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We all know the pressure of meeting deadlines, but what if we told you that being late doesn’t just affect your calendar — it could actually tarnish how people see the quality of your <keyword id="6355058" type="General" weightage="20" keywordseo="Work" source="Orion">work</keyword>? According to researchers, that’s exactly the case. They found that work submitted late is seen as lower in quality than the same work submitted on time or early, no matter how great it actually is. It turns out, missing a deadline can make you and your work seem less competent and trustworthy, all because of the subtle judgments deadlines trigger in other people. <h2>The deadly deadline dilemma</h2>Previous studies have focused on how deadlines affect employees’ productivity and stress levels, but lead researcher Sam Maglio’s team wanted to know how missing a deadline changes an outsider’s perception. To test this, the researchers conducted 18 different experiments with thousands of people, from managers and HR professionals to everyday folks, evaluating a wide range of creative and professional work. In the test, participants saw the same exact work samples — like photography, product pitches, news articles, and art — but they were told it was submitted either early, on time, or late. And guess what? The late submissions were consistently rated as lower quality, despite being identical to those submitted on time. <div type="Article" hostid="261" msid="114883482" title="We heard from over 750 people who have recently struggled to find work. Here are their biggest frustrations with getting hired." mstype="2" mssubtype="0"></div>Maglio explains, “Everyone saw the exact same art contest entry, school submission, or business proposal, but they couldn’t help but use their knowledge of when it came in to guide their evaluation of how good it was.” In other words, once people knew something was late, it was hard not to think less of it. <h2>Early birds don’t really get extra credit, but late birds do lose points</h2>Interestingly, turning in work early didn’t seem to earn extra praise. Evaluators ranked work that came in early and on time as equally good, which means there’s no major boost for those overachievers who submit work ahead of the deadline. But the real problem comes if you’re late — even by a little. In fact, it didn’t matter if the work was one day or one week late; the hit to quality ratings was the same. Late submissions were rated as poorly as work that objectively missed the mark, like not meeting word counts. And it turns out that advance warning doesn’t do much to soften the blow — one missed deadline still chipped away at the evaluator’s view of the employee’s competence and integrity, even if they were usually punctual. But here’s where it gets even trickier: evaluators didn’t just judge the work as poorer in quality — they also saw the latecomer as less reliable and were less likely to consider them for future tasks. One missed deadline could, in theory, limit your future opportunities to shine or earn promotions. <div type="Article" hostid="261" msid="114915871" title="I did a remote internship while also side hustling at a national park. I worked all day but lived in a beautiful place." mstype="2" mssubtype="0"></div>The researchers even tested this with high school students in China, who were shown art entries with the submission dates marked as either early, on time, or late. Even though they were told to ignore everything except the artwork itself, the “late” pieces received lower grades. And that’s with peers evaluating peers, so it didn’t matter if a boss or manager had set the deadline — missing it still left a mark. <h2>Let your manager know!</h2>Luckily, not all hope is lost for late submitters. Maglio’s team found that the reason behind a missed deadline actually mattered. If the delay was due to uncontrollable events — like jury duty or a medical emergency — people cut the submitter more slack. The same was true if the deadline was a “soft” one rather than a hard cutoff, or if the work wasn’t particularly critical. “Communication around deadlines is vital. If it’s a hard, and not a soft, deadline, you as the manager should let your employees know,” Maglio explained. “If the reason why you missed the deadline was beyond your control, you as the employee should let your manager know.” The findings of this study have been published in Organizational Behavior and Human Decision Processes and can be accessed <a href="https://dx.doi.org/10.1016/j.obhdp.2024.104365">here</a>.

Missed a deadline? Here’s why it might cost you more than just a little extra time

<ul class="summary-list"><li>It's not easy being a manager in the tech industry right now.</li><li>Amazon is the latest company to reduce the number of supervisors and flatten its operations.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/middle-management-layoffs-silicon-valley-budgeting-2023-4">Managers</a> may just have the toughest job in tech right now.In the latest blow to middle managers, Amazon announced it planned to reduce the number of supervisors within its organization.In a message to <a target="_blank" class="" href="https://www.aboutamazon.com/news/company-news/ceo-andy-jassy-latest-update-on-amazon-return-to-office-manager-team-ratio">employees posted online,</a> CEO Andy Jassy said the company plans to flatten departments and ask senior leadership teams to increase the ratio of individual contributors to managers by at least 15% by the end of the first quarter of 2025.Jassy said the move was part of an effort to get the company operating "like the world's largest startup," allowing employees to "move fast" and preventing them from wasting time with "unnecessary processes."According to a <a target="_blank" class="" href="https://www.businessinsider.com/amazon-fewer-managers-leaked-document-2024-9">copy of an internal document obtained by Business Insider,</a> the new plan could result in role eliminations as "organizations may identify roles that are no longer required."It's the latest hit to tech's wearied middle managers amid a rough few years.Many have found themselves in the firing line for sweeping layoffs as Big Tech companies scramble to cut costs. Those who kept their jobs have complained of being left with more work amid <a target="_blank" rel="" href="https://www.businessinsider.com/jobs-report-labor-market-hiring-layoffs-quits-recession-sahm-rule-2024-8">hiring slowdowns</a>.Lynda Gratton, a professor of management practice at London Business School, told BI that middle managers had steadily been asked to do more post-pandemic."Manager overwork and burnout is a real issue," she said. "The pandemic meant that many are also managing complex hybrid teams."<h2 id="daf44e6f-8a08-4026-b12a-0b4247dd45a1">Tech has turned on managers</h2>Amazon is not the first tech company to balk at its own corporate structure.At Meta, Mark Zuckerberg has been gradually eliminating layers of middle management. The tech boss has said he doesn't like seeing <a target="_blank" rel="" href="https://www.businessinsider.com/mark-zuckerberg-might-cut-metas-middle-management-report-2023-1">"managers managing managers"</a> and has been "flattening" his company ever since. The reorg has seen many Meta supervisors demoted with the aim of having more people on the ground doing things like coding, designing, or selling.Shopify has also been <a target="_blank" rel="" href="https://www.businessinsider.com/shopify-flattens-management-structure-incentivizes-individual-contributors-2023-2">"flattening"</a> its structure to have fewer managers. At X, formerly Twitter, Elon Musk has ordered engineering managers to get back into the coding trenches with their direct reports.The reduction of middle managers is, in part, a reaction to overhiring during the pandemic and a backlash against so-called "fake work" within the tech sector.But significantly reducing the amount of managers could also backfire on companies."Tech firms have worked out that the most productive technologists are well managed, feel secure, are mentored and supported and feel listened to," Gratton said. "That's one of the reasons why they have invested more in managers — when management is done well — they are the golden thread."Representatives for Amazon referred BI back to its blog post.

