The tech sector is pouring billions of dollars into AI. But it keeps laying off humans

The tech sector has kicked off the new year with a spate of fresh job cuts that are coming at the same time as the industry is doubling down on investments into artificial intelligence.

While AI tools putting workers out of jobs has been a major point of anxiety in Silicon Valley and beyond over the past year, not all the recent layoffs in the tech industry are directly linked to AI tools simply replacing workers. READ MORE

Principal Financial Group Inc (PFG)'s Uncertain Future

Long-established in the Asset Management industry, Principal Financial Group Inc (PFG, Financial) has enjoyed a stellar reputation. However, it has recently witnessed a daily loss of 0.19%, juxtaposed with a three-month change of 18.1%. Fresh insights from the GF Score hint at potential headwinds. Notably, its diminished rankings in financial strength, growth, and valuation suggest that the company might not live up to its historical performance. Join us as we dive deep into these pivotal metrics to unravel the evolving narrative of Principal Financial Group Inc. READ MORE

CES 2024: All the News From Las Vegas

Now that CES 2024 is done and gone. I think it’s safe to say that there was a lot of news out of Las Vegas this year. Thankfully, we’ve got all the important announcements listed below.

AI was a big talking point this year, and we saw many companies find a way to jam, uh, I mean, integrate AI into pretty much everything from fridges, cars, and, uh, Mario? We even pretended to be a Ramen Bounty Hunter to some AI game NPCs. READ MORE

Despite the hype over generative AI, most CEOs are taking a 'wait and see' approach

Despite all the buzz over how generative artificial intelligence tools like ChatGPT are set to revolutionize entire industries, the vast majority of business leaders are waiting for the hype to blow over before fully embracing the new technology.

That's according to the latest report from Boston Consulting Group (BCG) released Friday, which found some 90% of executives are taking a "wait and see" approach, either holding off on trying out GenAI or experimenting with it in minor ways. READ MORE

Is Gen Z unprepared for the workforce? Experts weigh in

Videos of Gen Zers and millennials complaining about the traditional 9-5 job have spread across social media platforms like wildfire and sparked debates about the younger generations' work ethic, or lack thereof. Some employers are even avoiding hiring from Gen Z, according to one recent survey, with 58% believing these workers are unprepared for the workforce.

Some experts argue Gen Zers aren't lazy for griping about the corporate job structure, it just means they have radically different priorities than the generations before them. READ MORE

Coping With Executive Departures

The departure of an executive officer can be one of the most sensitive points in an executive’s lifecycle with a company. If not carefully managed by the company’s board, management and both internal and external advisors, it presents numerous pitfalls that can result in financial penalties for the company (and potentially the departing executive) as well as public disclosure by the company that risks scrutiny by regulators and investors. READ MORE

The top Matter-compatible devices announced at CES 2024

For years, a coalition of companies including Google, Amazon and Apple — the Connectivity Standards Alliance — has been trying to get Matter, the smart home networking protocol, off the ground. Unlike many of the standards that came before it (e.g. Zigbee, Z-Wave), Matter doesn’t require a proprietary hub and runs locally, making it more robust to interruptions like power and internet outages.

But it’s been rough going. READ MORE

Hertz is selling 20,000 electric vehicles to buy gasoline cars instead

Hertz, which has made a big push into electric vehicles in recent years, has decided it’s time to cut back. The company will sell off a third of its electric fleet, totaling roughly 20,000 vehicles, and use the money they bring to purchase more gasoline powered vehicles.

Electric vehicles have been hurting Hertz’s financials, executives have said, because, despite costing less to maintain, they have higher damage-repair costs and, also, higher depreciation. READ MORE

From transparent TVs to ChatGPT-powered companions, here’s some of the buzziest tech of CES 2024

Tech companies showed quirky gadgets and new innovations at the Consumer Electronics show in Las Vegas this week, from AI-powered pillows that can reduce snoring and mirrors that can detect your mood to transparent televisions and car mirrors that track your eyes.

