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The parents were right, folks; we should have been looking out for a government job, especially if you reside in the startup capital of India. In a move that has left <keyword id="19974189" type="General" weightage="20" keywordseo="private-sector" source="keywords">private sector</keyword> employees green with envy, the <keyword id="19896017" type="General" weightage="20" keywordseo="karnataka" source="keywords">Karnataka</keyword> cabinet on Monday decided to implement the recommendations of the <keyword id="20985744" type="General" weightage="20" keywordseo="Seventh-Pay-Commission" source="keywords" meta.keywordsubtype="org" meta.entityname="Seventh Pay Commission" meta.hostid="261" meta.entityid="Seventh Pay Commission">Seventh Pay Commission</keyword>, resulting in an impressive 27.5% hike in the basic salary of state government employees. <h2><keyword id="20727223" type="General" weightage="20" keywordseo="pay-hike" source="keywords">Pay hike</keyword> like few others</h2>The Chief Minister is expected to make the official announcement in the Legislative Assembly, detailing how over seven lakh state government employees will benefit from this substantial increase starting August 1, as per sources. The Seventh Pay Commission, chaired by former chief secretary K Sudhakar Rao, has recommended this hefty pay rise, which will cost the state exchequer an additional Rs 17,440.15 crore annually. This move comes on the heels of the interim 17% salary hike given by the former Chief Minister Basavaraj Bommai in March 2023, to which the current administration is adding another 10.5%, making the total hike 27.5%. <div type="Article" hostid="261" msid="111663090" title="The latest trick companies could be using to pay workers less" mstype="2" mssubtype="0"></div>The decision for this remarkable pay raise wasn't just an act of benevolence, however. The Karnataka State Government Employees Association had announced plans to go on an indefinite strike starting August, pressuring the Siddaramaiah government to act decisively. With this hike, the state administration aims to not only meet the demands of its employees but also to bolster morale and productivity within its workforce. <h2>Miles above the average</h2>To put this in perspective, let's compare the raise to the private sector. HR research firm Aon's latest survey indicates that while India Inc. is set to offer an average hike of 9.5% in 2024, the manufacturing sector is expected to be the most generous with a 10.1% increase. Financial institutions come close with a 9.9% hike, and Global Capability Centres (GCCs) of multinational firms are likely to offer 9.8%. Even tech product companies, known for their competitive salaries, are projected to give an average hike of 9.5%. Yet, all these figures pale in comparison to the Karnataka government's increment. <h2><keyword id="21315567" type="General" weightage="20" keywordseo="employee-retention" source="keywords">Employee retention</keyword></h2>As private companies grapple with attrition rates that have almost reached pre-pandemic levels, the Karnataka government's move could be seen as a strategic effort to attract and retain talent. Aon's study shows that attrition in 2023 was 18.7%, a decrease from over 21% in 2021 and 2022. By offering a significant pay hike, the Karnataka government is positioning itself as an attractive employer in a competitive <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword>. <div type="Article" hostid="261" msid="111115782" title="Flexibility, salary key jobseeker parameters for new roles in India: Report" mstype="2" mssubtype="0"></div>However, even if you look at salary increments across Asia Pacific countries, India's expected average hike of 9.5% is significantly higher than its neighbours. Bangladesh follows at 7.3%, China at 5.7%, and Japan at a modest 3.6%. Karnataka's 27.5% hike, therefore, is not just a national highlight but an extraordinary figure in the broader regional context. In an era where private sector employees are often seen as the beneficiaries of generous pay hikes, Karnataka's state government has flipped the script. With this 27.5% salary hike, the allure of a government job in Karnataka has never been stronger.

Time for a govt job? Karnataka announces impressive 27% pay hike for state employees

<ul class="summary-list"><li>Michael Jordan appears to have taken delivery of a Gulfstream G650ER.</li><li>The jet, which features the Jumpman logo, was filmed at Palm Beach International Airport.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/michael-jordan-net-worth-wife-house-nba-bulls-hornets-2015-3">Michael Jordan</a> appears to have taken delivery of a new private jet worth around $65 million.A <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-65-million-gulfstream-g650er-jet-owned-by-billonaires-2022-8">Gulfstream G650ER</a> with a flamboyant custom paint job, including the Jumpman logo, was filmed on the tarmac at Palm Beach International Airport in a video uploaded to TikTok on Monday.The jet's tailnumber, <a target="_blank" class="" href="https://registry.faa.gov/AircraftInquiry/Search/NNumberResult?nNumberTxt=236MJ">N236MJ</a>, includes the basketball legend's initials.According to the Federal Aviation Administration's database, it was registered last Tuesday to a firm called MJ Air LLC, in the care of Jump Management — Jordan's family office. The G650ER is especially popular among the world's richest people. Other owners including Elon Musk, Jeff Bezos, and Mark Zuckerberg, according to data from <a target="_blank" class="" href="https://jetspy.com/">JetSpy</a>.It has a maximum range of 8,630 miles which is enough to reach Tokyo from Florida. With a top speed of Mach 0.925 — or 610mph at its 41,000-feet cruising altitude — it's faster than any commercial airliner.Up to 19 passengers can sit on a <a target="_blank" href="https://www.businessinsider.com/qatar-executive-gulfstream-g650er-private-jet-waste-money-2022-7">G650ER,</a> and up to 10 can sleep on board, depending on the layout, which owners can customize. It also has space for its own bedroom, but it's unclear exactly how the interior of Jordan's jet is configured.Jordan — the first athlete to become a billionaire when he reached that status in 2014 — is worth an estimated $3.5 billion, according to <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2023-08-24/michael-jordan-s-hornets-sale-sets-3-5b-net-worth-richest-nba-player-status">Bloomberg's Billionaires Index</a>.He built his fortune on a licensing agreement with Nike that started in the 1980s and led to his eponymous shoe brand. The former Chicago Bulls player became the NBA's second Black majority owner when he took a stake in the Charlotte Hornets in 2010, before selling it last year.His new jet is an upgrade from his Gulfstream G550, which also has a flamboyant livery. It is unclear if Jordan intends to keep operating the G550 alongside the G650ER.According to JetSpy data, Jordan's G650ER has flown 13 times in the past two weeks, most of which appear to be related to the delivery process.The data suggests these flights produced 74 metric tons of carbon dioxide — around five times the <a target="_blank" class="" href="https://ourworldindata.org/co2-emissions#per-capita-co2-emissions">average American's</a> yearly emissions.

See Michael Jordan's new private jet, a $65 million Gulfstream G650ER with a flamboyant custom paint job

