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Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

Exposure to India's infra sector helps LIC, SBI outshine peers

Life Insurance Corporation of India (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments of around Rs 1.30 lakh crore in equities during the current financial year. During April-June FY25, the insurance behemoth made an investment of about Rs 38,000 crore in <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">shares</keyword> as against Rs 23,300 crore in the same period a year ago. LIC earned a profit of Rs 15,500 crore from its investments in equity markets during the first quarter. The profit from its investment was higher by 13.5 % quarter-on-quarter. "We are surely looking at the markets and price movements...we are looking to invest a good amount at least whatever we had invested in last financial year...LIC invested around Rs 1.32 lakh crore in FY'24," he said. The <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> value of LIC's investment in stocks of various <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> stood at around Rs 15 lakh crore at the end of June, he said. LIC has exposure in 282 companies through investment in their shares as of June 30, 2024. The <keyword id="20340200" type="General" weightage="20" keywordseo="assets-under-management" source="keywords">Assets Under Management</keyword> (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) increased to Rs 53,58,781 crore as of June-end as compared to Rs 46,11,067 crore at the end of the same quarter the previous year, registering an increase of 16.22 %. Total investment grew by Rs 7,30,662 crore, from Rs 42,44,852 crore in March 2023 to Rs 49,75,514 crore as of March 31, 2024. The total equity investment portfolio constitutes Rs 12,39,740 crore as against Rs 8,39,662 crore in 2022-23, whereas other investments constitute Rs 37,35,774 crore as against Rs 34,05,190 crore in 2022-23. For the June quarter 2024, LIC reported a 10% increase in net profit to Rs 10,461 crore as against Rs 9,544 crore in the year-ago period. Total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period. Total premium income for the quarter increased 16 % to Rs 1,13,770 crore as compared to Rs 98,363 crore in the same quarter a year ago.

