Over the past three years, the global workforce has transformed. The pandemic has completely altered the labor marketand right now, billions of workers are being affected by the highest inflation rates in generations. Job security is declining amid economic uncertaintybut talent shortages show no sign of slowing down.

While the height of the Great Resignation may have passed, the war for talent is far from over. Job vacancy rates continue to be ahead of pre-covid levels across all sectors and companies are still struggling to attract and retain workers.

According to our latest Talent Trends data, two-fifths of organizations indicate that talent scarcity is a negative factor or their biggest pain point. If there was ever a time for leaders to make talent strategy an imperative, it is now.

Last week when the worlds business leaders gathered at the World Economic Forum in Davos, talent scarcity was unsurprisingly a big focus. One message came out on top: The onus is on employers to step up and meet employee expectations if they want to attract and retain workers.

Businesses must treat talent in the same way theyd treat a customer by finding ways to differentiate themselves. Randstads Workmonitor 2023 report has found that employees want the full package of a secure, flexible, happy, inclusive, and inspiring workplace.

Flexible but stable work is the new frontier for workers

There has been a big debate about whether or not macroeconomic uncertainty will trigger a reversal in demands and expectations workers became accustomed to during the pandemic. Despite a dip in job security, workers are not willing to forgo flexibility and work-life balance.

Last week at the WEF, flexibility at work, including the future of working from home, was debated at length. Rowing back on this key gain for workers would be a mistake. The reality is that this is now non-negotiable for many workers. Offering flexible work is a business imperative.

Employees are willing to walk away from a job if expectations arent met. 42% of workers are prepared to quit if requests for better conditions are not met. A further third would rather be unemployed than unhappy in a job. Older workers in particular value flexibilityand for many, it has allowed them to re-enter the labor market after the pandemic.

Workers want a sense of belonging and purpose at work

Alongside these practical requests, value alignment and a sense of belonging are incredibly important for workers. They want their employers values and purpose to align with their own.

Much of this is driven by Gen Z and Millennials who seek more satisfaction from work than a pay cheque alone provides. This means leaders need to think carefully about how to manage tomorrows talent agenda.

Over half of the workers in our study said that they would quit a job if they felt like they didnt belong there, and this is especially true of Gen Z (61%). Two-fifths of people wouldnt accept a job if it didnt align with their social and environmental priorities.

Support is a differentiating factor for businesses

The rising cost of living is significantly impacting and putting pressure on workers. Inflation is resulting in workersparticularly younger onestaking on new roles or extending hours at their current workplaces.

Alongside those seeking additional work or hours, the global economic outlook also means many older workers are rethinking their retirement plans. This trend towards unretirement is one of the most marked swings in sentiment we have seen this year in our Workmonitor study. Last year, 61% thought theyd retire before 65. Now, only half think this would be possible.

Employee support is becoming a new differentiator in the ongoing scramble for talent. People increasingly expect their employers to help them through the cost-of-living crisis, whether thats in the form of increased salaries, subsidies, or monthly pay boosts.

Many employers are already doing thisjust under half of people said their company was helping them deal with increased living costs. Businesses that support their employees throughout tougher economic conditions will reap the rewards in retention when times are less hard.

The economic challenges were facing have put a new tilt on some of these ongoing trendsbut companies must step up to these expectations if they want to build engaged, loyal, and fulfilled workforces. By stepping up, employers can help prevent talent shortages while creating a more content and productive workforcewhich is to everyones benefit.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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Despite throwing the most money in the world at healthcare, the U.S. ranks below China, Latvia, and Mauritius for womens health.

According to data from Hologic, which surveyed 127,000 people across 122 countries, countries with higher income and higher healthcare expenditure per capita typically score higher on womens health, including a longer life expectancy. 

The U.S., however, continues to be a well-documented exception, the report warns.

For example, the country spends almost twice as much as an average Organisation for Economic Co-operation and Development (OECD) country does on healthcare, but it has a lower life expectancy.

Life expectancy at birth in the United States has been declining since 2020. Although it varies depending on age, sex, race, ethnicity, and even which state a person lives in, life expectancy in the U.S. is currently at around 76 years old. It marks the lowest estimate since 1996.