<ul class="summary-list"><li>While Democrats touted job growth under Biden, Trump won over voters facing high prices.</li><li>A BI analysis found real wages declined in states that had the biggest swings toward Trump.</li></ul>High prices dominated voters' minds this election cycle — and they likely played a key role in handing <a target="_blank" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">President-elect Donald Trump</a> his victory.On the campaign trail, Trump clashed with President Joe Biden and Vice President Kamala Harris over their <a target="_blank" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5">handling of the economy</a>.<a target="_blank" class="" href="https://fred.stlouisfed.org/series/UNRATE">Unemployment</a> sharply fell during the first year of Biden's term and has remained low. Biden <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/11/01/statement-from-president-joe-biden-on-the-october-2024-jobs-report/">oversaw the creation of 16 million new jobs</a> during his term as of October, and his administration frequently touted that growth.But <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">inflation</a> also spiked during the early years of Biden's presidency, before its pace gradually slowed, creeping toward the Federal Reserve's 2% target.Trump told voters he would provide relief to their wallets across the board, from groceries to housing."I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low, low crime and surging incomes for citizens of every race, religion, color, and creed," Trump <a target="_blank" class="" href="https://www.c-span.org/video/?538141-1/president-trump-remarks-economic-club-york">said</a> during remarks in September. "My plan will rapidly defeat inflation, quickly bring down prices, and reignite explosive economic growth."That promise resonated: Real, or inflation-adjusted, wage growth — or lack thereof — across the country shows a possible reason why.Many states where Trump most improved his margins saw large declines in real wages under Biden. Increases in wages were more than offset by higher living costs in these states.Counties with higher costs of living also voted for Trump more than they did in 2020.<h2 id="592a8bc6-249e-4af5-904c-d806f3ba6a2f">How Trump won on prices</h2>Business Insider looked at how average hourly earnings for private employees have changed in each state from January 2021, when Biden took office, to this past September. BI adjusted 2021 amounts using <a target="_blank" class="" href="https://www.bls.gov/cpi/regional-resources.htm">Census-division-level inflation</a> to understand how much real wages have changed across the US. Rhode Island had the highest real wage growth, just one of around a dozen states that saw an increase.Using the <a target="_blank" class="" href="https://www.nytimes.com/interactive/2020/11/03/us/elections/results-president.html">2020</a> and <a target="_blank" class="" href="https://www.nytimes.com/interactive/2024/11/05/us/elections/results-president.html">2024</a> share of Trump votes by state reported by The New York Times, BI found that states with bigger real wage drops tended to have bigger shifts to Trump than other states.Some of the biggest swings came in heavily blue, expensive states. New York, which saw an 8.3% real wage decline and which has a high cost of living, also had a 6.5 percentage point increase in Trump's vote share from 2020 to 2024. Maryland, which saw an 11.2% real wage decline, swung toward Trump in 2024 by 5 percentage points.The nation's capital was an outlier. Real wages massively fell in <a target="_blank" class="" href="https://www.bea.gov/news/2023/real-personal-consumption-expenditures-state-and-real-personal-income-state-and">costly</a> Washington, DC; even before adjusting for inflation wages were roughly flat. While Trump did see a small uptick in the share of DC votes for him in 2024, it was one of the lowest percentage point increases based on BI's analysis.The cost of living and unemployment levels also factored into voters' feelings as they headed to the polls. Jed Kolko, an economist who served in the Biden administration, <a target="_blank" href="https://www.slowboring.com/p/breaking-down-the-election-results">wrote</a> in Matthew Yglesias' "Slow Boring" column that higher unemployment levels in US counties over the past year matched a swing in county votes toward Trump.The same goes with the cost of living: "Counties with a higher cost of living swung more toward Trump in 2024 relative to 2020. Expensive counties tend to be blue places like big coastal cities; Harris won most of these pricey counties, but by a smaller margin than Biden did in 2020, when controlling for demographics, education, and density," Kolko wrote.Kolko also found that local job growth did not have a significant relationship to voting patterns, while local federal spending from Biden's signature infrastructure and industrial investment programs did not appear to impact county election results either.Some experts have said that Trump's tariff policies would <a target="_blank" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">stoke inflation and raise consumer prices</a>. Trump has instead argued that his policies would help with costs, promising voters they will see improvements once he takes office."Prices will come down," Trump <a target="_blank" href="https://www.cnn.com/2024/08/20/business/trump-inflation-prices-deflation/index.html">said</a> during an August speech. "You just watch: They'll come down, and they'll come down fast, not only with insurance, with everything."

Democrats wished the election was about jobs. Trump's win showed it was about prices.

<ul class="summary-list"><li>Georgia has received more private investment in EVs and battery manufacturing than any other state.</li><li>Gov. Brian Kemp said Georgia will be the "electric mobility capital of the world."</li></ul>Electric vehicle investments are surging in Georgia.According to a recent Wells Fargo <a target="_blank" href="https://wellsfargo.bluematrix.com/links2/html/2379e487-7800-433a-95b9-735589c4e1a1">report</a>, Georgia has received more private investments in electric vehicle and battery manufacturing than any other state, with just over $23 billion to date.Jackie Benson, an economist at Wells Fargo, told Business Insider that the state is poised to be a hub for EVs because of its business-friendly environment, robust population growth, and federal and state incentives attracting companies to the state.Since 2022, the Peach State has added over 30,000 clean energy jobs, more than any other state, according to a June <a target="_blank" class="" href="https://www.ossoff.senate.gov/press-releases/new-study-inflation-reduction-act-has-created-over-30000-georgia-jobs/">study</a> by Climate Power, a strategic communications firm. This comes as federal investment in green energy is ramping up, and people are <a target="_blank" class="" href="https://www.businessinsider.com/wealthy-leaving-california-new-york-moving-florida-texas-reasons-effects-2024-8">flocking south</a> for a lower cost of living and better economic opportunities.<h2 id="b74fbdcb-0db7-4a0a-afa0-222558bdddc9">Investments in the Battery Belt to boost EV manufacturing and infrastructure</h2>In 2023, Gov. Brian Kemp said that Georgia would become the "electric mobility capital of the world," per the <a target="_blank" class="" href="https://www.ajc.com/news/georgia-is-creating-its-first-ever-climate-plan-heres-what-to-expect/RKDANAY5DBCJLHYCUXVYCUDB5Q/">Atlanta-Journal Constitution</a>. So far, it's looking promising.Georgia, Alabama, North Carolina, South Carolina, and Tennessee are a part of the Battery Belt and have received nearly $77 billion in private investment in EV battery manufacturing to date, according to an August <a target="_blank" class="" href="https://www.atlasevhub.com/wp-content/uploads/2024/08/2024.08_Atlas-EV-Investment-Brief.pdf">report</a> by Atlas Public Policy.It's not just southern states: Michigan leads the nation in capacity for electric vehicle battery manufacturing, but Georgia is second, according to a January <a target="_blank" class="" href="https://www.edf.org/media/analysis-finds-us-electric-vehicle-battery-manufacturing-track-meet-demand">report</a> by the Environmental Defense Fund, a nonprofit advocacy group.The state has also greatly benefited from federal investments in green energy and electric vehicle manufacturing and infrastructure. The Biden Administration <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/04/17/fact-sheet-biden-harris-administration-announces-new-private-and-public-sector-investments-for-affordable-electric-vehicles/">aims</a> for 50% of new vehicles in 2030 to be EVs, and investment in green energy in Georgia is partly a result of the 2021 Bipartisan Infrastructure Law and 2022 Inflation Reduction Act.The Bipartisan Infrastructure Law <a target="_blank" class="" href="https://www.whitehouse.gov/wp-content/uploads/2023/10/Georgia-Fact-Sheet.pdf">allocated</a> over $175 million toward the EV battery supply chain in Georgia and $135 million over five years toward infrastructure for EV charging stations in Georgia. In February, Hyundai <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/hyundai-announces-new-production-start-date-at-metaplant-america-during-hyundai-day-in-georgia-302071754.html#:~:text=Hyundai%20Motor%20Group%20is%20investing,that%20will%20employ%203%2C500%20workers.">announced</a> over $7 billion in investment in production facilities in Georgia. The company estimates their investments in Georgia will create nearly 40,000 jobs in the state."The Hyundai investment specifically has boosted Georgia's profile in terms of EV production on the national stage," Benson said.The Inflation Reduction Act also created a $7,500 tax credit for new EVs for both consumers and businesses and incentivized efforts to boost domestic EV supply chains.In May, Kia <a target="_blank" class="" href="https://www.ossoff.senate.gov/press-releases/u-s-federal-manufacturing-incentives-working-for-georgia-kia-begins-ev9-production-in-west-point/">announced</a> the production of its first American-made EV at its production facility in West Point, Georgia, enabling the company to take advantage of the tax credit.Manufacturing accounts for 10% of Georgia's gross state product, which is its economic output, and construction accounts for 4%, according to Wells Fargo.Investments in EV and battery manufacturing will boost job growth and output in both of these sectors, Benson said.While government, health care, and leisure are the leading industry drivers in Georgia, investments in manufacturing are poised to boost the state's overall economic growth.<h2 id="fb9799f7-223c-4b7b-9f9e-5b994c7dac21">Georgia transplants are helping fuel economic growth in the state</h2>Georgia's real GDP outpaced the nation in the first quarter of the year, at 2.3% and 1.4%, respectively. In seven of the last 10 years, the state's GDP has outpaced the national average, according to Wells Fargo.Strong population growth remains a tailwind for Georgia's economic growth and EV industry, Benson said.Between 2021 and 2022, there were 327,795 people who moved into Georgia, according to data from the Census Bureau. The Peach State had the fifth most new residents during that time, following Florida, Texas, California, and North Carolina.New state residents means more consumers at stores, more homebuyers and renters, and more demand for goods in Georgia, fueling economic activity.Among those people who moved from another US state into Georgia, nearly 26,000 came from California, and more than 23,000 from both Texas and North Carolina, according to data from the Census Bureau.The biggest influx of new residents in Georgia came from outside the US. Between 2021 and 2022, just over 60,000 people from abroad moved to Georgia, per Census Bureau data.Benson said single-family construction has recently scaled up in the state, in line with its robust population growth.Benson said the scale-up in single-family construction has helped shore up construction employment. The three-month moving average for job growth in construction in the state was up 0.1% year-over-year in July, the report noted.Unemployment in Georgia remains below the national average and is only 40 basis points higher than its historic low in 2022, Benson said."Nationwide, we're seeing builders pull back on single-family construction for multiple reasons," Benson said. "But in Georgia, that high population growth has spurred an upshift in single-family building this year. That's something unique to the state."Do you live in the Battery Belt? Share your story at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>

