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<keyword id="1859609" type="General" weightage="20" keywordseo="retirement-fund-body" source="Orion">Retirement fund body</keyword> <keyword id="6372438" type="General" weightage="20" keywordseo="epfo" source="Orion">EPFO</keyword> added a net 16.02 lakh subscribers in January 2024, according to <keyword id="1406133" type="General" weightage="20" keywordseo="payroll-data" source="Orion">payroll data</keyword> released on Sunday. Around 8.08 lakh <keyword id="7418" type="General" weightage="20" keywordseo="members" source="Orion">members</keyword> were enrolled for the first time in January 2024, a labour ministry statement said on Sunday. The <keyword id="21077808" type="General" weightage="20" keywordseo="employees-provident-fund-organizations" source="Orion">Employees' Provident Fund Organization's</keyword> (<keyword id="6372438" type="General" weightage="20" keywordseo="epfo" source="Orion">EPFO</keyword>) provisional payroll highlighted that the EPFO has added 16.02 lakh <keyword id="7418" type="General" weightage="20" keywordseo="members" source="Orion">members</keyword> on a net basis in January 2024, the ministry said. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.41 per cent of the total new members added in January 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers. The <keyword id="1406133" type="General" weightage="20" keywordseo="payroll-data" source="Orion">payroll data</keyword> highlighted that approximately 12.17 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection, it stated. Gender-wise analysis of payroll data unveiled that out of 8.08 lakh new members, around 2.05 lakh are new female members. Also, the net female member addition during the month stood at around 3.03 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce. Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the industries viz. Financing establishment, Establishment engaged in manufacture &amp; marketing servicing &amp; usage of computers, hospitals etc. Of the total net membership, around 40.71 per cent is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc). The payroll data is provisional since the data generation is a continuous exercise, as updating employee records is a continuous process. The previous data hence gets updated every month. From the month of April 2018, EPFO has been releasing payroll data covering the period from September 2017 onwards. In monthly payroll data, the count of members joining the EPFO for the first time through a validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joining as members, is taken to arrive at net monthly payroll.

EPFO adds 16.02 lakh members in January; 8.08 lakh enroll for 1st time

<keyword id="19902762" type="General" weightage="100" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> laid off thousands of employees in 2023 and many found their lives turned upside down with just an email notification. After all, when you have given your heart and soul to an organisation, it is never easy accepting the fact that you are being asked to leave at a moment’s notice. The situation becomes even more complicated when you have been with the company for more than a decade. Something similar happened with <keyword id="23300967" type="General" weightage="20" keywordseo="Nicholas-Whitaker" source="keywords">Nicholas Whitaker</keyword>, who had been working with the company since 2010 and found out about his <keyword id="20118388" type="General" weightage="20" keywordseo="layoff" source="keywords">layoff</keyword> abruptly. <h2>The 3 am email bringing bad news</h2>“My layoff experience was traumatic. I got an email at 3 am to my personal email, that I only found because a colleague pinged me on Linkedin in the DMs to ask if I was ‘Ok’ and if I was ‘safe’,” Whitaker told <keyword id="21390875" type="General" weightage="20" keywordseo="Business-Insider-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Business Insider India" meta.hostid="261" meta.entityid="Business Insider India">Business Insider India</keyword> in a conversation. He added that when his colleague enquired about his safety, he thought it was a “shooting or some natural disaster.” In other words, he didn’t even imagine that he was being laid off from Google. He then revealed that when he checked his work email, he discovered that he was locked out of his laptop and phone. He then checked his personal email and there it was, the “short and impersonal email” that told him that his role at Google was being eliminated. <h2>The layoff process was uncomfortable</h2>When Google announced large-scale layoffs last year, the company made a lot of headlines for handling them in an unprofessional manner. In March 2023, several Google employees had even written an open letter to Google CEO Sundar Pichai, asking him to deal with layoffs in a better manner. Whitaker, narrating his own experience, shared with Business Insider India that after receiving the dreadful layoff email at 3 am, he spent the next few months completing formalities to get his payments that were due. He said, “It took all of the next several months for me to mail back my laptop, badge and any gear that I had that was Google property. (I also had to) navigate unemployment, health insurance and get all of the documentation I had to submit to "self Offboard" and to receive payments that I was supposed to get.” “Along the way there were multiple errors and miscommunications from the team that made it all even more uncomfortable,” he said. Whitaker also noted a complete lack of communication and empathy from his old team at Google. “I got a single text message from my prior manager asking how I was doing a few days after I was laid off, but otherwise no one reached out to check on me or offer assistance from my old team. Overall I found the process to be brutally impersonal and inhumane,” he said. <h2>Experience at Google</h2>But was Google always “inhumane” in his experience? Not really. There were some amazing days too and Google, according to Whitaker, was a different company when he had joined. “My initial experience working at Google was like it was a completely different company. I started as a temp, contractor and then a vendor for Google back in 2010, and at the time I think it was something like 40,000 employees. It had a real startup feel to it. Teams were agile and collaborative, and there was a lot of room for growth. It may have been specific to my team and org, but it felt like you had a lot more room for experimentation and autonomy to make decisions, and failure wasn't seen as a bad thing, but a necessary part of innovation,” he said. Whitaker also said that a “class system” was there at Google, especially since he was a TVC (Temporary, Vendor and Contractor). “As a TVC you wouldn't be included in many of the activities and learning opportunities that full time employees had, and didn't get invited to extracurricular activities. There was a real bias towards culture at the time, and words like Don't be Evil, and be Googly were often used.” However, in general, he added that the atmosphere was positive and full of possibilities. “Colleagues generally were very supportive, collaborative and encouraging to work with. I was excited as this was my first time working in big tech, or Corporate America and I saw that period of time as a real coming of age for me. I learned how to be a professional at Google and appreciated all of the early guidance and support that I got from colleagues and leaders.” <h2>Helping others</h2>It has now been over a year since Whitaker was laid off. He now has his own venture and helps other people navigate their careers. Talking about what motivated him to kick-start his own venture, he said, “After 13 years in big tech, the last few years in particular being particularly difficult due to toxic teams and leaders, I didn't want to jump right back into that kind of experience again. A year before getting laid off, I had experienced a bad <keyword id="19956983" type="General" weightage="20" keywordseo="mental-health" source="keywords">mental health</keyword> crisis that was the result of workplace bullying, gaslighting and toxic leadership. "I wanted to help others avoid and recover from similar situations and create a community where people can find mutual support and coaching on how to best navigate their careers in a conscious way. My severance after working so long at Google allowed me to fund the launch of my coaching business, and eventually ‘changingwork.org’." <keyword id="23300968" type="General" weightage="20" keywordseo="Changing-Work" source="keywords">Changing Work</keyword>, Whitaker explained, is his way of addressing a deep need in corporate life — helping people rediscover their sense of purpose and alignment in their careers and finding ways to build more conscious leaders and businesses. He added, “What makes this so transformative for me personally is that it allowed me to step into a role where I could integrate all the lessons from my own career—especially the parts that were hardest for me. During my time at Google, I saw firsthand how high-pressure environments can lead to burnout, anxiety, and a disconnect from our true selves.” The recent tragic death of a young CA at Ernst &amp; Young (EY) employee in India has turned the spotlight on toxic work cultures prevalent in many high-pressure industries. Broader debates on burnout, mental health struggles, and unrealistic expectations in corporate environments in the workplace have occupied social media platforms. This incident serves as a painful reminder that companies must prioritize <keyword id="21050364" type="General" weightage="20" keywordseo="employee-well-being" source="keywords">employee well-being</keyword> and mental health to foster sustainable, humane workplaces. And makes the work that people like Whitaker are doing all the more important. “I’ve spoken publicly about how mindfulness practice, coaching and therapy literally saved my life during some of my darkest times at Google. Changing Work is the culmination of that journey. It’s not just about helping others find balance and fulfillment—it’s about creating a space where I can live those values every day,” he concludes.