Comparably, other countries that funnel wealth back into their health system scored higher on the Health Index. Austria where the life expectancy is 81 years old, scored 67 points in the survey, meanwhile, Switzerland scored 66 and has a life expectancy of 83 years old. Taiwan led the list, with 70 points and a life expectancy of 81 years.

The U.S. spends more on healthcare than any other country in the world yet overall it scored 61, putting it in 23rd place.

Nearly one in four women in the U.S. cannot afford food

Womens ability to meet their basic needs such as affording food fell globally, according to the data. Plus, women were more likely than men to say they didnt have enough money to afford food. 

Generally, worries about food and shelter are relatively nonexistent in higher-income economies.

But again, the exception to this rule is in the U.S.

The survey asked respondents: Have there been times in the past 12 months when you did not have enough money to buy food that you or your family needed? And, have there been times in the past 12 months when you did not have enough money to provide adequate shelter or housing for you and your family?

In Sweden and Singapore, only a handful of women responded yes to both questions its in the low single digits according to the report. 

Yet in the States, 23% of women said they could not afford food at times in 2021.

Womens emotional health is also declining

Despite hopes that the COVID-19 pandemic could be a leveler for women, the survey shows that womens health is even worse off than during the pandemic when there were disruptions to essential health services.

Globally, the Index shows most womens health situations did not improve in 2021 and the health situations for many women who were already vulnerable worsened. 

Worldwide, as women struggled more to afford the basics and felt less safe as of 2021, nearly 1 billion women do not feel safe walking alone at night where they live their emotional health suffered. 

As a result, women in 2021 were more stressed, worried, angry, and sad than they were in 2020 or at any point in the past decade.

More than four in 10 women in 2021 said they experienced worry (43%) and stress (41%) during a lot of the day, nearly one in three experienced sadness (32%), and more than one in four experienced anger (26%) all record levels. Stress, worry and anger each increased by three percentage points within the span of a year, while sadness notably rose by six points.

Of course, women arent alone in feeling stressed out or negative. However, the gap between men and women reporting they feel that way is widening, with at least five points separating them on anger and sadness. Women are also substantially more likely than men to suffer from severe stress and anxiety.

The report says that the future will be better for women when as many women as possible do not experience worry, sadness, stress or anger a lot in a typical day. At present, these figures are at new highs, and reducing the incidence of these negative feelings is more of a challenge today than it was in 2020.

Understanding how women are feeling and how it differs from men is crucial to tailoring strategies for improving womens emotional wellness, it adds.

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Staff at Google have long lauded the companys work perks, from freshly-made meals in its cafes to in-house massage therapists. But the dark clouds of economic recession have cast their shadow over the tech behemoth with masseuses among those included in the companys biggest ever round of job cuts.

On Jan. 20, Google, which is owned by Alphabet, confirmed it would be axing 12,000 jobs roughly 6% of its workforce after rumors about layoffs had swirled for months. Some employees realized they lost their jobs when they were unable to access corporate systems.

In filings submitted on the same day, it was revealed that 15% of the cuts 1,845 positions would come in Googles home state of California. In filings released by the state and viewed by CNBC, 1,436 jobs were cut in Googles headquarters of Mountain View, 119 cuts were in YouTubes home of San Bruno, while Palo Alto saw 53 cuts. In Los Angeles, 177 people lost their jobs, and Irvine saw 60 jobs axed.

Although a significant proportion of the jobs around a quarter announced in the West Coast hub had titles including the words director or senior, a raft of masseuses were also laid off. The cuts included 27 therapists in total, 24 at the head office and three across Los Angeles and Irvine.

The filing added: Employee separations at the facilities resulting from this action are expected to commence March 31, 2023. Google did not immediately respond to Fortunes request for comment outside of U.S. work hours; a company spokesperson previously told news outlets that the March date is due to the notification period required in California.

In his initial announcement to the company, CEO Sundar Pichai said the company would pay employees their full notification period a minimum of 60 days as well as a severance package starting at 16 weeks salary plus two weeks for every additional year at Google; 2022 bonuses and vacation time will also be paid, as well as six months of healthcare, job placement services, and immigration support for those affected.

