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<ul class="summary-list"><li>Layoffs, ballooning student loan debt, and concerns about AI have left Gen Z feeling anxious.</li><li>More than half of college seniors feel pessimistic about joining the workforce, per a Handshake survey.</li></ul>Amid a dwindling pool of entry-level positions and ongoing layoffs in once seemingly foolproof fields, Gen Z college grads are <a target="_blank" class="" href="https://www.businessinsider.com/jobs-recent-college-grads-hiring-slowdown-unemployment-higher-than-population-2024-9">feeling uneasy</a> about starting their professional lives.<a target="_blank" class="" href="https://www.businessinsider.com/entry-level-jobs-tech-roles-require-years-of-experience-2024-10">Competition for low-level</a> positions has risen sharply in recent years as "entry-level" roles increasingly require years of experience amid a surplus of older, more experienced workers. Business Insider's Aki Ito deemed the current career climate a <a target="_blank" class="" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-recession-high-salary-2024-4">white-collar recession</a> earlier this year.Hiba Rizvi, a senior at Loyola University Chicago, is set to graduate in May and has already started looking for <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-hot-jobs-tech-layoffs-healthcare-government-careers-2024-7">software engineering roles</a>. The 21-year-old told BI that she is regularly casing career fairs and updating her portfolio with new projects to stand out come spring.Rizvi was initially interested in working in Big Tech and spent last summer applying to internships at popular companies. But after watching <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-workers-pushed-limits-of-perks-benefits-pampering-over-2024-10">waves of layoffs strike the industry</a> in recent months, she said she's broadening her horizons."For the past year and a half, everyone has said the market is going to get better, and that was something I was looking forward to," Rizvi said. "But now so close to graduation, I think we have to not expect the best from the future and just figure out our <a target="_blank" class="" href="https://www.businessinsider.com/the-roadmap-generation-gen-z-prioritizes-long-term-career-plans-2024-6">own game plan."</a>More than half of the current college class of 2025 say they feel pessimistic about their looming entry into the workforce, according to an August <a target="_blank" href="https://joinhandshake.com/network-trends/class-of-2025-career-outlook-report/">report</a> from Handshake, a leading early career services company that partners with more than 1,500 universities.The organization surveyed 1,925 graduating seniors this summer and found that 57% said they are <a target="_blank" class="" href="https://www.businessinsider.com/college-graduates-cant-find-jobs-earn-less-strong-labor-market-2024-6">anticipating immediate challenges</a> as they attempt to begin their professional lives — an increase from the 49% of seniors who said the same last year."While they are long-term positive about their careers, they're <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-millennials-job-market-unemployment-rate-economy-career-news-2024-3">short-term pessimistic</a>," said Christine Cruzvergara, chief education officer at Handshake. "And if we're being honest, they're largely justified."Job creations on Handshake in 2024 have thus far trailed 2023 numbers, a <a target="_blank" class="" href="https://www.businessinsider.com/finding-job-awful-right-now-drop-in-openings-tough-search-2024-9">pattern consistent with national trends</a>, Cruzvergara said. Meanwhile, the number of people applying to the shrinking number of roles on the site has increased.The class of 2024 submitted 64% more applications per job on Handshake than the class of 2023, and the class of 2025 is already on pace to exceed them, according to Cruzvergara.In the first six months of 2024, only 13% of entry-level job seekers successfully landed a gig, The Washington Post <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/06/16/jobs-outlook-college-grads-2024/#">reported</a> in June, citing a Goldman Sachs analysis of Commerce Department data. Mounting economic fears, growing political unrest, ballooning student loan debt, and <a target="_blank" class="" href="https://www.businessinsider.com/ai-will-change-most-jobs-employers-help-workers-keep-up-2024-8">concerns about the future of AI</a> have left Gen Z graduates in a state of deep anxiety as they prepare to enter the workforce. The survey found that the class of 2025 sees stability as their number one priority in choosing a job."They've lived through a lot of instability over the last eight years," she said. "They're ready for some level of stability."But landing a stable job can sometimes be easier said than done for graduates fresh out of school.Sasha Friese, a 2023 University of Washington graduate, estimated she <a target="_blank" class="" href="https://www.businessinsider.com/job-seeker-applied-more-than-2000-roles-2024-9">applied to more than 200 jobs</a> before landing her current gig as a lab tech in San Diego.The 23-year-old bioengineering major told BI she came to recognize three different types of jobs in her search: higher-paying technical jobs that required monotonous repetition, lower-paying lab roles with work that interested her, or <a target="_blank" class="" href="https://www.businessinsider.com/gig-economy-overemployment-quit-job-increase-income-earnings-side-hustle-2024-3">contracted gig work</a> with no benefits but promises of a possible full-time role in the future.Friese ultimately accepted a job in the second category, working at a University of San Diego research lab. She told BI she likes her work but wishes she made more than her $40,000 salary."I applied to this job when I was in the headspace of applying to absolutely anything that was even remotely related to what I want to do," Friese said. "I was desperate for a job."She's applying to graduate school now, anticipating an advanced degree will open more career opportunities in her field. Once she finishes her master's, she'll be back on the hunt for a job."I've heard from so many other people about how bad the job market is," Friese said. "So, I'm trying to tell myself that what I experienced in those five-to-six months of looking after graduation was contextual and not how it always is."

