without jeopardizing the transit agency's finances. New Jersey Governor Phil Murphy praised the outcome as “very good” for both employees and commuters. The deal will be submitted for ratification by the national union and requires approval from the New Jersey Transit board at its next meeting on June 11.
HIRING
Factory hiring faces skills and image gap
Quaker City Castings in Ohio exemplifies the recruitment and retention hurdles facing U.S. manufacturers. Despite a post-tariff boost in demand and wage increases of 30% since the pandemic, the firm struggles to keep workers in physically demanding roles like metalcasting. Owner Joseph Korff notes that “if we hire 20 people, two to three will decide to stay for a career.” With factory wages now averaging 7.8% lower than the broader private sector and rigid shifts, the allure of these jobs is waning—especially among younger workers. Misconceptions about factory safety, the sector’s historic layoffs, and competition from more flexible trades like construction and auto repair compound the issue. Carolyn Lee of the Manufacturing Institute emphasizes that scaling up requires more than infrastructure: “You can’t just plop a factory down and hope people will miraculously appear.”
TRAINING & DEVELOPMENT
AI drives rapid skills shift
According to LinkedIn's Work Change report, 70% of skills in jobs will change by 2030, primarily due to AI. This transformation is not only altering the nature of work but also phasing out certain job categories while creating new opportunities. For instance, word processors and typists are expected to decline by 15.2% by 2033, with data scientists emerging as a lucrative replacement role. Karin Kimbrough, LinkedIn's Chief Economist, stressed the importance of adapting, commenting: "To successfully navigate the ongoing shifts at work... organizations, leaders and individuals must adopt a mindset that embraces change and prioritises continuous learning." Forbes outlines various declining jobs and suggests actionable steps for transitioning into more secure, higher-paying roles.
PRODUCTIVITY
Quiet cracking: the silent productivity killer
Over half of employees are experiencing "quiet cracking," a form of disengagement that threatens productivity. According to TalentLMS research, 54% of workers describe their relationship with employers as quiet cracking, with one in five feeling it frequently. This phenomenon can lead to unexpected turnover and decreased performance. Key factors contributing to quiet cracking include insecurity from lack of training, role ambiguity, poor workload management, isolation, fear of AI, career uncertainty, and managerial disconnect. To combat this, organisations should implement continuous training, clarify roles, manage workloads effectively, foster collaboration, provide AI literacy, create clear career paths, and ensure managers listen to employee concerns. As the article states, "quiet cracking isn't a reflection of employee character or commitment. It's a symptom of systemic issues that you have the power to address."
CORPORATE GOVERNANCE
JPMorgan readies Post-Dimon era
As JPMorgan Chase hosts its annual investor day today, the Wall Street Journal notes that the event doubles as a high-stakes succession audition for CEO Jamie Dimon's replacement. Dimon, who has led the bank since 2006 and overseen a 500% stock surge, plans to step down within five years but remain as chairman. The WSJ suggests HR and talent strategists should closely monitor candidates like Marianne Lake, COO and former CFO, praised for risk management and financial acumen, and Doug Petno and Troy Rohrbaugh, who bring diverse strengths from corporate banking and trading. The internal competition highlights how leadership transitions at the top require balancing financial expertise, strategic relationships, and political savvy. As Alpine Capital’s Timothy Piechowski put it: “Running the bank is almost table stakes”—successors must also show an ability to navigate Washington and sustain JPMorgan’s stature.
SUSTAINABILITY
Democratic lawmakers criticize finance CEOs for abandoning climate pacts
Democratic lawmakers have criticized the CEOs of major financial firms, including BlackRock and JPMorgan, for withdrawing from climate-focused coalitions, urging them to reaffirm their commitments to reducing greenhouse gas emissions. In a letter, they expressed disappointment, saying that these executives "actively decided to cede leadership on combating climate change" and requesting details on their communications with the Trump administration regarding environmental policies. The lawmakers emphasized the importance of maintaining previously set emissions-reduction goals and asked for clarification on how these companies plan to achieve them moving forward.
HEALTH & SAFETY
Amazon's injury rates drop, but concerns linger
In 2024, Amazon reported a decline in injury rates for the third consecutive year, with a recordable incident rate of 6 per 100 workers and a lost-time incident rate of 1.2 per 100 workers. Despite these improvements, the Strategic Organizing Center (SOC) criticized Amazon for not addressing safety issues swiftly enough, noting that “management has largely stopped talking about it.” The SOC's report indicated that 40% of Amazon workers are in facilities where injuries increased from 2023 to 2024. Amazon attributed its progress to significant investments in safety measures, including adjustable workstations to reduce musculoskeletal disorders, which account for 57% of injuries. However, the SOC highlighted that Amazon's injury rates remain higher than the industry average of 3.7 per 100 workers.
Edison executives face pay cuts amid safety failures
Southern California Edison faced scrutiny after its safety record declined significantly, with fires caused by its equipment rising to 178 last year. In response, Edison International cut executive bonuses for 2024, with a 5% reduction for employees and a 3% cut for Southern California Edison executives. However, four of the top five executives still saw their cash bonuses increase, with Adam Umanoff, general counsel, receiving a 19% higher bonus despite safety failures. Mark Toney, executive director of The Utility Reform Network, criticized the situation, stating, “If executives aren't feeling a significant reduction in salary when there is a significant increase in wildfire safety incidents, then the incentive is gone.” The 2019 AB 1054 law aimed to tie executive compensation to safety performance, but consumer advocates argue it has proven ineffective.
CORPORATE
Sanofi announces U.S. investment plans
Sanofi has announced plans to invest at least $20bn in the United States by 2030, aiming to enhance its manufacturing and research capabilities in response to changing trade policies. The investment is expected to create numerous high-paying jobs across multiple states, as the company seeks to expand its U.S. presence alongside other pharmaceutical firms.
INTERNATIONAL
China job market remains uncertain
Recent tariff cuts between the U.S. and China have alleviated the immediate threat of mass layoffs in China, which had been exacerbated by a spike in tariffs that reached as high as 145%. While the reduction in tariffs has provided some relief, analysts warn that many jobs remain at risk due to ongoing economic slowdowns, with estimates suggesting that up to 6m jobs could still be lost if tariffs remain at current levels. The Chinese government is attempting to mitigate job losses through increased investment in public projects, but uncertainty surrounding U.S. trade policies continues to create instability in the job market.
 


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