LIC to invest around Rs 1.30 lakh crore in stock market in FY25

<ul><li>STT increased on futures and options trading </li><li>Changes in <keyword id="22258595" type="General" weightage="20" keywordseo="TDS-rates" source="keywords">TDS rates</keyword> (from 5% to 2%) on payments for life insurance policy, brokerage </li><li>Buybacks to be treated as dividends for taxation purposes</li><li>Small savings account rates left unchanged for Oct-Dec 2024</li></ul>Starting October 1st, a lot is set to change with your money. From <keyword id="20852321" type="General" weightage="100" keywordseo="FO-trading" source="keywords">F&amp;O trading</keyword> (futures and options) and buybacks getting more expensive in the hands of the individual, to changes in TDS slabs for payments concerning life insurance, brokerage, and more, here's a ready reckoner for all that you need to know: 1. STT upped for F&amp;O (Futures and Options) trading This budget, in a bid to discourage retail investors from burning their hands in the highly risky F&amp;O segment, the government had proposed raising the STT (securities transaction tax) for both futures and options. Starting today, you will have to pay an STT of 0.1% on premium earned from option sales, as opposed to 0.0625% previously. As for futures, the STT is set to rise to 0.02% of trade price, up from its previous mark of 0.0125%. Notably, STT is levied every time an individual purchases or sells a security, which significantly increases its incidence and coverage. For instance, if the trading price of the futures you're selling today is Rs 1,000, you'd have to pay Rs 0.2 as STT today. Till September 30th, the STT applicable would be Rs 0.12. Similarly, for options, if the settlement price of your options contract is Rs 1,000, your STT payable today would be Re 1, which earlier stood at Rs 0.625 While this may sound super inconvenient for frequent or intraday traders, a recent SEBI study has highlighted that a staggering 93% individual traders have incurred just losses while trading in the F&amp;O segment between FY22 and FY24, with the total losses exceeding Rs 1.8 lakh crore during this period. Only a tiny 1% traders managed to rake in profits above Rs 1,00,000. Perhaps SEBI is thinking along the lines of prevention being better than cure? 2. Changes in Debit card rules for ICICI bank ICICI debit card users, who also happen to be frequent flyers, listen up! Starting today, you will be able to access the complimentary airport lounge service twice, but only if you have spent Rs 10,000 or more via your card in the previous quarter. So, suppose you've spent just Rs 8,000 between July-September 2024 via your ICICI debit card. Since this falls below the Rs 10,000-threshold, you wont be able to access complimentary airport lounge service two times between October-December 2024. 3. Changes in rules for PPF, small savings account The interest rates on various small savings schemes were left unchanged by the Finance Ministry for the upcoming quarter i.e. October-December 2024. For this quarter, Public Provident Funds (PPF) will earn you 7.1% interest p.a., while Sukanya Samriddhi Yojana (SSY) and Senior Citizens Savings Scheme (SCSS) will offer interest at the rate of 8.2% p.a. <div type="Article" hostid="261" msid="113692667" title="Attention! Here's what's changing with your PPF accounts starting 1st October, 2024" mstype="2" mssubtype="0"></div> Also, these changes in PPF accounts will kick in from today: <ul><li>Have a PPF account in your child's name i.e. a minor? This account would earn the same interest as a POSA (Post Office Savings Account) i.e. at 4% p.a. currently. Once your child turns 18, the prevailing PPF interest rate, which is presently at 7.1%, will be levied. </li><li>No more interest earning via multiple PPF accounts! Starting today, only your primary PPF account will be eligible for interest. </li><li>Are you an NRI who currently holds an active PPF account, and you have not disclosed your residency status in Form H (used to extend the tenure of your PPF account by blocks of 5 years)? Starting today, such accounts will earn zero interest. </li></ul>4. Buyback set to get more expensive Buybacks happen when a company decides to buy back its own shares from its existing shareholders. What's in for the shareholders, you ask? The buyback price is usually higher than what is offered by the markets. You are eligible to participate in a company's buyback if you hold its shares on or before the record date that's set by the company. Starting today, buybacks will be treated just like dividends. This means starting today, the burden of tax payable on buybacks will fall on the shareholders selling the shares, and not the company. Buybacks will be taxed as per the individual's personal income tax bracket. 5. Revision of TDS rates Starting today, the TDS (tax deducted at source) on various payments you make for life insurance, lottery tickets and more is also set to change. Here's how TDS rates will look, starting today: <table class="redcator-table-advance"><tbody><tr><td>Category </td><td>Previous TDS rate</td><td>New TDS rate (Effective October 1st, 2024)</td></tr><tr><td>Payment made towards life insurance policies</td><td>5%</td><td>2%</td></tr><tr><td>Commission earned on sale of lottery tickets </td><td>5%</td><td>2%</td></tr><tr><td>Payment of commission/ brokerage </td><td>5%</td><td>2%</td></tr><tr><td>Payment of rent by certain individuals/HUF </td><td>5%</td><td>2%</td></tr><tr><td>Payment made by e-commerce operators/platforms to e-commerce participants/sellers </td><td>1%</td><td>0.1%</td></tr></tbody><tbody></tbody><tbody></tbody></table>

Attention! Here's what's changing with your PPF, F&O trading, and buybacks, starting today!

The <keyword id="22902068" type="General" weightage="100" keywordseo="health-insurance-sector" source="keywords">health insurance sector</keyword> may face challenges in the coming months, due to <keyword id="20617555" type="General" weightage="20" keywordseo="rising-claims" source="keywords">rising claims</keyword> and increased competition, particularly in the retail sector, highlighted a report by <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="153" meta.entityid="Jefferies">Jefferies</keyword>. "Health (approx. 35% of mix) can see pressure in its retail segment from rising claims frequency and elevated competition" the report stated. The report indicated that <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22461357" type="General" weightage="20" keywordseo="non-life-insurance" source="keywords">non-life insurance</keyword> sector is experiencing significant shifts, the health insurance segment may face challenges as healthcare costs continue to rise and more consumers claim their insurance, and insurers are grappling with increased payouts. This trend could squeeze margins and put pressure on insurers to find ways to manage costs while remaining competitive in the market. However, for the <keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> segment, the report draws a promising picture and added that it is entering a promising multi-year upcycle. This positive momentum is expected to benefit large private insurers of the motor segment, who are well-positioned to capitalize on these trends. "Initiate on Non-Life Insurers Large private insurers are set to gain from multi-year upcycle in motor (approx. 35% of premium mix) led by <keyword id="21232881" type="General" weightage="20" keywordseo="premiumization" source="keywords">premiumization</keyword> of underlying auto mix and moderating competitive intensity" the report mentioned. The report also added that the motor insurance segment in India is estimated to grow at a compound annual growth rate (CAGR) of 14% over the financial years 2024 to 2027. The key driver behind this growth is the ongoing shift in the automobile market towards higher-value vehicles. Over the past three years, the average selling price (ASP) of passenger vehicles (PVs) has increased by 41%, reflecting a move towards premium segments. This trend is expected to continue, benefiting motor insurance renewals, which account for 60-70% of the motor insurance premium mix. "Motor segment amidst a multi-year upcycle (est. 14% CAGR over FY24-27E) as renewals (60-70% of premium mix) will continue to benefit from the underlying change in auto mix towards premium high-value segments" the report added. Despite these challenges, the report mentioned that the broader non-life insurance market in India remains significantly underpenetrated, with insurance premiums representing only about 1% of the country's <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword>. This is relatively low compared to global peers, where non-life insurance to GDP ratios range between 2% and 4%. However, the Indian non-life insurance market has shown steady growth, with gross premiums expanding at a CAGR of 12% over the past five years, reaching Rs 2.8 trillion (approximately $35 billion). Notably, the private sector has outpaced the overall market. "India remains an under-penetrated market with non-life insurance to GDP at approx. 1% (vs 2-4% for global peers). Gross premiums have expanded at 12% CAGR over the last 5 years to Rs 2.8tn (approx. $35bn) with the private sector growing faster at 15% CAGR and improving its market share to 68%(from 57%)" said Jefferies in the report. Despite these challenges, the overall insurance market in India remains underpenetrated, offering significant long-term growth potential for insurers who can navigate these dynamics effectively.