It's a tough time to be a manager in tech

<ul><li><keyword id="22496070" type="General" weightage="20" keywordseo="AI-based-technology" source="keywords">AI-based technology</keyword> will be used for <keyword id="20074926" type="General" weightage="20" keywordseo="crowd-management" source="keywords">crowd management</keyword> at <keyword id="23948812" type="General" weightage="100" keywordseo="Mahakumbh-Mela-2025" source="keywords">Mahakumbh Mela 2025</keyword>.</li><li>Around 2,700 <keyword id="19997866" type="General" weightage="20" keywordseo="CCTV-cameras" source="keywords">CCTV cameras</keyword> are being installed at the fair area ahead of the event.</li><li><keyword id="19897919" type="General" weightage="20" keywordseo="social-media" source="keywords">Social media</keyword> platforms like Facebook and X will provide immediate assistance in locating lost relatives.</li></ul>As Prayagraj gears up for the festivities of Mahakumbh Mela 2025, AI-based technology will be used for crowd management for the convenience of devotees, SSP Mahakumbh Mela said. In a bid to ensure the safety and convenience of an estimated 45 crore devotees, the Yogi Adityanath government is preparing for the upcoming Maha Kumbh. For the first time, the grand event is being digitized on such a large scale, leveraging Artificial Intelligence (AI) and social media platforms to enhance management and security. "Around 2700 CCTV cameras are being installed in the district and the whole fair area. This will help us in crowd management... Cameras with AI features have also been installed in the area. These cameras will automatically send us alerts based on their feed. This step would be in addition to human intelligence. AI is adding to the information of human intelligence. We have already installed 25 police stations in the area and a total of 56 stations will be placed,” said Rajesh Dwivedi, SSP, Mahakumbh Mela. AI-powered cameras are being installed throughout the Kumbh site to monitor the massive crowd and ensure 24/7 surveillance. These state-of-the-art cameras will not only bolster security but also assist in reuniting individuals who may get separated during the event. In addition, popular social media platforms like Facebook and X will provide immediate assistance in locating lost relatives, streamlining the process of reuniting families amidst the sea of pilgrims. This time, visitors from across the country and abroad attending the Mahakumbh 2025 won't have to worry about losing their loved ones in the crowd. The Mela administration has devised an extensive plan to address this concern. A digital 'khoya paaya kendra' (lost-and-found centre) will go live on December 1, utilizing advanced technology to reunite separated individuals quickly and efficiently. The entire fair area is being equipped with 328 AI-enabled cameras, which have already been tested at four key locations. These cameras will monitor the crowd 24/7 and assist in locating lost individuals. Under the directives of the Yogi government, the large-scale installation of these cameras is in its final stages. The digital lost-and-found centres will immediately register every missing person's details digitally. Once registered, the AI-powered cameras will begin searching for the individual. Additionally, information about missing persons will be shared on social media platforms like Facebook and X (formerly Twitter), making it easier to locate them quickly. Face recognition technology will be used at the Maha Kumbh to identify individuals who get separated from their loved ones. This advanced system will work instantly, capturing photographs and identifying individuals among the estimated 45 crore attendees. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oppo-find-x8-and-find-x8-pro-launched-in-india-starting-at-69999/articleshow/115521010.cms">Oppo Find X8 and Find X8 Pro launched in India starting at ₹69,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

AI-based technology to be used for crowd management at the Mahakumbh Mela 2025

<ul class="summary-list"><li>HSBC has reportedly asked some managers to reapply for their jobs as part of a cost-cutting restructure.</li><li>Bloomberg reported Monday that hundreds of senior staff will likely lose their jobs.</li></ul><a target="_blank" href="https://www.businessinsider.com/hsbc-office-redevelopment-london-flexible-working-corporate-real-estate-2024-7">HSBC</a> has asked some managers to reapply for their jobs in its newly created corporate and institutional banking division as part of a cost-cutting drive, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-18/hsbc-managers-are-competing-to-keep-their-jobs-in-ceo-s-revamp">Bloomberg reported.</a>Citing people familiar with the matter, Bloomberg said that the interview process has already started, involving senior staff from the bank's commercial banking business and others from the global banking and markets unit.The people told Bloomberg that internal recruitment for the merged division would likely result in hundreds of managing directors and other senior bankers losing their jobs over the coming weeks.They added that general manager titles will also be phased out and replaced by managing director titles at HSBC, which has around 221,000 employees worldwide.The plans have not been finalized and could be subject to change, the people said.HSBC declined to comment when approached by Business Insider.The combined division is part of a restructuring plan introduced by new CEO Georges Elhedery in October.The biggest change announced was the simplification of HSBC's structure, creating Eastern and Western arms to manage its global operations.Under the new structure, HSBC's operations in Asia-Pacific and the Middle East will form the "Eastern markets," while its UK, European, and Americas business will be known as the "Western markets."Other changes include the creation of a new international wealth and premier banking unit.The London-listed bank said in October that its third-quarter pre-tax profits rose roughly 10% year over year to $8.5 billion.Elhedery, who was formerly HSBC's CFO and became CEO in September, told analysts in a call after the third-quarter results that cutting senior roles would lower costs."Now, as a result of a simpler, leaner, more efficient bank, there will be cost saves," he said.He previously told staff in October that they should expect job cuts following the announcement of the revamp, <a target="_blank" class="" href="https://www.reuters.com/business/finance/hsbc-ceo-tells-staff-senior-redundancies-inevitable-after-revamp-2024-10-23/">Reuters reported</a> at the time, citing an internal memo."Inevitably some of our colleagues will face redundancies as we streamline duplicative senior roles," Elhedery said.