Georgia is rich in EV money and jobs

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk's</a> private planes made eight flights to Pennsylvania this past week, flight logs show.</li><li>Musk has been actively endorsing Donald Trump, holding rallies in key Pennsylvania cities.</li></ul>Flight logs viewed by Business Insider show how the world's richest man is going all-in to elect former president Donald Trump.<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-private-jet-flights-hidden-again-faa-2024-7">Elon Musk's private planes</a> took eight flights to and from Pennsylvania over the past week as the billionaire rallied voters.Earlier this month, The <a target="_blank" class="" href="https://www.nytimes.com/2024/10/11/us/politics/elon-musk-donald-trump-pennsylvania.html">New York Times</a> reported that Musk was considering door-knocking in battleground states like Pennsylvania. And Musk's flight records show the billionaire's plane has been traversing the state, according to data from the flight-tracking website <a target="_blank" class="" href="https://jetspy.com/">JetSpy.</a>Musk appeared with Trump at a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">rally in Butler</a>, Pennsylvania, on October 5. He later held a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-trump-rally-childcare-costs-family-kids-wealth-2024-10">series of solo rallies</a> in honor of Trump in Philadelphia and Pittsburgh from October 15 to October 20.At the Pittsburgh rally on Sunday, Musk told attendees he'd rather be spending his time working at SpaceX rather than involved in politics, "but the stakes are so high, I've had no choice but to take a stand.""This election, I think, is going to decide the fate of America, and along with the fate of America, the fate of Western civilization," Musk said.JetSpy data shows Musk's two private jets spent nearly 14 hours in the air, repeatedly flying to and from airports in Philadelphia, State College, Harrisburg, and Pittsburgh from October 15 to October 20. JetSpy estimates the flights burned about $40,000 worth of fuel, emitting about 65 metric tons of carbon.<div type="image" title="Elon Musk's white-livery private G650 jet in Harrisburg on Oct. 19 at night." height="3712" width="4949" msid="114438777" hostid="261" sizebytes="195192"></div>On his busiest flying day, October 16, Musk's two jets took four flights.His primary plane flew from Philadelphia to Savannah, Georgia, then to State College, Pennsylvania, and back to Philadelphia. His other jet flew from Philadelphia to Hawthorne, California, the site of SpaceX's former headquarters, after flying from Austin to Philadelphia the day before.Musk, Tesla, and SpaceX did not respond to a request for comment.<h2 id="126ef044-cac7-456e-a42c-9b39fc7b2f74">Musk's aggressive backing of Trump</h2>Musk has increasingly turned his attention toward the presidential election over the past year, throwing his money in addition to his influence behind Trump's campaign. The billionaire has invested nearly <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10">$75 million of his own money</a> into a pro-Trump super PAC called "America PAC," per a document filed with the Federal Election Commission.And on Sunday, Musk announced he would <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-rewards-petition-supporters-1m-check-trump-pac-2024-10">give $1 million handouts</a> to some people in swing states who signed his petition supporting free speech and the right to bear arms.Musk's Trump endorsement is a major time commitment for a man involved with running six different companies. In the weeks leading up to Musk's Pennsylvania rallies, <a target="_blank" class="" href="https://www.businessinsider.com/spacex-starship-fifth-flight-test-how-to-watch-2024-10">SpaceX launched its fifth Starship test</a> flight, successfully catching the spacecraft's Super Heavy booster for the first time. And Tesla hosted its highly anticipated <a target="_blank" class="" href="https://www.businessinsider.com/insider-today-elon-musk-robotaxi-tesla-wall-street-flop">Robotaxi Day, which underwhelmed investors</a>.While Musk has been campaigning for Trump, Tesla has been preparing for its third-quarter earnings call on Wednesday. Musk will likely face questions from investors during the call regarding the recent <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-release-date-elon-musk-stock-price-2024-9">Robotaxi</a> event. Tesla's stock fell 9% the day after the event and is down 12% year-to-date.Some Tesla employees aren't happy about Musk's endorsement of Trump. The workers chose to speak anonymously for fear of professional reprisal, but their identities are known to Business Insider."I think there's a feeling his focus is not with Tesla right now," one Tesla engineer from California told BI.Another Trump presidency could give Musk more power and influence. Trump has promised Musk a role as the head of a new "government efficiency commission," the <a target="_blank" class="" href="https://www.nytimes.com/2024/10/20/us/politics/elon-musk-federal-agencies-contracts.html">NYT</a> reported on Sunday.An employee based in Texas said Musk's politics have spurred little discussion internally. "People here are too busy and care too much about doing their jobs well to spend much time thinking about controversial topics," the Texas employee said. Others said they don't understand why Musk's political activities are the subject of media attention at all. "No one asks Mary Barra who she's voting for," a current Tesla employee in Nevada told BI, referencing General Motors' CEO.

Flight logs show Elon Musk's private jets are busy hitting swing states as he campaigns for Trump

The pre-budget <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> highlights the need for measures to boost <keyword id="19973896" type="General" weightage="20" keywordseo="talent" source="keywords">talent</keyword> and <keyword id="19959621" type="General" weightage="20" keywordseo="productivity" source="keywords">productivity</keyword> through <keyword id="19974189" type="General" weightage="20" keywordseo="private-sector" source="keywords">private sector</keyword> investment, experts said on Monday. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> tabled the Economic Survey for 2023-24 in Parliament. Rumki Majumdar, Economist, <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword> said the Survey has highlighted measures to boost talent and productivity through private sector investment in <keyword id="20077463" type="General" weightage="20" keywordseo="skills" source="keywords">skills</keyword> (in addition to what the government is initiating), physical and digital connectivity and building state capacity and capabilities. She said <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>, agriculture, education and <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, and upskilling as key pillars for uplifting the masses through jobs, income and skills. Aditi Nayar, Chief Economist and Head - Research &amp; Outreach, ICRA said the Survey stresses that in the medium term, growth needs to be supported by the private corporate sector as well as the state governments. On inflation, she said that "managing inflation is not just the prerogative of the RBI and its MPC, and would require active intervention by the Centre, especially in the arena of food price management. The realisation of both these paradigms is crucial to ensure an optimal growth-inflation mix over the medium term."

