#AskPeshev 169: Twitter Still Alive?

#AskPeshev 169: Twitter Still Alive?

November 30, 2022

Have you been using Twitter over the past few years?There are two camps of people—old-school Twitter users and, well, people who don’t use Twitter at all. The adoption rate of the platform over the past few years is minimal at best; at least until Elon Musk spent $44B, took over Twitter, and turned it into a private company.A lot has changed since and the future of the platform is unclear.But I’ve been seeing a lot more traction on Twitter than in the past year. The WordPress ecosystem has been more active and vigilant which led to some productive discussions around the Gutenberg editor as well.We’ve been battling topics from Black Friday adoption through tech tools to smoke statistics in the US, and it’s providing some added insights for my weekly drip, too.I’d love to hear from you if you’re on Twitter (and if not, why?)In the meantime—check out the latest business news and insights, along with some of my latest thoughts on the recession. 💭 Mario My Take 8 Crucial Business Skills to Weather the Recession StormThe current decade has been turbulent at best, challenging business paradigms, industrial practices, and biological presumptions across the planet. It begs the question: What is the successful route to developing resilient business skills for the years to come? From a global pandemic ranking near the Spanish Flu of 1918-1920 to worldwide lockdowns suffocating the travel and hospitality industries, through an overnight transition to remote work, a massive bump of cryptocurrencies, a housing market growing like crazy from Hong Kong to San Francisco to a global crash in 2022, businesses definitely had to endure a lot.Read more…

 Business Strategy 

  • DOW: 33,700 (-1.44%)

  • NASDAQ: 11,024 (-1.57%)

  • S&P: 3,963 (-1.13%)

*Economy numbers as of November 28th*

A recent study found that only about 39% of small businesses end up profitable. But why? Many companies fail to make a profit because of a flawed business strategy. Sometimes, a strategy may be so complex that the team simply can't execute it. In others, the problem may be clear, refined goals but no overarching strategy or plan for reaching those targets.Read more… Management 

  • Employees Laid Off in 2022: 139,565

  • Employees Laid Off since COVID-19: 235,556

*Statistic taken from Layoffs.FYI*

MIT Sloan Management Review: People Leaders Need Data-Driven Technology TooOur behavior at work is changing. While this has been a constant for as long as people have been working, the pace of change has accelerated tremendously over the past few years. The pandemic permanently shifted traditional expectations of the workplace and prompted workers to begin rethinking the notion of job security and how work meaningfully fits into their lives. The resulting shifts in employee sentiment have left employers to navigate new expectations of flexibility, career choices and job roles, and purpose.Read more… Recruitment 

  • Private Industry Compensation Costs: +5.2%

  • Private Industry Wages and Salaries: +5.2%

  • Private Industry Benefits: +5%

*Annual Statistic taken from the US Bureau of Labor Statistics*Gartner: Are You Paying Too Much For New Talent?Yes, and it may be burning your existing employees. Stubborn inflation is forcing many organizations to pay more for new hires, especially given the shortage of key talent. According to a recent Gartner survey, 57% of CFOs say they’ll increase funding for compensation, which is the second-highest spend category for increases after digital technology. What’s more, 42% of survey respondents plan to increase spending to backfill vacant roles, and 35% say they will increase expenditure for hiring new roles.Read more…

 Breaking News 🚨

  • Buffalo grocery store mass shooter pleads guilty to terrorism and murder charges in racist attack

  • US provides Chevron limited authorization to pump oil in Venezuela after reaching humanitarian agreement

  • USA National Soccer Team advances to World Cup knockout stage with a hard-fought victory over Iran

 Marketing 

  • Global Economy 2023: 2.7% (-0.5%)

  • Advanced Economies: 1.1% (-1.3%)

  • Emerging Market & Developing Economies: 3.7% (+ 0.0%)

*World Economic Outlook for 2023 according to the International Monetary Fund*

According to the International Monetary Fund's October 2022 World Economic Outlook report, global growth is predicted to fall from 3.2% to 2.7% in 2023. This raises many people's expectations that there will be a global recession in the next several months. For many businesses, this can feel like a very bleak outlook going into the new year. But should it be?

 Sales 

  • Number Business Starts in the US Q1 2022: 375,000 (+27%)

*Information taken from Statista Quarterly number of business starts in the United States from Q1 2012 to Q1 2022*

We live in a time where ideas can become businesses at an unprecedented rate. It has never been faster to have an idea, file for a name, quickly get a logo and business address and move on with that idea. This ease of entry, plus the aftermath of the Great Resignation, "Quiet Quitting" and turbulent market disruptions led our economy to a proliferation of new businesses and startups, many of which are small and agile enough to succeed where larger companies would fail.

 Featured Story of the Week 

The massive drop in the stock market (especially NASDAQ) outlined investors seeking more conservative and responsible policies in some of the largest tech giants out there. Meta alone lost about 70% of its market cap over the course of a few months. 📉 As a result - tech talent is available. BUT hiring and retaining experts with $250K to $400K in average payroll (historical in FAANG) is impossible for 49 out of every 50 startups.