Fired from Google after 13 years of service, he used his severance to build a business around helping others with their careers

In Greek mythology, Prometheus, a wise Titan whose name means "foresight," defied Zeus by gifting fire to humans, an act that revolutionised our civilization. Fire became a symbol of progress, providing the tools for growth and the spark for <keyword id="94495" type="General" weightage="20" keywordseo="innovation" source="Orion">innovation</keyword>. This ancient tale mirrors the modern concept of <keyword id="3946833" type="General" weightage="100" keywordseo="intrapreneurship" source="Orion">intrapreneurship</keyword>—the process of fostering innovation within established companies. Intrapreneurship encourages an entrepreneurial mindset by providing staff with resources, mentorship, and collaboration opportunities, enhancing innovation in ideas, products, and processes. While startups are often seen as the hub of groundbreaking ideas, some of the most transformative innovations come from within the walls of larger organisations. These corporations, however, often face bureaucratic hurdles that slow progress. Intrapreneurship breaks down these barriers by giving employees the freedom and resources to experiment. Under strong leadership, companies can foster a culture of trust, empowering teams to solve problems creatively and drive growth. <h2>Nurturing the intrapreneurial spirit</h2>One of the key components of successful intrapreneurship is providing employees with a sense of ownership and autonomy. This approach taps into the vast potential within the workforce, unlocking creativity that might otherwise remain dormant in a traditional corporate structure. It encourages risk-taking and creative problem-solving, boosting innovation and enhancing employee engagement and satisfaction. Take 3M for example, Spencer Silver’s discovery of a unique adhesive led to the creation of the iconic Post-it note, despite initial skepticism.Yet, the company’s intrapreneurial environment allowed for exploration, leading to the development of a product that revolutionised communication. Similarly, Lockheed Martin’s ‘Skunk Works’ is a division that operates with the agility of a startup within the larger organisation. Skunk Works’ autonomy has resulted in numerous aerospace innovations, including stealth technology and fighter jets. These examples underscore the transformative potential of intrapreneurial freedom, where exploration leads to groundbreaking products and industry-shifting advancements. By giving employees space to explore ideas beyond their day-to-day tasks, organisations tap into a wealth of innovation, allowing intrapreneurs to flourish. <h2>The essence of intrapreneurship</h2>Innovation requires trial and error, and not every idea will succeed. The best environments for intrapreneurship are those that embrace failure as part of the learning process. Companies like Intel and Tesla have thrived by viewing setbacks as growth opportunities. In the 1980s, Intel faced a major crossroads when internal innovators identified a larger market opportunity and advocated for a shift from memory chips to microprocessors. They embraced potential failure with this pivot, which though risky, propelled Intel to become a leader in the tech industry. Tesla, known for its continuous drive for innovation, encourages its teams to experiment and push boundaries. Elon Musk’s willingness to accept failures along the path to innovation has led to significant breakthroughs, like the development of electric vehicles and space exploration technology. <h2>Collaboration: The key to creative synergy</h2>Intrapreneurs don’t work in isolation. True innovation happens when employees collaborate across departments, combining different skills and perspectives to tackle complex challenges IBM’s Watson, a cognitive computing system, is a prime example of what can happen when cross-functional teams come together. Engineers, data scientists, and non-technical staff worked collaboratively to create a groundbreaking technology that has since been used in fields ranging from healthcare to finance. Facebook’s famous "hackathons" foster cross-departmental innovation. These 24-hour events allow employees to work on passion projects outside of their usual responsibilities, resulting in successful product features like the "Like" button. The melding of expertise has led to breakthroughs that might not have been possible within traditional silos. <h2>Intrapreneurship: Driving growth from within</h2>Innovation is more than generating ideas—it’s about bringing those ideas to life. Intrapreneurship provides a framework for turning creative concepts into reality. Just as Prometheus defied convention to give humanity the gift of fire, intrapreneurs challenge the status quo to drive progress within their organisations. By fostering a culture of risk-taking, collaboration, and continuous learning, companies can ignite the innovation that fuels long-term growth. Continuous support in the form of funding, mentorship, and resources is crucial for intrapreneurship to thrive. In today's <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> landscape, nurturing the intrapreneurial spirit is essential for companies striving to remain competitive and relevant. Encouraging collaboration across departments and providing autonomy to explore new ideas can lead to breakthroughs that fuel an organisation's success. As Prometheus’s fire illuminated the path to human progress, so too can the spark of intrapreneurship light the way toward a brighter future for businesses. Disclaimer: This article is authored by Manoj Nair,AVP &amp; Global Head of Marketing, Corporate Strategy &amp; Risk, Infosys BPM. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. This article is published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>.