Pichai added the announcement made for one of the toughest days for the company to date.

As an almost 25-year-old company, were bound to go through difficult economic cycles. These are important moments to sharpen our focus, reengineer our cost base, and direct our talent and capital to our highest priorities, he added.

Being constrained in some areas allows us to bet big on others. Pivoting the company to be AI-first years ago led to groundbreaking advances across our businesses and the whole industry. Thanks to those early investments, Googles products are better than ever. And were getting ready to share some entirely new experiences for users, developers and businesses, too. We have a substantial opportunity in front of us with AI across our products and are prepared to approach it boldly and responsibly.

All this work is a continuation of the healthy disregard for the impossible thats been core to our culture from the beginning. When I look around Google today, I see that same spirit and energy driving our efforts. Thats why I remain optimistic about our ability to deliver on our mission, even on our toughest days.

Googles move comes amid a raft of tech layoffs, with Spotify Technology filing Monday that it will cut about 6% of its employees, joining a slew of technology companies from Amazon to Meta Platforms in announcing job cuts to lower costs.

Pichai himself has also taken a financial hit following the news, when he confirmed that all roles above the senior vice president level at the company face very significant reduction in their annual bonus. Business Insider reported that Pichai added that for senior roles, compensation was linked to company performance.

It was not immediately clear how big Pichais own pay cut would be. 

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The days of the open house could be numbered with luxury property buyers snooping inside their next home from the comfort of their couch.

Real estate agents selling multi-million dollar homes have embraced the TikTok tour trend, giving viewers a sneak peek inside everything from mega-mansions to penthouse suites. But the videos arent just eye candy, theyre attracting sales and getting the next generation of buyers hooked.

It comes amid a slowing down of the U.S. property market. In 2023, Wells Fargo expects a drop in new-home sales (-6.5%), existing-home sales (-13.1%), and single-family housing starts (-12%), as well as a 5.5% decline in U.S. home prices. By December 2022, mortgage purchase applications were down over 40% on a year-over-year basis.

But search for #property on TikTok and youll be one of the three billion viewers who have looked up the content. Even greater is the power of the walk around with #housetour getting 10.1 billion views, #realestate has 21.6 billion, while #luxuryhomes gets 3.3 billion.

Both an appetite for escapism and aspiration is driving the trend, said Andres Rivadeneira, a Toronto-based agent who has amassed more than one million likes on his property content. When he first began posting videos in 2021 he could never have imagined the impact it would have on his business both in generating interest for properties and sourcing new stock.

He explained: I had a video which went viral but it was for an apartment which had already sold you cant time when things really take off. It had been bought by someone who hadnt seen the property via TikTok but I was still getting so many messages about it. I was out when a couple approached me who recognized me from TikTok and introduced themselves as the buyers. I told them how much interest I still had and they said if I could find them a good deal, theyd be open to selling.

So I was like: Game on. One of the buyers through TikTok made them an offer and they made a $30,000 profit in less than 30 days. The original buyers never even moved in, they were just in possession of it.

Rivadeneira added that thanks to TikToks global reach, exposure is not only driven by likes, views, comments and shares, but by producing content which people are nosey enough to want to watch.

Luxury property tours are interesting to people either because they want to virtually look through the windows of a place or because theyre in the minority who would maybe buy it. I get a lot of calls about my properties from people living in high-value markets like London, New York or Australia. The content around: This is how much you can get for your money here versus there is really interesting to people and that drives a lot of endangerment, he added.

First-time buyers are biting

Freya Melling is the associate for U.K.-based agent Fine and Country based on Park Lane. She said that just because the demographic of the platform is younger, that doesnt mean they havent got cash to splash: I have had some serious offers on properties that people have seen through TikTok. Weve had some people in their mid-20s interested in apartments which are around the 2 million mark and they first came across the property on TikTok.

She added larger country estates that garner interest through TikTok tend to do so when children have shown the videos to their parents or the content has been shared on other sites such as Facebook.