Rising claims pose challenge for health insurance sector in India, says Jefferies

<ul><li><keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> is reportedly gearing up to make its stock market debut.</li><li>As per analysts, Reliance Industries may announce an IPO for the telco at its upcoming AGM.</li><li>The <keyword id="7784314" type="General" weightage="100" keywordseo="Reliance-Jio-IPO" source="Orion">Reliance Jio IPO</keyword> will emerge as the biggest IPO in India.</li></ul> Mukesh Ambani-led Reliance <keyword id="19906886" type="General" weightage="20" keywordseo="jio" source="keywords">Jio</keyword> might be gearing up for an initial public offering (IPO), which is expected to emerge as the country’s largest stock market debut, beating the state-owned Life Insurance Corporation of India’s listing. Jio had recently announced a<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms"> tariff hike</a>, increasing the prices of its prepaid plans by up to 25%. This was followed by Airtel and Vi announcing a<a href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-vs-vi-prepaid-plans-comparison-plan-benefits-and-price-comparison-after-tariff-hike/articleshow/111512587.cms"> price increase</a>. In addition to increasing the prices, the company also moved its unlimited 5G benefit to premium plans that offer users with 2GB or more data per day. With this, the company is aiming to increase its average revenue per user (ARPU), a key metric that will make its shares more attractive to investors. These measures, according to a<a href="https://economictimes.indiatimes.com/markets/ipos/fpos/tariff-hikes-and-5g-monetisation-moves-hint-jios-headed-for-ipo/articleshow/111500671.cms"> report</a> by ET could be an indication that the telco is gearing up for an IPO. As per analysts, Reliance Industries is expected to make an announcement regarding the <keyword id="6059106" type="General" weightage="20" keywordseo="jio-ipo" source="Orion">Jio IPO</keyword> at its upcoming annual general meeting (AGM) in August. "Rising focus on monetisation could be a precursor to its imminent listing,” according to brokerage firm Jefferies. <h2>Jio IPO will be India’s biggest stock market debut</h2>If Reliance Jio makes its stock market debut, it will emerge as the biggest stock market listing in India. Existing rules state that companies that are valued at ₹1 lakh crore or more need to sell at least 5% during an IPO. Jio is currently valued at $133 billion (₹11.11 lakh crore as per Jefferies. A 5% stake sale would put the IPO at around ₹55,000 crore, beating LIC’s ₹21,000 crore IPO. Hyundai Motor India Limited (HMIL) recently<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms"> filed</a> its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise around $3 billion (₹25,000 crore). SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-vs-vi-prepaid-plans-comparison-plan-benefits-and-price-comparison-after-tariff-hike/articleshow/111512587.cms">Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms">Reliance Jio and Airtel price hike – new plans and how you can save money</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms">Upcoming smartphones launching in India in July 2024</a>

