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<ul class="summary-list"><li>JPMorgan and Wells Fargo kick off bank earnings on Friday.</li><li>Expect lots of questions about how lower rates will impact business going forward.</li></ul>When Wall Street's biggest banks report earnings this week, led by JPMorgan Chase, investors will be listening closely for clues about how a changing interest-rate environment could impact business in 2025.The Federal Reserve in September cut the so-called federal funds rate by 50 basis points — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interest-rate-cut-ai-stocks-nvidia-broadcom-asml-tech-2024-9?_gl=1*1ax8rwf*_ga*MzQwMzI0MDQ1LjE3MjEzMDM4ODI.*_ga_E21CV80ZCZ*MTcyODQ5MTE5OC4yOTAuMS4xNzI4NDkxMjEwLjQ4LjAuMA..">the central bank's first cut</a> in more than four years. The September 18 move took place too late to impact third-quarter results, but stock research analysts are expected to pepper executives this earnings season about what a lower interest-rate environment might mean for business going forward.Lower rates can be a mixed blessing for banks. On the one hand, the Fed's campaign to increase the cost of borrowing has contributed to an era of sky-high returns for traditional lenders like JPMorgan, which have been making more money on loans than they have been paying for deposits. But that party was never going to last forever. (Indeed, top JPMorgan exec <a target="_blank" href="https://www.ft.com/content/c11b59f6-4827-4c4e-9f24-2f075b85f665">Daniel Pinto warned last month</a> that stock analysts' so-called NII expectations were too high.)Plus, lower rates could help unleash <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">the dealmaking backlog</a> that investment bankers have been talking about since the pandemic-era M&amp;A boom started to slow in 2022. Their bonuses are counting on it.Speaking of bonuses, third-quarter results will also be closely watched on Wall Street as an indication of how well investment bankers may get paid this year.JPMorgan and Wells Fargo will kick off earnings on Friday, followed by Goldman Sachs, Citi, and Bank of America on Tuesday. Morgan Stanley will report its earnings on Wednesday. Here are the top four things to look for this bank earnings season:<h2 id="629d7158-9393-4502-a5a4-b8a898b107c5">Investment banking</h2>Investment bankers have been predicting dealmaking will return since it started slowing in 2022. But this year, there are strong signs that companies are ready to start going public and merging again.<a target="_blank" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">Preliminary data compiled by LSEG</a> shows 425 mergers globally so far this year valued at more than $1 billion. That's up 24% from the same period in 2023. What's more, deals valued at greater than $10 billion were recently up 39% compared with the same period last year.The number of companies going public is also soaring. 106 US companies have gone public through the third quarter, raising a total of $24.7 billion, according to IPO tracker Renaissance Capital. That's up from 71 in 2022 and 108 in 2023 and on track to beat the $27 billion raised in those two years.Third-quarter results — and commentary about 4Q dealmaking so far — will be closely watched for further signs of progress in M&amp;A, equity underwriting, and debt underwriting.<h2 id="bf745d80-abee-4488-881c-e8551a17811c">Trading</h2>At the Barclays Financial Services conference in September, big bank executives warned that trading revenues may be muted compared to 2023.Goldman Sachs CEO David Solomon described a "more challenging macro environment, particularly in the month of August," and warned that the bank's trading business "is trending down close to 10%." Solomon cited the bank's revenues for FICC, or fixed-income, currencies and commodities, saying that results were "very, very strong" in the third quarter of 2023.At the same conference, JPMorgan's president and chief operating officer, Daniel Pinto, predicted that trading revenues would be "flat to slightly up 2%." "It was a bit more challenging environment to monetize client flows, particularly in rates," he said.<h2 id="723af9a4-99cc-49fd-b909-2fc736985cbb">Lending</h2>Stock analysts will be watching what banks say about net interest income, which is how much banks earn off the difference between what they pay on deposits and what they earn on loans. When the Fed started raising rates, banks were making out like bandits because they were able to charge more for loans more quickly than they were raising rates on savings accounts.But banks have been warning that this dichotomy wouldn't last forever, and loan growth has indeed been slowing as the economy slows. Lower rates could boost lending yet again, but that could take time. In the meantime, JPMorgan's Pinto in September warned that Wall Street stock analysts' 2025 predictions for NII of between $91.5 billion and $90 billion were too high, sending the bank's stock down."I think that that number will be lower," Pinto said at the Barclays Financial Services conference. "We are not going to guide on that now, but the $90 billion is a bit too high."<h2 id="b126e3af-7e38-4ed0-b6d7-4e67905737f9">Bonuses</h2>Banks tend not to talk about bonuses on earnings calls, but how bankers will be paid will be reflected in C-Suite comments about dealing and trading generally — as well as their predictions for the rest of 2024 and into next year.In good news, compensation expert Johnson Associates sees bonuses up this year across the board, an analysis that's reflective in part of <a target="_blank" href="https://www.osc.ny.gov/press/releases/2024/10/dinapoli-wall-streets-2024-first-half-profits-232b-were-793-higher-last-year">Wall Street's earnings results</a> so far this year. See here for the compensation expert's views on bonuses for debt underwriting, equity underwriting, sales and trading, and more.<div type="image" title="Wall Street bonus predictions" height="630" width="1950" msid="114096916" hostid="261" sizebytes="88820"></div>

