Hey Juno community!
Things around here are looking a little different
We’re bringing you a brand new newsletter, coming to you every week with community highlights, events, and our take on the news.
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This week, we’re talking all things tech layoffs, the brand new four-day work week trial, and what’s lifting our community’s spirits.
In the news this week...
1. The four-day work week has arrived in the UK!
What's happening?
This Monday the world’s biggest pilot scheme for the four-day work week launched in the UK. Around 70 companies are signed up, and for the next 6 months their employees will be working 4 days instead of 5.
What does this mean for my money?
Employees at companies working this way will be working 80% of their normal hours for 100% of their usual pay – so it's a pretty win-win situation! It's like a bank holiday...every weekend.
I want to learn more!
🌎 The four-day work week isn't just good for employees – it's good for the planet.
🌋 This is what researchers in Iceland found when they trialed the four-day work week.
2. Deutsche Bank is found greenwashing, raising questions over the ESG label
What's happening?
Last week the Deutsche Bank offices were raided after an employee raised concerns over the fund’s ESG credentials. While the fund claimed to have $900bn invested using ESG criteria, prosecutors have so far found that this wasn’t the case for the majority of investments.
ESG stands for ‘Environmental, Social, and Governance’, but is not actually governed by any objective criteria, which means that companies are sometimes able to make claims that appear contradictory (or in this case, just lie outright!).
What does this mean for my money?
It’s worth digging into what an ethical investment means to you as the regulation is still very loose. If your money is invested in an ESG fund, now might be the time to do further research into where it’s going. While you can invest in traditional funds run by larger companies, platforms like CIRCA5000 focus exclusively on helping you make more ethical investments.
I want to learn more!
🗞 Dive deeper into the challenges facing the ESG label.
3. Layoffs are hitting companies, particularly in the tech sector.
What's happening?
If you work in tech or the start-up space, you might have seen that several employers have started major layoffs, including big names. Companies including Netflix, PayPal, Klarna, and Coinbase have all laid off significant numbers of employees, and some companies have instituted hiring freezes.
This is happening for different reasons across companies, but key reasons include a reduction in VC investments and the fall in tech stocks that began earlier this year.
What does this mean for my money?
As our community has highlighted, if you get laid off, it’s not your fault – it’s happening across the sector, and it doesn’t reflect your worth. If you’re able to, it might be worth putting some extra money into your emergency fund to help you build a cushion if things go wrong.
I want to learn more!
🤖 TechCrunch are providing weekly updates on the layoffs, and diving into the deeper trends behind the headlines.
💸 We have a module all around building emergency funds over on the Your Juno app
💃 Over in the Your Juno community, we're talking about what to do if you're let go from your company.
What's going on in the community?
1. Is it better to move company or go for stability?
Q: Hi all, feeling very nervous about money recently. Would you move to a new company that paid more for a similar role or stay where you are for stability at a time like this?
A1: I would move for more money and a better company always! But think about why you are hesitating to move companies – I doubled my salary so I moved lol.
A2: I think it is worth also looking into the company as the reality is unfortunately that a lot of companies are making redundancies and last in, first out is sadly a reality in many companies. I am all for moving when the time and opportunity is right but if your current role is good, is there a way you can negotiate there?
A3: It's not just the money but also the long-term career building and learning potential I look for in jobs. Something else to think about as you look at your options.
I’d unpack what you’re hitching your ‘stability’ horse to. It’s easy to feel safe, secure, and stable when we’re simply more familiar with something and there are fewer unknowns. But is that really the case between these roles? Would you feel like you lost out on an opportunity if you don’t take this higher paid role?
2. What’s been lifting our community’s spirits?
Our Head of Community & Belonging, Loyce, asked everyone what’s been helping them get through this difficult time – and you delivered!
Here’s some of the things that are helping the Your Juno community:
Podcasts galore: our community recommended The Heart, a podcast about intimacy and humanity, The Antidote, a podcast all about joy, and the NYT classic Modern Love
Lots of our community are limiting their time on socials – doomscrolling is real!
And some of our community have been focusing on what’s in their control, using tools like mindfulness and yoga.