Reliance Jio IPO – Mukesh Ambani-led telco might be gearing up for India’s biggest IPO

New Delhi: Nine of the top-10 most valued firms together added Rs 2,01,552.69 crore in market valuation last week, with <keyword id="19951944" type="General" weightage="100" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="153" meta.entityid="Bharti Airtel">Bharti Airtel</keyword> stealing the show, amid bullish investors' sentiment in equities. Last week, the BSE benchmark jumped 1,707.01 points or 2.10 per cent. The 30-share BSE Sensex hit its lifetime high of 83,116.19 on Thursday. Bharti Airtel's valuation jumped Rs 54,282.62 crore to Rs 9,30,490.20 crore, becoming the biggest gainer among the top-10 firms. The market capitalisation (mcap) of <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="153" meta.entityid="ICICI Bank">ICICI Bank</keyword> surged Rs 29,662.44 crore to Rs 8,80,867.09 crore. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="153" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) added Rs 23,427.12 crore taking its valuation to Rs 16,36,189.63 crore. The mcap of Hindustan Unilever soared Rs 22,438.6 crore to Rs 6,89,358.33 crore and that of <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="153" meta.entityid="HDFC Bank">HDFC Bank</keyword> zoomed Rs 22,093.99 crore to Rs 12,70,035.77 crore. The market valuation of Infosys climbed Rs 17,480.49 crore to Rs 8,07,299.55 crore and that of ITC rallied Rs 15,194.17 crore to Rs 6,42,531.82 crore. The valuation of <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="153" meta.entityid="Reliance Industries">Reliance Industries</keyword> jumped Rs 9,878.19 crore to Rs 19,92,160.61 crore and that of State Bank of India went up by Rs 7,095.07 crore to Rs 7,05,535.20 crore. However, the mcap of Life Insurance Corporation of India (LIC) declined by Rs 3,004.38 crore to Rs 6,54,004.76 crore. Reliance Industries was leading the chart of the top-10 most valued firms followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, LIC and ITC.

Mcap of nine of top-10 most valued firms jump Rs 2 lakh crore, Bharti Airtel leads the surge

