Workplace trends

Portuguese locals can’t afford their own neighborhoods

Portugal has long been a popular destination for tech workers, thanks to its warm climate, friendly community, relaxed pace, and low tax rates. But with the surge in digital nomads moving to this European destination, Portuguese locals are paying a heavy price. The income disparity between these tech workers and locals has led to fierce competition for rental properties, pricing many local workers out of their own neighborhoods. Over the past five years, rent in Lisbon has increased by 30%, making it more expensive than both Milan and Berlin. Properties have become so pricey that 40% of Portuguese graduates leave the country annually in search of better work opportunities, per Business Roundtable Portugal.

Companies are putting diversity programs on the back burner

In the wake of the Supreme Court’s decision to overturn affirmative action for college admissions and the rise of anti-woke movements, many white-collar companies are quietly making changes to their diversity initiatives. In fact, a number of businesses have stopped referencing DEI in their annual reports and have opened up programs once reserved for diverse applicants, according to the Wall Street Journal. Among them are PwC, which opened its internship program that had previously only accepted “traditionally underrepresented” applicants, and McKinsey & Co. which recently removed “self-identify as a member of a historically underrepresented group” from a list of attributes for candidates of their sophomore business-analyst program. In the already tight job market, minority students are expressing greater concern about what these moves mean for their future in the workplace.

The AI corner

AI is seeking the Pope’s blessings

The issue of AI ethics has provided the church an opportunity to reassert its moral authority, with Pope Francis becoming the first pope to address G7 leaders on the risks of AI. In his address, he warned against the threats of AI, such as exacerbating injustice between advanced and developing nations as well as spreading misinformation. As the AI industry grapples with ongoing PR challenges, tech companies appear eager for the church’s seal of approval to gain moral credibility in the eyes of the public. And the Pope’s views seem to have real-world influence: Microsoft stated that the Vatican’s AI Principals provided the company with a broad moral framework that influenced its decision not to release certain technologies.

The AI revolution is coming for drug development

The average cost of bringing a drug to market is estimated at around $1 billion, with the process taking 10 to 15 years, and nearly 90% of the candidate drugs that enter human clinical trials failing. That said, drug developers are hopeful AI can change that. Just like ChatGPT is trained on internet texts and DALL-E is trained on images and videos, AI for drug discovery needs specialized training data, like molecular information, biochemical interactions, and protein structures. AI can then use the patterns it spots to recommend new potential drug candidates to improve success rates and reduce both time and costs in development. Many drug companies are already heavily investing in AI innovation, such as Terray, which is building advanced labs about two-thirds the size of a football field to generate the necessary data to train specialized AI models.

Kicking off part two of 2024

Next week we’re officially halfway through 2024, which means there’ll be just six months left to achieve this year’s goals.

And between the constant barrage of intense news and the unsettling pressures in the labor market, many employees are having a tough time these days. In fact, according to Gallup’s State of the Global Workplace: 2024 Report, overall employee well-being has declined, and 20% of workers across the globe feel lonely.

Additionally, when asked what they would change about their organization in Gallup’s 2023 report, nearly half of surveyed employees referred to engagement and company culture – citing poor recognition and communication issues as well as a lack of opportunities for growth and development.

As a leader, knowing these concerns is key to ensuring that you enter the second half of this year with the right tone and approach.

So, here are some tips for kicking off a strong Q3:

Check in with your team

The start of a new quarter is a great time to schedule one-on-one meetings with each of your employees to find out how they are feeling right now and understand what they need from you, as their manager. The research mentioned above clearly shows that employees often know what could improve their sense of engagement and job satisfaction, so giving them the space to share what’s on their minds can prove extremely beneficial in guiding where to focus your efforts for the rest of the year. For example, if they mention feeling stagnant in their current role, you should prioritize finding new growth opportunities for them and ways to make them feel both excited and challenged.