4 trends to watch this bank earnings season

<ul><li>The global foldable smartphone shipments have declined by 1% in Q3 2024.</li><li>Samsung has emerged as the top company in foldable smartphone shipments in Q3 2024.</li><li>Samsung continues to account for over half of the market share, despite a huge decline in shipments.</li></ul>The global foldable smartphone shipments declined for the first time in Q1 2024, recording a 1% year-on-year decline. This marks the first decline for foldable smartphones in Q3. According to a report by Counterpoint Research, one of the factors for the decline in shipments was Samsung’s<a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-review/articleshow/112497472.cms"> Galaxy Z Fold 6</a> and<a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-galaxy-z-flip-6-galaxy-ring-and-more-launched/articleshow/111637913.cms"> Galaxy Z Flip 6</a> smartphones not performing as expected. <div type="Article" hostid="261" msid="112497472" title="Samsung Galaxy Z Fold 6 review – the complete package" mstype="2" mssubtype="0"></div> “The global foldable market appears to have entered a transitionary phase where it is facing challenges as it progresses from a niche segment to the mainstream. User satisfaction is particularly high with book-type foldable devices, but the prohibitively high prices remain the biggest obstacle to mass adoption,” said Jene Park, Senior Analyst, Counterpoint Research. <h2>Global foldable smartphone market share</h2> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">56% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Huawei </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Honor </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motorola </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr></tbody></table> Source: Counterpoint Research Samsung has emerged as the market leader in Q3 2024, with a market share of 56%, down from 70% in Q3 2023. While the company’s Galaxy Z Fold 6 performed decently, the Galaxy Z Flip 6 failed to match its predecessor’s sales. The company recorded a 21% year-on-year decline in shipments. Huawei has emerged second, with a 15% market share in Q3 2024, up from a 13% market share in Q3 2023. The company recorded a 23% year-on-year growth in shipments. Honor and Motorola take the third and fourth spots, with a 10% and a 7% market share respectively. Both companies have recorded good growth. While Honor has recorded a 121% year-on-year growth, Motorola has recorded a 164% year-on-year growth. Xiaomi is in the fifth position, with a 6% market share. The company recorded the highest year-on-year growth at 185%. This growth was driven by the Mix Flip, the company’s first clamshell smartphone. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/honda-activa-e-and-qc1-electric-scooters-unveiled-in-india-to-go-on-sale-in-2025/articleshow/115725242.cms">Honda Activa e and QC1 electric scooters unveiled in India, to go on sale in 2025</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-reaches-new-high-with-4-49-million-shipments-in-q3-2024/articleshow/115719599.cms">India’s PC market reaches new high with 4.49 million shipments in Q3 2024</a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-chipset-launched-starting-at-59999/articleshow/115689685.cms">Realme GT 7 Pro with Snapdragon 8 Elite chipset launched starting at ₹59,999</a>

Global foldable phone shipments decline in Q3 2024, Samsung leads with 56% market share

India's investment ecosystem is undergoing a seismic shift, with index investing gaining unprecedented traction among investors, according to a report by Motilal Oswal. The younger generation, including Gen Z and Millennials, shows a stronger inclination towards index funds as compared to older investors. They also prefer index funds over ETFs for better returns and liquidity. A recent report by Axis AMC also highlighted the growing appetite for ETFs, which witnessed net sales of Rs 15,403 crore in October 2024. While 46% of younger investors favor index funds, only 35% of Gen X and Boomers do so. Millennials and Gen X investors also have a keen interest in factor or smart beta funds, reflecting their appetite for innovative, albeit aggressive investment strategies. Passive funds have become a core component of investor portfolios, with 80% of investors increasing their allocation to these funds in 2024, compared to 53% last year. The Axis report echoed similar sentiments, noting that net sales in the passive category inched up to Rs 8,025 crore in October 2024. The combined assets under management (AUM) of passive funds have surged from Rs 7 lakh crore in September 2023 to over Rs 11 lakh crore by September 2024—a 1.5x growth in just one year. The survey also noted a growing popularity of ETFs, with 57% of respondents investing in them, up from 41% in 2023. Of these, 26% invest solely in ETFs, while 31% have diversified between ETFs and index funds. This rising preference is matched by a commitment to long-term investment. A significant 81% of investors plan to hold their passive investments for over three years, highlighting sustained confidence in the growth potential of these funds. Sectoral indices like Nifty IT and Nifty Bank dominate as the top choice for passive fund investors, selected by 67% of respondents. Benchmark indices such as the Nifty 50 and Nifty 500 follow closely, preferred by 61% of investors. A recent, similar report by stock broker Angel One also throws a spotlight on how young India plans and prefers mutual funds when it comes to savings and investments. The report, titled "Young Indians' Saving Habits Outlook 2024," compiled by Fin One, stated that 45% of respondents aged 22-35 have made it a point to save up some of their savings in mutual funds. A year ago, this figure stood at just 32%. Most of these investors make their way into mutual funds via SIPs, or systematic investment plans. 52% of respondents in the age cohort of 22-35 are now using SIPs to invest in mutual funds, up from 44% in the previous year. As for what was the driving factor behind beginning their investment journey, 42% underlined the past performance of funds, while 38% noted that advice from financial advisors remained a key consideration. 38% of young Indians are now increasingly focusing on building an emergency corpus, compared to 28% the year before. This shift underscores the drastic change in financial sensibilities brought forth by the pandemic and the consequent desire for greater financial resilience. In fact, approximately 4 out of every 5 surveyed investors maintained a dedicated, separate savings account. Out of the 1,650 individuals studied under the FinOne survey, a staggering majority made their first foray into the stock market in their early twenties. Nearly 2 in every 5 investors pick stock as their preferred choice of investment, followed by mutual funds and then savings bank accounts. While 45% of those surveyed picked stocks as their chosen investment avenue, 20% preferred mutual funds, and 15% wanted to keep their money in a savings bank account.