Survey highlights need for private investments to boost talent, productivity: Experts

<ul class="summary-list"><li>Khristianne Uy, or Chef K, grew up in the Philippines before moving to LA and attending culinary school.</li><li>Her career began in the restaurant industry before she started cooking for high-profile clients.</li></ul>This as-told-to essay is based on a conversation with Khristianne Uy, known as Chef K, a 42-year-old private chef for celebrities based in Los Angeles. It's been edited for length and clarity.I grew up in the Philippines with two older brothers, my mom, who was a housewife, and my father, who was a cop. Everything in our family was about food — regardless of what we were eating, my mom would encourage us to talk when we sat around the table.When I <a target="_blank" class="" href="https://www.businessinsider.com/moved-to-los-angeles-influencer-party-culture-toxic-2023-10">moved to Los Angeles</a> with my family at age 12, I knew I wanted to go to culinary school. My father always instilled in us that education was the top priority and that you were on your own after school.When I decided to go, my dad, who was very old school, just couldn't understand it. Then, I also <a target="_blank" class="" href="https://www.businessinsider.com/coming-out-gay-then-came-out-nonbinary-lgbtq-2023-8">came out gay</a>. He said to me, "What do I deal with first? You're going to culinary school to learn how to cook — don't you know how to do that already?"It gave me hope because he didn't completely shut it down, but he asked me why I didn't want to be a nurse — it felt like all <a target="_blank" href="https://www.businessinsider.com/filipinos-make-up-disproportionate-covid-19-nurse-deaths-2020-9">Filipinos were nurses</a> then, and my older brother went to nursing school. I explained to him that culinary school was what I wanted.<h2 id="be3037b3-bb63-493e-a9c7-1fd533e4d0c9">I had my father's approval but didn't necessarily have his support</h2>I was studious and punctual, made sure I made the Dean's honors list, and I got that proud Asian parents' moment.After graduating, I didn't know how to <a target="_blank" href="https://www.businessinsider.com/personal-finance/student-loans/how-to-pay-off-student-loan-debt-fast">pay back the more than $100,000 in student loans</a> I'd taken out, but I started working at restaurants and resorts and doing restaurant consulting. I was introduced to working as a <a target="_blank" href="https://www.businessinsider.com/hire-personal-chef-best-decision-for-family-2023-9">private chef</a> through someone I met at work.Once I started — even though it was foreign and intimidating — I grew to love it. It brought me back to those moments of my mom cooking in the kitchen.<h2 id="33f02d9f-6096-425a-9804-832bc7955fd8">I loved being in someone's home, seeing their reactions, and interacting with families</h2>I wanted to be part of the Western tradition. I learned about it through my cooking classes, but things like Thanksgiving were still foreign to me. There are no turkeys in the Philippines, but now I'm known for my Thanksgiving meal.In 2003, I did a one-year unpaid internship with a seasoned private chef to advance my career. I told her I'd do whatever it took, and to make it work, I took out more loans.From there, I started working with her to cook for Simon Fuller. Then, I met <a target="_blank" class="" href="https://www.businessinsider.com/james-cameron-bill-gates-ai-hard-write-science-fiction-2024-9">James Cameron</a>'s wife, Susan Cameron, who I started working for. I learned so much about the traditions of Western culture from their family.<h2 id="812093c6-e40f-4d0c-8695-14e0e78f6848">Being a private chef is different because there's no ego</h2>You have to get curious about what your clients want and ask them how you can improve. There's also magic that happens in a family's kitchen, and as a private chef, I get to make Grandma's recipes, which are on an index card in the cupboard.If you were to tell most people that their jobs would require them to never spend a holiday with their family, they wouldn't want to do it, but I do, and I'm happy to do it. I think that's why I've had longevity in my career, where many other chefs get burned out. I have so much gratitude.I went on to work with all kinds of celebrities, from <a target="_blank" class="" href="https://www.businessinsider.com/charlie-sheen-public-fallout-after-stress-drug-use-2021-2">Charlie Sheen</a> to the <a target="_blank" class="" href="https://www.businessinsider.com/jonas-brothers-nick-joe-kevin-facts-2019-5">Jonas Brothers</a>. I realized I didn't think I would ever return to the restaurant world — it was too monotonous for me.<h2 id="29ffec85-b6dd-4f94-826f-acfe8b6fe154">I was working for Ryan Seacrest when my father died</h2>I had moved to New York to cook for him, but my father's dying wish was for me to be with my mom in California, so I moved back.Typically, when you leave a job, there's hurt there — but instead, Ryan wanted to help and asked me if I had anything lined up in LA. When I told him no, he called Kris Jenner.I started <a target="_blank" class="" href="https://www.instagram.com/p/C--4mY0SdL2/?hl=en">working for the Kardashians</a> in 2015 and still work for them. I cook for all of them at all of their houses, depending on who needs me and when. I make sure to keep all their favorites stocked — everything from animal crackers to salads — as well as cook for their themed family events.I have a small team of eight that helps me, and I like to keep it that way because it's my name if something breaks or goes wrong.I do everything back of the house because I'm shy. Even when they're filming <a target="_blank" class="" href="https://www.businessinsider.com/the-kardashians-most-shocking-dramatic-moments-hulu-season-one-2022-7">The Kardashians on Hulu</a>, I hide in the pantry or duck down. At first, I was nervous about giving up my privacy and time to myself, but I thought it might help fortify me as I think about retirement, spending more time with my mom, and focusing on creating my own family.<h2 id="1a54440f-1814-4ad2-ae6a-aef601993152">After 20 years, I've learned a lot</h2>First, never battle with the missus. She's the queen, and you have to do things the way she wants them done, even if you don't agree because it's not your house.I know kids are the best and worst critics, so as long as the children are happy, the mom is happy. If a child just wants buttered pasta and broccoli, I'm thinking about how I can add protein — but usually on the side because kids hate things touching.You also learn to adapt to challenges and problem-solve. There have been situations where I plan to feed a certain number of people, and 100 more show up.Another time, I had an event, and a team member forgot to close the refrigerator the night before. Tens of thousands of dollars worth of fish flown in from Japan had gone bad. We went to every vendor we could think of to buy fish to make the event happen.<h2 id="2b993c65-07df-454a-bb7b-1f1f1538eb23">In addition to being a private chef, I've been able to build my own businesses</h2>During quarantine, I started Karts by Chef K because I knew my clients were scared. I provided a roll-up service where I didn't have to be in the kitchen but could provide a fully customized meal. We would do sliders and fries, barbecue, and even snow cones. It provided so much nostalgia and made people feel like kids again.I'm also into <a target="_blank" class="" href="https://www.tiktok.com/@chefklosangeles?lang=en">social media</a> now. I was cooking for <a target="_blank" class="" href="https://www.businessinsider.com/the-cancellations-of-james-charles-the-rise-and-fall-of-a-beauty-youtuber-2022-1">James Charles</a> a few years ago, and he asked me to do a TikTok with him. I didn't even know what he meant — I was like, "I don't know how to dance." He had me give him my phone, and he and his social media manager made me a TikTok, which blew up. I couldn't believe it.Now, I work with brands on partnerships, which helps me do new things for my clients and learn about the next big trends. This new role as an influencer also allows me to have an online community.There's so much on the horizon, I'm working on a cookbook and some docuseries — maybe even my own reality show. It's time to get comfortable with coming out of my shell.Want to share your story working for a celebrity? Email Lauryn Haas at lhaas@businessinsider.com.

I'm the Kardashians' private chef of nearly a decade. I like to stay out of the spotlight.