The first day at a new job is always weird. You have no idea what you're supposed to be doing, who to talk to, or how to even really be. The theory is that over time you get the hang of it — but lots of workers make it months into their jobs and feel like they're still kind of winging it. It's not that they don't want to learn; it's that nobody's teaching them. In many pockets of corporate America, on-the-job training mostly amounts to "figure it out." Workers are struggling to get a handle on their jobs, and this failure falls on everyone — companies, managers, human-resources departments, and, in some cases, the workers themselves.You don't need to look far to find evidence that people don't feel ready when it comes to work. Some <a target="_blank" href="https://www.businessinsider.com/gen-z-workers-are-lazy-lack-soft-skills-managers-say-2023-8">bosses complain</a> that Gen Z workers don't know what they're doing and are lazy. <a target="_blank" href="https://www.businessinsider.com/gen-z-lazy-hiring-jobs-careers-hr-training-pandemic-2024-8">HR professionals and Gen Z workers</a> argue that young people want to be successful in the workforce, but they simply aren't given the tools to do it. In a survey from the <a target="_blank" href="https://blog.adobe.com/en/publish/2023/09/27/adobe-future-workforce-study-what-us-employers-need-know-about-gen-z-workplace#:~:text=Gen%20Z%20is%20hungry%20for%20mentorship%20and%20development&amp;text=Gen%20Z%20is%20eager%20for,percent)%20reported%20having%20a%20mentor.">software company Adobe</a>, 83% of Gen Z respondents said having a mentor at work was crucial to their career, but only half said they had a mentor. It's not just young workers who are facing a training problem; it's everybody. For <a target="_blank" href="https://www.gallup.com/394373/indicator-employee-engagement.aspx">Gallup's employee-engagement indicator</a>, which analyzes employee perspectives using random samples of working adults, less than half of US employees said they knew what's expected of them at work. This is a costly problem, too: <a target="_blank" href="https://www.gallup.com/workplace/393497/world-trillion-workplace-problem.aspx">Gallup</a> found employees who weren't engaged cost $8.8 trillion in lost productivity worldwide.Just figuring out the day-to-day basics of the job is a challenge. The pandemic-driven upheaval of the past several years led to <a target="_blank" href="https://www.businessinsider.com/great-resignation-still-going-layoffs-low-job-openings-quits-high-2022-11">high amounts of</a> job-hopping, organizational brain drain, and a <a target="_blank" href="https://www.businessinsider.com/loyalty-employee-employer-job-security-broken-work-companies-bosses-2024-1">decline in loyalty</a> among employers and employees. The chaos has left employers, managers, and employees wondering just how much time and money it's worth investing in training in the first place. The rise of remote and hybrid work has complicated the situation even more. It's tough to learn by osmosis over Slack, and <a target="_blank" href="https://www.businessinsider.com/hr-software-tech-companies-employees-productivity-workday-oracle-adp-2024-8">the deluge of HR apps and training modules</a> isn't filling in the gaps."Most companies want employees to 'hit the ground running' and use apps, AI, and training videos to avoid disrupting another employee's flow or for the lack of staff to train someone new or help someone learn a new skill," Ana Goehner, a career strategist and HR professional, said.That may work in some instances, but in others, instead of hitting the ground running, workers find themselves perpetually zig-zagging, unable to break into a full sprint.That people feel like they're not equipped to do their jobs isn't a new phenomenon. There's been a long-standing decay of investment in learning and training by employers as part of an effort to create leaner organizations, said Kenneth Matos, the director of market insights at HiBob, an HR-tech company. If you're cutting costs, training is an easy place to do it. That's especially true when many employers use the internet to access a wider talent pool than in the past, which means they can just look for a candidate who already knows everything instead of having to teach someone. And, of course, plenty of companies have been axing middle managers, the people who would have previously been in charge of training up younger or newer employees."You cut away the people who are the link between big strategic ideas and day-to-day tactical activities," Matos said. "And so you end up with a scenario of a big strategic speaker talking to a much more junior doer, and they're like, 'I don't know how this translates into my job.'" Making matters worse, in many workplaces, training and mentoring are treated as an extra, rather than an integral part of the job, if they're noticed at all. In your performance review, "I spent 10 minutes explaining something to the new guy he was too afraid to ask his boss about" doesn't rate very highly. As workers and managers are increasingly overextended, these types of unmeasured, softer activities can fall by the wayside. This creates a conflicting web of incentives. It may be better, organizationally, for a manager or experienced employee to spend time teaching everyone on their team to complete a complex task so that a team's performance is better overall, but if they have an individual quota to meet, they may opt to focus on doing the task themselves, even though it's not what's best for the business."You end up with this really weird tension around organizational citizenship behaviors like mentoring and developing employees," Matos said. "Do you give a manager a lower quota because they are also magnifying everybody else's, or are you assuming they're going to do more than everybody else, are more talented, and also do the mentoring?"The people in the middle — who find themselves in between the big bosses and the little guys — are going to focus more on managing up than managing down. It's hard to tell the CEO that you can't come to that third unnecessary meeting of the day because your time would be better spent training that new hire on logging sales calls."Managers feel so caught up, and oftentimes they feel pressure of, 'OK, well if I'm going to disappoint someone, then it's going to be someone junior to me and not someone senior to me,'" said Ashley Herd, the founder of Manager Method, a training platform for managers.Many managers really are over it. <a target="_blank" href="https://www.gallup.com/workplace/510326/manager-squeeze-new-workplace-testing-team-leaders.aspx">Gallup found</a> that in 2023, managers were likelier than nonmanagers to say they're disengaged at work, burned out, and on the lookout for a new job. Their workers have been given more responsibilities, their teams have been restructured, and they're expected to accomplish everything with fewer resources, as in, money. And less than half of managers said they're sure they already had the skills needed to be great at their jobs, meaning managers weren't getting taught to be managers.At the r/managers forum on Reddit, the what-am-I-doing sentiment is evident. "Is it normal to get zero training as a new manager?" one Redditor <a target="_blank" href="https://www.reddit.com/r/managers/comments/1d6soeu/no_training_in_a_figure_it_out_situation/">asked</a>. "I have reviewed the team's work over the past couple of years, asked them questions to clarify a few things, and asked my boss questions to clarify a few things and have basically picked up most of it. Thought it was kind weird I got zero training, though."Technology is supposed to make training better, in theory. Why have an HR person go over the same PowerPoint on vacation policy for every new hire when a quick video or document stored away somewhere can do it just fine? That may work for simple processes like requesting time off or finding subscription logins, but it can become a problem when companies try to throw technology at their more-in-depth training problems. Nobody knows what they're doing here? Why not get an app to fix that? One of the biggest issues with using tech to solve what's ultimately a human problem is that it's hard to know if anyone is even going to use it. Take mentorship: Having one-on-one coaching from someone with more experience can help workers gain skills and knowledge that can't be found in a training video. It can also make workers likelier to stick around longer, help them feel more connected, and boost the sharing of institutional knowledge. Fostering these kinds of relationships is important, hence why the <a target="_blank" href="https://www.mentorcliq.com/blog/mentoring-impact-report">vast majority