Talking Money—And Taxes—At Work

In this week’s edition of Forbes Edge we’ve got our latest list of America’s Best Large and Midsize Employers, a deep dive into President Donald Trump’s federal job cuts and more. But first, let’s do a quick check-in about tax season:

Tax season is already in full swing, though it’s admittedly off to a slower start than usual, with submitted filings down 8% in the first week of February compared to last year. But this filing season has got me thinking about personal finances at work. 

Talking about money in the office can sometimes be considered taboo, but movements toward salary transparency and a larger trend of talking about money with family is helping to normalize financial conversations. 

Money is especially on the minds of the thousands of Americans returning to the office for in-person work this year. Research from BetterUp shows that workers are spending an average of $561 a month for in-person costs, including lunch, travel and childcare expenses. 

For those still working from home, tax season is also a timely reminder that corporate W-2 employees still can’t claim deductions for home office expenses––those are reserved for freelancers and small business owners, according to Fortune. 

And if all of this information about taxes made you spiral about this year’s season, see my colleague and tax advice extraordinaire Kelly Phillips Erb’s refresher on what you need to know about taxes. 

Happy reading, and have a lovely week!

— Maria Gracia Santillana Linares, Careers Reporter

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• If you find yourself reaching for your phone (or mishearing a Slack or email notification), you could be digitally fatigued. 

• Chaos at work? Here’s how to keep thriving when uncertainty becomes the norm.

Deep Dive: Trump’s Federal Job Cuts

From the first day he took office, President Donald Trump and Elon Musk’s Department of Government Efficiency have become cost-cutters-in-chief. 

All in all, the Trump Administration has so far fired nearly 10,000 workers across federal agencies and departments. The cuts have hit several agencies, including several hundred at the Federal Aviation Administration just weeks after a fatal collision occurred near Ronald Reagan Washington National Airport. 

Some 5,200 probationary employees were laid off across the National Institutes of Health and the CDC. Another thousand were cut at the Department of Veterans Affairs, and 3,400 were fired from the U.S. Forest Service.

Then there are the 75,000 workers that accepted the government’s deferred resignation offer. While the buyout offer was temporarily paused amid a lawsuit, a federal judge allowed the program to resume Wednesday.  

Not all of the layoffs have gone smoothly. Nearly all of the 300 employees at the National Nuclear Security Administration that were fired last week were reinstated Monday. The firings were heavily criticized across the political aisle last week as they included staff that worked directly with nuclear weapon facilities, design and contractor oversight. It’s a stark reminder to leaders that layoffs must be done carefully, and should be a last resort for cost cutting rather than a go-to quick fix.

TOUCH BASE

News from the world of work

• Hospitals ranked high in Forbes’ latest lists of America’s Best Large and Midsize employers. Houston Methodist ranked third on the large employer’s list thanks to development programs for workers looking for growth opportunities, while Shriners Hospitals for Children topped the midsize employers list. 

• Fitness hubs and gyms were in high-demand in 2024, as small business owners looked for ways to cash-in on record health club memberships, Brandon Kochkodin reports in his story on the best small businesses to buy now. Also on the list: day-care (and doggy day care) centers benefitting from a larger return-to-office push.

• Companies giving workers early access to their paychecks have gained popularity in recent years. Forbes’ annual Fintech 50 list, released on Tuesday, highlighted two of the major providers: Daily Pay, which works with employers, and Chime with its direct-to-consumer offering MyPay. 

• Banks are cutting back on DEI references from public-facing documents, including financial reports and websites. Morgan Stanley, Citigroup and JPMorgan Chase are just some of the companies slashing the mentions, just days after JPMorgan CEO Jamie Dimon said he would cut “stupid” costs after an employee asked about the company’s DEI efforts at a town hall. Dimon had previously stood firm against calls for ending DEI programs.

• The Equal Employment Opportunity Commission dropped six lawsuits alleging workplace discrimination against transgender or nonbinary workers on Saturday, following Trump’s executive order to recognize male and female as the only two sexes. 

• Workers looking for new jobs are also looking to change industries, according to data from LinkedIn. With job searches taking over six months and an increasingly competitive job market, 14% of job seekers are actively looking for an industry change.

QUIZ

Ten years after it was launched, which of the following companies had the highest average ranking in Forbes’ list of America’s Best Employers?

A. Wegman’s

B. Apple

C. Trader Joe’s 

D. Google

Check if you got it right here.