Why Gen Z college grads are feeling increasingly pessimistic about entering the workforce

<keyword id="19915275" type="General" weightage="100" keywordseo="Boeing" source="keywords" meta.keywordsubtype="org" meta.entityname="Boeing" meta.hostid="261" meta.entityid="Boeing">Boeing</keyword> is set to cut 17,000 jobs, or 10% of its global workforce, in response to a strike by 33,000 U.S. West Coast workers that has stalled production of its major jets, including the 737 MAX and 777 models. The ongoing strike, which has persisted for over a month, is expected to result in $5 billion in third-quarter losses, the company revealed. CEO Kelly Ortberg announced the job cuts in a message to employees as part of a broader restructuring effort aimed at aligning Boeing’s operations with its financial challenges. "We reset our workforce levels to align with our financial reality and to a more focused set of priorities. Over the coming months, we are planning to reduce the size of our total workforce by roughly 10%. These reductions will include executives, managers and employees," Ortberg's message read as per a Reuters report. The planemaker, already facing hurdles from regulatory issues and a strike-induced production halt, has also pushed back the first deliveries of its 777X jet by a year, now expected in 2026. In addition to downsizing, Boeing is considering measures to raise billions of dollars in funding, including selling stock and equity-like securities, to safeguard its financial standing. Analysts estimate the company may need to secure $10 to $15 billion to maintain its credit ratings, which are perilously close to junk status. Boeing has taken legal steps against the International Association of Machinists and Aerospace Workers (IAM), accusing the union of failing to negotiate in good faith. However, IAM has criticised Boeing’s claims as an attempt to deflect from its refusal to return to the bargaining table. The strikes are costing Boeing roughly $1 billion a month, and analysts believe resolving the labour dispute is critical for the company’s future. With significant financial losses looming and a court case involving fraud charges ahead, Boeing’s challenges continue to mount as it faces increasing pressure from both regulatory bodies and its workforce. (With Reuters inputs)

Boeing announces global job cuts in the middle of workers’ strike, 17,000 people could lose their jobs

<ul class="summary-list"><li>Bed Bath &amp; Beyond's owner said in a regulatory filing that it will cut one-fifth of its workforce.</li><li>Beyond, Inc., formerly known as Overstock, bought the BB&amp;B brand after the original went bankrupt.</li></ul>The parent company of Bed Bath &amp; Beyond plans to lay off one-fifth of its workforce in a move to save $20 million per year.Beyond, Inc., formerly known as Overstock, said in a regulatory <a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001130713/624d4cec-8178-41f0-9abe-6c7180fd1564.pdf">filing</a> on Tueday that the cuts will "align to its asset-light business that supports an affinity and data monetization model."The move follows a September <a target="_blank" href="https://www.marketwatch.com/story/beyond-to-sell-utah-headquarters-for-55-million-ac952435">announcement</a> that the company reached a deal to sell its Utah headquarters. The two measures are expected to reduce the annual budget by $65 million, said CFO Adrianne Lee."As we continue to transform and build out our model, we intend to monetize data through our enhanced CRM and database capabilities, stand up a global loyalty program across both our owned and partnered brands, and leverage our IP through a variety of global licensing partnerships," company president Dave Nielsen said in a statement Thursday.Earlier in the week, Beyond and Kirkland's Home <a target="_blank" class="" href="https://investors.beyond.com/news-events/press-releases/news-details/2024/Kirklands-Home-and-Beyond-Inc.-to-Revitalize-Bed-Bath--Beyond-Brand-with-Neighborhood-Store-Strategy-Through-New-Strategic-Partnership/default.aspx">announced</a> a $25 million deal to open small-format, 15,000 square-foot "neighborhood" Bed Bath &amp; Beyond locations across the US. The new concept will include a curated assortment of classic BB&amp;B products, the companies said.Overstock bought the BB&amp;B intellectual property last year after the original housewares retailer went bankrupt, turning the former big box brand into an online-only operation.The $21.5 million deal covered trademarks, internal business data, and e-commerce platforms, including websites and mobile apps, but no physical stores or inventory.The company said at the time that the additional Bed Bath &amp; Beyond loyalty program shoppers tripled Overstock's existing customer base.Since renaming itself to Beyond, Inc., the company has managed to grow customers by 21%, but sales have suffered, with delivered orders declining by 19%, according to its third-quarter results <a target="_blank" href="https://investors.beyond.com/news-events/press-releases/news-details/2024/Beyond-Inc.-Reports-Third-Quarter-2024-Financial-Results/default.aspx">released</a> on Thursday.If you are a Beyond worker who wants to share your perspective, please <a target="_blank" href="mailto:dreuter@businessinsider.com">contact Dominick via email</a> or text/call/Signal at 646.768.4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out