of Fortune 500 companies say</a> they have mentoring programs, many of which are facilitated by apps and software. How many people are actually using those programs, however, is unclear. Christy Pettit, the CEO of Pollinate Networks, which creates mentoring software, told me she recently spoke with a large multinational that told her despite having 2,000 licenses for the mentoring program, which was mainly an app, fewer than 200 people were using it and participation was declining every quarter."Most companies say they have a mentoring program, but few have one that works," she said. "It feels a little bit like when you buy a gym membership, and it makes you feel like you're doing something, but you may or may not be going to the gym."In some cases, tech-based training materials are disconnected from the realities of the work. All the training videos are done in an "official" corporate speak it turns out nobody actually uses, Matos, from HiBob, said. Or managers aren't well versed in what their charges are being taught and end up wanting the task done differently.Even when companies invest in training, it can often be directed toward the wrong people. Herd said that businesses often make the mistake of spending a ton of money on fancy retreats and training courses for their most senior leaders without making much, if any, investment in the bottom rungs."You could spend a fraction of that and give good training to all of your employees, and you're probably going to get more ROI if that's what you're focused on," she said.Stephanie Wolf, a vice president at RebuttalPR, a legal-communications firm, said the company learned the hard way about the costs of not investing enough time and energy in training people. As the firm grew, managers wouldn't realize people didn't know how to do timely tasks until they became urgent, or they'd discover employees were doing things in a way that wasn't consistent with the documentation and processes in place. That meant they had to rely more on senior staff to do the work and that projects took longer because training was happening alongside execution. "We've seen how our whole team can suffer when we don't train folks thoroughly enough," she said. To ensure accountability, she's now the point person on training, because the company found that when training was everyone's job, it was no one's. The firm has taken steps to get all the necessary information in one place and to slow the onboarding process down — instead of expecting people to take a week to get up to speed, it now gives them about a month.Wolf acknowledged it's "super easy for training to fall by the wayside when your client work gets busy," which means not allowing that to happen is a conscious effort. "Investing time now is going to save us all time in the long run," she said.It's easy to blame hybrid and remote work for some of these issues, to argue that if people were just gathered in an office together, that would fix things. But many HR professionals and career coaches say that's not necessarily the case. Yes, human interaction is helpful, but it doesn't solve problems like misaligned incentives, increasingly stretched managers, and a lack of a real, holistic plan for getting people up to speed. A remote-work training plan probably has to look different from an in-person one, but it's not impossible to craft. "In a remote environment, you, as the leader, need to model and also hold the individual accountable for taking initiative, saying, 'Hey, if you need something, I need you to tell me because I can't see you,'" Phoebe Gavin, a career and leadership coach, said.Gavin emphasized that it's not just on companies and managers to make sure employees are learning and getting onboarded but also on individual workers. Essentially, if you see something — or don't know something — say something. Ask questions, or take the initiative to figure things out on your own. I told her about an experience I'd had at a job where on my first day, one of four "important" passwords I'd received was for software the company didn't use anymore. I expressed disappointment that the HR department hadn't caught the error, which it took me a long time to figure out even was an error. She pointed out that I should have then gone to HR to alert them to the error so the next new person didn't have the same experience. I did not."That's a tiny place where you could have a positive impact," Gavin said. It wasn't necessarily my fault, she said: "Just that was an opportunity that you didn't take, and those sorts of things happen all the time."But not everyone gets the chance to sound the alarm on their employer's faulty training system before it's too late. That's what happened to Michelle, which is a pseudonym I'm using to protect her privacy. Before starting a job at a science-focused communications firm earlier this year, she was assured that she would get all the training she needed to overcome the fact that she didn't come from a scientific background. When she started, she was surprised by the deluge of training modules and videos that were added to her plate on top of the tasks of the job itself. There were supposed to be meetings with other, more seasoned coworkers after those video training sessions, but eventually, almost everyone stopped showing up. She was fired in a matter of weeks after being told she wasn't picking things up fast enough. She said she received little feedback and hadn't been given warning that things were going wrong."I felt blindsided by the termination just because I didn't think I was given enough time to do all of this," she said. "I was led to believe they would kind of hold my hand a little bit at the beginning, and a month in, to me, is very much still the beginning."You know how there are certain tasks in life that feel designed to be so complex that you'll give up? Like filing an insurance claim or <a target="_blank" href="https://www.businessinsider.com/cancel-subscriptions-congress-ftc-dark-practices-autorenewal-2023-2">quitting the gym</a>. Work should not be like that, but for many people, it is.Employees have complained about just being thrown into the fire forever. Many employers subscribe to the idea that you just toss people into the water and see who can swim. Trial by error is part of learning at work — one of the best ways to learn how to do something is to just try doing it. But it shouldn't be the entire approach. You know how you learn at school? The teacher explains something, you do your homework, it gets graded, you take a test, and you move on once you more or less figure it out. Imagine if teachers just piled 15 algebra tests on high-school students and everyone hoped for the best.There are aspects of the current workplace environment that make training more complicated to tackle. Remote work is different — you can't just lean over and ask the person next to you how this one software works again when you're typing on your laptop alone from your couch. Workers and employers don't feel as tied to one another, so there may be a decline in investment from both sides in the idea of getting supergood at the task at hand. The <a target="_blank" href="https://www.businessinsider.com/remote-workers-middle-managers-most-affected-by-layoffs-experts-2024-2">middle-management class</a> is increasingly stretched thin and hollowed out.Above all, it's really easy to load up on a bunch of tech-based solutions without identifying whether they actually solve anything. Relying on tech is appealing financially because buying a software license is a heck of a lot cheaper than paying a real live person. Many of the HR experts I talked to for this story suggested the training gap was a problem artificial intelligence might fix, a <a target="_blank" href="https://www.businessinsider.com/generative-ai-exaggeration-openai-nvidia-microsoft-chatgpt-jobs-investors-markets-2024-3">common refrain for intractable problems</a>, no matter the industry. Maybe that's true — if your manager won't have a one-on-one with you, having a chatbot to ask questions to isn't the worst thing in the world (assuming said chatbot knows stuff and doesn't make things up). But AI isn't going to be a panacea here. When you need to speak to a real person, no Coursera video or HR app or robot can do the trick. People make human mistakes, and sometimes humans need to address them.Wolf's firm is fully remote, but managers have noticed that Gen Z hires, in particular, tend to inquire about an in-person component for training. So they've adjusted. For a couple of incoming hires, they've rented a coworking space and enlisted some other employees to work alongside them for a couple of days to help them learn the ropes.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