Ignite the fire of innovation: The intrapreneurship advantage

<ul class="summary-list"><li>The CEO of <keyword id="438627" type="General" weightage="20" keywordseo="norges-bank" source="Orion">Norges Bank</keyword> told the FT that he thinks <keyword id="30790" type="General" weightage="20" keywordseo="americans" source="Orion">Americans</keyword> work much harder than <keyword id="65559" type="General" weightage="20" keywordseo="europeans" source="Orion">Europeans</keyword>.</li><li><keyword id="11356850" type="General" weightage="20" keywordseo="Nicolai-Tangen" source="Orion">Nicolai Tangen</keyword> made the remark as he explained the sovereign fund's push toward investing in the US.</li></ul>Europeans are less ambitious and don't work as hard as Americans, said <a target="_blank" href="https://www.businessinsider.com/ceo-bets-10-million-against-elon-musk-ai-prediction-2024-4">Nicolai Tangen</a>, the CEO of Norway's $1.6 trillion oil fund. "There's a mindset issue in terms of acceptance of mistakes and risks. You go bust in America, you get another chance. In Europe, you're dead," Tangen told <a target="_blank" href="https://www.ft.com/content/58fe78bb-1077-4d32-b048-7d69f9d18809">The Financial Times</a> in an interview published on Wednesday. "We are not very ambitious," Tangen added. "I should be careful about talking about work-life balance, but the Americans just work harder." Tangen made these remarks as he gave an overview of his firm's push toward investments in the US, which now make up half of the equities held by <a target="_blank" href="https://www.businessinsider.com/ai-artificial-intelligence-investing-strategy-technique-norges-bank-investment-management-2023-6">Norges Bank.</a> Norges Bank is in charge of Norway's sovereign wealth fund, which manages revenue from the country's massive oil and gas reserves and holds some $1.6 trillion in assets. Tangen said his firm is watching the US 2024 elections closely and told the FT that it is concerned about the possible outcomes, though he declined to share more. "We just invest in America in great companies for the long term. It won't have any implications for how we allocate our capital," he said of the election, per the FT. "We have nearly half the assets in America, we will stay invested in America." The CEO added that US shares have been beating Europe's because American companies are innovating and growing technology faster than their European counterparts, telling the FT that he felt the trend is "worrisome." About <a target="_blank" href="https://www.nbim.no/en/the-fund/investments/#/">71% of Norges Bank's holdings</a> are in equities, with large stakes in US companies, including $19.2 billion in Alphabet, $17.4 billion in Amazon, and $33 billion in Apple. Norges Bank is the <a target="_blank" href="https://www.businessinsider.com/ai-artificial-intelligence-investing-strategy-technique-norges-bank-investment-management-2023-6">world's largest sovereign wealth fund</a> and the largest single owner in the global stock market. The firm invests in 72 countries and is estimated to own 1.5% of all shares worldwide. It's true that Americans, on average, work longer hours than their European counterparts, according to data collected from 2019 to 2022 by the <a target="_blank" href="https://www.oecd-ilibrary.org/employment/data/hours-worked/average-annual-hours-actually-worked_data-00303-en">Organisation for Economic Co-operation and Development.</a> The average polled US worker said they worked 1,811 hours a year, or about 35 hours a week, compared to an average of 1,571 hours a year among workers in European Union countries. That's also compared to a total average of 1,752 hours a year documented by the OECD. <keyword id="21428168" type="General" weightage="20" keywordseo="uk-employees" source="Orion">UK employees</keyword> said in the same survey that they worked 1,532 hours a year, while German employees say they've worked the least out of all OECD countries — at an average of 1,341 hours a year, or about 26 hours a week.

'Americans just work harder' than Europeans, said the CEO of Norway's $1.6 trillion oil fund

