Weekly Update 18

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Hey everyone! Here are our top stories this week:

🐻 Every week, the Volv team pours over what's happening in the world to identify emerging trends across tech, business, crypto, finance, and pop culture.

This week, we're digging into the current bear market and how that's changing hiring in a struggling labor market.

What's happening right now:

🀝 Well-established tech companies are rescinding job offers (a practice last seen during the financial crisis) in a surprising cost-cutting strategy after 2 years of record hiring. 

πŸ’Ό Visionary founding CEOs are stepping down themselves. The RealReal, a resale marketplace, and Glossier are turning to business-minded industry veterans to steer their businesses through this rocky time.

⚑Crypto giants like Coinbase, BlockFi, and Crypto.com are slashing jobs left and right. Meanwhile, Binance has the resources to actually expand recruitment.

Why the not-so-hot economy might be good news:

βž• Economists argue that slow job creation and less wage growth are better for a cooling economy amid record inflation and a tight labor market.

πŸ‘Œ The bear market presents the perfect time for employers to reconsider recruitment strategies by focusing on effective hiring and increasing employee retention.

βœ‚οΈ Job cuts are helping companies that grew exponentially, 'rightsize' for more profit and growth. Coinbase is laying off 1,100 workers claiming they had grown "too quickly."

βš–οΈ There is a rise in 'second chance hiring,' which involves hiring people with criminal records.

If you have any feedback, drop it here. Have a great weekend!