Bed Bath & Beyond owner to lay off 20% of its workforce

<ul class="summary-list"><li>Donald Trump has pledged to lead a mass deportation campaign once elected.</li><li>That would create a major labor crunch for homebuilders, driving wages and costs higher.</li></ul>Donald Trump's vow to crack down on immigration doesn't bode well for priced-out homebuyers.The Republican presidential candidate has promised to lead the largest deportation campaign in US history if reelected. By one estimate, that could involve deporting up to <a target="_blank" href="https://www.businessinsider.com/trump-deportation-immigration-plan-impact-recession-risk-inflation-stagflation-labor-2024-6">1.2 million</a> people, though as many <a target="_blank" href="https://www.piie.com/blogs/realtime-economics/2024/trump-vs-harris-immigration-future-policy-proposals#_ftn1">11 million undocumented residents</a> live in the country.While there's room to debate the plan's feasibility, what's certain is that a sudden drain of the immigrant workforce could significantly hinder construction in the US, igniting deeper unaffordability for home market buyers.<h3 id="a76ec574-ba23-4a94-92de-608c0047e53f">A critical homebuilder workforce</h3>"If we did see mass deportations, I do think it would have a chilling effect on the labor market," Jim Tobin, CEO of the National Association of Home Builders, told Business Insider.He said immigrants are a critical component of the industry, as they help relieve a serious shortage of skilled labor. Foreign-born construction workers, who make up as much as a third of the sector's labor force, are often concentrated in specific trades required to build a home, such as plasterers and drywall installers, the Home Builders Institute <a target="_blank" href="https://hbi.org/wp-content/uploads/2024/06/Spring-2024-CLMR-HBI-NAHB-FINAL.pdf">reported</a>."We consistently see government data showing that we are anywhere between 200,000 to 400,000 workers short in our industry and that lack of skilled labor slows down the pace of construction, drives up labor costs, and ultimately leads to higher home prices, and a slower pace of home building," Tobin said.A <a target="_blank" href="https://gwbushcenter.imgix.net/wp-content/uploads/Immigrants-and-Opp-3.pdf">2022 George W. Bush Institute</a> study found that US metros with the highest immigrant population growth scored the lowest construction costs.Without the supply of these workers, history suggests housing costs are likely to rise.According to a <a target="_blank" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4729511">research paper</a> released earlier this year, home prices were found to rise in counties impacted by an immigration crackdown that spanned from late 2008 to 2014. The US "Secure Communities" program led to the deportation of over 300,000 undocumented immigrants in that time period, it cited.Given the pace of homebuilding, price effects were muted for two years after enforcement began, the study said. However, three years later, the average new construction property became 17% more expensive among tracked counties compared to the baseline.That translates to a $57,300 jump compared to the average property price before the program's implementation."Three years after SC rollout, the average county has foregone the equivalent of an entire year's worth of additional residential construction: 2,423 fewer buildings are permitted, and 1,997 fewer newly constructed homes enter the market," the authors wrote.Considering how wide-sweeping the Trump campaign's deportation effort could be, experts told BI that homebuilders would likely resort to wage hikes to attract domestic workers. These could be significant, given that the construction industry would be competing against other immigrant-dependent sectors.According to Tobin, mass deportation would also require the industry to redouble its efforts in attracting new domestic interest in the trades. "Whether that's kids coming out of out of high school, or adults that are looking for a new career, transitioning military that are coming out of the service. We would have to look at previously incarcerated."<h3 id="2780f5cd-9b64-4a83-a2ce-4c3dee812acf">What about demand?</h3>Trump's campaign has implied that cracking down on immigration will help ease housing unaffordability by effectively removing one source of demand. It's a talking point recently made by Vice President candidate JD Vance, who blamed "<a target="_blank" href="https://www.cbsnews.com/news/jd-vance-debate-immigration-housing-prices-real-estate-federal-reserve/">millions of undocumented immigrants</a>" for adding pressure on a supply-constrained housing market.While research has suggested immigrant demand plays a role in influencing prices, economists generally doubt that this is a <a target="_blank" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">major driver</a>. Rents and home prices started surging in 2020 and 2021, at a time when net immigration inflows were close to the two-decade average, as tracked by the <a target="_blank" href="https://www.cbo.gov/publication/60569#:~:text=Over%20the%202021%E2%80%932026%20period%2C%20the%20net%20immigration%20of%20people,net%20immigration%20of%20that%20population">Congressional Budget Office</a>.Meanwhile, Trump's platform is also pushing another policy initiative that's unlikely to help housing costs: tariffs. The candidate has pledged to raise duties on virtually all imports to the US, raising them as much as 60% on Chinese imports."If you're going to add tariffs onto building materials, that cost is just going to be passed along to the homeowner or the renter," Tobin said, citing that there's a lack of evidence that tariffs will meaningfully increase production in the US. He pointed to <a target="_blank" class="" href="https://www.nahb.org/blog/2024/08/canadian-lumber-tariffs">a 15% tariff on Canadian softwood lumber</a> that has failed to do this.

Trump's immigration crackdown could deplete the construction workforce and make housing more expensive     

Tech giant <keyword id="19898516" type="General" weightage="100" keywordseo="Intel" source="keywords" meta.keywordsubtype="org" meta.entityname="Intel" meta.hostid="261" meta.entityid="Intel">Intel</keyword> has been making a lot of headlines these days. The company is going through tough times and is trying to rise above all challenges. Last month, Intel’s shares hit their lowest in 50 years. The company also announced its decision to lay off 15 percent of its workforce. A couple of days back, there were rumours that <keyword id="19944986" type="General" weightage="20" keywordseo="Qualcomm" source="keywords" meta.keywordsubtype="org" meta.entityname="Qualcomm" meta.hostid="261" meta.entityid="Qualcomm">Qualcomm</keyword> might be interested in acquiring the decades old tech giant. However, this information should be taken with a pinch of salt as these are just rumours until now, nothing else. <h2>Intel might get multi-billion dollar investment</h2>Now, a Bloomberg report has said that <keyword id="21043511" type="General" weightage="20" keywordseo="Apollo-Global-Management" source="keywords">Apollo Global Management</keyword> Inc. might be in talks with Intel for a potential multibillion-dollar investment. The offer, reportedly worth up to $5 billion, could be a significant boost for Intel's ambitious turnaround plans, which have been in motion under CEO <keyword id="20059551" type="General" weightage="20" keywordseo="Pat-Gelsinger" source="keywords">Pat Gelsinger</keyword>. The Bloomberg report added that Intel executives have been mulling over Apollo’s proposal. It also added that the offer is still in early stages and may not come to fruition. <div type="Article" hostid="261" msid="113568851" title="SIMPLY PUT: Founder Mode — the secret sauce to startup success or fancy term for hustle and micromanagement?" mstype="2" mssubtype="0"></div> The report also added that the size of the potential investment in Intel could change and discussions regarding a deal could also fall through. Apollo’s proposal comes at a crucial moment for Intel. As mentioned already, the company, once synonymous with cutting-edge chips, has faced declining market value recently. For a company that used to dominate the <keyword id="19920003" type="General" weightage="20" keywordseo="semiconductor" source="keywords">semiconductor</keyword> industry, the last few years have been tough. Competitors like AMD and Nvidia have pulled ahead, leaving Intel to scramble for relevance in a rapidly changing market. <h2>Apollo and Intel’s relationship </h2> Apollo’s interest in Intel isn’t entirely out of the blue. The two companies already share a financial relationship, with Apollo announcing plans to purchase a 49% stake in Intel’s manufacturing facility in Ireland for $11 billion earlier this year. The new proposed deal, however, signals a deeper involvement from the asset management firm, which has a history of investing in distressed assets. <div type="Article" hostid="261" msid="113567973" title="Coldplay announces new show in Mumbai on January 21: How to book tickets, timings, and all you need to know" mstype="2" mssubtype="0"></div> Intel’s <keyword id="23276491" type="General" weightage="20" keywordseo="turnaround-strategy" source="keywords">turnaround strategy</keyword> under Gelsinger involves not only revitalising its product line but also expanding its customer base. This includes diversifying into new technologies and markets, which has resulted in mixed financial results. While Intel has been attempting to reinvent itself, it’s clear that the road ahead will be expensive, and Apollo’s capital could be the lifeline the chipmaker needs to keep these plans on track. <div type="Article" hostid="261" msid="113434470" title="Intel, once a Silicon Valley star, has been floundering. Now it's mounting a turnaround." mstype="2" mssubtype="0"></div>

