Latest news with #Gusto
Business Insider
3 days ago
- Business
- Business Insider
In a rocky job market, power has shifted back to employers. Hiring is down, promotions are scarce, and RTO is in.
Companies are back in control, at least for now. Workers, in general, have lost their power after being spoiled during the Great Resignation. Career growth opportunities, flexible work-from-home benefits, and wage growth have cooled. It's getting harder to negotiate a new job and move up the career ladder at your current gig. Exclusive data from Gusto, a payroll and benefits platform for small and medium-sized businesses, showed that the rate of workers receiving a promotion, meaning a title bump and a raise of at least 5%, peaked at 14.5% around mid-2022 and has now fallen to just over 10%. Economic uncertainty is likely a reason. Aaron Terrazas, an economist with Gusto, said companies are pausing big decisions, and more employees are staying put. "It's clear that during that period of intense competition for talent, companies were using promotions as another incentive to retain their employees, prevent them from looking elsewhere," Terrazas said. Compensation and job mobility have worsened Don't expect high wage growth in the near future. Indeed data shows the year-over-year change in pay advertised in US job postings on the platform has cooled from the Great Resignation high of 9.5% in November 2021 to 3% this past April. What it boils down to: It's gotten harder to find a new job, so people are willing to work for less. A survey from the Federal Reserve Bank of New York showed the average lowest wage people said they would accept for a new job dropped from about $82,000 this past November to $74,000 in March. And once at a job, they're not advancing as quickly as in recent years. Gusto data showed promotion rates at small to midsize businesses declined across the board from May 2022 to this past May. Technology took the biggest hit, sliding from 17.4% to 10%. Terrazas said companies could be stepping back from their "aggressive talent retention strategies" they had a few years ago. "There's less of an urgent need for companies to lure their employees to stay in positions through promotions," Terrazas said. There's less bargaining power, especially in white collar and retail Cory Stahle, an economist at the Indeed Hiring Lab, said people looking for white-collar roles, especially in software development, have less bargaining power than in healthcare, where workers are more in demand. He added that the power has shifted to employers in retail, where Indeed data shows postings have cooled to below pre-pandemic demand. Tariff uncertainty could be a reason. Though many of President Donald Trump's plans have been paused or walked back, Stahle said "the damage" could have already been done. "With the on again, off again tariffs and a lot of the other uncertainty in the economy, businesses are a little more hesitant because they're saying, 'We're not sure what spending is going to look like going forward,'" Stahle said. People hoping to get a work-from-home gig will have a harder time finding one than in the past few years, when more companies allowed this during the pandemic. Indeed data shows the share of job postings mentioning hybrid or remote has cooled down to 7.5% at the end of May from 10% in 2022. While some companies are requiring people to work a few days a week in person, Amazon and JPMorgan are among the companies that have called on workers to be in the office every day. All hope isn't lost for workers hoping to negotiate for more. Because of how business cycles work, Stahle thinks bargaining power will shift back to workers eventually — and then employers will have the upper hand again someday, too. "It really is this tug of war, back and forth, that is driven by broader economic forces rather than some moral force," Stahle said. Stahle doesn't think people have to wait. He said if you have the skills an employer needs, you can try to negotiate what you want. "If you have an opportunity to negotiate, you should always be trying to negotiate, " Stahle said. "Always be trying to make sure that you are getting upfront the pay and the compensation and the benefits that match your skills and your experience." Have you struggled to land a promotion or find a new job in the current economy? Reach out to this reporter at .