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! CEOs love talking about their wins, but what about their losses? The head of a failed supersonic plane startup detailed what went wrong, <a target="_blank" href="https://www.businessinsider.com/exosonic-ceo-explains-why-his-strategy-supersonic-airliner-failed-2024-11">and how other companies might find success</a>.In today's big story, President-elect Donald Trump is nominating the people <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">who will play a key role in his administration</a> and impact the business world.What's on deck:<ul><li>Markets: Elon Musk wants to gamify "dumb" government spending, and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">experts say it's a savvy marketing strategy</a>.</li><li>Tech: A healthcare startup raised $100 million on a bet it could build an AI doc-in-a-box. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">Now it's shutting down</a>.</li><li>Business: Internal documents viewed by BI show plans for Amazon's AI chatbot <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">launching in an unlikely spot</a>.</li></ul>But first, the nominations are rolling in.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Trump's new team</h2><div type="image" title="Trump pointing" height="667" width="1000" msid="115302524" hostid="261" sizebytes="47760"></div>President-elect Donald Trump is quickly fleshing out his cabinet, giving a sense of what his second administration will look like.Trump's slew of picks announced in recent days share a common theme: <a target="_blank" href="https://www.businessinsider.com/trump-cabinet-picks-so-far-loyalty-resumes-11">loyalty</a>. (You can find the running list of Trump administration staffers <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">here</a>)With <a target="_blank" href="https://www.businessinsider.com/republicans-house-representatives-election-win-majority-2024-11">Republicans maintaining control of the House</a> and winning the Senate, the president-elect will enter the White House this January with incredible power to shape the country to his vision.Let's break down some of Trump's recent appointments and the impact they could have on the business world:<a target="_blank" href="https://www.businessinsider.com/trump-nominates-matt-gaetz-attorney-general-2024-11">US Attorney General — Matt Gaetz</a>: A surprising pick, to say the least, the representative from Florida caused havoc within his own party when he led the push to oust Kevin McCarthy from the speakership last year.Gaetz was also the subject of sex-trafficking allegations that led to an investigation by the very agency he's being nominated to lead. (The Department of Justice declined to pursue charges, but he'd been facing a probe from the House Ethics Committee.) House Speaker Mike Johnson told reporters on Wednesday that Gaetz had resigned from Congress.He's also <a target="_blank" rel="noopener" href="https://www.businessinsider.com/matt-gaetz-criticism-big-tech-trump-attorney-general-antitrust-2024-11">clashed with the tech industry</a>, suggesting Americans have an "obligation to use" their Second Amendment right when it comes to <a target="_blank" href="https://www.businessinsider.com/matt-gaetz-says-american-obligation-take-up-arms-big-tech-2021-5">Silicon Valley companies censoring conservatives</a>. Gaetz's appointment requires confirmation from the Senate, which is far from a shoo-in.<a target="_blank" href="https://www.businessinsider.com/what-trumps-secretary-state-pick-marco-rubio-means-for-china-2024-11">Secretary of State — Marco Rubio:</a> The Florida senator is an outspoken critic of China and a supporter of Taiwan. In fact, China sanctioned him twice, and his ability to travel to the country is somewhat in question.The appointment adds another wrinkle to the heightening tension between the US and China. Trump has said he wants aggressive tariffs against Chinese imports, and Rubio has raised the alarm on what he views as China's plan to harm the US economy.<div type="image" title="Fox News host Pete Hegseth at a network event in 2019" height="2555" width="3600" msid="115302517" hostid="261" sizebytes="483180"></div><a target="_blank" href="https://www.businessinsider.com/trump-pentagon-chief-pete-hegseth-world-views-ukraine-china-2024-11">Secretary of Defense — Pete Hegseth:</a> The Army veteran and Fox News host has been outspoken about the US involvement in geopolitical conflicts. Hegseth is among the growing number of Republicans questioning the US support of Ukraine. He also said he <a target="_blank" href="https://www.businessinsider.com/trump-pentagon-pick-pete-hegseth-criticized-us-involvement-ukraine-aid-2024-11">doubted Russia would invade Poland</a> if it successfully took over Ukraine.When it comes to Israel, Hegseth has been a staunch supporter. He's also pushed back against calls for a cease-fire and criticized pro-Palestinian protesters.Hegseth's takes aren't limited to international affairs. He's been critical of women serving in combat roles and diversity and equity policies in the US military.Treasury secretary — TBD: Trump's pick for his top economic advisor is being closely watched considering the key role the economy played in the election. The two front runners appear to be Scott Bessent, a hedge fund executive, and Howard Lutnick, <a target="_blank" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">the co-chair of Trump's transition</a> team and the CEO of Cantor Fitzgerald.Bessent was initially viewed as the favorite, but Lutnick is <a target="_blank" href="https://www.wsj.com/politics/policy/trump-transition-co-chair-makes-late-play-for-treasury-secretary-f1b50c60">reportedly making a last-ditch effort</a> to be considered for the job.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Silicon Valley investors Marc Andreessen and Ben Horowitz <a target="_blank" rel="noopener" href="https://www.businessinsider.com/marc-andreessen-ben-horowitz-react-trump-win-crypto-founders-2024-11">celebrate Trump's win as 'a boot off the throat</a>.'</li><li>Why SoftBank bet $500 million on OpenAI. SoftBank's Vision Funds CFO <a target="_blank" href="https://www.businessinsider.com/softbank-openai-investment-explained-vision-fund-cfo-2024-11">told BI why it went all-in on the startup</a>.</li><li>Amazon is shuttering Freevee and some insiders fear <a target="_blank" href="https://www.businessinsider.com/amazon-shuttering-freevee-some-insiders-speculate-potential-entertainment-layoffs-2024-11">layoffs could be coming in the tech giant's entertainment arm</a>.</li><li>Mark Zuckerberg just released his own NSFW version of <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-t-pain-get-low-rap-song-2024-11">'Get Low' in a tribute to his wife</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A photo illustration comprising a black-and-white photo of Elon Musk's profile over a leaderboard with dollar signs that decrease down the board." height="1500" width="2000" msid="115302527" hostid="261" sizebytes="121084"></div><ol><li>Loving the leaderboard: Elon Musk wants to gamify "dumb" government spending. Donald Trump tapped Musk and Vivek Ramaswamy to co-lead the Department of Government Efficiency, a commission aimed at slimming government waste. Musk has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">teased a public leaderboard to track government spending</a>, which, if implemented, could keep the public engaged. <a target="_blank" href="https://www.businessinsider.com/elon-musk-vivek-ramaswamy-doge-government-efficiency-what-us-spends-2024-11">BI took a look at what the US actually spends money on</a>.</li><li>Inflation stays in line with expectations. October's consumer price index <a target="_blank" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">rose 2.6% compared to the same time last year</a>, representing a slight uptick from September's 2.4% report. Despite inflation heating up, the probability of the Fed making a 25-basis-point cut next month increased to about 80% after the report's release.</li><li>Polymarket's CEO was the subject of an FBI raid. Shayne Coplan, the 26-year-old boss of the betting market platform that successfully predicted Trump's win, reportedly had his phone and electronic devices <a target="_blank" href="https://www.businessinsider.com/fbi-raid-polymarket-ceo-shayne-coplan-nyc-2024-election-2024-11">confiscated by federal agents Wednesday morning</a>. Bloomberg reported the raid was tied to an investigation into the company accepting trades from users in the US, which is not permitted. A Polymarket spokesperson said it was an act of "political retribution" by the Biden administration.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Forwards CEO Adrian Aoun with the Carepod" height="1500" width="2000" msid="115302521" hostid="261" sizebytes="394842"></div><ol><li>Inside Forward's failed attempt to revolutionize the doctor's office. The healthcare startup Forward went all-in on its AI doc-in-a-box: "If Elon has the self-driving car, well, this is the autonomous doctor's office," its CEO said in 2023. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">But after raising $650 million in funding, it's going dark</a>.</li><li>What some Tesla employees think about Musk's new government job. Some are celebrating stock gains, with the company's share price soaring nearly 33% year to date, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-trump-stock-gains-internal-reaction-2024-11">while others worry Musk will lose focus</a>. "There's this feeling that no one fully knows where anyone else stands," one manager told BI.</li><li>A new stage in the US-China tech cold war. The focus of the AI race is moving from chip dominance to rare earths, the raw materials they're made of. Right now, China has the upper hand; <a target="_blank" href="https://www.businessinsider.com/rare-earths-tech-war-explainer-chips-ai-china-us-2024-11">here's how it's tried to outmaneuver the US</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="The O's of the Hollywood sign walking away with film equipment" height="1457" width="1943" msid="115302520" hostid="261" sizebytes="350770"></div><ol><li>Hollywood's leaving. The film industry is ditching Los Angeles for up-and-coming entertainment hubs like Atlanta and smaller cities alike. Some have been preparing for an LA exodus for years, but the pandemic ushering in remote work <a target="_blank" href="https://www.businessinsider.com/hollywood-leaving-los-angeles-remote-work-tv-movies-money-streaming-2024-11">helped provide the final push</a>.</li><li>Too many videos, not enough mentors. Nobody knows how to do their jobs anymore because their companies aren't teaching them. Training is an easy place for companies to cut costs, but it comes back to hurt them in the long run. <a target="_blank" href="https://www.businessinsider.com/job-training-broken-gen-z-mentorship-companies-employees-managers-2024-11">Those who do invest often put their money toward the wrong fixes</a>.</li><li>Exclusive: Amazon's chatbot Q enters enemy territory. Internal documents obtained by BI show the cloud giant is looking to launch a Q add-in for a rival suite: Microsoft Office 365. Amazon hopes the integration could expand Q's user base by <a target="_blank" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">piggybacking on Office's popularity</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Disney, Brookfield and other companies report earnings.</li><li>EU reveals Q3 GDP growth figures.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Some of Trump's key cabinet picks provide clues to how his administration will approach the business world