Apollo reportedly offering multi-billion dollar investment to Intel after reports of acquisition by Qualcomm

<ul class="summary-list"><li>I've worked since I was 15, and my career has always been a huge part of my identity.</li><li>My Gen Z children helped me understand that work doesn't have to be a priority.</li></ul>I officially entered the workforce at 15 years old. My <a target="_blank" class="" href="https://www.businessinsider.com/quitting-first-corporate-job-at-19-helped-me-find-values-2024-8">first job</a> was a janitorial position on a cleaning crew. I remember the excitement of receiving my first paycheck.My <a target="_blank" href="https://www.businessinsider.com/first-generation-african-american-felt-pressure-to-do-things-right-2022-6">mother is from Kenya</a>, and I'm a first-generation American. My mom discussed our family's struggles in Kenya and how I needed to start work early to earn the dollars my Kenyan family would do anything to gain.<a target="_blank" class="" href="https://www.businessinsider.com/son-mother-college-across-country-dreading-empty-nest-2024-5">My mother</a> ingrained in my siblings and me the importance of getting a good job and the idea that work is the key to a successful life.As I got older, I applied for more "grown-up" jobs. From 15 to 18, I worked for fast-food restaurants and some retail stores. With each job, I got a <a target="_blank" class="" href="https://www.businessinsider.com/remote-workers-need-pay-raise-return-to-office-survey-2024-10">pay increase</a>. Without realizing it, I was mentally equating the job and pay to how I viewed what it means to be a successful human.By the time I turned 19, I had <a target="_blank" class="" href="https://www.businessinsider.com/millenniall-quit-job-start-business-shares-advice-entrepreneurship-networking-mentor-2024-9">started my own business</a>, helping out independent contractors on their delivery routes.My beliefs about who I was and my measure of accomplishment became dependent on the business's success. <a target="_blank" class="" href="https://www.businessinsider.com/refuse-come-out-family-friends-2024-8">Family and friends</a> told everyone they knew about this interesting business I started, reinforcing this belief.My identity was fully intertwined with my business. When something happened at work, it affected my mood and challenged <a target="_blank" class="" href="https://www.businessinsider.com/empty-nester-mom-regret-making-kids-whole-identity-2024-10">my identity</a>. Work became my life; it became my identity.That's until my kids taught me differently.<h2 id="8b257e25-5ae3-4da2-bca2-2b3cf5f32046">My Gen Z children entering the workforce shifted my beliefs</h2>I'm a father of five <a target="_blank" class="" href="https://www.businessinsider.com/millennials-middle-age-40-savings-careers-kids-boomers-gen-z-2024-10">Gen Z kids</a>. As my kids grew older, graduated from high school, and got adult jobs, I noticed a difference in how they viewed their work compared to the beliefs I had grown up with.I often asked my kids questions about their jobs and thoughts about their futures. I was surprised to find that their responses were much different from mine. They just seemed so detached from their <a target="_blank" class="" href="https://www.businessinsider.com/best-tips-for-changing-careers-finding-fulfilling-work-2024-5">chosen careers</a>.They've told me they see their jobs as a way to <a target="_blank" class="" href="https://www.businessinsider.com/financial-literacy-things-about-money-adults-dont-know-2024-7">earn money</a> to enjoy life. They don't buy into the belief that you work hard for 50 years just to have enough money to retire and enjoy maybe the last 10 years of your life (if you're lucky).My Gen Z children have told me they see work for what it is: They work to live, not live to work. They aren't going to dedicate their lives to building someone else's dream. They will use all the <a target="_blank" class="" href="https://www.businessinsider.com/sick-leave-more-complicated-in-hybrid-work-era-gen-z-2024-8">sick days</a> and other benefits a company offers and not see it as being a "bad employee" to use what's provided.Commentators and <a target="_blank" class="" href="https://www.businessinsider.com/modern-etiquette-guide-for-group-chats-better-social-media-2023-11">social media</a> pundits from my generation (and older) often confuse this for laziness. They say Gen Z does not care about their jobs like previous generations.But my kids helped me see Gen Z as a misunderstood generation.<h2 id="19dffbf4-e367-4067-86a4-7ed191b095d5">I'm learning who I am beyond work</h2>I'm 43 years old and questioning <a target="_blank" class="" href="https://www.businessinsider.com/live-with-ex-boyfriend-year-later-breakup-2024-11">my relationship</a> to work for the first time.My Gen Z children have shifted my beliefs about work, and as a result, I've gotten therapy to help me learn who I am outside my career. Therapy has also helped me see that I'm more than my job and that there's so much more to life than tying my identity to employment.I sold my business in 2013 and now write (my first love) and consult. I work fewer hours, and my business allows me to <a target="_blank" href="https://www.businessinsider.com/digital-nomad-lessons-learned-tips-things-to-know-2022-11">travel globally</a> and consult corporations. When someone asks me what I do nowadays, I tell them I enjoy life professionally.My Gen Z children in the workforce have taught me lessons about work that <a target="_blank" class="" href="https://www.businessinsider.com/parenting-style-break-generational-curses-raise-child-parents-2023-8">my generation</a> didn't. I now see work as a way to build financial independence so that someday, work will become "optional" for me.My goal is to have enough money saved and invested to spend my time discovering everything I missed growing up with work as a priority.Kimanzi Constable is a freelance writer and journalist based globally as a digital nomad. <a target="_blank" href="https://www.linkedin.com/in/kimanzi-constable-8592053b/">Connect on LinkedIn</a>.