Daily Mirror
4 days ago
- Sport
- Daily Mirror
Malo Gusto faces up to 'most difficult part of football' after Chelsea nightmare
Chelsea star Malo Gusto had a night to forget in the UEFA Conference League final but the right-back has spoken about his efforts to rebound from the huge setback Malo Gusto says he will come back stronger after his European nightmare. The Chelsea defender was hooked at half time in the Conference League final against Real Betis after enduring a awful 45 minutes in Wroclaw. Betis were leading at the break after Gusto's mistake but Chelsea substituted him and came back to win 4-1 and clinch a European trophy on top of qualifying for the Champions League. It was a bittersweet night for the France international but he says it can also be a good learning curve. The 22-year-old said: 'The first half was complicated. I had good ideas but the reality was not good. That can happen. I just tried to switch off straight after the game before I went to the national team. 'Mentality is the most difficult part of football. Sometimes you have bad moments and it can be hard to do better straight after. The most important thing is to switch off. 'But in football we have many games and there's a chance after the bad game that you get another three days after so you have to try to avoid the bad moments, the bad feelings in your mind and just focus on after.' Gusto, talking ahead of Chelsea's Club World Cup showdown with Flamengo on Friday, now wants to enjoy another big step in his career by playing in the Champions League. He added: 'Those were our objectives, to get top four, to be in the Champions League for the next season, to win the Conference League and we've done that. 'Now the most important thing is to play well in the Champions League, to show to people we deserve to be here. To come into Stamford Bridge and hear the Champions League music. It will be my first time to play this competition so I'm excited, proud. 'It's a big challenge but I think it's similar to the Premier League because every game is tough, maybe even more so in the Champions League but we are ready. We have many top players in the squad and now we just have to be ready for next season.' Chelsea take on Flamengo looking to continue their perfect start to the Club World Cup. They won their opening group game 2-0 against Los Angeles FC, with Flamengo winning their own opener by the same margin against Esperance. Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
CTV News
5 days ago
- Entertainment
- CTV News
Halifax to get a taste of Italy
Halifax to get a taste of Italy Gusto Italian Festival promises to dish out a full serving of Italian culture in the heart of Halifax.
Yahoo
11-06-2025
- Business
- Yahoo
Gusto Partners with Elevate to Enhance Consumer Benefit Account Offerings
Elevate's automated benefits technology helps drive 51% increase in user satisfaction DENVER, June 11, 2025 /PRNewswire/ -- Elevate, a modern consumer directed benefits administration platform, today announced a partnership with Gusto, which helps more than 400,000 small businesses take care of their teams by simplifying payroll, HR, benefits, and compliance. Through this partnership, Gusto now offers enhanced health savings accounts (HSAs), flexible spending accounts (FSAs), and commuter benefits to its small business customers – —complementing its existing benefits platform that includes health insurance and more. Elevate and Gusto have created a portal for benefits plan participants showcasing Gusto's bold branding, have built automated integrations for streamlined plan setup, onboarding, and enrollment, and have collaboratively transitioned existing accounts to the new platform. Following the HSA, FSA, and commuter benefits integration, Gusto achieved: 26% reduction in questions per customer 57% increase in customer likelihood to recommend Gusto products and services 51% increase in customer satisfaction Gusto chose Elevate as its new technology partner for its built-in automation, API-first design, flexible branding, and strong user experience. Gusto needed a partner that could move fast and scale alongside its growth. "The decision to partner with Elevate was driven by our commitment to deliver the best possible experience for our small business customers," said Julia Miller, General Manager and Head of Benefits at Gusto. "Elevate's technology allows us to streamline our consumer account offerings, so our customers can enroll in, manage, and use these tax advantaged accounts with ease. We're excited about the initial results and the possibilities this partnership unlocks, further enabling Gusto to be a leading comprehensive benefits solution for small businesses and their teams." "Working with Gusto has been an incredible opportunity for us to demonstrate the full capabilities of the Elevate platform," said Brian Cosgray, CEO and co-founder of Elevate. "We're proud to provide a solution that not only meets Gusto's current needs but