<ul><li>The Central Board of Employees' <keyword id="45028" type="General" weightage="20" keywordseo="provident-fund" source="Orion">Provident Fund</keyword> Organisation (<keyword id="6372438" type="General" weightage="80" keywordseo="epfo" source="Orion">EPFO</keyword>) has recommended an 8.15% interest rate to be credited on provident funds for the financial year 2022-23.</li><li>In March 2022, the government declared an 8.1% interest rate for more than its six crore members, which was the lowest since 1977-78.</li><li>The recommendation involves the distribution of more than ₹90,000 crore in the members' account on the total principal amount of about ₹11 lakh crore.</li></ul>The Central Board of Employees' Provident Fund Organisation (EPFO) has recommended an 8.15 per cent interest rate to be credited on provident funds for the financial year 2022-23. In March 2022, the government declared an 8.1 per cent interest rate for more than its six crore members, which was the lowest since 1977-78. The recommended interest rate for 2022-23 would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers' accounts. The recommendation involves the distribution of more than Rs 90,000 crore in the members' account on the total principal amount of about Rs 11 lakh crore. In 2021-22, the payment outgo and principal amounts were Rs 77,425 crore and Rs 9.56 lakh crore, respectively. "The total income recommended for being distributed is the highest to date. The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to the last financial year 2021-22," the Ministry of Labour and Employment said in a release on Tuesday. EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country. Separately, the provisional payroll data showed a total of 14.86 lakh net members were added in the month of January 2023. Out of the total members added during the month, around 7.77 lakh new members have come under the ambit of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.26 lakh members, followed by the age group of 22-25 years with 2.06 lakh members. The age groups of 18-25 years constitute 55.52 per cent of the total of new members during the month of January. For the month of January 2023, it said 3.54 lakh members have exited the fold of EPFO. This is the lowest exit in the last four months. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-chatgpt-4-plugins-from-math-physics-and-language-tutor-to-vacation-planner/articleshow/99036667.cms">Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner</a> <a href="https://www.businessinsider.in/finance/banks/news/rbis-mpc-could-pause-rate-hikes-in-april-to-gauge-the-impact-of-hikes-so-far-sbi-research/articleshow/99030220.cms">RBI’s MPC could pause rate hikes in April to gauge the impact of hikes so far: SBI Research</a> <a href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

