Workplace trends
Israeli startups and corporations are bracing for war
As Israeli citizens and businesses are dealing with the war unfolding across the country, Israel’s high-tech sector is trying to manage business operations with many of its executives and employees currently serving on reserve duty. The Israeli military has called up more than 350,000 reservists, including many who are employed by startups, as the nation responds to the sudden, brutal attack by Hamas. For some, business has been interrupted, projects put on hold, and meetings canceled as organizations attempt to navigate the severe impact of the war. Firms are concerned with their employees’ safety, and are attempting to provide support for those who are affected while coordinating volunteer efforts to aid victims, their families, and soldiers. Many reservists working outside the country have returned to Israel to serve as well.
The gender pay gap largely coincides with the birth of a first child
Claudia Goldin was the first woman to receive a Nobel Prize in Economics on her own – rather than share it with a man – for her research on the causes of the gender pay gap and for advancing our understanding of women’s labor market outcomes, per the prize committee. Her analysis of more than 200 years of U.S. data demonstrated how the gender pay gap could historically be explained by differences in education and occupation. However, she discovered that the bulk of the earnings difference today is between men and women in the same occupation. Goldin’s groundbreaking 15-year research study of MBA students found that the gender pay gap largely coincides within two years of the birth of a first child, because women take on the majority of childcare duties, leaving less time for work. Goldin concludes that we’ll never have gender equality until we also have couple equity.
The AI corner
Big tech is struggling to turn AI hype into profit
Technology companies are still trying to figure out how their AI products will generate profit. It can take years and cost hundreds of millions of dollars to build and train AI models, and given that AI requires intense new calculations for each query, the more customers use the products, the more expensive it gets to cover the infrastructure bills. For businesses charging users flat fees for the tools, these running costs expose them to significant potential losses. In order to mitigate the high costs, companies like Google and Microsoft have launched AI-backed upgrades to their software with heftier price tags. Others, like Adobe, are putting caps on monthly usage and charging based on consumption. While customers are not happy with these price changes, experts expect it to take time for consumers to understand how they want to use the technology and what they’re willing to pay for it.
Investors think Adobe’s AI prospects are highly promising
At the annual Adobe Max user conference, Adobe presented financial analysts with a deep dive into the company’s new AI tools and services. Notably, this year it didn’t share financial reports or projections – the company simply assured analysts that its fiscal fourth quarter ending in a few weeks will be really strong. Interestingly, Wall Street didn’t seem to mind the lack of financial details. Adobe’s share price has jumped over the last few days with analysts’ support of the company’s announcements, and it’s now up more than 66% since the start of the year. This performance is nearly double the gains of Microsoft, which has also aggressively embraced generative AI. Experts explain that this is because unlike some of the more speculative AI visions put forth by most tech companies, Adobe benefits from some of the clearest use cases that could become especially popular with its user base.
How to address the Israel-Hamas war with your team
By monday.com
Nearly every news outlet today is talking about the Israel-Hamas war, raising concerns amongst people across the globe. Many of those within the region and beyond are worried about their safety and the safety of loved ones, especially as anti-semitic and islamophobic crimes are now on the rise in other parts of the world.
Additionally, with lots of people glued to social media and news for updates and information, it’s common to feel scared, anxious, and overwhelmed – which can naturally bleed into our work performance and ability to stay focused.
As a manager, it’s important to recognize this situation’s potential impact on your team members. It may be taking a toll on their mental health and motivation, which is why it’s crucial to be understanding and attentive, and to know how to offer effective support during these difficult times.
While employees will likely have different needs and challenges as they navigate their feelings about what’s going on, here are some ways to help:
Schedule individual check-ins
The most effective way to understand how everyone on your team is currently feeling is by asking. Schedule one-on-one non-work-related check-ins with each of your team members to ask how they are coping with what’s going on, understand the ways in which this situation is personally affecting them, and find out what they need from you as their leader. Sometimes they may just need an outlet to process all their thoughts and feelings and other times they may want real guidance and action. Whatever it may be, give them the space to share and make sure you’re really listening to everything they have to say. Knowing you care about them and their well-being is so important right now.
Additionally, if your company has relevant support offerings or employee resource groups that could be useful to certain team members at this time, make sure to share those as well.
Offer space to process
Do your best to be a flexible leader. Your employees, especially those who are directly impacted by the current situation, may need some time to process what’s happening. Perhaps they don’t feel as comfortable coming to the office given everything going on or they may need to adjust their work schedules if they are finding it difficult to focus – regardless, try to be understanding and help find solutions that address their needs as best you can. Make it clear that for those affected, you don’t expect business to go exactly as usual. When possible, put projects that are less urgent on hold for now so that your team members can focus on taking care of themselves and only prioritizing the work that most urgently needs to get done.
That being said, for some employees, work may be a much-needed distraction. If that’s the case, you can explore handing off some of those less urgent tasks to them if they’re looking for more to do.
Focus on compassion over politics
It’s no question that this war is causing political divides across the globe. People are scared and angry. Many are sharing content and voicing their opinions on social media, which can lead those with differing perspectives to feel disconnected, upset, and, at times, even alienated. As a leader, it’s important to try to avoid bringing this tension to the workplace. If there’s one thing we can all agree on, it’s that people are hurting, so do your best to encourage your team members to put politics aside and just focus on showing compassion to their teammates. Reaching out with, “how are you holding up,” “thinking about you and your family,” and “here for you,” are the kinds of messages we should be sending right now. Try to model this behavior and emphasize how important it is to be there for our friends and colleagues during this difficult time.
Encourage healthy release
When so much feels outside of our control, it’s important to engage in activities that feel healthy and productive like getting fresh air, exercising, taking walks, etc. So, try to encourage your team members to prioritize these kinds of positive activities and to really make sure they’re taking care of themselves. Even if it means actively blocking off time in their calendars for a short walk outside or a workout – let them know you support them doing so and want them to take care of their well-being. It’s amazing how much a bit of release can make such a huge difference in how we feel.
Stay mindful
As hard as it is to imagine, there will come a time when this conflict won’t be making headlines anymore. The world will start to move forward and new issues will take up focus. And while many of us are looking forward to that point in time, it’s important to remember that there may still be members on your team who are hurting and experiencing the impact of this situation in the coming weeks and months. So don’t forget to remain aware, sensitive, patient, and understanding, and to periodically check in on your employees – especially those who you know are having a hard time right now.
Water cooler chatter
Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the United States and will soon extend the scheme to Europe. This comes in response to requests from the market and dealers as many of its clients have invested in crypto.
Taylor Swift is already breaking box office records with her Eras Tour movie. It crushed the prior top three concert films and surpassed each of their lifetime earnings in just a matter of days. According to The Hollywood Reporter, the movie’s worldwide opening weekend launch brought in between $126 million and $130 million, and the film ranked number one in the U.K., Mexico, Australia, and Germany.
Question of the week
Last week’s answer: Luxembourg
This week’s question: What day of the week is most popular for workers to call in sick?
Just for laughs