<ul class="summary-list"><li>Scott Galloway warned against following a passion, betting the farm, and paying for private school.</li><li>The NYU marketing professor and "Pivot" co-host said rejection is inevitable on the path to success.</li></ul>Almost nobody should <a target="_blank" href="https://www.businessinsider.com/the-hard-truth-about-following-your-passion-to-do-work-you-love-2013-11">try to turn</a> their passion into a career, bet the farm on a single investment, expect to escape rejection in life — or pay for private school, says <a target="_blank" href="https://www.businessinsider.com/author/scott-galloway">Scott Galloway</a>.Galloway is a marketing professor at NYU Stern and a host of podcasts like "Pivot" and "The Prof G Show." He offered some frank and surprising advice to young people on a <a target="_blank" href="https://www.youtube.com/watch?v=gZ5K4iReUnE&amp;list=PLkL7BvJXiqSQu3i72hSrG4vUkDuaneHuB&amp;index=2">recent episode</a> of the "Modern Wisdom" podcast.<h2 id="a216b65a-4cb7-4151-b171-3b180d6ea81e">1. Passion comes later</h2>The author and founder of multiple startups including L2 and Red Envelope emphasized that chasing a passion rarely pays the bills."Just keep in mind that the person telling you to follow your passion is already rich usually, and they made their billions in iron ore smelting," he quipped.Instead, Galloway advised working hard to hone a talent that lets you pursue a career you can excel in, but in an industry with ample jobs."Find something that you're naturally good at, that you could become in the top 10% or top 1%, in an industry that has a 90%-plus employment rate, and focus on it," he said.The business guru said that people become passionate about careers that provide them with status and economic security, and allow them to meet the demands of other parts of life."As you get older, you become really passionate about taking care of your kids," he said. "You become really passionate about doing wonderful things with your spouse, taking care of your parents, and your priorities change."<h2 id="99ed79a4-23df-4ed5-a973-c8c6599b7ce1">2. Spread your bets</h2>Galloway said he never wagers more than 3% of his net worth on a single investment. He explained that diversifying your portfolio allows you to shrug off losses from bets that don't pay off."It's a bullet to the chest when it goes to zero, but I've got Kevlar," he said. "Yeah, it knocks me off my feet, but then I get up and I've got a bruise and I'm like, I'm fine."Nothing's ever critical, much less fatal," he continued. "Whereas before, when I got shot in the chest in 2000 with the dot-com explosion or implosion, and the great financial recession in 2008, I almost never could get up again."<h2 id="bab7ec01-a6a3-45d8-abd9-c25e4fa4f4ff">3. Prepare to hear 'no' a lot</h2>Putting yourself out there and asking for a job or date is often the only way to snag the position or partner you want, but it carries the risk of being turned down. Learning to shrug off a "no" is an important life skill."All you need is one good mentor, a few good friends, one wonderful mate, one business that works," Galloway said. "But to get there means putting yourself in a position of rejection over and over and over.""You're Kanye or Madeleine Albright or Stephen Hawking, you're going to be fine," he continued. "Assume you are not that person. A much more reliable route to success is just resilience and an ability to eat shit."<h2 id="022841e7-2f4f-4aa9-ab18-a5ccb155e408">4. Save, don't spend — even on your child's education</h2>Galloway argued that paying a ton of money to send a child to private school isn't the best option for many families.If their goal is to give their kid a better life than they had, he said, sending them to public school and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/scott-galloway-pivot-apple-amazon-stock-tech-buffett-berkshire-investing-2023-9">investing the cash</a> they would have spent in a <a target="_blank" href="https://www.businessinsider.com/millionaires-investment-strategy-low-cost-stock-index-funds-building-wealth-2018-12">low-cost index fund</a> for the long term is a better idea based on historical returns."Assume you are wrong," Galloway said. "You sent that kid to public school and you screwed up. They didn't get into the best college. They ended up with a mediocre career. They have trouble buying their first home."They can't live the life that you got to lead or that you really hoped for them," he continued. "Here's what's going to ease your pain. If you were disciplined and reinvested that money you would have spent on Grace Church, by the time they are 35, you'll have $5.3 million to give to them."

Don't try to turn your passion into a job or pay for private school, says business guru Scott Galloway

<ul class="summary-list"><li>Bankrate found the "most valuable" majors among 152 fields of study.</li><li>Valuable majors were based on unemployment, salary, and people with advanced degrees.</li></ul>A new analysis of 152 majors found <a target="_blank" class="" href="https://www.businessinsider.com/high-paying-college-majors-six-figures-salary-engineering-college-graduates-2024-4">engineering degrees</a> are valuable financially and in the labor market.Bankrate analyzed 2022 American Community Survey data to determine the "most valuable college majors." Unemployment, median annual income, and the share of people with advanced degrees were the metrics used to create the ranking."In our ranking, majors are considered valuable if they lead to higher <a target="_blank" class="" href="https://www.businessinsider.com/high-paying-college-majors-six-figure-salary-tuition-engineering-jobs-2024-3">salaries</a>, lower unemployment rates, and require the least amount of education because we were really just focused on bachelor's degrees," Alex Gailey, a Bankrate analyst, told Business Insider.Still, Gailey said not everyone cares about their salary, and instead, people may put more emphasis on other career aspects, such as pursuing a certain field where they think they can make a difference.Below are the majors that made the top 10 in Bankrate's ranking:The top nine most valuable majors had median salaries of at least $100,000. Actuarial science at No. 10 didn't fall too behind in its median salary, at $95,000. Petroleum engineering had the lowest unemployment rate among the top majors and one of the lowest overall. Materials science, at No. 5, had the highest share of people with advanced degrees among the majors at the top of the ranking.The major that ranked the lowest overall was studio arts. This had a median salary of $40,000 and an unemployment rate of 4.6%. While studio arts and other types of art degrees ranked toward the bottom, Gailey said that doesn't mean these degrees aren't worth it, but they do tend to have higher unemployment and lower median pay than others.Gailey said obtaining an engineering degree "at an affordable public college is likely to guarantee a fairly solid investment" because of the job opportunities available right after graduation."Whereas attending a private college with high tuition costs for, let's say, a fine arts degree may be riskier," Gailey said. "It doesn't mean it's not going to pay off in the long run, but it could be riskier because part of the equation is what costs you're incurring on the front end and how the outputs exceed essentially what you're paying."Despite how financially valuable some degrees could be, not everyone feels college is necessary to get a job. Gailey said younger people are <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/student-loans/is-college-worth-it">questioning getting a bachelor's degree</a>. Gailey pointed to survey results of US adults from the <a target="_blank" class="" href="https://www.pewresearch.org/social-trends/2024/05/23/is-college-worth-it-2/">Pew Research Center</a> that highlight how people feel about the need for college."Roughly half (49%) say it's less important to have a four-year college degree today in order to get a well-paying job than it was 20 years ago," Pew Research Center said.Gailey said while college is an investment, getting a bachelor's degree can generally pay off, especially in terms of long-term earnings, and "there are ways to lower those upfront costs of college." That can include attending community college and then transferring credits to a four-year school.Gailey pointed to an analysis from the <a target="_blank" class="" href="https://www.newyorkfed.org/research/college-labor-market#--:explore:wages">Federal Reserve Bank of New York</a> of full-time workers and their pay that showed recent grads with a bachelor's who are between 22 and 27 years old had a median annual wage of $60,000 in 2023. Meanwhile, people in that age cohort with just a high-school diploma had a median of $36,000.This higher median isn't just true for last year; the analysis showed the median annual wage for recent college grads was continuously higher than the median for those with only a high-school diploma in the same age group as the recent college graduates since 1990.How did your choice of going or not going to college affect your career and finances? Reach out to this reporter at <a target="_blank" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a> to share.