HSBC reportedly asks middle managers to reapply for jobs as layoffs loom

<ul class="summary-list"><li>Boeing's still-new CEO, Kelly Ortberg, <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-boeing-777x-test-aircraft-biggest-twin-engine-airliner-2023-8">faces urgent challenges</a>, including a worker strike.</li><li>Ortberg has to address decades of management issues and concerns from customers, workers, and investors.</li></ul><a target="_blank" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">Kelly Ortberg</a> took the helm at Boeing with no time to spare.Just two months in and he is grappling with striking workers, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-q3-results-earnings-loss-ceo-vows-iconic-again-2024-10">multi-billion-dollar losses</a>, and a corporate culture gone adrift — all while trying to create a plan to one day <a target="_blank" class="" href="https://www.businessinsider.com/boeing-ceo-turnaround-plan-employee-memo-earnings-2024-10">develop a new aircraft</a>.Unlike the lucky new CEO who gets to walk factory floors and office hallways before pulling big levers of change, Ortberg faces pressure to do as much as he can quickly to correct course after more than two decades of misfires by five previous CEOs.Ortberg, who started in August, is trying to set expectations."I'm still in the process of traveling around, meeting our people, particularly two and three levels down," he said during an investor call Wednesday. "We just have to get everybody in the right position, running the right play, focused on the right thing, and I think we've got some work to do there."The pressure to perform is significant. On Wednesday, the company reported a loss of $6.1 billion for the third quarter. The same day, the machinists' union again rejected a company proposal that would have delivered a 35% pay increase over four years. According to one group of analysts, the strike has cost the company <a target="_blank" href="https://www.businessinsider.com/boeing-strike-costing-50m-per-day-as-negotiations-restart-2024-10">$50 million a day</a>.Ortberg, in a letter released to employees along with the company's third-quarter results, said Boeing's customers want — and need — the company to succeed."With the right focus and culture, we can be an iconic company and aerospace leader once again," he wrote.The letter offered a reminder that Ortberg has to balance pressures from workers, investors, and Boeing's customers. In the case of the company's commercial business, which builds aircraft for airlines, that ultimately means the flying public.Bill George, the former CEO of medical device maker Medtronic and an executive fellow at Harvard Business School, told BI that Ortberg has to tackle short-term challenges like the worker strike and shoring up cash flow while also making "bold decisions" for the long term."He can't just do one or the other," George said.<h2 id="344697db-407e-4770-8539-290cb807cfc8">Restoring a culture of safety</h2>George said that while the company's commercial, defense, and space businesses each face challenges individually, the broader issue that needs prioritizing is restoring a <a target="_blank" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">culture of safety after high-profile failures</a>."That's the most important thing he's got to do, but that will take time," George said. He estimates fixing the culture and quality concerns might take three to five years and even longer to embed them deep within the company.George said Ortberg's background as an engineer — and not being a <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-says-decision-resign-his-own-2024-3">finance type who previously ran the company</a> — should help on the communication front with many of the company's workers."They know if you know what you're talking about or not," George said. "If you don't, they don't have any confidence."He added Ortberg's decision to <a target="_blank" href="https://www.businessinsider.com/boeing-disaster-american-businesses-greedy-broken-stock-market-wall-street-2024-2">move to the Seattle area, unlike prior chiefs</a>, was wise. The company has deep roots there, particularly in its commercial business."You need to have the whole top team in Seattle and run it out of there," George said.<h2 id="aa7aebc2-c476-4c9a-bb7f-bef3296a434a">Rebuilding trust with employees</h2>Rosalind Franklin, a partner in the global leadership consulting practice at the executive search firm Boyden, told BI that to build trust and be most effective, Ortberg needs to sound a note that is "both vulnerable and yet strong" without being deceptive.She said that means being open about "the hurt" that the company's recent decision to <a target="_blank" href="https://www.businessinsider.com/boeing-layoffs-strike-777x-delay-freighter-2024-10">cut 10% of its workforce</a> will cause. Ortberg needs to "communicate honesty and acknowledge the fact that this is a really difficult time for the company," Franklin said."When you feel that the CEO is with you, and the CEO is feeling your pain, it makes it more tolerable and provides hope for the future," Franklin said.The need to <a target="_blank" href="https://www.businessinsider.com/top-business-execs-trending-insights-ai-worker-well-being-roundtable-2024-9">convey empathy</a> is greater than before the pandemic, she said, because many workers have come to expect more from their leaders.Franklin said that doesn't mean shying away from tough decisions."You can't give up what you know you need to do. It's not what you do, it's how you do it," she said.<h2 id="8c691d8b-13f0-4c1e-afad-b5a3768d68d2">Leading from the front</h2>Jeffrey Sonnenfeld, senior associate dean for leadership studies at Yale School of Management, told BI that "usually, the advice we would give someone is not to do too much too soon."In this case, he said, Ortberg doesn't have much choice but to try to fix the problems with labor, with the company's "precarious" financial situation, and with regulators' concerns.Sonnenfeld, who's also the founder of Yale's Chief Executive Leadership Institute, said the task before Ortberg is similar to those once faced by General Motors CEO Mary Barra and Alan Mulally, the former chief at Ford who once ran Boeing's commercial division.Like Boeing, Sonnenfeld said, both GM and Ford are complicated industrial businesses that sit prominently in the public eye. When the automakers' respective CEOs had to wrest their companies from crises, both made "really bold" public statements and were highly visible, he said."They banked a lot on the character of leadership and demonstrated it with accountability and visibility with really good follow-up," Sonnenfeld said.In his letter, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">Ortberg encouraged senior leaders</a> to close the distance between those in management and those closest to the manufacturing process. "We need to be on the factory floors, in the back shops and in our engineering labs," he wrote.That type of leadership "shows an accountability, shows an accessibility," Sonnenfeld said. "It shows a transparent and less formal style, and that's long past due."<h2 id="3996aed0-3075-47ab-98f6-3c71139b4c7c">A clear plan for the future</h2>George, the former Medtronic chief, said one step Ortberg could take to start restoring confidence and getting people excited about the future would be to announce a program for a new single-aisle aircraft redesigned from scratch."I think he must do that," George said.A new aircraft could leapfrog older designs that he said haven't kept pace with advances in jet engine and avionics in recent decades.Ortberg alluded to such a future in his letter. He wrote that the company has to fix its balance sheet "so that we do have a path to the next commercial aircraft."Richard Aboulafia, an aviation industry analyst who's a managing director at AeroDynamic Advisory, told BI that it's essential to talk about what's coming. He said Ortberg also needs to make clear that the planned job cuts won't compromise safety, add to delays in the company's defense business, or shortchange future product development."He has to reassure investors and everyone else that the situation is stable and also reassure the industry that they're prepared to invest in the future," Aboulafia said. "It's tough to thread that needle."