But the strategy behind embracing the new platform isnt just for short-term wins as brands look to establish themselves with a younger crowd. Melling explained TikTok has an aspirational feel that the next generation of buyers and sellers should hopefully associate with the brand. She added TikTok has a more global reach whereas sites like Facebook are more local.

Facebook still reigns as the most powerful site to generate traffic for properties, the experts said, followed by Instagram, then TikTok, then LinkedIn.

But just because the short-form video app isnt leading the way yet doesnt mean agents should fall behind, warned Greg Shoulder, digital marketing manager for U.K.-based real estate agency Parkers.

Analytics from Parkers content shows its reaching across Europe and into Asia, but also expanding the companys reach into the landlord and investment market, as well as residential buyers.

In the luxury market its definitely opening up more conversations because people are searching for specific hashtags or topics, Shoulder said. The short form gives people a peek through the window into what their next home could be and also has that aspirational how the other half live quality.

How do you make TikTok property videos go viral?

Hindsight is a wonderful thing when it comes to the world of content creation. The reason as to why a video blows up is often clear after its been seen millions of times, said Canadian real estate agent Miranda Caldwell; however, if you try to create a viral video its less likely to do so.

The sales representative says her style is much more indirect than trying to sell the property as she uses the platform more for her own research and personal brand.

Caldwell explained shes incredibly selective about the homes she tours, even turning down property requests if she feels it doesnt fit with what her viewers turn to her for.

To me my platform is mainly about research because Im so interested in design and what people react to, she says.

Whats interesting is that in the luxury market and with a lot of people worrying about a recession, the videos Im seeing do really well in terms of engagement are the more humble properties. Instead of the flashiness people like homes where you can see the human element as opposed to those houses that people say feel like doctors offices.

I always prioritize the homes that have more charm and history and find that its the interactions from videos that dont go viral which are really worthwhile. For example customers and other luxury agents Ive met through TikTok tend to connect through comments on videos which havent had such a big reaction.

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Fed Chair Jerome Powell made it crystal clear last summer: Spiking mortgage rates would help to reset the U.S. housing market, which had turned into a buyers nightmare during the pandemic.

Of course, spiking mortgage rates wouldnt magically build more homes. However, higher rates in theory could rebalance the U.S. housing market by throwing cold water on the pandemics housing demand boom, allowing inventory breathing room to rise, and pushing home prices lower. Thats also exactly what unfolded in the second half of last year: Sales for both new and existing homes went into free-fall mode, while U.S. home prices started to fall for the first time since 2012.

But fast-forward to 2023, and it looks like that free-fall in home sales could be over. In fact, just this week Goldman Sachs published a paper titled 2023 Housing Outlook: Finding a Trough. The paper argues that home sales are bottoming out, while the home price correction has a bit longer to run.

"We suspect that existing home sales could decline slightly further but will likely bottom in Q1," write Goldman Sachs researchers. "We expect a peak-to-trough decline in national home prices of roughly 6% and for prices to stop declining around mid-year [in 2023]. On a regional basis, we project larger declines across the Pacific Coast and Southwest regions."

To better understand if the U.S. housing market recession is actually bottoming out, Fortune reached out to Zonda chief economist Ali Wolf. When shes not traveling around the country speaking to homebuilders, shes advising the White House on housing matters.

Below is Fortunes Q&A with Ali Wolf.

Fortune: There are early signs that housing demand, which plummeted last year as mortgage rates spiked, is starting to recover. Are you also seeing this? If so, is this simply seasonality, or also a result of mortgage rates coming down a bit?

There has been an uptick in buyer interest since the beginning of the year related to three key things: seasonality, acceptance, and discounts.

Seasonality: The housing market traditionally is the slowest at the end of a given year, picks back up in January, and goes into full force during the spring selling season starting around the Super Bowl. Early indications are that buyers are out shopping again. Right now, it seems there are more buyers looking than actually signing contracts, but the increased traffic indicates underlying interest: 38% of builders reported to Zonda that traffic has been stronger than expected in January so far. A key thing to watch in the coming months is resale inventory. We saw many existing homeowners de-list their homes in November and December when their home didnt sell for as quickly or as much money as they had hoped. The spring selling season usually brings more inventory with it, so we are watching to see if these sellers decide to re-list in this traditionally stronger time of the year for housing.

