Fintech layoffs

Share to Twitter Share to Linkedin Layoff notifications are similar to notifications of a grave health diagnosis; no one wants to be on the giving or receiving end. Yet, most of us have lost count of the number of layoffs in 2023. I was recently coaching a high achiever preparing for parental leave. Although it should be a special time, she was paralyzed with decision fatigue and afraid of how an extra two weeks of allotted leave would impact the team, given that a large percentage had been laid off. As well as feelings of guilt and insecurity, aspects like workload, productivity, employee trust and morale decline during a layoff. Here's what you can do as a manager or leader to continue supporting your teams. Engage in meaningful conversations. Layoffs are one of the most challenging and stressful career transitions because they can be unpredictable and sudden and are usually negative and involuntary. Employees may be going through the stage of … [Read more...] about 3 Ways Managers Can Improve Employee Engagement And Support Remaining Employees After A Layoff

Share to Twitter Share to Linkedin A senior executive texted me a couple hours before writing this article and encapsulated the present angst in corporate America. “How do I resist going to the dark side during these cost-cutting convos?" she asked. It seemed like it had only been a matter of months since her company pivoted from ambitious long-term goals to short-term contraction. Leaders aren’t alone in feeling more than a little disoriented. After an optimistic start to the year, economic headwinds are building once more as inflation remains stubborn at about 6.4%, higher than the 3.3% long-term average. And that doesn’t even consider what’s happening with banks . The turbulence is prompting CEOs to cut jobs and clamp down on other spending. Given the atmosphere, it’s easy to get the wrong message and overcorrect. Yet, the medium-term market outlook still looks good and many CEOs view current business streamlining as necessary to better … [Read more...] about Banking Turmoil, Cost Cuts, Layoffs And More: How To Manage Through The Current Gloom And Doom

Share to Twitter Share to Linkedin The highly anticipated release of GPT-4, the latest iteration of OpenAI's groundbreaking language model, has sent ripples of excitement throughout the banking and fintech industry. As ChatGPT’s capabilities expand, the traditional roles of personal finance management and financial advisors may soon become obsolete, paving the way for a new era of customized and intelligent financial solutions. The latest release of GTP-4 shows how quick ChatGPT is evolving. Industry giants like Microsoft MSFT and fintech firms like Stripe recently announced integrations of ChatGTP-4, while banks like Morgan Stanley Wealth have publicly announced their internal adoption. With its increased ability to deliver empathetic advice, potential for providing personalized insights, and delivery of real-time information, the ChatGTP-4 and beyond is a dream come true for innovators in financial services and technology. Consumer Expectations: … [Read more...] about A Brave New World: ChatGPT’s Potential To Reshape The Financial Services Landscape

Share to Twitter Share to Linkedin Tech giants Google, Microsoft, and Amazon rang in the new year by announcing fresh rounds of layoffs — grabbing headlines and leading media giants like CNBC to declare that “the job cuts in tech land are piling up.” But tech land is indeed its own world. In the broader economy, this is the tightest labor market in 30 years. In 2019, there were 7 million job postings and 0.9 available workers per open role. Now, there are 11 million postings and 0.6 available workers per job — and many of the available workers don’t have skills that match the open roles. In Guild’s most recent American Workforce Survey , less than a quarter (22%) of workers said they were very worried about layoffs — with many, many more focused on opportunity, stability, and pathways to promotion. Employers are still having to compete hard for talent, even as economic uncertainty settles in. And this double-bind isn’t going away anytime … [Read more...] about Even A Sagging Economy Won’t Slow America’s Talent Crunch. Here’s How Companies Can Respond.

Share to Twitter Share to Linkedin A year ago, a study conducted by Workvivo , an employee experience engagement app, highlighted the challenges human resources professionals had to contend with at the time. The study surveyed more than 520 HR professionals in the United States and the U.K. on burnout in the HR department. Ninety-eight percent of HR professionals self-reported that they were experiencing burnout, while 94% said they felt overwhelmed and 88% of respondents said they dreaded work. As a result of workplace transformations, HR navigated in-office, remote and hybrid work styles. They contended with the Great Resignation, sourcing, recruiting, onboarding and retaining workers. The war for talent took its toll, as HR professionals felt undervalued and under-resourced. Human resources professionals are, once again, experiencing stress and anxiety, but this time for a different reason. Instead of being exhausted from all the hiring, HR, … [Read more...] about Human Resources And Recruiters Are Getting Axed