The 10 college majors that pay off when searching for a job

<ul class="summary-list"><li>I was a native New Yorker and thrived on the city's energy.</li><li>When I moved to London with my husband just almost two years ago it was a major culture shock.</li></ul>Growing up in the vibrant borough of <a target="_blank" class="" href="https://www.businessinsider.com/queens-global-food-tour-new-york-most-diverse-borough-2023-11">Queens</a>, the relentless rhythm of the 7 train, the aromas of Indian cuisine, and the crowds at the MET stadium in Flushing were my normal.I thrived on the city's boundless energy. But in February 2023, I <a target="_blank" class="" href="https://www.businessinsider.com/biggest-surprises-moving-to-london-according-to-american-2024-10">moved to London</a> with my British husband to start a new chapter.His career required him to return to his homeland, and I was excited to live abroad in a city I had long romanticized after watching movies like "<a target="_blank" class="" href="https://www.businessinsider.com/living-in-notting-hill-london-reality-compared-to-expectation-photos-2022-6">Notting Hill</a>" and "The Holiday."Leaving behind the fast-paced lifestyle in New York has been exhilarating, but the transition was a challenge.<h2 id="2afd2595-3c66-4ae8-a427-3f0eb50c094a">The job hunt was a culture shock for me</h2>As a New York-qualified attorney, I was used to a <a target="_blank" class="" href="https://www.businessinsider.com/shocker-wall-streeters-are-juicing-to-be-better-at-their-jobs-2012-2">competitive job hunt</a> involving dozens of applications, multiple interviews, and aggressive salary negotiations.In London, the process is <a target="_blank" class="" href="https://www.businessinsider.com/moved-uk-nigeria-job-market-competitive-rejections-2024-7">more formal and patient</a>.<div type="image" title="Pooja Shah in red dress with husband against a snowy background" height="500" width="666" msid="115301511" hostid="261" sizebytes="21494"></div>I had to get used to sitting tight and waiting to hear back, sometimes for weeks, instead of following up or receiving a response within days.I also had to complete many more tests and assignments during my London-based job search compared to interviews back home.<h2 id="8e58ec17-e87f-4869-a41d-212ee60d8468">The job termination policies here aren't my cup of tea</h2>In New York, I was an at-will employee, meaning my employer could <a target="_blank" class="" href="https://www.businessinsider.com/amazon-laid-off-rehired-quit-no-longer-respect-culture-changed-2024-11">terminate me at their discretion</a>. Or, I could leave with a two-week notice period.This meant that, in my profession, I could laterally move to other roles immediately or take a brief <a target="_blank" href="https://www.businessinsider.com/quit-six-figure-job-solo-travel-career-break-no-regret-2024-10">vacation between jobs</a> without disrupting my career trajectory.In the UK, notice periods are a minimum of three months, which I found really frustrating.I'm <a target="_blank" class="" href="https://www.businessinsider.com/how-to-build-an-education-program-that-helps-retain-employees-2022-11">not looking to change roles</a>, but I worry that I will be overlooked for potential future jobs due to the lengthy notice period and a more laborious handover transition.<h2 id="4997bb13-d122-46c2-be94-b2eed27546ce">But London's work-life balance has been a huge relief</h2><div type="image" title="Pooja Shah with husband in red Indian wedding attire" height="3840" width="4976" msid="115301512" hostid="261" sizebytes="1571084"></div>My salary has been pretty comparable across both cities. But the attitude toward work is significantly different.In New York, I worked around the clock and sometimes on weekends. I'd log back online in the evenings after happy hours or social outings. I even had my phone during my wedding and honeymoon.At the beginning of my career, I was excited by this because I was constantly learning, but soon enough, I <a target="_blank" href="https://www.businessinsider.com/burnout-work-boss-left-office-on-stretcher-2024-4">felt burnout</a> and couldn't sustain being available all the time.In London, there is a <a target="_blank" class="" href="https://www.businessinsider.com/best-work-life-balance-advice-boss-lessons-job-2024-1">clear work-life balance</a>. I have not been contacted by an employer outside work hours, while on vacation, or on sick days.It's been a welcome relief from my days in New York when I always felt obligated to keep my work phone on.<h2 id="5dd76f89-4839-438a-b656-9830925b4d67">The cultural differences made finding friends a challenge</h2>When I was living in New York, I felt like people were more sociable and open to getting to know each other. It was <a target="_blank" class="" href="https://www.businessinsider.com/how-to-make-friends-at-work-2024-10">easy for me to connect</a> with someone I met at a bar or the library.However, my experience with the British is that they are more reserved and have a dryer sense of humor, which I don't always understand.There are also cultural references in TV, film, or politics, which I can't relate to because I didn't grow up here.<h2 id="929954d2-088b-4243-ba33-cb38e36f492a">But my new social circle has given me a whole new perspective</h2>Over time, my social circle has solidified, and I appreciate how different it is from back home.Given London's proximity to the Middle East and Asia, my new friends come from diverse backgrounds and offer unique perspectives on geopolitical and cultural issues that aren't talked about in my NYC friend circle.These friendships have exposed me to different mentalities, cities that are now on my bucket list, and <a target="_blank" class="" href="https://www.businessinsider.com/famous-foods-meals-to-eat-in-life-2019-8">new culinary dishes</a>.<h2 id="2e24a655-0204-447b-af95-6ae37bfeed84">I've had an amazing experience with the UK's healthcare system</h2><div type="image" title="Pooja Shah with husband and sunset in background" height="1152" width="1536" msid="115301509" hostid="261" sizebytes="94628"></div>The <a target="_blank" class="" href="https://www.businessinsider.com/british-healthcare-as-an-american-2017-3">UK's National Health Service (NHS)</a> has provided a more straightforward, universal healthcare experience than the private insurance I had through my employer in the US.I no longer worry about sky-high medical bills or filing insurance claims. Sure, there can be longer wait times for certain procedures, such as routine dental cleaning or eye exams, but the peace of mind of knowing I'm covered is invaluable.Earlier this month, my husband and I welcomed our firstborn child. Initially, I was worried about navigating an unfamiliar health system.Then, I learned about a hotline service through the NHS that any parent can use as often as they want <a target="_blank" class="" href="https://www.businessinsider.com/what-i-wish-i-knew-about-pregnancy-before-getting-pregnant-2022-10">during pregnancy</a>. The team of compassionate midwives I spoke to over the phone offered guidance and reassurance throughout my pregnancy, free of charge.After my son's birth, community health visitors and midwives visited our home, ensuring that both my newborn and I were coping well with the postpartum period.My son, who was born preterm, was closely monitored, and I was offered breastfeeding assistance. We also had the option to go to local drop-in clinics as often as we liked to improve latching, meet other parents, and attend music therapy sessions.Moving to a new country in your 30s is never an easy transition, but overall, I prefer life in London over New York City because of the slightly more relaxed lifestyle, reliable healthcare system, and work-life boundaries.Though I miss my family and friends in New York City, London is now home for the foreseeable future.

I moved from New York City to London. The job hunt was a culture shock but it was worth it for the healthcare and work-life balance.