Gen Z and Millennials prefer stocks and mutual funds; index funds trump over ETFs, say recent reports

Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

<ul class="summary-list"><li>Inflation cooled in September, but less than economists expected.</li><li>The consumer price index increased 2.4% over the year, above the forecast of 2.3%.</li></ul>Inflation came in hotter than expected in September.The consumer price index, a closely-watched <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">inflation measure</a>, increased 2.4% from September 2023 to this past September. This index was expected to see a year-over-year increase of 2.3%, a cooler rate than <a target="_blank" href="https://www.businessinsider.com/inflation-august-consumer-price-index-federal-reserve-rate-cuts-2024-9">August's 2.5%</a>.The surprisingly hot inflation reading is a sign that the economy is running strong, and complicates the Fed's next rate decision, since in theory higher inflation would make further cuts less likely.Still, odds of a 25-basis-point rate cut at the central bank's November meeting ticked higher after the release, and now carries an 83% probability, according to the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch</a> tool.That could be because the market also digested weekly jobless-claim figures that came in higher than expected. The Fed has been closely watching the labor market for signs of tightness, in addition to inflation for signals of what to do next with rates.Following a surprisingly <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">strong September jobs report</a>, speculation rose that the Fed might slow its pace of rate cuts — or even <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-fed-outlook-recession-economy-stocks-ed-yardeni-2024-10">stop them altogether</a>. But the market appears largely convinced for now that a 25-basis-point move is coming in November.The Fed will have other data to mull over before the meeting. The Employment Cost Index, a quarterly release that shows how much companies are paying in salaries and benefits, will be published on October 31. Plus, the next jobs report, which includes how job gains looked in October as well as potential revisions for September's and August's growth, will be out on November 1.This is a developing story. Please check back for updates.

Inflation was hotter than expected in September, but continued its downward trend

India's economic engine is roaring, and the job market reflects that optimism. The latest <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-2024 paints a picture of a growing economy brimming with opportunities, but also cautions of potential roadblocks on the road to success. <h2>Cause for celebration</h2>The good news is plentiful, if the recent Economic Survey tabled by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="261" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> is to be believed. The <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has dipped to an impressive 3.2% in 2022-23, signifying a more vibrant job market. Increased participation of young people and women in the workforce presents a golden opportunity to leverage India's demographic dividend and achieve greater gender equality. Additionally, a surge in net payroll additions under the Employees' Provident Fund Organisation (EPFO) indicates a healthy rise in formal jobs, offering much-needed security for workers. The government's "Skill India" initiative is gaining traction, with a significant rise in the number of people undergoing skill development programs, the Economic Survey highlighted. This is crucial, as India's burgeoning tech scene, with its skyrocketing number of startups, is creating a wealth of new opportunities that demand a skilled workforce. <div type="Article" hostid="261" msid="111920956" title="FM Nirmala Sitharaman tables Economic Survey 2023-24 in Lok Sabha" mstype="2" mssubtype="0"></div> <h2>Challenges on the horizon </h2>However, amidst the optimism, there are challenges to navigate. While <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> (AI) promises to revolutionise industries, it also poses a threat to some existing jobs. The Economic Survey emphasises the need to use technology for collective benefit, advocating against over-reliance on automation. Another significant hurdle is the widening <keyword id="21466653" type="General" weightage="20" keywordseo="skills-gap" source="keywords">skills gap</keyword>. The rapid transformation of the <keyword id="20001119" type="General" weightage="20" keywordseo="services-sector" source="keywords">services sector</keyword>, marked by the rise of domestic service delivery powered by technology (think online food delivery and home automation) and the diversification of India's services exports beyond traditional sectors like IT, demands a workforce equipped with specialised skills. Areas like Blockchain, Machine Learning, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">Cybersecurity</keyword>, <keyword id="19960489" type="General" weightage="20" keywordseo="cloud-computing" source="keywords">Cloud Computing</keyword>, and Web and Mobile Development are becoming increasingly important. Outdated regulations, particularly those related to land use and restrictions on women's working hours, are further hindering job creation and female labour force participation. Deregulation in these areas is crucial to unlock India's full growth potential, according to the Economic Survey. The report also highlights the need for industry to take the lead in fostering innovation and skill development. Collaboration with academia and revamped vocational education programs are key to bridge the current skill gap. <div type="Article" hostid="261" msid="111922453" title="AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey" mstype="2" mssubtype="0"></div> <h2>Opportunities beyond tech</h2>The Economic Survey identifies promising sectors with the potential to create a significant number of jobs: <ul><li>Agro-processing: This sector can be a major job generator, especially in rural areas.</li><li>Care Economy: The growing demand for elder care and childcare services presents an opportunity for skilled professionals.</li><li>Tourism: While AI might moderate India's services export growth, the report emphasises the importance of the <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, which is relatively less skill-dependent, for employment generation. To capitalise on this opportunity, public policy should focus on enhancing the tourism sector's infrastructure and services.</li></ul><h2>Upskilling for the future</h2>India's job market is on an exciting trajectory. But addressing the skills gap, adapting to technological advancements and promoting innovation is crucial. By upskilling the workforce through government and industry collaboration, India can become a high-value partner in areas like cybersecurity and enterprise management. <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>

Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development

<ul class="summary-list"><li>More and more couples are including pet provisions in their prenups, divorce attorneys say.</li><li>Pet prenups can cover things like animal custody, financial arrangements, and even "petcations."</li></ul>Fighting over Fido has never been easier.More and more Americans are celebrating their impending nuptials by <a target="_blank" class="" href="https://www.businessinsider.com/millennials-are-driving-an-increase-in-prenuptial-agreements-2019-8">securing a prenup</a>, a legal document that outlines how an engaged couple's assets would be split in the case of divorce.And divorce lawyers are seeing an uptick in the inclusion of pet provisions in prenups, ensuring beloved animals are accounted for should the relationship go awry."Very often, I find people will fight more about a pet than over money," said Jacqueline Newman, a New York divorce attorney.<a target="_blank" class="" href="https://www.businessinsider.com/surprising-prenup-clauses-marriage-divorce-2019-2">Pet prenups</a> are a relatively new phenomenon in the marriage and end-of-marriage world, but for as long as people have been marrying and separating, they've been concerned about their precious "fur babies," Newman told Business Insider.Some couples included pet provisions in their prenups as far back as the mid-aughts, but those early arrangements were rarely enforceable and often legally impractical, according to Erin Levine, a former divorce attorney and the founder of online divorce platform Hello Divorce.Courts have long been accustomed to treating pets as property in divorce, deciding an animal's fate <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/which-states-are-community-property-states-in-divorce">alongside other assets</a>, like homes and earnings.These days, however, <a target="_blank" class="" href="https://www.businessinsider.com/ap-california-divorce-courts-go-to-dogs-as-pets-gain-status-2018-9">changing state laws</a>, evolving attitudes around animal ethics, and a pandemic spike in adoptions have led to an uptick in so-called pet prenups, several divorce attorneys and mediators told Business Insider.<h2 id="802e9330-798e-4383-8bb8-a7a4cf53227c">The history of pet prenups</h2>The term "pet prenup" refers to any prenuptial agreement that includes a provision dealing with pets, legal experts said. But pet prenups only exist today thanks to years of divorcing couples fighting over pets.In her early days practicing family law, Newman said she sometimes worked with divorcing couples who wanted to include pets in their <a target="_blank" class="" href="https://www.businessinsider.com/divorce-share-custody-kids-parenting-plan-time-regret-decision-2024-1">custody agreements</a> as they tried to figure out where the kids would go after a split.As people started <a target="_blank" class="" href="https://www.businessinsider.com/people-dating-longer-than-ever-before-getting-married-2017-7">getting married later in life</a>, often forgoing children entirely, Newman said she began to see a rise in pet-exclusive divorce arrangements, in which couples would hash it out over only their shared animals.Levine encountered her first "pet prenup" about a decade ago, she said. The millennial couple she was working with was considering combining their assets and had a shared dog they were certain would one day be <a target="_blank" class="" href="https://www.businessinsider.com/most-famous-animals-of-all-time-2019-10#:~:text=Many%20creatures%20throughout%20history%20have,husky%20are%20regarded%20as%20heroes.">famous</a>. As a result, the puppy parents wanted to make sure there were legal provisions in place for the pet's future earnings and career control should they split.<div type="image" title="A child pets an elderly dog" height="1456" width="1941" msid="112811286" hostid="261" sizebytes="161004"></div>Kristyn Carmichael, an Arizona family law attorney and mediator, said in comments to BI that pet prenups often designate outright ownership, i.e., Fido belonged to Partner A before the marriage, so Fido will live with Partner A after the marriage.But many arrangements also allow for a more structured pet parenting plan, not dissimilar to a <a target="_blank" class="" href="https://www.businessinsider.com/bird-nesting-divorce-parenting-plan-2023-12">custody agreement with kids</a> — known in the industry as a "co-pawrenting agreement," according to Levine.The divorced couple could <a target="_blank" class="" href="https://www.businessinsider.com/what-about-wally-how-to-co-parent-a-pet-with-your-ex-2012-2">share time with a pet equally</a>, or an agreement might designate one partner as a pet's primary owner while offering the second partner "right of first refusal" should the first partner no longer be able to care for the pet, Carmichael said.Many pet provisions also include <a target="_blank" class="" href="https://www.businessinsider.com/pets-how-much-each-year-own-cats-dogs-2019-10">financial details</a> for the animal — known as "petimony" — such as vet bills, food and litter costs, and grooming, divorce experts said.Without a pet provision included in a couple's prenup, the fight over shared animals can get nasty, Newman said. In most states, pets are still considered chattel or personal property, so a judge will typically decide where a pet goes post-divorce if the couple can't come to an agreement, divorce lawyers said. Similar to how a judge might decide custody of children, the court most often grants ownership to the pet's primary caretaker."Still, the last thing a judge wants to do is deal with pet custody issues," Levine said. "And the last thing pet parents want to do is spend thousands on legal fees going to court."