I have 5 Gen Z children in the workforce, and they don't prioritize their careers. It made me rethink my life.

<ul class="summary-list"><li><keyword id="20781003" type="General" weightage="20" keywordseo="Klarna" source="keywords" meta.keywordsubtype="org" meta.entityname="Klarna" meta.hostid="261" meta.entityid="Klarna">Klarna</keyword> CEO <keyword id="23150803" type="General" weightage="20" keywordseo="Sebastian-Siemiatkowski" source="keywords">Sebastian Siemiatkowski</keyword> said that he plans to reduce the company's workforce by half.</li><li>He said the company can "do much more with less" through <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword>.</li></ul>Klarna plans to employ half the people it did last year, betting on artificial intelligence to enhance efficiency and cut costs. CEO Sebastian Siemiatkowski said in a statement to the <a href="https://www.ft.com/content/bfd9af3d-d607-4877-9571-078ab82a837e" target="_blank">Financial Times</a> that the company could operate effectively with half its current staff, which numbered about 4,000 at the end of June. Siemiatkowski s<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">ai</keyword>d the company can "do much more with less" using AI. The Swedish <keyword id="20050492" type="General" weightage="20" keywordseo="buy-now-pay-later" source="keywords">buy-now-pay-later</keyword> company lost about 24% of its staff in the last year, per its annual report. Spokesman Joel Hedin told Business Insider those losses were "natural attrition" and that with the company's hiring freeze, "headcount is gradually decreasing." Last year, Klarna halted hiring for most positions outside its engineering team as it increasingly relied on AI technology to fill gaps left by departing staff. He added that the marketing team had been more productive, working with half its size compared to the previous year. Last year, Klarna <a target="_blank" href="https://www.businessinsider.com/klarna-ai-chatbot-work-700-people-2024-2">halted</a> hiring for most positions outside its engineering team as it increasingly relied on AI technology to fill gaps left by departing staff. In a February blog <a target="_blank" class="" href="https://www.klarna.com/international/press/klarna-ai-assistant-handles-two-thirds-of-customer-service-chats-in-its-first-month/">post</a>, the company claimed its AI assistant could handle the workload of 700 full-time employees. Klarna said that the chatbot outperformed human agents in "errand resolution" accuracy and matched human employees in customer satisfaction levels. Klarna also projected that this technology could boost the company's profits by $40 million this year. Meanwhile, Klarna competitor Affirm is also doubling down on AI chatbots — but isn't publicly seeking to cut its staff. "No one has yet to lose their job to be replaced by robot at Affirm, so that's not a short-term cost saving," CEO Max Levchin said on a <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-prefers-ai-chatbots-phone-calls-affirm-ceo-bnpl-2024-5">May earnings call</a>, adding that AI could save the company money over the next one to three years. <h2>AI shakes up tech staff</h2>Other tech companies are axing staff as they transition to AI-centric businesses. Earlier this month, <a target="_blank" href="https://www.businessinsider.com/dell-layoffs-ai-strategy-workers-more-effective-jobs-fulfilling-2024-8">Dell</a> announced the significant restructuring of its sales division, resulting in mass layoffs. Tech companies, including Google and Apple, have laid off over 350,000 workers since the beginning of 2023, according to data from online tracker <a target="_blank" href="http://Layoffs.fyi">Layoffs.fyi</a>. While many of these layoffs were attributed to overhiring during the pandemic, the need to reallocate capital for AI investments is also a significant factor for the layoffs. Meta CEO Mark Zuckerberg <a target="_blank" href="https://www.businessinsider.com/ai-job-losses-spending-new-tech-meta-google-amazon-layoffs-2024-7">said</a> in a February earnings call that layoffs were necessary to invest in "long-term, ambitious visions around AI." Google CEO Sundar Pichai also <a target="_blank" href="https://www.businessinsider.com/google-ceo-says-more-layoffs-to-come-2024-1">wrote</a> in a January memo that job cuts were needed to "create the capacity for investment" in AI. Klarna had credited an improvement in its <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> to AI, with net losses declining from 854 million Swedish Krona, around $84 million, during the second quarter of 2023, to 10 million Krona, around $900,000, in the most recent quarter. The company also reported a 27% increase in revenue and a 73% increase in revenue per employee over 12 months. Klarna is gearing up for an <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> as early as next year, although Siemiatkowski told the FT that the company has not made any IPO decisions yet. Klarna did not respond to a request for comment by BI sent outside standard business hours. Correction: August 28, 2024 — This story has been updated with a more exact headcount change and to specify why Klarna lost staff in the last year. After publication, a Klarna representative told Business Insider that the loss — about 24% of staff — came from natural attrition.