For most of his youth, Bryan wanted to be an astrophysicist.He was obsessed with the Hubble telescope, and his bedroom ceiling was dotted with plastic glow-in-the-dark stars. When the Scholastic Book Fair came to his library, he'd beg his parents for cash to buy NASA photo books. To him, space science seemed the pinnacle of innovation, excitement, and existentialism.So when, as a sophomore in college, he told his parents he was going to major in accounting, they gave him what Bryan (which isn't his real name) could describe only as "a look.""An accountant?" he remembers his mother saying. "Why would you want to be an accountant?"Certified public accountants have long been cast as penny-pinching list checkers with vanilla personalities and a zeal for taxes, but that stereotype seems to turn off Gen Z more than any previous generation. That perception plus the industry's actual hurdles and pitfalls have compounded in the past several years to create a <a target="_blank" href="https://www.businessinsider.com/shortage-accountants-we-should-be-worried-recruit-young-talent-2023-2">nationwide accountant shortage</a>.The American Institute of Certified Public Accountants says about 65,000 students in the US completed bachelor's or master's degrees in accounting in the 2021-22 school year, 18% fewer than a decade earlier. Of those who study accounting, only a portion become <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-hired-top-consulting-firms-bcg-mckinsey-pwc-2024-7">certified public accountants</a>. About 30,000 people took the CPA exam in 2022, compared with nearly 50,000 people in 2010.Meanwhile, longtime accountants' ranks are dwindling fast: Three-quarters of CPAs in the US were thought to be at or near retirement in 2019.It's hard to overstate the consequences of a lack of accountants. It's not just the neighborhood CPA taking longer than usual to finish your tax return — we've already started to see it can mean financial mistakes and discrepancies at the highest levels of corporate America. Last year, for example, Advance Auto Parts said turnover of accounting staff was a cause for "material weakness" in its financial reporting via a filing extension request to the Security and Exchange Commission. Container maker Tupperware recently had similar delays in filing because of "significant attrition" and "skill set gaps" in its accounting department.Accountants have become an <a target="_blank" class="" href="https://www.businessinsider.com/shortage-accountants-we-should-be-worried-recruit-young-talent-2023-2">endangered species</a>, and that's endangering the financial ecosystem. But bolstering their ranks is no easy feat."The pay is crappy, the hours are long, and the work is drudgery," said Richard Rampell, a retired accountant in South Florida. "And the drudgery is especially so in their early years."Can America's most boring profession get sexier, stat?The archetypal accountant, the dull quant wasting away in a cubicle, is far from a fantasy. Though CPAs can do plenty with their skills — forensic accountants working at the FBI, auditors helping a Fortune 500 company analyze the books of a hotshot business it's considering acquiring — the stereotype seems unshakable. Even the American Institute of CPAs has a <a target="_blank" href="https://youtu.be/Gnwz_qotLJQ">video</a> titled "Accounting: It's not what you think.""I always joke that nobody dreams of being an accountant when they're in the sandbox," said Amal Shehata, an accounting professor at New York University's Stern School of Business who worked at PricewaterhouseCoopers for 10 years.But the stereotypes exist for a reason. "It's hard to put lipstick on a pig," Rampell said. He started his career at Ernst &amp; Young (EY) in the late 1970s, then ran his own CPA firm in West Palm Beach for 45 years. "The truth is that there's not a lot of glamour in accounting," he said. "You can go out and have good, interesting clients, but that can take five or 10 years to know enough to get to that point." Accounting was never sexy, per se. But young people have never been more put off by unsexy careers.A job used to be as good as the long-term security it could guarantee. But now, many Gen Zers are hesitant to pursue jobs their peers consider overly safe or predictable. "I think there was a greater appeal to the industry in a previous era, when certainty and maintaining a job at one place for your entire career was seen as the ultimate goal," said Bryan, who's 23. "Now it's not."In a recent survey by Deloitte, 86% of Gen Z respondents said that having a sense of purpose was important to their overall job satisfaction and well-being. Deloitte's report also describes them as "increasingly willing to reject assignments or employers who don't align with their values." (Deloitte is also a Big Four accounting firm, along with EY, KPMG, and PwC. The company declined a request from Business Insider to discuss its efforts to counter the accountant shortage.)Gen Z is also, notably, the first generation to have truly grown up with social media. They spent their childhoods watching a stream of what everyone else does with their lives, and many have become convinced that that's much better than whatever they're doing with their own. In this way, social media has incentivized them to focus on doing things their peers deem interesting or exciting. And, well, accounting isn't readily Instagrammable.Then there's the double-whammy problem of becoming an accountant, which is both harder to achieve and pays less than other finance jobs. A CPA candidate usually needs to get a master's in accounting to satisfy the requirement that they take 150 credit hours. After that comes the CPA exam: four grueling four-hour tests that must be passed within 18 months. And before they can officially get the title, candidates need to spend a year working under a licensed CPA.Bryan finished his graduate program in May and is set to begin his first job as an audit associate at a Big Four accounting firm in October. He's taken one of the CPA tests, which he described as "beastly," and he spends most of his free time studying for the other three. "I think that it's necessary, but at the same time, it is definitely a substantial burden," he said.Students can get higher-paying and arguably more exciting finance jobs right out of college without doing all that. That's what Bryan almost did. After a particularly tormenting high-school calculus class crushed his astrophysicist dreams, he considered pursuing investment banking. Most of his friends and classmates were going into finance, he said. And it's no wonder why.Entry-level investment bankers can make <a target="_blank" href="https://www.businessinsider.com/investment-bank-analyst-associate-starting-salaries-goldman-sachs-jpmorgan-citi-morgan-stanley">more than $100,000</a> in base salary plus <a target="_blank" href="https://www.businessinsider.com/how-bankers-spending-bonuses-yachts-porsches-real-estate-luxury-goods-2022-2">annual bonuses</a> in the tens of thousands their first year out of undergrad. Bryan says he'll make $72,000 in his first year at his firm — one of the largest, most prestigious, and best-paid public accounting firms.Though junior investment bankers tend to work heinous hours and toil over pitch books, the field is widely seen as more posh. Bankers get to work on deal teams that advise the world's top executives on market-moving mergers and IPOs. They also tend to have direct access to other fancy Wall Street jobs at hedge funds and private-equity firms.Everyone I talked to agreed that the first thing to do to get more accountants is to pay them more."Raise the pay a lot, pay as much as the investment-banking firms," Rampell said. "So as long as there's demand for accounting services, tax preparation, auditing, and financial-statement preparation, there will be people that will rise to do that work. The firms will have to pay to meet the demand." Rampell worries that if salaries don't go up, the shortage could become a "vicious cycle": Fewer accountants means those who are around have larger workloads, and those people are more likely to quit because of the long hours and low pay.As someone who ran a CPA firm for decades, Rampell said that paying employees more than his competitors was worth the cost. "I got more productive people, I got smarter people, I got harder-working people — people that were more ambitious and wanted to go places as opposed to people that just wanted work 9 to 5."There are some signs that some firms are responding to calls for salary changes. Margaret Burke, the talent acquisition and development leader at PwC, said in a written statement that the firm has increased entry-level salaries for audit and tax associates "over the last several years," but declined to say by how much. She also pointed out that PwC gives performance-based raises and bonuses "at all levels."Shehata, of NYU, said she also hopes alumni at top firms will help provide scholarships to make the cost of an extra year in grad school less exclusionary. "As academic director, one of my priorities is really trying to find funding for the students who want to do the master's degree," she said. "The expense can be prohibitive."The way accounting is taught could also help stanch the shortage, Shehata said. "It's up to us as academics to make the curriculum exciting and interesting," she said. "To me, that means it's relevant and it's timely." For example, she recently taught a class about the intersection of the blockchain and accounting."What I try to encourage students to consider is the long game," she added. "Yes, there are hoops and obstacles and expenses to getting the credentials, but ultimately it pays off. It's not always the first job; it's later in life that those credentials and those skills can really pay off and benefit."She said that's particularly true for those students who aren't sure what they want to do in the long term, because accounting is a skill you can draw upon in many types of industries. Shehata said some of her former accounting students, for example, were at places like Google and Apple in fraud detection. "Accounting is everywhere," she said.Perhaps the most important class to improve is the first one students take, Principles of Accounting. In May, the National Pipeline Advisory Group published an<a target="_blank" href="https://aboutblaw.com/bd3J"> 88-page report</a> on "talent solutions" for the field, which included reworking the intro course, given its "potential to shape a student's perception and ignite interest in an accounting career." Bryan described this introduction as critical. The 101 classes "don't really do very much to convince you that accounting is more than bookkeeping," he said. "I think that if you were to change the way that those courses are taught to make it more applicable and less 'Here's how to do this transaction,' I think you'd do a pretty good job of dismissing people of that notion."The report's suggestions included "placing highly engaging instructors" in those classes, "incorporating gamification and other technology" to "stoke engagement and demonstrate the vital role technology plays in the accounting profession," and exposing students to "more real-life accounting practitioners in a range of career vocations."The report underscored another way to bolster accountants' ranks: make it easier to become one. It recommended easing the 150-credit-hours requirement by "measuring competency versus just academic experience" through "experiential learning that earns college credit" — that is, less time in the classroom.Some firms have piloted similar models. EY has a Career Path Accelerator program, essentially an alternative to a master's-degree requirement, and Burke, of PwC, pointed to its work-for-credit program at Saint Peter's University.Rampell thinks that while supply and demand will naturally work itself out, in the meantime, "there'll be a lot of pain." The shortage, he added, is "sort of like when you want to find a doctor but you can't make an appointment for three months because they're so busy."Shehata said a shortage costs companies themselves and the investors who put their trust and money into them."If you're running a business, you need to be able to make educated, informed decisions. How do you make informed decisions if you don't have the accounting data?" she said. "We want to make sure that we have trust in our capital-market system. People make decisions based on financial reporting — there are people's livelihoods and investments in that."<a target="_blank" class="" href="https://www.businessinsider.com/author/emmalyse-brownstein">Emmalyse Brownstein</a> is a reporter on Business Insider's finance team. Her coverage is focused on Wall Street culture and careers.

