Big payoffs fade for job switchers

When the post-pandemic labor shortage in 2022 forced employers to dangle big pay packages to snare workers, an estimated 3% of all U.S. employees took part in the Great Resignation — quitting their jobs knowing they would be able to cash in on the flood of lucrative offers.

But if you’re thinking of joining the Great Resignation now, be resigned to the fact you will probably not get that big a boost in pay.

ADP Pay Insights, which tracks the payroll data of 10 million employees, says the median raise of a job changer in June 2024 was 7.7%. In June 2022 — at the peak of the Great Resignation — the median raise of a job changer was a record high 16.4%.

Insurers brace for tech outage ‘catastrophe’

Even as the aftereffects of the massive global tech outage that impacted thousands of businesses and consumers linger, the pain may just be beginning for insurers. Companies that sold cyber-insurance policies that included reimbursement for business interruption may face claims of tens of billions of dollars from airlines and other affected companies, according to Reuters. One insurance expert told Reuters the outage could produce “an insurance catastrophe.”

High-water mark for streaming

Streaming hit a new record last month, as 40.3% of TV watching was delivered by streaming platforms, the first time streaming captured more than 40% of the viewing audience, according to Nielsen. Broadcast TV accounted for 20.5% of total TV watching time while cable TV had 27.2% of the viewing audience. YouTube was the most popular streaming platform in June, followed by Netflix and Prime Video.

Apple shares mobile wallet technology

Apple has avoided the threat of fines from European Union regulators by agreeing to open up its Apple Pay mobile wallet technology to other providers free of charge. Under the settlement, consumers in Europe will be able to use alternative digital wallets to pay for goods and services at checkouts. Apple’s digital wallet allows consumers to store virtual debit and credit cards and ticket bookings on iPhones.

— BLOOMBERG NEWS