Although the event, which is the largest consumer tech conference of the year, is known for robots roaming the show floor, splashy presentations and oddball products, it’s also a hotbed for dealmaking among executives, manufacturers and retailers across various industries. READ MORE

US economy starting to look 'more like the 1970s,' JPMorgan Chase's Jamie Dimon says

Despite a generally optimistic outlook for the U.S. markets in the new year, the head of one of the country’s biggest banks is seemingly not convinced the Federal Reserve can achieve a soft landing as a result of their most aggressive rate hike campaign since the 1980s. 

During an exclusive interview on "Mornings with Maria" Tuesday, JPMorgan Chase CEO Jamie Dimon warned about the possibility of a looming recession, while comparing the financial state to the turbulent period of 50 years ago when the nation endured a decade of high inflation.  READ MORE

Elon Musk dings Boeing after Alaska Airlines scare: 'Prioritized DEI hiring'

Elon Musk issued a warning to Boeing after they allegedly prioritized DEI hiring in recent years, as the Alaska Airlines incident made headlines this week.

In a X post on Wednesday, billionaire Musk asked if customers wanted to fly in an airplane made by a company that prioritizes DEI hiring over safety management.

"Do you want to fly in an airplane where they prioritized DEI hiring over your safety?," Musk wrote. "That is actually happening." READ MORE

Businesses Will Struggle to Classify Workers as Independent Contractors Thanks to New DOL Rule

Businesses will soon find it harder to classify workers as independent contractors thanks to key changes made by the U.S. Department of Labor (DOL) today. The Biden administration officially rescinded a rule that made it easier to classify workers as independent contractors under federal wage and hour rules. In its place, businesses will be forced to follow an outdated standard that will likely result in more workers being classified as employees. What do you need to know about the new rule before it takes effect on March 11? Read on for our five key takeaways. READ MORE

2023 layoffs will continue to affect employee morale in 2024, economist says

2023 was a year of layoffs. Over 305,000 U.S. workers were laid off over the year in a series of mass layoffs that started most notably with tech companies, but then spread across industries.

“Many businesses had to make tough decisions to reduce their headcounts, especially with the economic uncertainty of early 2023,” Aaron Terrazas, chief economist at Glassdoor, tells CNBC Make It. But with the mass layoffs came a drop in employee satisfaction and engagement, and increasing pressure put on middle managers, that Terrazas predicts will persist into 2024.  READ MORE

As pandemic 'jobs hole' closes, Fed finds labor market easing elusive

The U.S. economy ended last year with the labor scars from the COVID-19 pandemic effectively healed and a quandary for Federal Reserve policymakers so far waiting in vain for wage and job growth to cool to a sustainable level.

The addition of 216,000 jobs to U.S. payrolls in December and wage growth of 4.1% both beat expectations, leaving the central bank still looking for clear signs of a slowing labor market and prompting traders in contracts tied to the benchmark federal funds rate to trim expectations the Fed will start cutting rates at its March meeting. READ MORE

Supporting part-time workers with benefits: A rising tide that lifts all ships

Between COVID-19 isolation and Great Resignation frustration, employers have learned more than ever the importance of helping marginalized segments of the workforce step into the light after years of working and living in the shadows. 

While such outreach initially focused on race, gender, age, disability and sexual orientation as part of diversity, equity and inclusion (DEI) programs, the underlying aim is to ease economic hardship. This means addressing social determinants of health (SDoH) that serve as barriers to health equity.  READ MORE

Integrating Process, Performance, and People

Desired results are relatively easy to identify. CEOs, executives, and leadership teams develop goals to increase efficiency, grow revenue, or expand the company’s operations. A spirited annual meeting frequently ends with aspirational objectives and encouraging words for attendees to take with them. A list of actions is drawn up and communicated to the company workforce.

But all too often, the actual results are disappointing. The following quarters show little to no sign of adjustment or improvement. Why is that? What happens between goal setting and outcome? READ MORE

More big companies set to collapse in 2024, industry experts warn

More big firms are likely to go bust next year amid the “double whammy” of high borrowing costs and pressure on consumer budgets, according to insolvency experts.

Administrators and restructuring specialists also warned the PA news agency that high-growth companies such as tech firms could be among those facing financial turbulence.

It comes after another year of tough economic conditions resulted in increased business failures during the year. READ MORE