<h2 id="aaba1c65-fdd8-461f-b0bb-3c7c58feca43">The rise of pet prenups</h2>Divorce attorneys who spoke to BI agreed that pet prenups have become increasingly popular in recent years. Out of nine divorce attorneys and mediators who discussed pet provisions with BI, eight said they had some firsthand experience with them.Meg McKinney, a Maryland family law attorney, estimated that about one-fourth of prenuptial agreements these days include some sort of pet provision, while New York family law attorney Yonatan Levoritz put the number closer to 20%.<div type="image" title="Cats" height="2663" width="3551" msid="112811281" hostid="261" sizebytes="670418"></div>According to a 2024 <a target="_blank" href="https://affiliate.insider.com?h=b1629522909bbcde3df991ba78b605159be4f7fc284ad6ee7df438dc92231e11&amp;postID=66bfaf5d7d61a86c186b78b8&amp;postSlug=pet-prenups-new-divorce-marriage-trend-provisions-legal-dogs-2024-8&amp;site=bi&amp;u=https%3A%2F%2Fwww.rover.com%2Fblog%2Fprepup%2F">survey</a> of 1,000 pet owners conducted by Rover, more than 80% of pet parents are in favor of proactively arranging their pet's future ahead of any potential split. That's no surprise for a population that considers their pets as much a part of the family as other humans, according to a 2023 Pew Research <a target="_blank" href="https://www.pewresearch.org/short-reads/2023/07/07/about-half-us-of-pet-owners-say-their-pets-are-as-much-a-part-of-their-family-as-a-human-member/">survey</a>.Still, only about 28% of pet parents actually have an official pet agreement of any sort, according to the Rover survey, and divorce experts said animal provisions are still more uncommon than not.As a result, some divorce mediators are encouraging those without a pet prenup to think about pets early in the splitting process.Levine's platform, Hello Divorce, aims to automate many of the legal and financial logistics associated with divorce. In recent years, Levine said she's implemented specific questions about pets into the website's welcome questionnaire.As a result, Levine said, she's seen several unorthodox evolutions of the typical pet provisions, including fights over an animal's Instagram account, negotiations over "petcations," and outlines for a <a target="_blank" class="" href="https://www.businessinsider.com/photos-pennsylvania-pastor-throws-extravagant-funeral-for-pet-pug-2021-5">pet's funeral arrangements.</a><h2 id="a234143c-0556-42d9-acf1-26c063fdc036">The factors spurring pet prenups</h2>Shifting legal and cultural attitudes toward pets could be contributing to the rise in pet prenups, divorce experts said.While pets are still considered personal property in most of the country, some states have started considering their "best interest" by applying the same standard used in child custody cases to animals, said New York family law attorney Atty Bruggemann. Alaska, California, Illinois, Maine, New Hampshire, New York, and Washington, DC, all have such laws in place, according to Hello Divorce.On the one hand, these sorts of pro-animal laws could be encouraging people to take a more proactive approach to thinking about their pets in a custodial way, divorce attorneys said. But the "best interest" stipulations also make pet provisions in prenups slightly less cut-and-dried, with a judge also having to consider which partner is best equipped to give the animal a good life, said Leigh Kahn, a New York attorney who regularly draws up prenups."Courts are starting to take this very seriously. They're not treating animals just as objects anymore," Newman said. "They're living beings with feelings and needs."<div type="image" title="A New Yorker sits on her balcony, hugging her cat and dog, who are covered by pet insurance." height="1414" width="1885" msid="112811287" hostid="261" sizebytes="119308"></div>Pets aren't just showing up in prenups, either. The Wall Street Journal <a target="_blank" href="https://www.wsj.com/personal-finance/you-love-your-dog-should-she-be-in-your-will-a2af9b04?mod=latest_headlines">reported</a> earlier this month that people increasingly include their animals in their wills.The rise of more pet-friendly laws falls in line with <a target="_blank" class="" href="https://www.businessinsider.com/half-owners-say-pets-equal-human-family-member-survey-2023-7">America's growing obsession with our pets</a>. Animal ownership is on the rise, especially in the aftermath of the pandemic, during which <a target="_blank" class="" href="https://www.businessinsider.com/dog-trainers-burnout-booked-solid-after-millions-adopted-pandemic-puppies-2021-8">millions</a> of households adopted a new animal during the drudge of social distancing. Joe and Cheryl Dillon, divorce mediators at Equitable Mediation, said in comments to BI that the pandemic pet boom was a contributing factor to the uptick in pet prenups."Pets are really very often a couple's first baby," Newman said. "And if you have teenagers, you may like your pet way better than you like your kids."