Klarna only needs half its staff, because AI lets the buy-now-pay-later company 'do much more with less'

<ul><li><keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> has delayed hiring of 2000 young professionals</li><li><keyword id="20033579" type="General" weightage="20" keywordseo="NITES" source="keywords" meta.keywordsubtype="org" meta.entityname="NITES" meta.hostid="261" meta.entityid="NITES">NITES</keyword> has filed a complaint in the matter</li><li>Infosys is also making headlines for its new Power Programme</li></ul> The Nascent Information Technology Employees Senate (NITES), a Pune-based <keyword id="22859482" type="General" weightage="20" keywordseo="IT-employee-union" source="keywords">IT employee union</keyword>, has filed a formal complaint with the Ministry of Labour and Employment against Infosys. The union alleges that Infosys has delayed the <keyword id="22570539" type="General" weightage="20" keywordseo="onboarding-process" source="keywords">onboarding process</keyword> for around 2,000 <keyword id="22859483" type="General" weightage="20" keywordseo="fresh-engineering-graduates" source="keywords">fresh engineering graduates</keyword> for over two years, leaving them in a state of uncertainty and distress. <h2>Infosys delayed freshers' onboarding for more than two years</h2>According to NITES, these graduates were selected for roles such as system engineer and digital specialist engineer as early as April 2022. Despite receiving offer letters, the onboarding process has been repeatedly postponed. The affected graduates were required to participate in unpaid pre-training programs and undergo additional, unexpected assessments, further complicating their entry into the workforce. NITES claims that despite fulfilling all the prerequisites set by Infosys, these young professionals have been kept in limbo, leading to significant frustration and anxiety. The union views this situation as a serious breach of trust by Infosys, which has long been regarded as one of the pillars of India’s IT industry. Harpreet Singh Saluja, President of NITES, expressed deep concern over the situation, emphasizing the broader implications for the Indian IT sector. “We believe that this is not just a breach of trust by one of India’s largest IT companies, but also a significant issue that impacts the future of our country’s <keyword id="22360158" type="General" weightage="20" keywordseo="IT-workforce" source="keywords">IT workforce</keyword> and economy. We are calling on the government to take immediate and strict action against Infosys to ensure that such exploitative practices are halted and that the rights of these young professionals are protected,” Saluja said, according to a report by The Economic Times. The complaint filed by NITES highlights that even after long delays, the graduates were asked to participate in an unpaid virtual pre-training program from July 1 to July 24, 2024. They were promised final joining dates of either August 19 or September 2, 2024. However, despite completing the training, they were informed that they would need to retake the exam offline, once again without pay. This has only added to their frustration and uncertainty about their future with the company. <h2>Infosys’ Power Programme</h2>In a contrasting development, Infosys is also making headlines for its recent campus placement drive, where it has introduced a new 'power programme.' According to a report by The Times of India, the company is offering pay packages of up to Rs 9 lakh per annum to select colleges, a significant increase from its standard entry-level packages, which typically range from Rs 3-3.5 lakh. This move is seen as part of Infosys’ strategy to attract highly specialized talent in areas such as coding, software development, cloud computing, AI/ML, and cybersecurity. Infosys plans to hire between 15,000 and 20,000 graduates in FY25. During its earnings call last month, Infosys announced plans to resume campus placements and off-campus fresher hiring in the current fiscal year. The top four IT firms in India are expected to collectively add about 82,000 freshers in FY25. Among them, HCLTech and <keyword id="19945574" type="General" weightage="20" keywordseo="wipro" source="keywords">Wipro</keyword> plan to hire 10,000 and up to 12,000 freshers, respectively. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/work-life-balance-is-a-myth-photo-of-man-working-in-front-of-momo-stall-goes-viral-internet-reacts/articleshow/112516510.cms" data-type="tilCustomLink" target="_blank">'Work-life balance is a myth’: Photo of man working in front of momo stall goes viral, Internet reacts</a> <a href="https://www.businessinsider.in/tech/article/arrange-or-love-marriage-debate-is-passe-people-are-now-marrying-their-ai-partners/articleshow/112522764.cms" data-type="tilCustomLink" target="_blank">Arrange or love marriage debate is passe, people are now marrying their AI partners</a>

Infosys delays onboarding of 2,000 graduates for more than 2 years, NITES files complaint

<ul class="summary-list"><li>Boeing said Friday that it would cut 10% of its 170,000-strong workforce. </li><li>CEO Kelly Ortberg said the company was in a "difficult position" amid a strike. </li></ul>Boeing said Friday that it would cut its workforce by 10%, further delay its <a target="_blank" class="" href="https://www.businessinsider.com/boeing-777x-why-so-important-delays-future-airlines-2024-7">777X plane, </a>and discontinue a freighter model as it deals with the financial fallout of an ongoing strike. In a <a target="_blank" class="" href="https://boeing.mediaroom.com/2024-10-11-Boeing-CEO-Message-to-Employees-on-Positioning-for-the-Future">note</a> to employees, CEO Kelly Ortberg said Boeing was in a "difficult position" and that "restoring our company requires tough decisions." The planemaker is mired in regulatory headaches after a January incident in which a door plug blew out of a <a target="_blank" class="" href="https://www.businessinsider.com/boeing-737-max-plane-safety-faa-production-timeline-2024-6">737 Max, </a>as well as an ongoing <a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-rising-tension-complaint-union-nlrb-2024-10">strike</a>.Ortberg, who took over as CEO in August, said the workforce reduction included executives and manager-level positions. As of the end of 2023, Boeing had about 170,000 employees. Other cost-cutting measures include discontinuing the 767 cargo plane, Ortberg said. This story is breaking. Check back for updates.

