May 21, 2023 Hi, I’m Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Today’s Sunday edition, a roundup of some of our top stories.   On the agenda: We’re entering the Forever Labor Shortage — and millions of workers are set to benefit. High-ranking Meta executives have exited ahead of thousands more layoffs. Big firms are filing for bankruptcy left and right — and it's just the beginning. Say goodbye to the US car market as we know it: Cheap Chinese EVs are coming. But first: More than 500,000 Insider readers turned to a story revealing a parenting hack at Target. Read on for more on the hack and the possible strategy behind it.

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DISPATCH Target’s perk for parents Mary Meisenzahl/Insider Kids grow up fast. Literally. My three-year-old daughter seems to grow out of a new set of clothes with each season. That phenomenon helps explain the huge interest in my colleague Dominick Reuter’s story this week on a parenting hack at Target.  The retail giant offers one-year returns on own-brand items, including Cat & Jack children’s clothing. Parents have taken to TikTok to share their stories of returning items to Target, no matter if they’re stained, ripped, or simply too small.  Target’s chief growth officer, Christina Hennington, highlighted the kids brand on the company’s earnings call on Wednesday, emphasizing the returns policy and noting Cat & Jack is now generating $3 billion in sales a year.  The policy is also striking as a business strategy. The returns are conducted in store, helping generate additional foot traffic and giving Target a chance to sell parents craft supplies, groceries, or a soda at the checkout every time they return their kid’s clothes. READ ON

THIS WEEK'S STORIES The Forever Labor Shortage

Arif Qazi/Insider We’ve got great news for everyone. A labor shortage is coming that’s going to bring workers faster promotions, bigger salaries, and better benefits — and it’s all because of the coming surge in baby-boomer retirement.  For decades, companies have enjoyed a never-ending supply of workers. But now that baby boomers are retiring in droves, there’s about to be an all-out competition for workers.  Read the full story. ‘The flattening’

Drew Angerer/Getty Images Just one month after Meta’s layoff “bloodbath,” employees are bracing for even more cuts.  As part of Meta’s “Year of Efficiency,” Mark Zuckerberg sought to “flatten” the company’s org structure and remove layers of middle management — and it seems he is doing exactly that.  In recent weeks, a stream of longtime executives have announced their departures. They are all part of Meta’s business division, which is expected to lay off 6,000 people next week.  More on the high-profile departures.

Big bankruptcy surge Craig Barritt/Getty Images for VICE Media Vice Media headlined a group of seven major companies that all filed for bankruptcy in the span of 48 hours. The filings show just how exposed highly indebted firms are in the wake of interest-rate hikes.  Data from Moody's and S&P Global suggest the pain could just be getting underway — and could last all year. What to know. Also read: Leaked Vice Media email says the company's bankruptcy will affect 'timing and amount of severance' payments to laid-off staffers

Cheap Chinese EVs are coming ERIC PIERMONT / Getty Images; Arif Qazi / Insider After years of preparation, Chinese car companies are poised to upend the US electric-vehicle market. On their home turf, Chinese companies have already vanquished their American competitors, eating up market share from the likes of Ford and General Motors.  Industry watchers said it's only a matter of time before Chinese automakers bring their impressive — and importantly, inexpensive — electric cars to the US. Our full report here. Plus, check out: China is kicking America's ass in the EV-battery race and it's going to define the 21st century

THIS WEEK'S QUOTE "Drink the Kool-Aid." — Sebastian Thrun, CEO of Kittyhawk, the flying-car company funded by the Google cofounder Larry Page, during an all-hands meeting in April 2022, in leaked audio.

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