Pet prenups are the hot new divorce trend

<ul class="summary-list"><li>Now in <keyword id="19896940" type="General" weightage="20" keywordseo="Walmart" source="keywords" meta.keywordsubtype="org" meta.entityname="Walmart" meta.hostid="261" meta.entityid="Walmart">Walmart</keyword> aisles: a <keyword id="23944922" type="General" weightage="100" keywordseo="Skibidi-Toilet-action-figure" source="keywords">Skibidi Toilet action figure</keyword> — a $45 mystery toilet bowl.</li><li>The head of brands for toilet-maker <keyword id="23944923" type="General" weightage="20" keywordseo="Bonkers-Toys" source="keywords" meta.keywordsubtype="org" meta.entityname="Bonkers Toys" meta.hostid="261" meta.entityid="Bonkers Toys">Bonkers Toys</keyword> says it's selling well.</li></ul>Recently at my local Walmart, I saw a massive display in the main aisle of the toy section: It featured a plastic toilet, about a foot tall, with a ghoulish head sticking out. For $44.95, I could be the proud owner of the <a target="_blank" class="c-link c-link--underline" href="https://www.businessinsider.com/skibidi-toilet-is-good-actually-2023-10">Skibidi Toilet</a> — complete with <keyword id="23944930" type="General" weightage="20" keywordseo="toilet-themed-toys" source="keywords">toilet-themed toys</keyword> in the bowl. And in case you were wondering: Yes, it makes a flushing noise. If you've spent any time lately around someone who isn't old enough to drive, you've probably heard some utterance of the word "skibidi." I'll spare you the full summary of the <a href="https://www.businessinsider.com/skibidi-toilet-gen-z-alpha-memes-internet-culture-outdated-old-2023-7" target="_blank">Gen Alpha meme</a>, but the short form is: It's a YouTube series about a dystopian battle of good and evil (the toilet guys are the villains). My colleague Lindsay Dodgson <a href="https://www.businessinsider.com/skibidi-toilet-is-good-actually-2023-10" target="_blank">describes</a> it as "part 'Terminator,' part 'Bladerunner,' and obviously, part toilets." She says the series is actually good. What's interesting to me is that this absurd toilet meme appears to be doing a robust business in the toy aisle of your local discount store. I spoke with Dan Meyer, head of brands at Bonkers Toys, the company behind the flush. "Right away we noticed that it was exploding," Meyer said of the skibidi phenomenon online. Bonkers made a licensing deal and started pitching vendors on the toilet toy — an easy sell, he said. Bonkers started making prototypes of the toilet toy in early 2024 — and it's hit the shelves in time for the holiday season, a tight timeline. "When we're pitching it to [retailers], we had enough data to see that in middle schools and elementary schools, the term skibidi was already a thing," Meyer said. Bonkers could point to the YouTube views the Skibidi Toilet series had racked up — its channel has more than 40 million followers — or how if they searched Instagram, they'd find "hundreds and hundreds" of people dressed in homemade Skibidi Toilet costumes. Bonkers Toys, founded in 2017 in San Diego, has carved a niche for itself by licensing intellectual property from YouTube creators. Its first big toy was the giant "mystery egg" toy for Ryan's World. At the time, Ryan's World was one of the top channels on YouTube, a pioneer in the genre of "little kid opening toys." <div type="image" title="skibidi toilet toys" height="3000" width="3000" msid="115096128" hostid="261"></div>Bonkers' move into memes is in line with what retailers are trying to achieve, Blake Droesch, a senior retail analyst with BI sister company Emarketer, told me. He said big box stores like Walmart are trying to respond quickly to online trends, especially for toys. They need to move fast to compete with viral shopping on the likes of <a target="_blank" class="" href="https://www.businessinsider.com/why-gen-x-boomers-love-temu-2024-1">Temu</a>. "This environment has certainly created demand for manufacturers who can produce fast and cheap products that will serve this growing market," he said. "It's no different than fast fashion, but for toys. They respond quickly to viral moments and get products on the shelves while the trend is still hot." The original Skibidi Toilet was the creation of animator Alexey Gerasimov, who made it for his YouTube channel DaFuq!?Boom!, which has 44.3 million subscribers. Gerasimov has partnered with Invisible Narratives, a companyfounded by Adam Goodman, the former president of DreamWorks SKG and Paramount Pictures who works with YouTube creators to help them make the jump to more traditional media, like movies and TV. It also helps them with licensing their brands for merchandise, like Skibidi's deal with Bonkers. Merchandising, like with the toys from Bonkers Toys, is crucial to success for these new media brands, he said. "We believe that young people don't want to pay for content anymore," Goodman told Business Insider. "Their parents pay for subscriptions, and the don't really go to movies the way that they used to — but they like buying stuff." Skibidi Toilet is certainly not the first YouTube creation to enter into consumer merchandise. <a target="_blank" class="" href="https://www.businessinsider.com/how-mrbeast-pitches-brands-sponsorship-deals-jimmy-donaldson-youtube-2024-10">MrBeast</a> sells chocolates and premade lunches along with Logan Paul and KSI, who make the popular drink Prime. <div type="image" title="Skibidit toilet plush toy" height="3000" width="3000" msid="115096131" hostid="261"></div>Meyer wouldn't provide numbers on how many toilets they've sold, but so far, things are looking promising, he said. He said Bonkers' launch of a LankyBox-themed product about three years ago — which was another product centered on a YouTube creator — was one of the "biggest, most successful-selling brands in the boys' action aisle" at discounters, including Walmart. He said the Skibidi Toilet was outselling LankyBox by around double. (Walmart didn't respond to requests for comment on sales numbers.) Right now, there are only a few Skibidi Toilet-theme products from Bonkers: individual action figures, mini-figures, plushes (aw, cute), and the aforementioned "mystery" toilet, which includes stickers, minifigures, and lanyards. But there will be more products for next year, Meyer said — including what every little boy and girl dreams of getting from Santa: a remote-controlled toilet bowl. Correction: November 8, 2024 — In the Skibidi Toilet YouTube series, the toilet guys are the bad guys, not the good guys.

Dear Santa: Please bring me a Skibidi Toilet for Christmas

In a boost to Elon Musk's <keyword id="20034452" type="General" weightage="20" keywordseo="starlink" source="keywords">Starlink</keyword>, Communications Minister Scindia has said the spectrum for satellite broadband will be allocated and not auctioned as sought by Indian billionaires Mukesh Ambani and Sunil Mittal. The satellite broadband spectrum will however be not given free and sector regulator Trai will fix a price for the resource, he told PTI in a text and video interview. "Every country has to follow the <keyword id="20848482" type="General" weightage="20" keywordseo="international-telecommunications-union" source="keywords">International Telecommunications Union</keyword> (ITU), which is the organisation that lays out the policy for spectrum in space or satellites, and the ITU has been very clear in terms of the spectrum being given out on an assignment basis. In addition, if you look across the world today, I cannot think of a single country that auctions spectrum for satellite," Scindia said. India is a member of the International Telecommunication Union (ITU), a UN agency for digital technology. Musk's Starlink and global peers like Amazon's Project Kuiper back an administrative allocation. While Ambani's Reliance Jio has been vocal about the need to allocate such spectrum through an auction to provide a level playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal last month at an industry event where Prime Minister Narendra Modi was also present articulated the need to use bidding for such allocation. Jio and Mittal's Bharti Airtel - India's largest and second-largest operators, respectively - feel that giving away the satellite broadband airwaves at a pre-decided price by the government will create an uneven playing field since they had to compete in an auction to get spectrum for their terrestrial wireless phone networks. The two are vying for a piece of the satellite broadband segment as well. Musk-led Starlink is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. Scindia said the Telecom Act of 2023 passed in December has put the matter in 'Schedule 1', which means that the Satcom spectrum will be allocated administratively. Such an allocation will be at a government-decided price, and allow foreign firms like Starlink to offer voice and data services. If the spectrum were to be auctioned, it would have made it costlier for Starlink to roll out services. Starlink has applied for a licence to start operations in the country. Scindia, however, offered no clues on the fate of his application. The minister said that the regulatory process is very clear and transparent. The new Telecom Act has been passed, and the Satellite spectrum is very clearly a part of that in schedule one, he pointed out. "...and therefore, we are open to looking at the application of any entity that wants to invest in India at this point in time. I think only one or two licenses have been given out. And whoever else wants to participate, India is surely going to welcome that," the minister said. Last month, Musk, in a post on X, termed the demand made by Jio for shunning sector regulator Trai's consultation paper on satellite broadband being allocated and not auctioned as "unprecedented", and when Mittal made the pitch in the presence of the Prime Minister, he asked if it was "too much trouble" to allow Starlink to provide internet services in India. This was perhaps the first time that Musk, whose networth of USD 241 billion is more than the combined wealth of Ambani, Mittal and Gautam Adani, had spoken directly against demands for a level playing field made by the Indian firms. Musk, the mind behind PayPal, founder of Tesla and SpaceX and owner of X (formerly Twitter), uses his social media platform on a daily basis to make his views known on a vast array of topics.

