Women and people of color consistently report getting less helpful feedback in performance reviews than white men, and it’s making them more likely to start looking for a new job.
Just 54% of Asian workers said they understand what their manager expects from them to earn a promotion, compared with 80% of white workers, according to new research from Textio, a firm that analyzes job ads to help businesses create unbiased listings.
About 70% of Black and Latinx workers as well as women, trans and nonbinary people felt the same way, the data show.
Of those who received low-quality feedback – including unactionable suggestions or critiques based on their personality – 40% said they plan to leave their employer in the next 12 months.
The figure was just 22% among those who got high-quality performance reviews.
“Losing employees is costly and problematic for organizations that have invested in them,” said Kieran Snyder, chief executive officer of Textio.
Focusing on more equitable feedback would help companies narrow the attrition gap for minority groups, she said.
The study, which analyzed more than 13,000 performance reviews and surveyed 533 workers across the United States, found that 17% of people specifically cited insufficient feedback as a key reason that they’re looking for a new role.
Amazon scraps merchant fee
Amazon.com is scrapping a planned fee on merchants that don’t use its shipping services, according to documents reviewed by Bloomberg.
The abrupt reversal suggests the company is being more cautious about how much money it tries to extract from online sellers amid an escalating antitrust investigation.
Amazon announced the 2% fee on merchants in August, and it was set to take effect on Oct. 1.
The levy was interpreted by Amazon merchants and consultants as a brazen move since the U.S. government is poised to file an antitrust lawsuit against the e-commerce giant.
The federal case is expected to focus in part on Amazon’s alleged efforts to coerce merchants into using its logistics services.
Amazon didn’t immediately comment on the fee reversal.
Amazon has been accused of having too much power over the some 2 million merchants who use its platform, which captures almost 38% of all U.S. online spending, according to Insider Intelligence.
The Federal Trade Commission is expected to file an antitrust case against Amazon this month.
The fee would have applied to thousands of third-party merchants who ship products via Amazon’s Seller Fulfilled Prime program, which guarantees speedy delivery even though the company isn’t handling shipping itself.
Stocks fall after Fed’s rate decision
Stocks fell and bond yields rose, with the Federal Reserve signaling interest rates will be higher for longer after deciding to stay on hold Wednesday.
Big Tech led losses, with the Nasdaq 100 down 1.5%. The S&P 500 dropped almost 1%.
Treasury two-year yields, which are more sensitive to imminent Fed moves, hit the highest since 2006.
Swap contracts priced in fewer rate cuts next year than previously anticipated. The dollar erased losses.
Oil retreated, following a rally that sent Brent to $95 a barrel earlier this week.
The Fed held its target range for the federal funds rate at 5.25% to 5.5%, while updated quarterly projections showed 12 of 19 officials favored another rate hike in 2023.
From wire reports