69% of full-time remote employees say they have a second job, new survey shows. It’s another reason for CEOs to be paranoid about WFH.
There’s some new survey data out this morning that may add to the paranoia of CEOs who wonder what their employees are doing at home. Conducted by ResumeBuilder.com using the Pollfish platform, the study included a representative sample of 1,250 U.S. adults who have full-time jobs as remote workers. Some findings:
- 69% of those full-time remote employees say they also have another job.
- 37% said that second job is also a full-time job. 32% said it is part-time.
- Of those with two jobs, just over half said one of them was their own business and existed before the pandemic. Another quarter started their own business during the pandemic. And just under a quarter said neither of the jobs is their own business.
How do they manage two jobs? Well part of the answer is that they work extra hours, and part of it is neither job gets a 40-hour week. Asked how many hours a week they worked at both jobs, only 18% said 80 hours or more; 45% said 40 hours or less. The remainder said 50-70 hours.
Why do they do it? They need the money was the top answer—either to pay off debt, supplement spending, or add to their savings. But 34% said “to combat boredom” was another reason for the second job.
At least 5 million people are now known to have died from COVID-19 around the world. It's a milestone but almost certainly an underestimate. And 50,000 more people are dying each week. Fortune
Jes Staley has stepped down as Barclays' CEO following a probe by British financial regulators into his characterization of his relationship with Jeffrey Epstein, the disgraced and deceased sex offender and financier. Staley is the second bigwig in the world of finance to lose his position this year over his Epstein associations, the first having been Apollo Global Management's Leon Black. Fortune
Apart from signing off on the new global tax rules, G20 leaders struck a deal over the weekend that commits them to keeping a temperature rise of 1.5 degrees "within reach." That almost makes for a good start to COP26, the climate summit that marks the last chance for the world to limit warming in that way, but it's somewhat undermined by two things: a failure to agree on an end to domestic coal consumption, and the fact that we're still on track for a 2.7-degree rise. Bonus read: Fortune's Katherine Dunn on the COP26 stakes. Politico
Coke and BodyArmor
Coca-Cola is shelling out $5.6 billion for full control of BodyArmor, the sports-drink brand in which it already had a 30% stake. The estate of Kobe Bryant, the basketball legend who died last year and who was an early BodyArmor backer, will reportedly get $400 million from the deal. Wall Street Journal
AROUND THE WATER COOLER
The U.S. and EU's big trade dispute is on hold, after a deal struck at the G20 summit in Rome. The U.S. will allow duty-free imports of European steel and aluminum "at a historical-based volume" (a quota clause that some EU officials see as illegal) and the EU is suspending retaliatory tariffs on items such as American whiskey. The two sides have essentially decided to join forces to combat countries that deploy "non-market practices" in the steel and aluminum sectors, i.e. China. Fortune
Warehouse operators in the U.S. are scrambling for more space, with bottlenecks forming in places like the Port of New York and New Jersey as soaring consumer demand meets an underprepared industry. And yes, labor shortages are a factor too. Financial Times
Musk vs hunger
In what is essentially an extension of his griping about paying more taxes, Elon Musk said on Twitter that he would donate $6 billion to solving world hunger, if the U.N. World Food Program (WFP) can explain how this would work. Musk was responding to a CNN report of WFP director David Beasley saying 2% of Musk's wealth could solve the problem. Beasley now says the headline on that report was wrong and $6 billion is what is urgently needed on a one-off basis to stop the deaths of 42 million people. Musk now wants to see a detailed and publicly available spending proposal. Fortune
Fun times for 33,000 visitors to Shanghai Disneyland, who yesterday found themselves temporarily imprisoned there for COVID testing. As Fortune's Grady McGregor writes: "The partial closing of the park created bizarre scenes that went viral on Chinese social media. Hundreds of people in full medical hazmat suits were seen testing young children and other park-goers as a Disney-themed fireworks display erupted overhead." Fortune
This edition of CEO Daily was edited by David Meyer.
This is the web version of CEO Daily, a daily newsletter of must-read insights from Fortune CEO Alan Murray. Sign up to get it delivered free to your inbox.