America's most boring job is on the brink of extinction

<ul><li>The <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 was tabled by the <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Minister" meta.hostid="261" meta.entityid="Finance Minister">Finance Minister</keyword> in the Lok Sabha.</li><li>The report was tabled a day before FM Nirmala Sitharaman is slated to present the budget.</li><li>The report has highlighted the need for private investments in infrastructure.</li></ul>Finance Minister Nirmala Sitharaman on Monday tabled the <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey</a> 2023-2024 in the Lok Sabha, a day ahead of the Budget being tabled. According to the report, India’s real gross domestic product (GDP) grew by 8.2% in FY24. The report has revealed that large-scale infrastructure projects in the country have largely been funded by <keyword id="22504538" type="General" weightage="20" keywordseo="public-sector-investment" source="keywords">public sector investment</keyword> in recent years. The government has highlighted a need for private sector investment in infrastructure building. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div> In the five years between 2019 and 2023, the central and state Governments contributed 49% and 29% of the total investments in infrastructure, while, the private sector's contribution was just 22%. “There is significant scope for boosting India’s <keyword id="20018651" type="General" weightage="20" keywordseo="private-investment" source="keywords">private investment</keyword>, especially in the context of investment requirements facing the Indian economy in the areas of infrastructure, green transition, etc,” as per the Economic Survey 2024. <h2>National highways triple, railways receive a boost</h2>In the last decade, the pace of construction of national highways has reportedly tripled. According to the Economic Survey 2024, the pace of construction of national highways has increased from 11.7 km per day in FY14 to around 34 km per day by FY24. The capital expenditure in railways has increased by 77% in the last five years, with significant investments directed at the construction of new lines, gauge conversion and doubling. The passenger handling capacity at airports in the country has increased by 62 million passengers per annum in FY24 with new terminal buildings being opened at 21 airports. There is now a need to add more airports and expand the existing airports. The clean energy sector in India saw new investment of ₹8.5 lakh crore between 2014 and 2023. <h2>Metro and rapid train connectivity to soon double</h2>At present, 945 km of metro rail or RRTS lines are operational, out of which 86 km was added in FY24. This is set to soon double as 993 km of metro and RRTS lines are under construction in 27 cities across the country. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey highlights: Top 10 things every Indian should know from the Economic Survey 2023-24</a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a> <a href="https://www.businessinsider.in/budget/article/economic-survey-2023-2024-highlights-emerging-job-trends-in-ai-cybersecurity-3d-printing-and-web-development/articleshow/111923746.cms">Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development</a>

Economic Survey highlights public sector investment's role in driving infra growth; Underlines need for private sector to step up

<ul class="summary-list"><li>Jordan Page was deeply unhappy in his 9-to-5 digital content job at a Fortune 500 company.</li><li>He said listening to Charli XCX's album "Brat" inspired him to quit and have a carefree summer.</li></ul>On Friday, June 7, I had a call with my manager. It didn't go well.She had returned from vacation and was unhappy with my performance. I thought everything was fine, seeing as I'd received positive feedback from other senior staff.I'd worked in a digital content role at a Fortune 500 company for under a year and questioned whether it was right for me the entire time.After being laid off last July, I freelanced for a few months but felt pressure from people close to me to get a full-time job. I also craved the security and permanency I thought a large corporation would offer.I landed my digital content job in November 2023. Working in a corporate setting gave me a daily routine, a regular payday, and private healthcare, but I felt unfulfilled. The job description had included writing, but shifting business priorities quickly changed that. Also, my relationship with my manager had never taken off.I felt stuck, creatively stunted, and climbing the corporate ladder in an industry I didn't care about.<h2 id="ef0fcce8-d166-41f5-9a03-22c291bf0c21">I deeply related to the themes in Charli XCX's 'Brat'</h2>On that early June evening, after being reprimanded by my manager, I sat chain-smoking on my balcony and put on a new album I'd been looking forward to.Drained, I let the music of Charli XCX's "Brat" wash over me."Sympathy is a Knife," a track about spiraling self-doubt, was instantly relatable. The album's final song, "365," described a never-ending party and reminded me I deserve to have fun.These contrasting songs perfectly reflected my current existence.On Fridays, I'd go out with friends and have a great time, but I was filled with a sense of dread when Sunday hit. I felt like two different people: my true, extroverted self on the weekends and when I was writing and, mid-week, my anxious and unhappy shadow self.I'd tried putting everything into my new role. I'd tried not caring so much. Neither had worked. I'd told friends about my dissatisfaction, and they all said to do what made me happy.At that point, happiness — without a follow-up of guilt and dread — was an emotion I hadn't felt for a long time."Brat" was the perfect soundtrack for a fun-filled summer I desperately wanted. The album is centered on living life to the fullest. If I wanted to experience that, I needed to quit my job.<h2 id="b689773f-cd56-4fe4-a7af-1d73b9b37215">It wasn't just about partying</h2>Charli XCX<a target="_blank" href="https://www.tiktok.com/@charlixcx/video/7386786386298342688?is_from_webapp=1&amp;web_id=7326907923145197099"> described</a> a "brat" on her personal TikTok as someone "who feels herself but maybe also has a breakdown. But kind of like parties through it, is very honest, very blunt. A little bit volatile."This was my "brat" moment.Writing has always been my passion, but I'd never seriously considered doing it full-time. I'd always worked in content or marketing roles because I was worried about financial security.At the beginning of this job, I'd hardly freelanced, putting all my energy into my new role. As time passed and I grew increasingly unhappy, I spent more free time writing, desperate to feel a sense of purpose.My parents agreed with my decision to quit. They'd never seen me so unhappy, so it felt easier to make what seemed like an extreme decision with them in my corner.With decent pay from the corporate role, I'd saved around £6,000, around $7,800, to live on as I tried to build a career as a writer.I handed in my notice the following Monday and felt instant relief. That day, a senior team member told me they'd never seen me so happy.<h2 id="9c1a13c6-42fe-4732-9a53-b10a63eed773">I had a half "brat" summer</h2>"Brat" was everywhere this summer. Brands and celebrities, including Kamala Harris' presidential campaign, co-opted lime-green memes with lowercase black writing. National news outlets had to write explainers titled "<a target="_blank" href="https://www.theguardian.com/lifeandstyle/article/2024/jul/16/brat-summer-is-the-long-era-of-clean-living-finally-over">What is 'brat'</a>?"My friends knew about my work saga and laughed when I explained my "Brat" and cigarette-assisted epiphany. But when I told them I'd quit, I could see the shock on their faces.I was leaving a company to work for myself during a cost-of-living crisis. They were concerned.Their worries made me question my decision, but ultimately, I thought I'd never be as unhappy working for myself as I was in that job.My finish date fell just before a trip to California in July, closely followed by a visit to a friend's home in Turkey. I needed time off to regroup and relax. I returned feeling motivated to put everything into my writing career. I was strict with my weekday schedule and constantly "on." On the weekends, I could let go and have fun, knowing my week was spent doing work I cared about.Without a monthly paycheck, I've had to be more responsible with money. Some months were harder, with weddings and festivals, but I'm learning.<h2 id="30337906-ea1f-4a3c-84b5-620f3eaf98a5">I don't regret quitting for a 'brat summer'</h2>I haven't regretted my decision once.Although the album was the catalyst for my quitting, I'd been unhappy at work for a long time. As a freelancer, I now work when I finally feel fulfilled.I've worked harder in the last three months than ever before. Some work days start at 6 a.m. and end at 10 p.m. I sometimes work on weekends, and some days I have nothing to do. But it's work I love to do.Would I have quit my job if "Brat" hadn't been released? Eventually, but it would've likely been later when my mental health had deteriorated even more. The album felt like a sign, and knowing it led to being the happiest I've ever been in my career, I'm grateful that it came when it did.Now, I work shifts for a newspaper, write articles about topics I care about, and, as of next month, write while traveling the world.My work may be unpredictable and the financial shift from a salaried role has been a learning experience. But I have the freedom to enjoy the work I love, which is all that matters to me.

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