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

<ul class="summary-list"><li>Dropbox is laying off 528 employees, about 20% of its workforce, and making the company flatter.</li><li>CEO Drew Houston said the cuts are due to softening demand, macro headwinds, and "excess layers of management."</li></ul>Dropbox is the <a target="_blank" class="" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024">latest major company to slash its staff</a> and flatten its organizational structure.In <a target="_blank" class="" href="https://blog.dropbox.com/topics/company/an-update-from-drew">an email</a> sent to employees on Wednesday, CEO and cofounder Drew Houston announced that the cloud storage company is laying off 528 employees — roughly 20% of its workforce."As CEO, I take full responsibility for this decision and the circumstances that led to it, and I'm truly sorry to those impacted by this change," Houston wrote.These cuts come as the company is undergoing a "transitional period" as it focuses efforts on its maturing File Sync and Share (FSS) business and products like Dash, Dropbox's AI-powered work assistant."However, navigating this transition while maintaining our current structure and investment levels is no longer sustainable," Houston wrote.The <a target="_blank" class="" href="https://www.businessinsider.com/dropbox-ceo-drew-houston-ai-skills-2024-10">Dropbox chief</a> cited "softening demand and macro headwinds" in the company's core business."But external factors are only part of the story," he added. "We've heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down."Houston said that the layoffs are targeting "over-invested or underperforming" areas.Dropbox is the latest example of a tech giant thinning out its management ranks to create a flatter organizational structure with the goal of moving faster. <a target="_blank" class="" href="https://www.businessinsider.com/amazon-return-to-office-mandate-bosses-morale-productivity-2024-9">Amazon recently announced a similar move</a> earlier this year, with CEO Andy Jassy saying he wanted senior leadership teams "to increase the ratio of individual contributors to managers by at least 15% by the end of Q1 2025." Mark Zuckerberg instituted manager cuts and increased the average number of direct reports for Meta managers after complaining about <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-flatter-org-chart-middle-managers-comments-2024-9">"managers managing managers."</a>Dropbox's layoffs come more than a year after the <a target="_blank" class="" href="https://blog.dropbox.com/topics/company/a-message-from-drew">company's decision</a> to cut around 16% of its workforce, or 500 employees, in April 2023. Houston's memo to employees at the time also attributed those layoffs to headwinds and freeing up investment bandwidth for more AI-powered products.Starting Wednesday, impacted workers will be eligible for 16 weeks of pay, with an additional week of pay for each completed year of tenure. They will also see their Q4 equity vest and access to free job placement and coaching services. Impacted employees can also keep their work-issued devices.Dropbox did not immediately respond to a request for additional comment from Business Insider.<h2 id="d8010f33-daab-4aa2-a20b-fedc9f323c66">Read the full memo below</h2>Hi everyone,I'm writing to let you all know that after careful consideration, we've decided to reduce our global workforce by approximately 20% or 528 Dropboxers.As CEO, I take full responsibility for this decision and the circumstances that led to it, and I'm truly sorry to those impacted by this change.<h3 id="4d7d696c-da0e-4ec7-9395-7f5fe6964cc9">Why we're making this decision</h3>As we've shared over the last year, we're in a transitional period as a company. Our FSS business has matured, and we've been working to build our next phase of growth with products like Dash. However, navigating this transition while maintaining our current structure and investment levels is no longer sustainable.We continue to see softening demand and macro headwinds in our core business. But external factors are only part of the story. We've heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down.And while I'm proud of the progress we've made in the last couple years, in some parts of the business, we're still not delivering at the level our customers deserve or performing in line with industry peers. So we're making more significant cuts in areas where we're over-invested or underperforming while designing a flatter, more efficient team structure overall.<h3 id="f95df866-8ada-4f1d-83d5-27210e743f17">The opportunity ahead</h3>The changes we're making today, while difficult, come at a pivotal moment when the market is accelerating precisely where we've placed our biggest bets. It's been tremendously rewarding over the last few weeks to see customers and prospects light up when using Dash for Business for the first time, much like people did when we first launched Dropbox.And this time we're starting from a position of strength. Millions of customers trust us as the home for their most important files, making the leap to organizing all their cloud content a natural evolution.But we're not operating on our own schedule. This market is moving fast and investors are pouring hundreds of millions of dollars into this space. This both validates the opportunity we've been pursuing and underscores the need for even more urgency, even more aggressive investment, and decisive action.The steps we're taking today are necessary to both strengthen our core product and accelerate the growth of our new products. We'll share more about our 2025 strategy in the days ahead.<h3 id="a1cc4742-b924-4cc1-b9b0-68cd1209cf54">Taking care of impacted employees</h3>To those leaving Dropbox, we're committed to supporting you through this transition. You'll be eligible to receive the following benefits and support:Severance, equity, and transition payment<ul><li>All impacted employees will be eligible for sixteen weeks of pay, starting today, with one additional week of pay for each completed year of tenure at Dropbox. Internationally, severance packages will vary depending on regional practices and statutory requirements.</li><li>All impacted employees will receive their Q4 equity vest.</li><li>Those on the Corporate Bonus plan will be eligible to receive a pro-rated lump sum transition payment equivalent to their 2024 bonus target based on company performance forecasts and aligned with their level.</li><li>We will pay out eligible remaining current and approved upcoming paid leaves, including medical or family leaves.</li><li>We will support impacted visa holders by providing additional time to transition and access to 1:1 immigration consultation.</li></ul>Healthcare and benefits<ul><li>US employees will be eligible for up to six months of COBRA.</li><li>Canada-based employees will be eligible for a one-month healthcare extension.</li><li>All employees will continue to have access to Modern Health to support their mental well-being.</li></ul>Devices<ul><li>Impacted employees will be eligible to keep company devices (phones, tablets, laptops, and peripherals) for personal use.</li></ul>Job placement<ul><li>Job placement services and career coaching will be available at no cost.</li></ul><h3 id="a0830e98-5121-4b2c-bd22-65b3c43dfc98">Next steps</h3>We'll be sharing more details on high-level changes later today and will host company-wide Town Halls later this week to answer questions and discuss our plans in more detail.I know this is incredibly difficult and unwelcome news. To everyone leaving Dropbox, I'm deeply grateful for everything you've done for our company and our customers.Drew