Evaluate meetings and attendees

Slack’s State of Work 2023 report revealed that 70% of workers feel they would be more productive if they had fewer meetings and email correspondences, and a 2023 Microsoft survey found that nearly two-thirds of workers have a hard time designating sufficient time and energy to actually doing their jobs. So, try to take advantage of this new quarter to evaluate which team meetings bring real value, how they should be structured, and who truly needs to attend. Cutting out unnecessary recurring meeting blocks from your team members’ schedules means more time for productive and focused work, so if members of your team have only been invited to listen in, mark them as optional and let them know that you’re happy to share meeting takeaways instead.

Recognize wins and milestones

Put some time on the calendar for the whole team to come together and celebrate your successes from the first half of the year. When possible, include data and numbers that can make the impact feel more tangible, and try to give personal, authentic shoutouts to each individual. For example, rather than simply saying, “Great job on that project, everyone,” try speaking to each person’s unique contributions and the areas in which they personally excelled.

Additionally, use this time to acknowledge the challenges the team encountered so far this year, highlighting the effective ways they got resolved to demonstrate the kinds of behaviors that should continue going forward. By taking the time to honor everyone’s achievements, you can kick off Q3 with a sense of optimism and positivity, show your employees that you truly recognize their contributions, and make further success feel more attainable.

Emphasize the big-picture purpose

Between the constantly-evolving AI landscape and ongoing macroeconomic challenges, many organizations have shifted their main focuses or adjusted business strategies since the start of the year, so take advantage of this new quarter to get everyone on the same page. Explain the challenges your company is navigating and where priorities lay to ensure your team members have the information they need to make the right decisions going forward. And with 70% of employees saying that they are significantly more committed to their job when their work feels meaningful, per recent McKinsey research, it’s important to use this time to align the team with the broader company mission to help them understand how their efforts will directly contribute to organizational goals.

Acknowledge growth paths

With half of the year already behind us, many employees are actively thinking about their development and promotion opportunities. So, in order to help your team members feel that they have a real future on your team, don’t wait for them to bring up their growth paths – be the one to initiate the conversations around their career development. Even if your organization doesn’t have formal feedback talks this time of year, schedule one-on-one syncs with each of your team members to discuss their growth and professional goals, provide clear feedback about where they are excelling and the areas they need to improve, and outline benchmarks for what it would take for them to transition into a more senior position. This really gives your team members a sense of direction and empowerment as you kick off this second half of 2024.

Set goals as a team

74% of surveyed employees report that they are more effective at their jobs when they feel heard, per recent Workforce Institute research, so enabling your employees to be part of the goal-setting is a great way to give them a voice and ensure greater buy-in. Try asking each of your team members to prepare a brief presentation that they can share with the rest of the group that includes any relevant data, challenges, and conclusions they gained from the first half of the year, which could influence Q3 directions. With this information in mind, you can all effectively brainstorm priorities and plans to move forward together as a team.

Plan a team outing

When employees feel they belong, they are more than three times as likely to contribute to their full potential, according to research from the Harvard Business Review. That’s why it’s always great to start a new quarter with a team outing – whether it’s a group lunch or fun activity, try to organize some time together, ideally during work hours so that you don’t interfere with your team members’ personal lives outside of work, to help build closer connections and promote greater cohesion. If your team is remote, you can organize a group meeting to chat about non-work-related matters and raise a virtual toast in honor of completing the first half of 2024 together!

Water cooler chatter

Apple is being sued for pay inequity. Two female employees, seeking to represent 12,000 women employed at Apple since 2020, are alleging that Apple systematically pays women less than their male counterparts for the same work. Central to the lawsuit is Apple’s practice of asking applicants about their pay expectations, which the plaintiffs argue perpetuates gender discrimination due to women’s historically lower wages.

Netflix is launching its own theme parks. The streaming company’s announcement follows their experimentation on a smaller scale with pop-up restaurants and stores. “Netflix houses” will feature restaurants, shops, and rides based on their most popular shows.

Question of the week

Last week’s answer: 23 minutes

This week’s question: Which country is considered the most gender-equal country in the world for the 14th year in a row?

Just for laughs

Replacing jobs with AI, adding work