Boeing's new CEO is taking on the ultimate management test

<ul class="summary-list"><li>Steve Schwarzman, Blackstone's cofounder and CEO, is estimated to be worth $57 billion.</li><li>Schwarzman has called Blackstone his family office, but he has another family office, BI has learned.</li></ul>In his book, <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-best-career-lessons-2019-9">"What It Takes,"</a> Steve Schwarzman recalls being on the verge of graduating from college in 1969 with little sense of what he might do next.A member of Yale's famed <a target="_blank" class="" href="https://www.businessinsider.com/most-powerful-members-yale-skull-and-bones-2017-3">secret society Skull and Bones</a>, Schwarzman wrote to one of its most prestigious alumni,<a target="_blank" class="" href="https://www.businessinsider.com/the-bushes--a-wall-street-dynasty-2012-11"> Averell Harriman</a>, for advice. The heir of a railroad baron, Harriman had parlayed his family's wealth into the investment bank Brown Brothers Harriman before embarking on a political career that included roles as the governor of New York, the secretary of commerce under President Harry Truman, and America's lead negotiator in the <a target="_blank" class="" href="https://www.businessinsider.com/tet-offensive-us-victory-but-turned-americans-against-vietnam-war-2021-1">Vietnam War</a> peace talks.Over lunch at Harriman's Upper East Side mansion in Manhattan, the two men discussed a career in politics for Schwarzman before Harriman asked his guest whether he was "independently wealthy.""That will make a great difference in your life," Harriman told Schwarzman, the <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzmans-life-2015-10">middle-class son of a Philadelphia dry-goods-store owner</a>. "I advise you, if you have an interest in politics whatsoever, to go out and make as much money as you can."Schwarzman, 77, never ended up pursuing a career in politics, but as the CEO and a cofounder of the alternative-asset manager Blackstone, he has built a fortune that <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">Bloomberg estimates</a> is worth $57 billion — or more than the market value of Ford Motor Co.The 24th richest man in the world, Schwarzman has used his wealth to influence various industries, including politics, real estate, and the arts, as well as culture. A <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">vocal supporter of Donald Trump</a>, Schwarzman is expected to have a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">voice in the next White House</a>. His name adorns the New York Public Library and <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-name-buildings-yale-2015-5">buildings on prominent university campuses</a> such as Yale's and MIT's. He and his wife, Christine Hearst Schwarzman, have been guests and supporters of the Metropolitan Museum's star-studded Met Gala fundraising extravaganza. They have also been the subject of news stories for their own <a target="_blank" class="" href="https://www.businessinsider.com/2008/10/steve-schwarzman-apologizes-for-the">elaborate parties</a> (think camels, <a target="_blank" class="" href="https://www.businessinsider.com/left-management-consulting-become-flying-trapeze-teacher-2022-8">trapeze artists</a>, and Gwen Stefani) and many home purchases.<div type="image" title="Steve Schwarzman and his wife Christine Hearst Schwarzman outside of the Met Gala. Steve is wearing white tie attire, and Christine is wearing a gold." height="2656" width="3984" msid="115333170" hostid="261" sizebytes="476358"></div>Little is known, however, about how the private-equity titan manages his money.At a conference last year, Schwarzman suggested that the firm he <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-deal-to-expand-hq-in-latest-sign-of-growth-2024-6">cofounded in 1985</a> was sufficient to handle his financial affairs."I own a lot of stock, and I invest in all of our funds, so the firm is my family office," Schwarzman said at the Bank of America Securities Financial Services gathering, according to an AlphaSense transcript.Business Insider has learned, however, that Schwarzman also has a family office with a name that harkens back to his childhood. Pennypack is run by a former Blackstone tax expert and employs dozens of people, including housekeepers, lawyers, and personal assistants, according to public records and conversations with people with knowledge of Schwarzman's money-management tactics, some of whom requested anonymity to speak about his private matters.It's secretive, with a nondisclosure agreement at the ready for its contractors, and provides support for at least some of Schwarzman's charitable organizations and political dealings. Pennypack also helps care for and manage many of the Schwarzman family's properties.Here's a look at what it takes to manage billionaire Steve Schwarzman's wealth.<h2 id="061bb84c-1342-46df-a7e6-0fa5a6a820d1">Most of Schwarzman's wealth is tied up in Blackstone</h2>Schwarzman cofounded Blackstone in 1985 with his former boss, Pete Peterson, and $400,000 in seed money. Today, it manages <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">more than $1 trillion</a>, making it the largest alternative-asset manager in the world.He is the biggest single shareholder, with a 19% stake, surpassing institutional giants like Vanguard. Based on a recent stock price of $181.17, his stake is worth $41.7 billion, which means that more than two-thirds of Schwarzman's wealth comes directly from his equity in Blackstone.As a shareholder, Schwarzman also benefits from <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-steve-schwarzman-earnings-in-2017-2018-3">cash dividends</a> the company pays its stock owners. Public records show that in 2023, he took home $777 million in dividends, a 29% decline from the more than $1 billion in dividends he took home in 2022. Before Blackstone went public, Schwarzman received cash dividends as a partner in the firm.Schwarzman is also the largest individual investor in Blackstone's funds, a spokesperson for him said."Mr. Schwarzman is the largest individual investor in both Blackstone's stock and our funds — demonstrating his full alignment with the success of the firm and its clients," the spokesperson wrote.BI could find no evidence that Pennypack invests on behalf of Schwarzman, with no regulatory filings showing that it owns stock.This is unusual but not unheard of, Marc Sharpe, a professor and the chair of the Family Office Association, said. He pointed to Michael Dell, the founder of Dell Computer who invests through MSD Capital but also has a separate office to manage and run his personal affairs."There is no single correct way to define a family office," Sharpe wrote to BI. "Oftentimes, they're described as a buffet menu of financial plus concierge services that wealthy families might utilize."<h2 id="37457fb4-3ead-4cc8-a639-7ed014e15612">The name is linked to his childhood</h2>The Pennypack name appears to be a throwback to Schwarzman's youth. His family lived on Pennypack Road after moving from Philadelphia to its neighboring suburbs when Schwarzman was a teenager. Property records show that his parents bought their home, which abuts Pennypack Creek, a 22-mile creek that empties into the Delaware River, in 1960 and sold it decades later, in 2004.<div type="image" title="A railroad bridge over a river, surrounded by a forest in autumn" height="3765" width="5648" msid="115333168" hostid="261" sizebytes="2645164"></div>Pennypack LLC was incorporated in 2018 in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-done-with-delaware-other-corporations-unlikely-to-follow-2024-2">Delaware</a>. It's unclear whether the entity existed before in a different form, and representatives for Schwarzman declined to clarify.According to Blackstone's 2023 annual report, it provides Schwarzman's family office with "offices, technology, and support," though Schwarzman is responsible for reimbursing Blackstone for the costs. Until this year, the company was registered to a Blackstone office address, according to corporate filings.