Acceptance: Consumers have been mourning the loss of record low mortgage rates. For example, if a consumer was able to afford the monthly payment of a $500,000 house at the beginning of last year, without changing their budget, they are now looking for a house in the $350,000 range. For some consumers, they are unwilling or unable to move forward with a purchase. For others, they are entering the acceptance phase. We are on the 10th consecutive week of mortgage rates averaging below 7%. This stability in rates is giving consumers a bit more confidence about where the market is right now. Some existing home sellers and many builders are offering funds to help buy down the interest, with adjustable-rate mortgage options and 30-year fixed rate mortgage options.

Discounts: Homebuilders now represent over 30% of overall housing inventory. Builders are in the business of building and selling homes. As a result, weve seen builders offer both price cuts and incentives to entice consumers. What we saw happen was that in the early days of the housing slowdown, builders offered modest price cuts to the tune of 1 or 2% of the base price. All that did was tell consumers it made sense to wait, because home prices will likely be lower in the future (i.e. consumers got in a deflationary mindset). Builders learned quickly that it was a lot better to rip the band aid off with home prices, but just adjusting once hard and fast to find the market. As a result, roughly 40% of builders have already lowered home prices between 5 and 15%. For consumers, the FOBATT [fear of buying at the top] mentality is calmed a bit because they are no longer waiting for prices to start coming down.  

Q: Are builders finding success with rate buydowns? 

Zonda data shows that over 50% of new home communities across the country are offering some kind of incentive to consumers. These incentives can range from extended rate locks to funds for closing costs or options and upgrades and mortgage rate buydowns. Mortgage rate buydowns are essentially builders paying points to lower the mortgage rate. Builders are paying anywhere between $10,000 and $70,000 to lower the rate. For consumers, a main reason they pulled back from the housing market is the record affordability shock. Lower rates, especially when the builder offers a lower rate on a 30-year fixed mortgage, are proving effective at bringing some consumers back into the market. Put simply, the buydowns are expensive but effective.

Q: Do you have any data on how much/how many builders have cut prices?

Our December builder survey showed that 43% of builders cut prices month-over-month, while 56% left prices flat. For January, our early read is that 56% of builders held prices flat, 32% lowered prices, and 12% increased [home prices]. In some markets we have seen average detached new home list prices come down 20% from peak; in others current pricing is still at peak.

Q: Heading into 2023, Zonda predicted that U.S. home prices would fall around 15% peak-to-trough. Have you made any shifts in your expectations for U.S. house prices?

We still expect home prices to be down in 2023 compared to 2022, but how deep of a decline will depend on: how quickly sellers find the market with price cuts, what happens with mortgage rates, how inventory levels trend, and what happens related to a U.S. economic recession.

Newsletter-Gold-Line

Want to stay updated on the housing correction? Follow me on Twitter at @NewsLambert.

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Today, our world is home to the largest generation of young people in history. But what kind of world are these young people going to inherit? Its time for all generations to uniteand together tackle some of the most pressing issues facing the world. And the first step is to make sure young people are meaningfully included in decision-making spaces around the world.

Trying to fix global issues in isolation, with the same people in the same rooms, using the same solutions isnt working. We must look at systemic change to allow fresh views and perspectives to be heard. We must embrace intergenerational collaboration.

Young people have already shown that they have the ideas, spirit, and commitment to bring about the positive changes we collectively need, yet their voices are still underrepresented in parliaments around the world.

Despite the fact half of the worlds population is under 30, only 2.6% of parliamentarians globally fall within this age group.

If this proportion were reflected in a year, the views of those under the age of 30 would stop being represented after just nine days into the year.

On Jan. 9, we marked No Say Day in solidarity with the millions of young people around the world who continue to be excluded from political decision-making spaces at a time when the world is facing extreme systemic challenges.

Last week, world leaders gathered for the World Economic Forum Annual Meeting in Davos. Alongside other prominent global convenings that are often criticized for being out of touch, Davos is but another clear reminder of the need for stronger and more prominent inclusion of young people in decision-making spaces.