Boeing will delay its 777X plane and cut 10% of workforce as it deals with a strike and 737 Max issues 

The Indian <keyword id="21219153" type="General" weightage="20" keywordseo="employment-market" source="keywords">employment market</keyword> is projected to experience a 6.33% incremental expansion over the first half of FY 2024-25, according to a report by TeamLease. The report highlighted that 56% of employers expect their workforce to grow, 21% anticipate a decline, and 23% believe their workforce size will remain unchanged. The report provided a detailed analysis of the <keyword id="21680463" type="General" weightage="100" keywordseo="Indian-job-market" source="keywords">Indian job market</keyword> across 23 industries and 20 cities. It highlighted workforce expansion trends, emphasizing the impact of <keyword id="20509550" type="General" weightage="20" keywordseo="economic-conditions" source="keywords">economic conditions</keyword>, organizational dynamics, skill shortages, and <keyword id="20358462" type="General" weightage="20" keywordseo="technological-advancements" source="keywords">technological advancements</keyword> on hiring strategies. The growth in the employment market is attributed to the favourable economic conditions in the country, including a nearly 7% GDP growth forecast for 2024 by most global rating agencies, which would make India the fastest-growing G-20 nation. Strong investment demand, peaking headline inflation, and a greater emphasis on technology and skills by employers are also key factors. In terms of cities, Delhi, Bangalore, and Hyderabad emerged as the top cities with the highest proportion of employers expanding their workforce sizes. These cities attract businesses due to their established infrastructure, large talent pools, and economic vitality. The consistent preference for these major cities underscores their significance as job concentration hubs, despite the growing trend of expansion into new locations. These urban centres play a strategic role in driving employment growth and economic development in India. The report also noted that nearly two out of five organizations are focusing on bridging skill gaps, highlighting a shift towards a more adaptable and skilled workforce in preparation for technological advancements and new skills. The report said that Generative AI (<keyword id="19949719" type="General" weightage="20" keywordseo="GenAI" source="keywords">GenAI</keyword>) is particularly noteworthy, as it has the potential to transform key business processes, impacting workforce dynamics and reshaping talent management. In response, 35% of surveyed organizations reported significant changes in their talent acquisition strategies to integrate advanced AI technologies. On the unemployment front, the report stated out that a significant portion of the unemployed workforce, nearly 83%, consists of youth aged 15-29. Over the past two decades, there has been a significant increase in the educational attainment of these unemployed youths. The proportion of those with at least secondary education rose from 35.2% in 2000 to 65.7% in 2022, indicating a rising educational profile among the unemployed. However, the national <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has progressively decreased, falling to 3.1% in 2023 from 3.6% in 2022 and 4.2%in 2021. The unemployment rate in urban areas also decreased from 7.2% to 6.5% for persons aged 15 years and above between October-December 2022 and October-December 2023. The <keyword id="19913761" type="General" weightage="20" keywordseo="gig-economy" source="keywords">gig economy</keyword> in India is experiencing rapid growth, with the number of gig workers projected to rise from 7.7 million in 2020 to 23.5 million by 2029-30, demonstrating a compound annual growth rate (CAGR) of almost 12%. The distribution of gig work across skill levels includes 47% in medium-skilled jobs, 22% in high-skilled jobs, and 31% in low-skilled jobs, highlighting the diverse opportunities within this sector. In the media &amp; entertainment industry, digital transformation and changing consumer preferences are driving 48% of employers towards <keyword id="22204807" type="General" weightage="20" keywordseo="workforce-growth" source="keywords">workforce growth</keyword> in the first half of FY 2024-25. However, the other half of the industry faces turbulence and uncertainty.

Maximum employers expect their workforce to grow in first half FY 2024-25, says Teamlease report

One of the fundamental focuses of this <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> was to boost skill development, job creation, and <keyword id="19898684" type="General" weightage="100" keywordseo="employment" source="keywords">employment</keyword>, with youth being one of its four cornerstones, in addition to women, the poor, and farmers. And to this front, the FM announced major changes, particularly to benefit first-timers or new additions to the workforce. New entrants across all formal sectors will be eligible for receiving one month worth of wages in three instalments, with a ceiling of Rs 15,000. This is expected to benefit 210 lakh young people who have a maximum annual salary is Rs 1,00,000. <h2>New in the workforce? You'll be paid</h2>Both employers and employees will be incentivised by means of <keyword id="20587419" type="General" weightage="20" keywordseo="EPFO-contributions" source="keywords">EPFO contributions</keyword> for the first 4 years of employment. What makes this scheme particularly lucrative for employees is that the government will reimburse EPFO contributions, Rs 3,000 per month, per additional employee, to the employer. For this purpose, all additional employees who have a maximum salary of Rs 1 lakh will be considered. In order to promote upskilling, the budget also promised loans of up to Rs 7.5 lakh, which will be backed by government' guarantee. It is estimated that this will benefit 25,000 students every year. Youngsters will also be able to get loans of up to Rs 10 lakh for pursuing higher education in domestic educational institutions. Apart from this, around 1,000 industrial training institutes will be upgraded, in order to train 20 lakh youth over the next 5 years. E-vouchers will be provided to 1 lakh students every year for interest subvention (bringing down the total interest cost) of up to 3% of the total loan amount. Says Krishnendu Chatterjee, VP and Business Head at TeamLease Services, "The government's commitment to employment and employability is clear with its Rs 1.48 lakh crore provision. This initiative, based on EPFO enrollment, focuses on recognizing first-time employees and includes direct benefit transfers of the first month's salary in three installments for salaries up to Rs 1 lakh". "Special emphasis is placed on the industrial and manufacturing sectors. Additionally, employers will receive incentives for job creation, with the government reimbursing up to Rs 3,000 per month for two years towards EPFO contributions for each new employee", he continued. <h2>Internship in top companies </h2>The budget also laid out a comprehensive scheme for assisting 1 crore young people to secure a 12-month internship in one of the top 500 companies of the country, over the next 5 years. For this, a monthly allowance of Rs 5,000 and a one-time help of Rs 6,000 will be provided. All training costs, along with 10% of the internship costs will be borne by the CSR funds of respective companies. Sunil Deshmukh, Chair of Global Board of Directors, Institute of Management Accountants noted that " with a Rs 2 lakh crore package for employment and skilling and Rs 1.48 lakh crores allocated to education, employment, and skill development, the budget comprehensively addresses job creation and skill enhancement. First-time workforce entrants will receive a direct transfer of up to ₹15,000, enhancing employability and stimulating economic growth. Overall, these measures demonstrate a strong commitment to economic reform and growth, creating a favorable tax environment that supports <keyword id="94495" type="General" weightage="20" keywordseo="Innovation" source="Orion">innovation</keyword>, investment, and long-term development.'

