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Let’s jump into today’s storylines.

In today’s digest:

• Choosing between comfort and career

• Headline Hustle: US led coalition launches strike on Houthi rebels, inflation edged a little higher in December, Google cuts its workforce again

• The Cyberpunk 2077 story

• Pulse Points: What’s Trending

CAREERS

Remote workers face promotion gap in post-pandemic workplace

Remember the old adage, "Out of sight, out of mind"? It seems to have taken a new form in today's corporate world. Four years post-pandemic, as the dust settles on the remote work revolution, a startling disparity emerges: remote workers are lagging behind their office-going counterparts in climbing the corporate ladder.

A recent study by Live Data Technologies unveils a stark reality: in 2023, remote workers were 31% less likely to receive promotions compared to those in the office or on a hybrid schedule. While 5.6% of office/hybrid employees climbed the career ladder, only 3.9% of remote workers achieved the same. Stanford economists are calling this "proximity bias," a form of discrimination that sidelines remote workers due to their physical absence from the office. This bias isn't just about visibility; it's about the spontaneous interactions and mentorship opportunities that often occur in a shared workspace.

The ripple effect of this bias is profound, especially for women in the workforce.

• Female engineers working in the same building as their teams received 40% more feedback than those working remotely.

• In contrast, their male counterparts experienced an 18% feedback increase in similar circumstances.

CEOs are not immune to this bias. A whopping 90% prefer rewarding those who come to the office, inadvertently cultivating an environment where physical presence trumps performance. This preference impacts promotion decisions, potentially sidelining equally or more qualified remote employees. Young professionals, sensing this divide, are increasingly opting to return to office life, trading remote work's comfort for career advancement.

Interestingly, no significant promotion disparity exists between hybrid and full-time office workers, suggesting a potential sweet spot for career growth without sacrificing remote work's benefits.

Looking ahead…the promotion gap is a multifaceted issue, raising questions about inclusivity, fairness, and the future of work. As companies navigate this new normal, finding a balance between remote and in-office work could be key to bridging this gap. It's a call to action for leaders to foster a work environment that values performance and potential over physical presence, ensuring a level playing field for all.

Headline Hustle

🛩️ US led coalition launches strike on multiple Houthi Rebels targets. The United States and the United Kingdom, supported by allies, conducted airstrikes against Houthi rebel targets in Yemen, aiming to counter their attacks on ships in the Red Sea. The strikes were prompted by the Houthi militia's continued endangerment of navigation in this vital waterway, with the U.S. and UK successfully defending against a significant attack on January 9. While these strikes are a robust response, they may not entirely diminish Houthi capabilities, and further retaliation is possible. The conflict stems from Houthi retaliation against Israel's actions in Gaza, affecting global shipping and prompting temporary pauses in transit.

📈 Inflation edged a little higher in December. Inflation pressures persisted in December, with the consumer-price index rising 3.4% year-on-year, up from November's 3.1%. Although considerably lower than the 6.5% rate at the end of 2022, it's a reminder that inflation has not been fully contained. Nevertheless, real wage gains in 2023 marked the first positive shift in three years. The Federal Reserve is likely to maintain interest rates in its upcoming meeting, but the focus remains on the trajectory of inflation. Markets anticipate potential rate cuts in the near future, with an eye on inflation readings to determine the timing. Consumer expectations for inflation have moderated, influenced by grocery prices and gasoline costs, while restaurant prices continue to rise, impacting overall price levels.

💻️ Google joins growing list of tech companies downsizing to start 2024. Google initiated a round of layoffs affecting multiple departments as part of ongoing cost-cutting efforts, signaling a reversal of its pandemic-induced hiring surge. Divisions impacted include Google's Assistant program, hardware, and internal software tools, with the exact scale of job cuts undisclosed. Google stated it is responsibly investing in key priorities and assisting affected employees in finding other roles within the company. Co-founders of Fitbit, James Park and Eric Friedman, are also departing as part of the reorganization. Google's parent company, Alphabet, led by CEO Sundar Pichai, aims to focus on artificial intelligence while trimming expenses.

GAMING

From $300 million dollar flop to unlikely sensation

In the world of entertainment, not all stories have happy endings, but Cyberpunk 2077 defies the norm. From a problematic release in December 2020 to an astounding revival, its journey is a testament to the unique dynamics of the video game industry.

Started from the bottom now we’re here

The launch of Cyberpunk 2077 was one of high anticipation but equally high disappointment. Plagued with bugs and glitches, it was so problematic that Sony pulled it from its PlayStation store, and players were left disillusioned. However, CD Projekt, the game's developer, embarked on a path less traveled in the entertainment industry: it chose redemption. Investing heavily in fixes and improvements, the company poured resources into the game's revival, a decision that reflected the unique opportunities for course correction in video games, a contrast to the often irreversible nature of film and TV failures.

The turnaround wasn't just a financial gamble; it was a commitment of time and innovation. CD Projekt had already invested a staggering $330 million before the game's launch, starting its development around 2012. In response to player feedback, they implemented 24 software updates and transitioned to an Agile development process, enhancing collaboration and efficiency.

The result? A major expansion, "Phantom Liberty," launched in September, featuring stars like Idris Elba and Keanu Reeves, and sold over five million units in 2023. The game's restored reputation culminated in winning the award for the best ongoing game at the Game Awards.

Zoom out: Cyberpunk 2077 not only won the best ongoing game at the Game Awards but also became a rare example of successful recovery in the gaming industry. Its story highlights the industry's unique ability to offer redemption and the power of player feedback and agile development in achieving it.

SNIPPETS

Pulse Points

• Bill Belichick has ended his 24-season tenure as head coach of the New England Patriots, during which he led the team to nine Super Bowl appearances and six championships.

• Thomson Reuters is launching a $626 million cash bid for Swedish e-invoicing provider Pagero Group, outbidding a previous offer by Vertex.

• Hertz is selling a third of its electric vehicle fleet, mainly Teslas, to purchase gas cars, citing lower demand for EVs and higher repair costs.

• Discord is laying off 17% of its workforce, totaling 170 employees, as confirmed by a company spokesperson.

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