<div type="image" title="Blackstone signage outside Blackstone Group headquarters in NYC" height="2268" width="3400" msid="115333173" hostid="261" sizebytes="564594"></div>Like many family offices, Pennypack is secretive. According to a copy of an <a target="_blank" class="" href="https://www.businessinsider.com/how-nondisclosure-agreements-silence-control-workers-silicon-valley-2021-7">NDA </a>for vendors that work with Pennypack, obtained by BI, signees are not allowed to disclose information about the "Schwarzman Group."According to the document, the Schwarzman Group includes "all employees of Pennypack, all employees of all residences of Stephen A. Schwarzman and/or Christine Hearst Schwarzman regardless of the location of such residences; and all business entities that Pennypack manages, operates or is associated with, and the employees and agents of those businesses."<h2 id="ce719a95-bc69-41be-9292-52d9184d267d">Who runs Pennypack?</h2>Pennypack is run by John Magliano, a former Blackstone executive and accountant. Magliano's LinkedIn profile says he has been the president of a family office since 2017.He spent more than 18 years with Blackstone, including as the CFO of its private-equity group, which runs its control investments in businesses, and as a managing director of Blackstone's tax group, which helps prepare its tax returns and studies the tax implications of business decisions. After leaving to run Pennypack, Magliano stayed on as a senior advisor to Blackstone through 2021.Schwarzman thanks Magliano in the acknowledgments section of his autobiography, along with Paul A. White, another Pennypack executive. The pair are listed as officers in LLCs tied to a string of Schwarzman's recent home purchases, including his $32.5 million purchase of a mansion on the tony Easton Street in <a target="_blank" class="" href="https://www.businessinsider.com/nantucket-homes-give-away-free-move-houses-cost-reason-2024-4">Nantucket, Massachusetts,</a> which marked the largest private-home sale in the island's history at the time.<div type="image" title="Postcard of the White Elephant, an iconic Nantucket hotel, with sailboats in front of it." height="2673" width="4212" msid="115333174" hostid="261" sizebytes="1269842"></div>The two men are also named as officers of LLCs linked to the $43 million purchase and renovation of two <a target="_blank" class="" href="https://www.businessinsider.com/gilded-age-mansions-photos-wealth-2024-9">historic Newport, Rhode Island, mansions</a>: Ocean View and Miramar, the latter of which Schwarzman said he would <a target="_blank" class="" href="https://www.townandcountrymag.com/society/money-and-power/a61852950/steve-schwarzman-miramar-private-museum/">turn into a museum</a> when he dies. They are also named as officers of an LLC tied to Schwarzman's $100 million purchase of an estate named Conholt Park, which is about a 30-minute drive from Stonehenge in Wiltshire, England.<h2 id="665829e5-e31a-44d6-b0d6-9cfaacbcba9a">The staff</h2>A person with direct knowledge of Pennypack's operations told BI that Pennypack employed over 100 people in various roles, from executive assistants to the housekeepers who clean and maintain his homes.One employee on LinkedIn described their role at Pennypack as providing administrative support to "Mrs.," an apparent reference to Hearst Schwarzman. Listed duties included managing her personal projects and board and foundation endeavors, drafting emails, preparing her for speaking engagements, and tracking auctions for purchases.Another Pennypack employee described themself on LinkedIn as a housekeeper.A list of contractors obtained by BI shows that Pennypack has hired landscapers, ornamental plasterers, construction workers, and architects. The building conservationist linked to Miramar, the Gilded Age Newport home he bought for $27 million in 2021, is on the list.<div type="image" title="Black and white photo of Miramar, taken between 1917-1927" height="1122" width="1536" msid="115333180" hostid="261" sizebytes="64092"></div>Pennypack also appears to play in role in the Schwarzman's family's security. In June, the family office purchased a radio call sign tied to Ocean View in Newport. The Federal Communications Commission application said that "radios will be used to coordinate private security details."<h2 id="d929c107-fbef-4672-bcc4-3c5d65f98c0b">Schwarzman's charities and politics</h2>Pennypack's officers also play a role in <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-comments-on-report-cards-2015-11">Schwarzman's charitable works</a>. Public filings show that Magliano is the treasurer and director at the Stephen A. Schwarzman Foundation, Schwarzman's main philanthropic arm. Its recent donations include $350 million to MIT for a building dedicated to the study of artificial intelligence and computing, as well as more than $220 million to create a new Centre for the Humanities at Oxford, which is set to include the study of <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-steve-schwarzman-on-ai-infrastructure-investment-goals-2024-7">ethics in AI</a>.<div type="image" title="A view of the New York Public Library - Stephen A. Schwarzman Building." height="4128" width="6192" msid="115333177" hostid="261" sizebytes="1646392"></div>Magliano is in charge of the foundation's bookkeeping, the filings show.Filings show that Magliano is also a vice president and the treasurer of the Stephen A. Schwarzman Education Foundation, which runs the <a target="_blank" class="" href="https://www.businessinsider.com/schwarzman-scholars-in-china-2013-4">Schwarzman Scholars program</a>, a master's leadership program at Tsinghua University in Beijing. The program was founded in 2016 to help foster US <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-us-china-trade-war-2019-9">relations with China</a>.In 2022, Magliano was paid $300,000 for working 18 hours a week with the two foundations, according to nonprofit filings for the firm.Schwarzman has long been in the political spotlight, most notably as the head of then-President Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-business-council-strategic-policy-forum-why-ceos-left-2017-8">Strategic and Policy Forum</a> and as a <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">prolific Republican donor</a>.<div type="image" title="President Donald Trump listens to Blackstone CEO Stephen Schwarzman." height="3557" width="5336" msid="115333182" hostid="261" sizebytes="1969124"></div>Federal Election Commission filings show that Pennypack was paid over $12,000 in March for fundraising consulting by a joint PAC connected to Senator-elect<a target="_blank" class="" href="https://www.businessinsider.com/tim-sheehy-montana-wealthy-republican-climate-change-china-investments-2023-11"> Tim Sheehy of Montana</a>.A Schwarzman spokesperson told BI that the payment was a reimbursement for a fundraiser that he held for Sheehy.<h2 id="fab9026e-545d-4685-b7c4-455482025cff">What is a family office, anyway?</h2>The concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Sharpe, the chair of the Family Office Association, estimated that there were now at least 3,000 family offices serving a single family in North America. Every family office, however, is just as unique as the wealthy family that's spawned it, he said."The term family office," Sharpe said, "is possibly the most misused, overused, and poorly used term in finance today."