Employees' provident fund interest rate fixed at 8.15% for 2022-23

<ul class="summary-list"><li>Using a 401(k) can boost investment portfolios by 23%, per Charles Schwab study.</li><li>The study compared 401(k) and taxable accounts over 20 years with an 8% annual return.</li></ul>Nothing is less exciting than thinking about <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/taxes">taxes</a>, especially when the bill is coming due.And once you cross into the first quarter of the year, little can be done to reduce your tax liability, especially if you're a W2 employee.That's why thinking about deferral strategies is a great way to reduce how much you pay in taxes and increase your net worth in the long term. But to maximize your outcome, you have to start with a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k)</a> or a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-ira">Traditional IRA</a>, according to a recent simulated study by Charles Schwab. The study showed how a 401(k) could increase an investment portfolio's value by 23%.The study, which was backtested over 20 years, compared two investors, one who used a taxable brokerage account versus one who used a 401(k). At an 8% annual return, it found that the latter finished with a value of $177,116 compared to the taxable account at $144,547. Based on this scenario, it assumed that someone allocating funds after tax in a 24% bracket would have a principal investment of $38,000 compared to $50,000. It also assumed taxable events on a turnover rate every five years and on 2% qualified income dividends and 6% long-term capital gains.<div type="image" title="Chart showing increased portfolio value with tax-deferred account." height="1064" width="1846" msid="114955475" hostid="261" sizebytes="34694"></div>In a scenario where an investor uses a taxable account but doesn't turnover or realize gains every five years, meaning taxable events are only placed on the 2% dividends, the outcome would lead to an ending value of $152,392.One caveat is that <a target="_blank" class="" href="https://www.businessinsider.com/tax-loopholes-to-reduce-or-avoid-capital-gains-taxes-2024-10">tax-deferred accounts</a> don't take into account every phase of where taxation can occur along the investment process, says Rob Williams, managing director of financial planning at Charles Schwab. The first point is when money is earned and before it's invested. The second is when income and dividend payments are earned along the way. The third point is once gains are realized. The first two taxation points are covered. The last phase isn't. For this process, other accounts, such as Roth IRAs for after-tax contributions allow gains to grow tax-free.Roth IRAs could come in handy in retirement during years when you have a higher withdrawal rate and, in turn, fund yourself in a higher tax bracket.<h2 id="bd273b03-5ffe-4b6d-8acc-d2373d85fc37">Other tax tips</h2>Another option people don't think about as much is a <a target="_blank" class="" href="https://www.businessinsider.com/how-to-use-health-savings-account-retirement-tool-investing-wealth-2024-10">health savings account</a>, which is unique, Williams noted. You have to qualify for those with an employer that provides it through a health insurance policy with a high deductible plan. But they are a nice additional tool that investors can use to contribute from their paycheck, he added.It's contributed pre-tax. And if the money isn't used for healthcare costs, it can be saved and invested in that health savings account and grow tax-free. It's tax deferral and tax avoidance, he noted."For a health savings account, that's powerful," Williams said. "We call that a triple tax exemption. You get no taxes when you put the money in and no taxes on any growth or capital gains in the fund. And then when you take it out, you don't have any taxes as well."Taxable brokerage or investment accounts are still useful because they allow you to withdraw money before retirement. This is especially great in the event you need to make a big purchase. But when using these accounts, investors should consider the assets they're buying. For example, exchange-traded funds have less tax drag than mutual funds that have higher turnover and, in turn, more taxable events, Williams noted."Any investment or mutual fund that generates a fair amount of investment income, whether it's interest or dividends, do not tend to be very tax efficient," Williams said.This also means considering how funds distribute gains, such as whether they are qualified or ordinary dividends. The latter is taxed at an investor's tax rate and depending on what margin that's in, it may not be as advantageous as a qualified dividend.

How tax-deferred investing can increase a portfolio's value by 23% and the account that provides a triple benefit

In a startling development, officials within the Securities and Exchange Board of India (SEBI) have voiced deep concerns over a “toxic” work culture under the leadership of Chairperson Madhabi Puri Buch. These allegations, formally communicated to the finance ministry, depict a troubling work environment plagued by unattainable demands, unprofessional conduct and mental health crises, according to a report by the Economic Times. In essence, a <keyword id="21410642" type="General" weightage="100" keywordseo="toxic-work-culture" source="keywords">toxic work culture</keyword> is an environment that fosters negativity, dysfunction and a lack of trust among employees and management. This type of culture can manifest in various ways that are often harmful to both employees and organisations, severely impairing organisational growth and employee well-being. Identifying a toxic work culture is crucial for both employees and organisations. Recognising signs and symptoms of toxic work culture can often be the first step toward addressing and improving <keyword id="20346862" type="General" weightage="20" keywordseo="workplace-culture" source="keywords">workplace culture</keyword>. Below are 10 indicators that may indicate a toxic environment. High <keyword id="21462876" type="General" weightage="20" keywordseo="employee-turnover" source="keywords">employee turnover</keyword>: A persistent pattern of employees leaving the organisation often signals dissatisfaction with the work culture. When turnover rates are high, it reflects a breakdown in the employer-employee relationship, typically due to a lack of respect or support from management. <keyword id="14609778" type="General" weightage="20" keywordseo="Quiet-quitting" source="Orion">Quiet quitting</keyword>: This phenomenon occurs when employees disengage from their roles, doing only the minimum required. It highlights a lack of motivation and connection to the organisation's goals, often stemming from a toxic atmosphere. Bullying and harassment: Any form of bullying or harassment, whether verbal or psychological, creates a hostile work environment. Such behaviours not only undermine morale, but also instil fear among employees, leading to increased stress and anxiety. <div type="Article" hostid="261" msid="111982335" title="Employees lack trust in HR’s ability to address workplace bullying effectively—and for good reason, says study" mstype="2" mssubtype="0"></div>Constantly changing goals: Frequent shifts in priorities without adequate communication can leave employees feeling disoriented and frustrated. This lack of clear direction can hinder productivity and contribute to a sense of futility in their efforts. <keyword id="23035059" type="General" weightage="20" keywordseo="poor-leadership" source="keywords">Poor leadership</keyword>: Ineffective or toxic leadership can significantly impact workplace culture. Leaders who exhibit favouritism, lack consistency or disregard employee welfare contribute to a negative environment that can drive talent away. Lack of transparency: When communication is poor and information is not shared openly, it breeds distrust and uncertainty. Employees may feel left in the dark about important decisions, which can exacerbate feelings of insecurity and disengagement. <keyword id="19954076" type="General" weightage="20" keywordseo="micromanagement" source="keywords">Micromanagement</keyword>: Excessive oversight from management can create an environment of fear and anxiety. Employees who feel constantly monitored may struggle to perform at their best, leading to decreased morale and productivity. Inadequate support systems: Employees who lack sufficient resources or support may feel overwhelmed and undervalued. A toxic environment often sets unrealistic expectations without providing the necessary tools for success. Toxic gossip: While some office chatter is normal, pervasive negative gossip can create a divisive atmosphere. This behaviour undermines teamwork and can lead to a culture of distrust and hostility among colleagues. Poor <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword>: A culture that prioritises work over personal well-being can lead to burnout. When employees are expected to sacrifice their personal lives for work, it can result in high stress levels and diminished job satisfaction.

