Posts tagged with "Verizon"

Nearly 200 companies join Time’s Up to reimagine the U.S. caregiving economy

May 24, 2021

The coronavirus pandemic revealed some alarming deficiencies in U.S. infrastructure—including caregiving policy. When schools across the country closed their doors, nearly 75 million children were suddenly stuck at home. And with quarantines limiting contact to close family members, the burden of caregiving was largely shouldered by mothers—over 2 million of them, many of whom were juggling full-time jobs, Fast Company reports.

But 24/7 motherhood is a full-time job, and that’s a lot to balance. According to a report from Harvard Business School, 33% of all U.S. employees have left a job during their career to handle a caregiving responsibility—a dire statistic backed up by the experience of families during the pandemic.

The National Women’s Law Center reported that women have lost more than three decades of progress in labor participation in just one year—and just the first month of the pandemic erased a decade of gains following the Great Recession.

In an effort to rewrite the story, the Washington, D.C.-based Time’s Up Foundation—which advocates for “safe, fair, and dignified work for women of all kinds”—is partnering with a coalition of nearly 200 companies to better support working caregivers. Major names include Spotify, Pixar, Levi Strauss, Verizon, JPMorgan Chase, and Care.com.

Together they’re forming the Care Economy Business Council, with the goal of reshaping workplace practices and cultural norms that force women to choose between flourishing professionally and tending to family. Members will also advocate for public policy that offers federally funded family and medical leave and affordable child and elder care.

“Monolithic solutions built for a 9-5 era must be replaced with flexible care options accessible to all regardless of where, when or how a family lives and works,” Care.com CEO Tim Allen said in a statement. “More than [$11 trillion] of unpaid care work is done annually, primarily by women and women of color, and the lack of care solutions is driving them from the workforce. To stem that tide and fuel female workforce participation, the government and business communities must work together to drive the change we need.”

For businesses, Fast Company notes, it’s not just ideological; it’s a matter of cold, hard cash. During the pandemic, nearly 50% of manufacturing companies struggled to reassemble staff—whether furloughed or new hires—because workers had to stay home to watch their kids.

And when employees are denied caregiving benefits, employers pay hidden costs in turnover and absenteeism, impacting the broader economy. According to a Time’s Up report, a $77.5 billion annual investment in paid leave over 10 years would translate to 22.5 million new jobs and $220 billion in new economic activity.

“Sadly, we saw millions of women downshift their careers during the pandemic as daycares and schools were closed or disrupted,” Christy Pambianchi, the chief human resources officer at Verizon, said in a statement. “Together, we can build a brighter future with a caregiver framework that works for all and allows women to reach their full potential, personally and professionally. Because when women rise, so does the world.”

Research contact: @FastCompany

BuzzFeed cuts loose 47 on HuffPost team

March 11, 2021

Just three weeks after finalizing a deal to buy HuffPost, Jonah Peretti’s BuzzFeed is taking a buzzsaw to the left-leaning news and culture site, the New York Post reports.

HuffPost reported that Peretti—who is chief executive, now that BuzzFeed has sealed the deal to buy the site co-founded  by Arianna Huffington is 2005— told staffers that the layoffs decision was made to “fast-track the path to profitability” for the money-losing website. The site’s losses totaled around $20 million in 2020, he said.

BuzzFeed on Tuesday said it made a series of cuts in HuffPost that will result in 47 U.S. jobs lost, including Executive Editor Hillary Frey and Executive Editor International Louise Roug.

The Canadian version of the website also will be shuttered.

The HuffPost union, organized as part of the Writers Guild of America-East, blasted the layoffs on Tuesday, March 9.

“Today, we learned that 33 of our colleagues—nearly 30% of our unit—will be laid off. We are devastated and infuriated, particularly after an exhausting year of covering a pandemic and working from home,” said the union. “This is also happening less than a month after HuffPost was acquired by BuzzFeed. We never got a fair shot to prove our worth.”

Former HuffPost owner Verizon recognized the union in 2016 and agreed to a new three-year contract in 2019, which remains in effect and will result in severance for the laid-off staffers, the union said.

BuzzFeed agreed in November to buy the site founded by Aianna Huffington, Peretti, Andrew Breitbart, and venture capitalist Kenneth Lerer.

Terms of the all-stock transaction between Verizon and BuzzFeed were not revealed, but Verizon maintained a minority stake in the site and has also pledged an investment into BuzzFeed as part of the deal.

Peretti will be CEO of the combined operations—but says he will run them as “separate distinct news organizations.”

“We want to ensure the homepage remains a top destination on the internet,” Peretti reportedly told staffers. “We also want to maintain high traffic, preserve your most powerful journalism, lean more deeply into politics and breaking news, and build a stronger business for affiliate revenue and shopping content.”

BuzzFeed made deep staff cuts at the start of the pandemic, but he said it had returned to profitability.

According to the Post, Mark Schoofs, the editor-in-chief of BuzzFeed, is seeking a new-editor-in chief at HuffPost, who will report to him. The post has been vacant for a year since Lydia Polgreen jumped to Spotify’s podcasting unit Gimlet Media in March 2020. Frey had been overseeing it since then.

Research contact: @nypost

Verizon launches $44 million ‘upskilling program’ for Americans who wants to land an in-demand job

October 23, 2020

Telecommunications giant Verizon is investing $44 million in an upskilling program to help Americans unemployed by the coronavirus pandemic, as well as Americans looking for better jobs, Business Insider reports.

Currently, applications are being accepted for residents of Dallas, Las Vegas, Memphis, Miami, New Orleans, Seattle, Spartanburg, SC, and Washington, DC. The program will start in November and expand to more cities in 2021.

People who are Black or Latinx (a gender-neutral alternative to Latino or Latina), unemployed, or without a four-year-degree will be given priority admissions.

To deliver the program, the company is partnering with two nonprofits focused on workforce development, Generation and JFF, to launch the initiative.

It will train those in need to get jobs like junior cloud practitioner, junior web developer, IT help desk technician and digital marketing analyst.

The upskilling program is part of Citizen Verizon, Verizon’s recently unveiled responsible business plan that includes a goal of preparing 500,000 people for jobs of the future by 2030.

Digital upskilling has increased during the pandemic as millions of Americans look for in-demand jobs, Reuters reported.

In addition to Verizon, Business Insider notes, Amazon,  PwC,  IBM,  and  AT&T have launched major upskilling programs to retrain their workforces or attract new talent in recent years.

Research contact: @businessinsider