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Business News Roundup, Dec. 6, 2021

Developing data on the COVID-19 Omicron variant, Fed plans to end a pandemic-era stimulus program a few months early, rosy projections for holiday spending, and the first confirmed case of the Omicron variant in Connecticut are among the top business…

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Fully Remote Work and Employee Autonomy Remain Rare, BLS Report Suggests

  • While remote and hybrid work arrangements have grown in popularity, a Bureau of Labor Statistics survey finds that just 9.6 percent of workers can complete critical tasks via telework
  • Self-paced work was also rare, available to only 16.5 percent of workers
  • More than one-third of employees had their work checked by a supervisor at least once a day
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Returns Strain Retailers as Consumers Buy to Try

  • With the growth of e-commerce, customers have increasingly been “bracketing,” or purchasing the same product multiple times to test out different versions before returning most of the purchases
  • The practice can create major headaches for retailers, including higher shipping costs and inventory disruptions
  • Strategies such as strengthening customer resources and offering virtual or augmented reality experiences can help address the issue
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Jobs Growth Decelerates in November, with 210,000 Positions Added

  • U.S. economy adds 210,000 jobs in November, well below forecasts
  • Business and professional services lead job gains, while transportation and warehousing and financial activities exceed pre-pandemic workforce levels
  • National unemployment rate falls 0.4 points to 4.2 percent
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Business News Roundup, Dec. 3, 2021

A boost to oil production, the Treasury Secretary's comments on inflation, elevated COVID-19 infections in Connecticut, and a delay to return-to-office plans at a major Hartford employer are among the top business news items this morning. National OPEC and Russia…

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White House Outlines Reforms to Improve Equity and Opportunities for Underserved Small Businesses

  • White House announces several reforms aimed at increasing federal procurement from small disadvantaged businesses
  • Initiatives build on goal announced earlier this year to boost contracts to these businesses by 50 percent, to represent 15 percent of all federal contracts by 2025
  • Actions include directing agencies to increase their own contracting goals, more open data, and changes to the federal government’s use of category management
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Fed Beige Book: Staffing, Supply Shortages Continued to Hinder Growth as Year-End Approached

  • In its last Beige Book report for the year, the Federal Reserve says labor and supply chain issues helped constrain economic growth this fall
  • Child care, retirements, and fear of COVID-19 are identified as key factors making it more difficult to find workers
  • In New England, commercial leasing is expected to grow but businesses are likely to shrink their footprints
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Bonuses Reward High-Performing Employees, But Can Also Drive Them to Overwork

  • Study suggests that incentive-based pay can make employees more committed to their job, but also cause them to prioritize their work over their social life
  • Such a pay model can come with a higher risk of employee stress and burnout, which can inhibit productivity
  • Authors suggest that business leaders need to strike a balance between incentives and recognizing employees’ personal lives
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Connecticut Employers Share Advice on How They Have Encouraged Workers to Get Vaccinated Against COVID-19

  • Connecticut Business & Industry Association highlights insights from companies that have successfully promoted vaccinations among their employees
  • Effective communications, visits from health care professionals, and holding firm to any rules are among the strategies
  • Setting up vaccine clinics and offering paid time off to get a dose can also be useful
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UConn School of Business Hosting SPAC Conference Next Week

  • University of Connecticut School of Business to host half-day conference on special purpose acquisition companies
  • Event will take place on Dec. 9 in Stamford
  • SPACs have grown substantially in popularity as an alternative way for private companies to go public
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