Is your work culture toxic? Look out for these 10 signs

Retirement fund body <keyword id="6372438" type="General" weightage="100" keywordseo="epfo" source="Orion">EPFO</keyword> is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on July 29 and 30, according to a source. At present, EPFO can investment 5 to 15 per cent of the investible deposits in equity or equity-related schemes. The proposal to revise the limit to 20 per cent has been vetted and approved by the Employees' Provident Fund Organisation's (EPFO) advisory body Finance Audit and Investment Committee (FAIC). The recommendation of FAIC will be placed before the EPFO apex decision making body -- <keyword id="225704" type="General" weightage="50" keywordseo="central-board-of-trustees" source="Orion">Central Board of Trustees</keyword> (<keyword id="207775" type="General" weightage="50" keywordseo="cbt" source="Orion">CBT</keyword>) -- for consideration and approval. "The Central Board of Trustees (CBT) headed by Union Labour Minister is likely to approve the recommendation of the FAIC for increasing the investment in equity and equity related scheme to 5-20 per cent from existing 5-15 per cent," the source said. In a written reply to Lok Sabha on Monday, Minister of State for Labour and Employment Rameshwar Teli said, "FIAC, a sub-committee of CBT, <keyword id="45027" type="General" weightage="50" keywordseo="epf" source="Orion">EPF</keyword>, has recommended for the proposal to increase investment in equity and related investments in category IV of the Pattern of Investment from 5-15 per cent to 5-20 per cent for consideration of CBT, EPF." EPFO had started investing in Exchange Traded Funds (ETFs) in August 2015, putting 5 per cent of its investible deposits in stock-linked products. It was raised to 15 per cent for the current fiscal. Trade unions have been opposing any investment in stock markets by EPFO as these are not backed by government guarantee. In the written reply, Teli also said the notional return on EPFO equity-related investments rose 16.27 per cent in 2021-22 from 14.67 per cent in 2020-21. The reply also showed that the notional rate of return on equity related investment of the the EPFO was in negative at (-) 8.29 per cent in 2019-20 due to the impact of COVID-19. In 2021-22, the minister said EPFO settled 2,88,15,498 claims for withdrawal of Rs 1,04,959.18 crore by the subscribers. EPFO had settled 2,33,90,550 claims for withdrawal of Rs 91,187.54 crore in 2020-21. The withdrawal amount was Rs 70,202.34 crore in 2019-20 under 1,28,77,354 claims settled by the EPFO. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/rbi-seeks-a-crypto-ban-but-it-needs-global-collaboration-says-nirmala-sitharaman/articleshow/92954958.cms">RBI seeks a crypto ban but it needs global collaboration, says Nirmala Sitharaman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nifty-50-remains-the-top-performer-in-asia-despite-tussle-between-bulls-and-bears/articleshow/92952677.cms">Nifty 50 remains the top performer in Asia despite tussle between bulls and bears</a>

Retirement fund body EPFO could increase its equity investment limit to 20% from 15% earlier