Union Budget 2024: More for new additions in workforce, internship in top 500 companies

<ul class="summary-list"><li>After 20 years at home with my kids, I decided to reenter the work force. </li><li>The last job I had had been 21 years ago and paid $53,000.</li></ul>I recently decided to reenter the traditional workforce after 20 years at home with my daughters, after having been a <a target="_blank" class="" href="https://www.businessinsider.com/having-kids-two-decades-apart-taught-learned-life-lessons-2024-2">teen mom</a> earlier in my life. This brief detour steered me in a u-turn-like fashion away from my true passion.Earlier this year, an opportunity popped up out of the blue. It was <a target="_blank" class="" href="https://www.businessinsider.com/earn-extra-money-with-these-21-high-paying-side-jobs-2019-6">part-time</a>, in my administrative wheelhouse, and would pay $20 per hour. When I called my adult son to share the news, he said, "That's great, as long as it doesn't interfere with your writing."For context, I left my last job as an executive assistant 21 years ago, where I made $53,000 annually. This included a generous <a target="_blank" class="" href="https://www.businessinsider.com/non-traditional-job-benefits-perks-housing-commute-student-loan-family-2024-4">benefits package</a> and a beautiful office where lunch was brought in daily. It was one of the best jobs I've ever had, and I've had a lot of jobs.<h2 id="0af49363-0320-415c-92ce-275578446fc0">I started working when I was 13</h2>My enterprising, people-pleasing spirit emerged in early childhood. By the time I was 13, I had parlayed cleaning skills learned from doing chores at home into <a target="_blank" class="" href="https://www.businessinsider.com/husband-paid-me-stay-home-mom-heres-what-i-learned-2019-9">extra jobs as a mother's helper</a>. The neighborhood moms raved about me, and I craved their affirmation.Now I see clearly that, by taking this new job which was unlike anything I've ever done, I was satisfying an unhealthy part of myself that still feels the need to prove something and quiet still-whispering voices from the past.So, in one of the happiest phases of my life, which includes an <a target="_blank" class="" href="https://www.businessinsider.com/lonely-empty-nester-sons-went-to-college-2023-8">empty nest</a>, a happy 23-year marriage, three kids, and two out-of-state grandbabies, I'm thankful to be able to visit often, I went ahead and sabotaged myself.I quickly realized the job wasn't what I thought it would be. I also realized that at 57, I'm no longer willing to do work I'm not genuinely interested in.My passion is writing, and I've finally reached a point where I'm fortunate to be able to pursue it. In the past two years, I've taken classes and realized my dream of building a byline.<h2 id="7da23adf-624d-4d3c-8214-73a5ebd057df">I've had tons of jobs</h2>As a young divorced mom, I had two jobs. I did early morning surveillance for a PI firm investigating Workers' Compensation cases and then waitressed the 3 p.m. to 11 p.m. shift at the local coffee shop. Those were challenging times, and I was always searching for the next, better job.My move up from waitressing came when one of my regulars, a very Mad Men-esque general contractor couple, offered me my first secretarial job. I'd hit the big time, making $8.50 an hour in the late 1980s.In 1998, at 30 years old, I purchased my first home, thanks to one of those jobs of a lifetime that included a 401(k) plan. I was ultimately let go from that one. And in the way that the universe always has its plans, had I not been canned from that job, I wouldn't have <a target="_blank" href="https://www.businessinsider.com/started-side-hustle-small-business-pay-for-wedding-dress-2024-4">met my husband</a>.When I was young and hungry (without a college degree), an instinct propelled me to tolerate less-than-ideal work environments because my choices were limited. The jobs have been amazing, eye-gouging, and everything in between — for example, I became a licensed nail technician in 1992 and learned that doing nails wasn't as fun or profitable as it looked.In the early 2000s, a stay-at-home mom with two toddlers, I began looking for ways to reinvent myself. I started my own Mexican food catering company. My pièce de résistance was single-handedly catering a Cinco de Mayo party for a <a target="_blank" class="" href="https://www.businessinsider.com/celebrity-eagles-fans-2018-2">Philadelphia Eagles</a> player. I learned that catering is exhausting.An early adopter of social media and natural connector, I began tweeting and blogging about Kelly Ripa's Homemade Millionaire. Writing about and promoting fellow "Mompreneurs" led to work with a PR firm, which led to writing my first children's book, a first-of-its-kind social media guide, in 2014. I was 47. The book led to school assemblies and dozens of television appearances over several years. I also completed the manuscript for a young adult novel.Now, I know I can only do things I am passionate about. So, on a Friday afternoon, I told my boss I wouldn't be continuing. When I called my son to tell him the job didn't work out he said, "From now on, passion projects only."

You Searched For "IT workforce" and got 12 results

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Union Budget 2024: More for new additions in workforce, internship in top 500 companies

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I'm 57 and reentering the workforce. I refuse to do work I find boring.

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