Inside the secretive operation helping manage billionaire Steve Schwarzman's vast fortune

<ul class="summary-list"><li>A 37-year-old manager at <a target="_blank" href="https://www.businessinsider.com/microsoft-pay-data-shows-how-much-more-ai-workers-make-2024-8">Microsoft</a> says AI has changed his workflow.</li><li>AI reduced his time spent on coding by 70%, and also cut time spent on reading and meetings, he says.</li></ul>This as-told-to essay is based on a conversation with 37-year-old <a target="_blank" class="" href="https://www.linkedin.com/in/naga-santhosh-reddy-vootukuri-5a67a133/ ">Naga Santhosh Reddy Vootukuri</a>, a senior software engineer manager at Microsoft, which is heavily invested in AI. This essay has been edited for length and clarity. Business Insider verified his identity, employment, and pay rates.When <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> was launched in November 2022, the entire world was shocked. As a developer, I loved it.I've worked at Microsoft for close to 14 years and I've been a manager for over a decade. Before ChatGPT came out, I would say 80% of my daily work was spent on coding, and 20% was looking into documentation, writing, brainstorming with my team, and helping junior engineers with various tasks.<a target="_blank" class="" href="https://www.businessinsider.com/microsoft-investing-billions-into-chatgpt-creator-openai-partnership-2023-1#:~:text=Microsoft%20is%20backing%20up%20the,billions%20into%20ChatGPT%20creator%20OpenAI&amp;text=Microsoft%20is%20making%20a%20'multi,planning%20a%20%2410%20billion%20investment.">With OpenAI and Microsoft's partnership</a>, we have all the tools we need directly from OpenAI and it's tightly integrated within Word, Outlook, PowerPoint, and Visual Studio, which is the bread and butter for what developers use to write code in different languages.Here's how AI has changed my job.<h2 id="671686b8-c732-4333-83e4-84767da9b67a">It's reduced the time I spend on coding by 70%</h2>As a developer, AI has significantly improved my efficiency and accuracy.As a manager, my responsibility is to go through my team's code and make sure it's 100% quality-efficient so that I can merge it into main production before we release and deploy it.I used to have to manually look at each and every line change. But with the integration with AI, I would say, <a target="_blank" class="" href="https://www.businessinsider.com/chatgpt-jobs-at-risk-replacement-artificial-intelligence-ai-labor-trends-2023-02#tech-jobs-coders-computer-programmers-software-engineers-data-analysts-1">70% of my time has been reduced.</a> The AI tool integrates my past history of comments to give me code comments and suggestions.AI also saves me time with meetings. It used to be so difficult for me. I used to accept most of the meetings, but then I informed people that if they're not targeting questions directly to me, I'm not able to attend. I would ask them to record the meeting and share it with me so that I can go through it afterward.But with AI, I get an automated transcript of a summary of what has been discussed. It also breaks down tasks or action items I have to do.None of the tools are 100% accurate, but I would say 95% to 96% of the time it's completely accurate, and it's constantly improving.AI also saves me time with reading. If a group is releasing a new feature, I need to go through each design document and give as much feedback as possible. There could be 10 to 15 lengthy design documents and they contain all the nitty-gritty details.With Copilot integrated in Word, a ribbon appears at the top of documents, and I get a complete summary. I no longer have to spend X hours reading the entire document. You can also use a similar tool within email if you're added to a big email thread and don't have context.<h2 id="717592bc-a50c-43d9-a1da-f2dbeaa11fc5">I still have a full workload</h2>While AI has definitely helped with skipping mundane tasks, that's not exactly what my team's work is focused on. Whatever time I'm getting back from leveraging AI, I'm using it for some other work.In my role, I talk to a lot of customers about released products and they always come back and ask for more features. Then I have to sit with my team and come up with a strategy for release. AI can't be used in these situations. Once the developers start writing code for these projects and do the actual work, that's where we leverage AI.At Microsoft, we follow a management framework called a Scrum model, and it means we release in sprints. Every two weeks, we target finishing some work items and we try to finish it. Earlier, it could take two or three years for Microsoft to deliver major releases. But with the current model, <a target="_blank" class="" href="https://www.businessinsider.com/ai-dump-announcements-feels-never-ending-gartner-analyst-2024-5">teams are releasing updates monthly or sometimes even weekly</a>.We are living in a competitive world. If <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-ceo-new-bing-making-google-show-can-dance-bard-2023-2">Google is releasing something, Microsoft has to counteract</a> it with some other cool feature. So that's why developers are using AI wherever they can to reduce their time, but they are using any time saved for other tasks or other features.If you work for a product-based company in the software industry, even if you are getting time back, you cannot just sit and relax.

I'm a Microsoft manager. AI saves me time on some tasks, but that doesn't mean I work any less.

There have been ample reports on how <keyword id="19919711" type="General" weightage="100" keywordseo="gen-z" source="keywords">Gen Z</keyword> employees are doing things differently at workplaces and setting new trends. Be it opting for <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> over a higher salary, taking leaves without guilt, saying no to micromanagement among other things, this generation appears to be creating a whole new culture. And what happens to those who try to oppose this new culture? They get schooled on the internet, of course. In a recent incident, a manager took to X (earlier called Twitter) and shared how one of his Gen Z employees took a one-week vacation to the mountains after going through a breakup. However, contrary to his expectation, various X users started accusing him of trivialising mental health issues by such statements. Read on to know what exactly happened. <h2>"He had a breakup" </h2> The man's tweet read, "One of my Gen z team members suddenly declared 1 week leave. It was a critical time of the project so I tried to reason. He did not budge. The leave was because he had a breakup and he wanted to go to the mountains to forget the breakup." When a user commented that it is better to give people leaves than deadlines, the manager replied, "Believe me it was one way communication. I had to deal with the repercussions on project." Several other tweets followed that sided with the Gen Z employee. "So according to you, mental health is nothing," a user wrote while another commented, "That’s a perfect reason to declare leave. Business is business, will go on as will other things." <div type="image" title="google (27)" msid="115042080" hostid="261" sizebytes="295800"></div> <h2>"Gen Z does things differently" </h2> The man also clarified in one of the tweets that he didn't fire the Gen Z employee and even promoted him for his good work. He wrote, "Mate. No need to assume the worst. The guy is still in my team and has even been promoted for his good work. I was just stating how gen z’s are doing things differently." While most users schooled the manager, there were some who supported him as well. A user wrote, "I'm a younger Millennial &amp; I’m appalled by the lack of respect so many of my peers have for professors (I finished school late; many were ten years younger). It’s not much for older generations who GIVE these opportunities to expect a little bit of gratitude &amp; deference." In a similar incident, another company's manager's tweet went viral in which he shared a screenshot of how his Gen Z employee notified him that he will be on leave for a week. The short and crisp leave application email read, "I will be on leave till November 8, 2024. Bye."