Share to Twitter Share to Linkedin Chris is CEO of Tercera, founder and former CEO of Appirio, and a serial entrepreneur with 25+ years of tech experience. Mental illness can have consequences that are just as severe as heart disease. Unfortunately, I learned this lesson the hard way, both personally and professionally. It’s why I am such a vocal advocate for why CEOs need to take a more proactive approach to mental health in their organizations. And it's why I’m so concerned about the current state of play. It’s not just individuals who suffer the complications of anxiety, depression and mental illness. They have a profound and tangible effect on businesses as well. Employees who report poor mental health are less engaged, less productive and, according to Gallup research, miss almost five times more work days than those who report good mental health. During tough economic times, as companies are forced to cut costs and do more with … [Read more...] about Why Wellness Should Be Top Of Mind For CEOs In 2023

Share to Twitter Share to Linkedin Technology never stands still, and nor does the global economy—and tech leaders and their teams are dealing with uncertainties in both areas in 2023. From trimming budgets to tackling ever-changing and growing cybersecurity threats, tech leaders are facing a challenging year ahead. While every organization will have its own, unique slate of concerns, knowing what others in the industry are bracing for can help tech leaders ensure they’ve considered all possible contingencies to prepare for. Below, 15 members of Forbes Technology Council share some of the new and significant challenges their departments are facing this year and how they are planning to overcome them. 1. Leveraging Technology To Do More With Less 2023 has been the year of tech layoffs, and with an uncertain economy and shrinking budgets, companies may be grappling with the aftershock for months. To survive, businesses need to do more with less and will … [Read more...] about 15 Industry Leaders Talk About Tech Teams’ Biggest Upcoming Tests

Share to Twitter Share to Linkedin In light of the swift ascendancy of cryptocurrency and the mass adoption of digital assets by novice investors, the Securities and Exchange Commission (SEC) announced this week that the agency will add around 20 additional positions . This is in response to the cryptocurrency market, which in the last few years has skyrocketed to more than a $2 trillion market valuation . These important roles will be based within the division responsible for protecting investors who are buying, selling and trading digital assets in crypto markets. The new hires will also be tasked with investigating cyber-related threats, ensuring adequate cybersecurity controls are in place and that SEC registrants and public companies are transparent in disclosing cybersecurity breaches. The Crypto Cops The Crypto Assets and Cyber Unit in the Division of Enforcement will escalate to around 50 dedicated positions from about 30 current white-collar … [Read more...] about The SEC Is Hiring Cryptocurrency Cops To Investigate Illicit Activities

Share to Twitter Share to Linkedin Alex Kreger, UX Strategist & Founder of the financial UX design agency UXDA, increases banking and fintech products' value in 36 countries. In just two months after its launch, GPT-3-powered ChatGPT reached 100 million monthly active users, becoming the fastest-growing app in history, according to a UBS report ( via Reuters ). ChatGPT is a language model that uses natural language processing and artificial intelligence (AI) machine learning techniques to understand and generate human-like responses to user queries. I compare GPT's appearance with the launch of the internet in terms of its impact on the future of humanity. It enables machines to understand and generate language interactions in a revolutionary way. GPT (generative pre-trained transformer) AI could disrupt how we engage with technology much like the internet did. It's only been about two months since the launch (as of the time of this … [Read more...] about The Future Of AI In Banking

Share to Twitter Share to Linkedin Jakob Rost, CEO and cofounder at Ayoconnect . With over a decade of experience in e-commerce, fintech and financial services in Indonesia's tech industry, I have gained valuable insights into the evolution of open banking. Open banking has gained significant traction in recent years as a transformative concept in the financial industry. The pandemic has accelerated this adoption even further, as evidenced by the increased popularity of neobanks and alternative financial services aiming to enhance the digital banking experience. According to a report by Polaris Market Research , the global open banking market size was valued at $16.14 billion in 2021 and is projected to reach $128.12 billion by 2030, growing at a CAGR of 26.8% during the forecasted period. Polaris' research also highlighted the Asia Pacific region as the one that will experience the most growth over the forecast period, a trend that I have … [Read more...] about Learning From The Evolution Of Open Banking