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

This article is part of "<a target="_blank" href="https://www.businessinsider.com/category/workforce-innovation">Workforce Innovation</a>," a series exploring the forces shaping enterprise transformation.Since the launch of <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> in 2022, artificial intelligence has been hailed as the answer to <a target="_blank" href="https://www.businessinsider.com/ai-tools-reality-vs-hype-letdown-big-tech-2024-8">technical challenges</a> such as optimizing systems and machinery and managing vast amounts of data. Now some companies are turning to AI to tackle the human side of business: <a target="_blank" class="" href="https://www.businessinsider.com/employee-wellbeing-programs-help-companies-perform-better-and-manage-cost-2024-7">employee well-being</a>.Employers including Navistar, Adidas, and Cisco are experimenting with AI to monitor employee sentiment, strengthen relationships, and provide opportunities for personal and professional growth. The goal is to help managers respond to emerging trends within their teams while making sure employees get timely access to support.The <a target="_blank" href="https://www.businessinsider.com/millennials-high-earners-moved-office-work-from-home-remote-work-2024-3">rise of remote work</a> and a <a target="_blank" href="https://www.businessinsider.com/gen-z-lazy-hiring-jobs-careers-hr-training-pandemic-2024-8">new generation of workers</a> with <a target="_blank" href="https://www.businessinsider.com/gen-z-work-talking-about-mental-health-anxiety-depression-hr-2024-6">different needs and expectations</a> have forced companies to rethink the employee experience. With distributed teams and fewer face-to-face interactions, staffers are experiencing more <a target="_blank" class="" href="https://www.businessinsider.com/work-friends-spouses-loneliness-remote-hybrid-benefits-of-work-connections-2024-6">loneliness</a> and disconnection. AI offers a way for some employers to bridge the gap.To be clear: As companies and investors channel <a target="_blank" href="https://www.businessinsider.com/how-much-big-tech-spending-on-ai-investments-2024-7">billions of dollars into AI</a>, applications to boost employee well-being are a <a target="_blank" class="" href="https://www.businessinsider.com/flexibility-can-increase-worker-well-being-2024-8">small fraction</a> of the focus. But while few companies are pursuing this now, more could follow, said Matt Beane, an assistant professor of technology management at the University of California, Santa Barbara."Companies might experiment because engagement is so important and the pain is significant — especially since talent today is mobile," he said.Beane said he found these efforts "genuinely exciting" but described many drawbacks. "When new technology rolls out, the first 10 to 40 years are often filled with waste, confusion, and sometimes even harm," he said.<h2 id="d1678e8e-7cbc-4f85-ab59-004f883505fe">Helping managers get a vibe check</h2><a target="_blank" class="" href="https://www.hhs.gov/surgeongeneral/priorities/workplace-well-being/index.html">Employee well-being</a> is a somewhat squishy term that encompasses workers' mental, physical, emotional, and economic health. But despite its seemingly nebulous nature, a workforce's well-being has real <a target="_blank" href="https://www.businessinsider.com/employee-wellbeing-programs-help-companies-perform-better-and-manage-cost-2024-7">bottom-line implications</a>. Studies suggest that improving employee well-being can <a target="_blank" class="" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3870481/">increase engagement and productivity</a>. And Gallup's research indicates that organizations with higher engagement have <a target="_blank" href="https://www.gallup.com/workplace/236927/employee-engagement-drives-growth.aspx">greater profitability, retention, and performance</a>.Still, employers have long struggled to grasp how employees feel about their jobs, colleagues, and workload. Some have relied on annual engagement surveys, which can be slow to analyze and interpret.Mike Conover, the head of learning consultation and delivery at Navistar, a manufacturer of trucks and diesel engines, is familiar with this problem: His seven-member team is spread across the US. "When you don't see someone in the office and you can't pick up on their demeanor or facial expressions, it's hard to gauge," he said.For the past several months, Conover's team has piloted Rapport, an AI tool designed to support employees and managers. Rapport, which is integrated with email, Slack, and Teams, asks employees to rate their energy level and workload using emojis daily. It follows up with tailored questions to dig deeper into their responses, which are shared with managers only with the employee's permission.The tool alerts Conover about important changes or times he needs to step in, along with tips on how to handle the situation based on <a target="_blank" href="https://people.climate.columbia.edu/projects/view/1912">research from Columbia University</a>. The tool helps Conover connect employees with Navistar's internal resources, whether they need HR support or help with a work-related problem."It breaks down the walls of management," he said. "As a newer leader, sometimes you don't know how to handle things."<h2>From feedback to action items</h2>Many of these AI tools can also spot potential issues and make recommendations.<a target="_blank" class="" href="https://www.businessinsider.com/bjorn-gulden-is-trying-to-save-adidas-after-yeezy-controversy-2024-3">Adidas</a>, the sportswear giant, uses Qualtrics Assist, an AI agent that looks at pulse-survey data along with unstructured data like public reviews or anonymized conversations on internal communication platforms. Combining this with details like work hours, location, and tenure can help managers better understand employee engagement.Managers can use the tool to get advice on their engagement results. For instance, a manager might ask "How well is my team working together?" or "How can I improve my team's overall experience?" Qualtrics Assist analyzes the data and offers insights and suggestions based on industry benchmarks and best practices.The company says the aim is to let "managers have a conversation with the data to understand the lived experience of their team members.""We leveraged AI to democratize insights, reduce bias, and save time," Sebastian Projahn, a senior director of people insights at Adidas, said in May at a summit in Salt Lake City. "Managers can focus on driving impact rather than interpreting data and reading lots of comments."Trevor Keavney, a director in Gartner's HR advisory practice, said these AI tools could be helpful for new leaders, but he mentioned a few concerns. "There's still a lot of uncertainty about AI, and some employees may have reservations," he said. "They might wonder how their data is being collected and used, and whether they're comfortable with their manager having access to this information."Another challenge arises if managers take time to collect feedback but don't act on it. "When employees see no changes based on their feedback, they may lose trust in the process," Keavney said.<h2 id="aadc4eb1-83f2-4e35-a6a8-1d265c922a86">Practical support and help with HR</h2>Other companies are using AI to help employees make use of their benefits.This year, Cisco <a target="_blank" class="" href="https://www.businessinsider.com/cisco-is-using-ai-to-help-with-recruitment-2024-5">launched</a> an internal bot called WellNest on Webex. Employees fill out a brief intake survey and then receive daily personalized questions related to their financial health, physical fitness, focus, or social connections. Based on their responses, the bot offers two recommendations: a practical "<a target="_blank" href="https://thriveglobal.zendesk.com/hc/en-us/articles/360044471974-What-s-a-Microstep">Thrive Microstep</a>" and a relevant Cisco resource. The bot's suggestions are designed to become more personalized over time as it learns from employee conversations.In August, meQuilibrium launched an AI-powered dashboard focused on mental health and resilience. In a feature called Ask meQ, employees select prompts like "I want to boost my emotional intelligence" or "I want to be more present," and the dashboard provides relevant activities and articles.The tool's employee assessment is designed to help identify an employee's risk of anxiety, depression, and burnout and recommend relevant resources. If it detects a risk of depression, for instance, the dashboard might highlight employee-assistance-program resources or suggest virtual therapy. If it identifies a need for more physical activity, it might recommend a gym-membership benefit.The engineering company KBR is piloting this technology. "Most of the time employees approach us knowing that we have a lot of resources for them, but they don't know where to start," Ashley Owens, a senior specialist in global mental health and fitness at KBR, said in an email. "This dashboard gives us the ability to identify needs in a region or in a demographic and allows us to maximize our time, resources, and funding."Beane, the researcher at UCSB, suggested that companies with strong engagement and positive manager-employee relations are better positioned to benefit from these AI applications. In other words, AI reinforces existing strengths.But if AI is seen as replacing meaningful human interactions, it could face resistance. "If a company is struggling in these areas, investing in robots might be seen as problematic," he said.

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