‘He had a breakup and took a one-week leave’: Manager shares about his Gen-Z employee, internet reacts

<ul><li>OpenAI expands ChatGPT Search to all free users.</li><li> The AI startup has also brought in some important new features and enhancements with a new update.</li><li> Information from Netflix and travel booking platforms gains prominence now.</li></ul> OpenAI has expanded access to ChatGPT Search, making it available to all free users. Originally introduced in October 2024 for paid subscribers, the feature was first offered as an invitation-only preview under the name SearchGPT. This update marks a broader rollout, improving the overall user experience. ChatGPT Search features ChatGPT Search provides users with quick, up-to-date answers and links to relevant web sources, a task typically managed by search engines. Kevin Weil, OpenAI’s Chief Product Officer, announced the update in a YouTube video, highlighting the advantage of integrating real-time web information into the <keyword id="19925753" type="General" weightage="20" keywordseo="AI-chatbot" source="keywords">AI chatbot</keyword>. In this enhanced version, prominent links—such as those from Netflix or travel booking platforms—are displayed at the top of search results, followed by ChatGPT’s text-based responses. <keyword id="21453184" type="General" weightage="20" keywordseo="voice-search" source="keywords">Voice Search</keyword> A significant update is the addition of voice search for users with Advanced Voice Mode enabled. This feature can be accessed by tapping the audio waveform button in the compose bar. With voice search, users can request <keyword id="20186447" type="General" weightage="20" keywordseo="real-time-information" source="keywords">real-time information</keyword> on topics like travel destinations, weather updates, or activity recommendations. ChatGPT’s Voice Assistant will reply using one of ten available voice styles. Search engine enhancements OpenAI has enhanced browsing speed and efficiency for users who choose ChatGPT as their default search engine. To streamline this process, the company has also launched a Chrome extension, enabling users to set ChatGPT as their default search engine for instant answers from reliable websites. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x200-and-x200-pro-launched-in-india-starting-at-65999/articleshow/116248162.cms">Vivo X200 and X200 Pro launched in India starting at ₹65,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-13-with-snapdragon-8-elite-to-be-launched-globally-in-january/articleshow/115920790.cms">OnePlus 13 with Snapdragon 8 Elite to be launched globally in January</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-will-reportedly-launch-three-phones-in-2025-including-the-phone-3/articleshow/115891768.cms">Nothing will reportedly launch three phones in 2025, including the Phone (3)</a>

OpenAI rolls out ChatGPT Search to all free users with voice and map features

<ul class="summary-list"><li>The New York Times' tech workers went on strike, risking disrupting the Times during the election.</li><li>The Tech Guild is seeking remote work protections, pay equity, and limits on subcontracting.</li></ul>The New York Times' tech workers went on strike Monday morning, threatening to disrupt the publication's operation during the presidential election and its aftermath.The Tech Guild, which represents workers like software developers and data analysts, said members would be picketing outside the Times' New York City headquarters. It asked the public to honor its digital picket line by not using the NYT Cooking app or playing popular Times games like Wordle and Connections.The stoppage could split the vaunted news organization between the Tech Guild and other newsroom members, who worry about how the strike could impact the outlet's ability to handle a surge in election-related traffic — especially as the Times increasingly depends on its digital operation. Digital-only subscriptions became the Times' biggest revenue stream in 2020."Sometimes you have to put the public service mission ahead of your self interest, and this is one of those times," said one newsroom employee, speaking anonymously to discuss the strike freely.The Times Guild, which represents non-tech workers, called <a target="_blank" href="https://x.com/nytimesguild/status/1848727940969742519?s=46&amp;t=rey_6ejrzAuWHuW1na5T7g">on Times management</a> to complete a deal by Election Day."Can you imagine if our election needle didn't work, the app didn't open or the homepage went down?" the Times Guild said.The Tech Guild said it was bargaining over issues including remote work protections, pay equity, limits on subcontracting, and just cause.Times management has <a target="_blank" href="https://www.wsj.com/business/media/threat-of-new-york-times-tech-worker-strike-on-election-day-grows-174b1912">countered</a> that it made a strong offer promising tech workers generous pay and benefits, including total compensation (salary, bonus, and restricted stock options) of $190,000, or $40,000 more on average than journalists in the Times Guild."We look forward to continuing to work with the Tech Guild to reach a fair contract that takes into account that they are already among the highest paid individual contributors in the Company and journalism is our top priority," a Times spokesperson said in a statement. "We're in one of the most consequential periods of coverage for our readers and have robust plans in place to ensure that we are able to fulfill our mission and serve our readers."The Tech Guild, <a target="_blank" href="https://www.nytimes.com/2021/04/13/business/media/new-york-times-tech-workers-form-a-union.html">formed in 2021,</a> has been negotiating with management since 2022. It's made up of 600 members including designers, software engineers, data analysts, and project managers. It's represented by the NewsGuild of New York, which also represents more than 1,400 newsroom and business employees via The New York Times Guild. The NewsGuild also represents Business Insider employees.The Times signaled it's preparing for a long fight: Times Co. chairman AG Sulzberger wrote in a note that he expects the strike to continue at least through the election.This is a developing story and will be updated.