The age balance in politics is wrong

We know the public is widely in favor of fairer political representation for young people. According to joint research, conducted by the Office of the United Nations Secretary-Generals Envoy on Youth and The Body Shop, two-thirds of people agree the age balance in politics is wrong.

Numerous barriers prevent young people from having their say in public life, with our research findings similarly indicating that 72% of all people of all ages believe politicians simply dont listen to young people.

Yet even in these challenging environments, young people are keen to create lasting change at all levels. Most young people feel positive about the future and are determined to increase their involvement in public life. A third of those under 30 surveyed would consider running for office, compared with only a fifth of those over 30.

People across all age groups told us that political systems would be improved by giving young people a say in policy. 70% agree that younger generations will change things for the betterbut while young people have the potential, they dont yet have the power. Change can only happen through generations working together.

Fresh perspectives for radical change

We need to change the way decisions are made. Its vital that the decisions we make today are shaped by the people whose lives are most affected by them. This means involving young people in conversations and political processesand allowing them to challenge our current systems to create a society fit for the future.

We must dispel the myths surrounding young peoplethat they are irresponsible, disengaged, troublemakers, or do not have the experience to create real impact. 

Even in the most adverse of circumstances, from humanitarian crises to the COVID-19 response, we have seen young people rising to the challenge and leading the way. There is no doubt that we need young peoples innovation, drive, creativity, andmore than anythingunwavering optimism that a better world is possible for everyone.

Thats why we launched Be Seen, Be Heard, a campaign to raise the voices of young people in public life all over the world. We know it wont happen overnight, but together, and over time, we can raise awareness, drive action and work with governments and young people to advocate for change.

We have already seen that the campaign is having an impact around the worldand that momentum is growing. Last year, the campaign resulted in  37,000 new young voter registrations for the U.S. midterms, and the letter urging amends to the U.K. Public Order Bill was recently cited in the House of Lords. The voting age in Malaysia was reduced last year and the right to vote at 16 is set to be debated in New Zealand Parliament after support from outgoing Prime Minister Jacinda Ardern.

And we are just getting started. The campaigns objective is to change one piece of legislation or policy, or support programming to promote youth participation in public life, in over 75 countries.

From climate change to economic instability, the worlds problems are too great to keep falling back on old solutions. Young people are energetic, thoughtful, and positive about the futureand the wider public clearly trusts their views on the major issues of today.

If generations of all ages come together, we can achieve more young peoples voices in politics around the world, every day.

David Boynton is the CEO of The Body Shop. Marija Vasileva-Blazev is the special advisor to the United Nations Secretary-Generals envoy on youth.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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A voter initiative that would overturn a California law aimed at raising wages and improving working conditions for more than a half-million fast food workers has qualified for next years ballot, authorities said Tuesday.

The referendum raised more than 623,000 valid voter signatures to be placed on the Nov. 5, 2024, election ballot, Secretary of State Shirley N. Weber announced.

The first-in-the-nation law, passed last year, establishes a 10-member council empowered to set minimum wages as well as standards for hours and working conditions for Californias fast food workers. It would affect some 550,000 workers statewide.

Two industry groups, the International Franchise Association and the National Restaurant Association, promoted the referendum that would leave its fate to voters.

Opponents, who raised more than $10 million last year to fund the referendum campaign, argue that the law would burden owners of chain restaurant franchises and drive up the cost of food.

On Dec. 30, a Sacramento County Superior Court judge temporarily blocked the state from implementing the law while ballot signatures were counted and verified.

The measure would have raised employee wages to as much as $22 an hour by the end of this year for chains such as McDonalds and Starbucks that have 100 or more outlets nationwide.

Californias current minimum wage for all workers is $15.50 an hour.

Labor groups supported the law and the referendum fight could be a bitter and costly one that could see both sides spending hundreds of millions of dollars to entice voters.

The Service Employees International Union remained confident that the law will survive the election.

Despite fast food corporations efforts to distort the referendum process, we know California voters see through their tricks, SEIU President Mary Kay Henderson said in a statement. No corporation is more powerful than half a million workers joining together to demand a seat at the table.

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