also provides a strong foundation for future growth and innovation. Our collaboration with Gusto shows how advanced technology and a shared vision for excellence can drive remarkable outcomes." Elevate partners with third-party administrators, health plans, financial institutions, professional employer organizations, and benefit platforms looking for more advanced technology solutions, and has helped partners realize up to 35% in gross margin savings. To learn more visit: About Elevate Elevate is the first completely cloud-based, API-driven, and AI-enabled consumer-directed benefits platform with a focus on configurability, embeddability and real-time automation. The all-in-one platform can manage all types of benefit accounts, from health savings accounts (HSAs) to complex health reimbursement arrangements (HRAs), and even commuter and lifestyle accounts. Elevate's team of industry experts recognized the need for modern technology in an outdated benefits administration industry, which led to the creation of Elevate in 2020. About Gusto Gusto is a leading provider of cloud-based payroll, benefits, and HR solutions for small and medium-sized businesses. Gusto serves over 400,000 businesses nationwide. Each year Gusto processes tens of billions of dollars of payroll and provides employee benefits—like health insurance and 401(k) accounts—while helping companies create incredible workplaces. Through one refreshingly easy, integrated platform, Gusto automates and simplifies payroll, benefits, and HR, all while providing expert support. View original content: SOURCE Elevate
Yahoo
09-06-2025
- Business
- Yahoo
Exclusive: Gusto launches $200 million–plus tender offer
Gusto, an HR tech startup valued at more than $9 billion, is conducting an over $200 million tender offer via a new deal led by the Ontario Teachers' Pension Plan. The tender offer, which begins Monday and runs through July 8, will allow employees in the company to cash out some of their shares while giving the Canadian fund its first stake in the company. 'Given the momentum, we've had investors interested in owning Gusto stock for a long time,' Gusto cofounder and CEO Josh Reeves told Fortune via email. The offer will be open to both current and former employees with a minimum of two years of tenure. Gusto declined to disclose price per share and whether there is a maximum number of shares that employees can sell. The deal was done at Gusto's last valuation, $9.3 billion, and is led by Teachers' Venture Growth, which is part of Ontario Teachers' Pension Plan. (OTPP, the largest single-profession pension plan in Canada serving over 340,000 current and retired teachers, is also an investor in Canva, Databricks, and SpaceX.) OTPP is the anchor for the deal, and is joined by new and existing Gusto investors. It's a full-circle moment of sorts—Reeves' parents are both teachers. The tender offer, the third that Gusto has arranged for employees since its founding in 2012, comes as the market for initial public offerings remains limited. Several tech companies, including Circle and Omada Health, have had IPOs in recent weeks, but the overall number of public listings remains well below historical norms. Reeves declined to comment on Gusto's IPO plans, telling Fortune: 'Gusto has been a long-term focused, multi-decade company from day one … When we have more details to share on an IPO, we'll share it.' The company's last employee tender offer was in 2021, done in addition to the startup's $175 million Series E funding round. Gusto—founded in 2011 by Reeves, Tomer London, and Edward Kim—has been free cash flow positive since early 2023. As Fortune reported in May 2024, Gusto generated north of $500 million in revenue in its 2023 fiscal year. The company also said that it's been growing over the past year, driven by the expansion of existing products like health benefits and 401(k) management. In 2024, Gusto's 401(k) business grew its ARR, or annual recurring revenue, about 50% year over year, while the unicorn's Gusto Money spending account product grew ARR over 140% year over year. HR tech has recently made headlines for the sprawling legal brawl between HR unicorns Rippling and Deel, but Reeves says that the space itself remains active and bright. In 2025, Reeves added, the company is set to add 150,000 new small businesses to its platform, and is actively hiring, with a particular focus on R&D. 'There is tremendous opportunity in the broader HR tech space,' said Reeves. 'More businesses are being created while at the same time more rules and regulations are being introduced. Gusto can help. I have conviction that there will be multiple $100 billion–plus new companies built in this space, including Gusto. And as a reminder, Intuit is a $200 billion–plus company today; ADP is a $100 billion–plus company today; and Paychex is a $50 billion–plus company today.' This story was originally featured on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