New York Times tech workers are going on strike at the worst possible time

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

<ul class="summary-list"><li>My 8-year-old loves Lego blocks and has been asking for years to go to <keyword id="23618278" type="General" weightage="20" keywordseo="Legoland" source="keywords">Legoland</keyword>.</li><li>As a <keyword id="21623863" type="General" weightage="100" keywordseo="single-mom" source="keywords">single mom</keyword>, finances can be tight, and I needed to figure out how to make it happen.</li></ul>For years, my 8-year-old son has said he wants to be a <a target="_blank" class="" href="https://www.businessinsider.com/lego-master-builders-life-size-sculptures-2016-7">master builder for The Lego Group</a>. So many of our bedtime stories were about Legoland, and I wanted to take him there as badly as he wanted to visit. It reminded me of visiting SeaWorld as a teenager and being inspired to study marine biology. However, as a <a target="_blank" class="" href="https://www.businessinsider.com/having-cleaning-person-takes-up-budget-but-its-worth-it-2022-4">single mom, finances can be tight</a>, and I knew it would take some strategic planning and scrimping to make the trip happen. Although some parents are willing to go into debt for their dream vacations, I'm not. I've always valued experiences over material things, but not if it breaks the bank. <h2>We created a budget for our trip</h2>In the weeks leading up to our trip, I asked my son to help create our itinerary with one activity per day. The highlight of the weeklong <a target="_blank" class="" href="https://www.businessinsider.com/los-angeles-kid-friendly-city-travel-guide-2024-8">vacation would be Legoland</a>, and we put together a list of attractions in the San Diego area that ranged from free options like the beach or low-cost museum visits to the pricier attractions. As I worked on the <a target="_blank" class="" href="https://www.businessinsider.com/how-dont-pay-for-accommodations-traveling-trusted-housesitters-review-2024">big-picture budget</a>, I also helped my son create his own. He had been really excited to hear a friend describe how his savings account grew money over time. So when we sold his bike for $80 early in the summer, I set the money aside in my high-yield savings account for his spending money. As for the trip itself, there were a few things I could take advantage of. I was able to cash in a couple of bonds that my grandfather purchased for me decades ago, I had <a target="_blank" class="" href="https://www.businessinsider.com/how-to-start-collecting-air-miles-2017-9">air miles I could use for the short trip</a> from Oregon to California, and we had access to a family timeshare. Had we not had some help with these expenses, I likely would have shortened the trip or continued saving for another year. I focused on finding deals for the rental car, food, and attractions and saved in those areas by visiting mid-week and buying tickets that included meals. My one splurge was an <a target="_blank" class="" href="https://www.businessinsider.com/legoland-new-york-resort-hotel-family-review-2023-10">overnight stay at the Legoland hotel</a>, which was completely worth it when I saw my son's smile as we walked into our Ninjago-themed room and played with the Lego bricks in the pool. <h2>We talked about how much money we had to spend each day</h2>We <a target="_blank" class="" href="https://www.businessinsider.com/things-new-yorker-found-surprising-about-visiting-california-photos-2021-12">landed in San Diego</a> early Monday afternoon, dropped off our bags, and headed to Trader Joe's to grab snacks and breakfast fixings for the week. My son was amazed by everything he saw — the palm trees, the playground we spotted across the street, and our big studio room. I thought back to the many trips I'd taken over the years while enjoying seeing the city through his eyes. My son had a nice sum to spend during the week. He'd been saving his allowance, and I matched the proceeds from the sale of his bike. He had earned a meager amount of interest in the savings account, and we talked about how, had the money stayed in the account longer, he would have earned more. He wanted a $150 Lego set at Legoland, so he knew he had limited funds to spend elsewhere. At the start of each day, we discussed how much he had to spend, and then he carefully made a decision at each attraction. Despite this, there were some additional requests for me to buy things, and although I stayed firm on most, I did give in to some, like Ninjago pajamas, which he needed anyway. He loved wearing them around the park the next day. Every place we went had souvenir penny machines. I've collected these since I was a kid and was excited when Noah asked to get them, happily contributing the 50 cents or a dollar it took for the little memento. I stood behind him and thought about which imprint I'd choose as he carefully picked his own, like the Komodo dragon at the San Diego Zoo or the dolphins at SeaWorld. <h2>We slowed down and enjoyed free things</h2>As our energy decreased in the waning days of our trip, we slowed down. At first, I'd really wanted to maximize our time and take in all that we could, hoping to "get our money's worth," but by Friday, we needed a break. A late start wouldn't hurt our visit to SeaWorld, which was open until 8 p.m. We hung out in our studio, eating breakfast and lunch there before heading out. It was a nice reminder that vacation doesn't always have to be about seeing and doing everything; it can also be about relaxing. We spent our last day with friends, enjoying a hike overlooking La Jolla and eventually moving closer to the beach to watch the waves and sea lions. Our activity that day was another beautiful reminder that nature is free and entertaining in its own right. In the days following the trip, I felt exhausted by the daily money decisions yet relieved and satisfied that I navigated them. Creating meaningful moments doesn't require going into debt; instead, it can be about intention and focus on what's important. My son will never know how much I spent on that trip. What he'll remember is seeing the panda at the San Diego Zoo and driving the cars at Legoland. And that's exactly what I want him to remember. Deborah Goldstein is a philanthropy advisor focused on supporting philanthropists on their giving journey. In her spare time she's working on a memoir about the meaningful moments of life.

As a single mom, finances can be tight. Taking my son to Legoland was a good way to teach him about money.  

<ul class="summary-list"><li>Peter Doyle's Kinetics Paradigm Fund rose over 20% in October and is up 97% year-to-date.</li><li>The fund has outperformed the S&amp;P 500, driven by Texas Pacific Land Corporation's 148% gain.</li></ul>Earlier this year, we started highlighting some of the <a target="_blank" class="" href="https://www.businessinsider.com/investors-of-the-month-top-fund-managers-stock-picks-august-2024-9">top-performing fund managers each month</a> as a way to highlight money managers delivering impressive returns who might be flying under the radar.Narrowing selections isn't the easiest task. Do you consider all funds, even those leveraged for outsized returns? What about funds listed outside the US, which most readers don't have access to anyway? What if a fund is up big in a particular month but performing just average over the last year and even worse over a longer time horizon?These questions resulted in selecting fund managers from a few different categories over the last couple of months, but going forward, we're to handle things a bit differently. For our investor of the month, we'll select a fund manager by considering a few different criteria: their fund is listed in the US; their fund outperformed peers in a given month; and their fund is outperforming a benchmark index (in most cases this will be the S&amp;P 500) on a trailing 12-month basis.Weighing these factors, choosing our investor of the month for October wasn't difficult.It's Peter Doyle, manager of the Kinetics Paradigm Fund (<a target="_blank" class="" href="https://markets.businessinsider.com/funds/kinetics-paradigm-fund-no-load-class-us4946136078">WWNPX</a>), which was up more than 20% in October and 97% year-to-date. Over the last 12 months, it has returned 78%, beating the S&amp;P 500's 35% gain. Over the longer term, the Paradigm fund's performance is even more impressive. Since December 1999, it's up 1,363% versus the S&amp;P 500's 304%.Rather surprisingly, Doyle has delivered these returns without the help of Nvidia or other Magnificent Seven stocks. The fund's top performer has been the Texas Pacific Land Corporation (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tpl-stock">TPL</a>), a firm that makes money leasing the land it owns in the western part of Texas.Demand from AI firms looking to build out data centers on the land has pushed up shares of TPL a staggering 148% year-to-date."The amount of capital that's going to be spent to build out data centers and bringing AI and all of the things that are associated with that to fruition needs to be done where there's cheap energy, cheap electricity, and available real estate, and water," Doyle told Business Insider. "I think people are coming to the conclusion, although I think we're still early in the game, that a big chunk of that is going to take place in the western part of Texas."The stock is the Paradigm Fund's top holding and has soared to a 65% weighting in the fund amid its outperformance, even as Doyle has drastically taken profits and reduced his position by around half. When Doyle opened his position in the stock, its weight in the fund was 8%.Despite its massive weighting in the fund, Doyle seems extremely confident in the company and said its business model is highly predictable."They own very valuable real estate, and I know that that real estate is basically not going anywhere. And I know that people want to build AI data centers, and I know that that's the most logical place for that to happen in a very significant way," Doyle told Business Insider. "If 100% of my net worth were in TPL, I would be sleeping very well. That's how good I think it is."Other top holdings in the fund include the Grayscale Bitcoin Trust (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gbtc-stock">GBTC</a>) at an 8.8% weighting, Brookfield (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/brppf-stock">BRPPF</a>) at 3.3%, and Landbridge (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/lb-stock">LB</a>) at 3.1%.

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