Dropbox lays off 20% of employees and joins Big Tech's flattening trend. Read CEO Drew Houston's memo.

<ul class="summary-list"><li>Spotify's HR chief told Raconteur that the company will maintain its work-from-anywhere policy.</li><li>Spotify saw a 15% lower attrition rate and increased workplace diversity in 2022 after implementing its policy.</li></ul>Amazon might be <a target="_blank" class="" href="https://www.businessinsider.com/amazon-workers-blast-strict-rto-mandate-five-days-week-2024-9">ordering employees back to the office</a> 5 days a week, but don't expect Spotify to follow suit.Spotify's chief human resources officer, Katarina Berg, reaffirmed the company's work-from-anywhere (WFA) policy in a recent <a target="_blank" class="" href="https://www.raconteur.net/talent-culture/spotify-chro-office-return-layoffs-hr-role">interview</a> with Raconteur on Monday, saying that "work is not a place you come to, it's something you do" — echoing the <a target="_blank" class="" href="https://www.lifeatspotify.com/being-here/work-from-anywhere">company's past sentiment</a>."You can't spend a lot of time hiring grown-ups and then treat them like children," Berg said.The digital music platform <a target="_blank" href="https://hrblog.spotify.com/2021/02/12/introducing-working-from-anywhere">first introduced</a> its WFA policy in February 2021, which allowed employees to work full-time from home, in the office, or create a hybrid schedule with their manager.Spotify also expanded its flexibility regarding the countries and cities employees can work from, even for locations that are not near a physical office.Berg said some employees prefer office work, and the company will continue to have physical offices and a "core week" where teams are encouraged to meet up in person.And employees seem to have responded well. Just a year after the new WFA initiative, the company saw a 15% lower attrition rate in the second quarter of 2022 compared to the same period in 2019, a six-day drop in its time to hire, and increased workplace diversity, Fortune <a target="_blank" class="" href="https://fortune.com/2022/08/02/spotify-allowed-6500-employees-work-from-anywhere-in-world-turnover-rate-dropped-remote-work/">reported</a> at the time.But the remote-first approach does introduce challenges, Berg acknowledged, saying that it is "harder" to collaborate virtually. Those concerns have led Spotify to work with the Stockholm School of Economics to further research the effects of remote work on innovation and participation."But does that mean that we will start forcing people to come into the office as soon as there is a trend for it? No," Berg told Raconteur.Spotify's latest reaffirmation of its WFA policy bucks the current trend of companies pushing to get employees in the office more days a week. As COVID-19 restrictions have eased, <a target="_blank" class="" href="https://www.businessinsider.com/companies-requiring-return-to-office-rto-mandate">several major companies</a> have started backpedaling on the hybrid schedule policies they embraced during the pandemic.Workplace attendance has increased to an average of 3 days a week, <a target="_blank" class="" href="https://www.businessinsider.com/return-to-office-attendance-increase-5-days-mondays-fridays-data-2024-9">according to a study</a> published in September by water cooler company Bevi. In addition to Amazon's announcement that it expected employees back in the office starting in January, companies like Goldman Sachs and JPMorgan have enforced a fully in-person schedule. Other companies with hybrid schedules, including Meta, have cracked down on enforcing the change by threatening to <a target="_blank" href="https://www.businessinsider.com/meta-requiring-employees-come-to-the-office-3-days-week-2023-6#:~:text=Meta%20has%20announced%20that%20employees,the%20height%20of%20the%20pandemic.">track office</a><a target="_blank" class="" href="https://www.businessinsider.com/meta-requiring-employees-come-to-the-office-3-days-week-2023-6#:~:text=Meta%20has%20announced%20that%20employees,the%20height%20of%20the%20pandemic."> attendance</a>.Many executives and leaders have attributed their RTO mandates to increased productivity and collaboration when employees work together in the office.Mark Zuckerberg, for example, said that performance data from Meta showed that "people who work from home are not efficient and engineers who come to the office get more work done."<a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-return-to-office-memo-managing-directors-2023-4">In an April 2023 memo</a> to employees, JPMorgan CEO Jamie Dimon said that most professionals use an apprenticeship model to learn their job, "which is almost impossible to replicate in the Zoom world.""Over time, this drawback could dramatically undermine the character and culture you want to promote in your company," Dimon added.The RTO mandates have caused <a target="_blank" class="" href="https://www.businessinsider.com/amazon-workers-blast-strict-rto-mandate-five-days-week-2024-9">heated pushback</a> from many employees, including at Amazon. Workers at other companies, including Disney, have even <a target="_blank" class="" href="https://www.businessinsider.com/disney-employees-petition-against-working-four-days-in-office-2023-2">signed petitions</a> in an attempt to get companies to reconsider.Amazon CEO Andy Jassy said in September that, "we continue to believe that the advantages of being together in the office are significant."

You Searched For "Trends 2023" and got 11 results

4 trends to watch this bank earnings season

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Global foldable phone shipments decline in Q3 2024, Samsung leads with 56% market share

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