On-the-job training is broken. Companies are paying a steep price.

<ul class="summary-list"><li>Ron Allanach and his partner Ben Lorgeranon moved from New England to Vancouver to Mérida, Mexico.</li><li>They've found Mexico has much lower prices, better healthcare, and high-quality food.</li></ul>Ron Allanach, 74, and his partner Ben Lorgeranon moved to <a target="_blank" class="" href="https://www.businessinsider.com/gen-xer-moved-japan-build-house-countryside-slow-life-expat-2024-9">Vancouver</a> from <a target="_blank" class="" href="https://www.businessinsider.com/small-town-in-maine-hidden-gem-northeast-belfast-2024-7">New England</a> in 2005, thinking they would stay there for their retirements. However, the city's rising prices and their desire to explore the world pushed them much further south.After a year abroad, the couple purchased a home in 2017 in <a target="_blank" class="" href="https://www.businessinsider.com/moving-to-mexico-from-us-merida-safety-cost-healthcare-2023-11">Mérida</a>, a large city in southeast Mexico, and split their time between there and Vancouver. In 2020, they moved there permanently.Allanach said with each day, <a target="_blank" class="" href="https://www.businessinsider.com/moving-from-us-to-mexico-what-surprised-me-2021-7">Mérida</a> feels more like home. The city is safer than he imagined, prices for nearly everything are much lower, and healthcare is more reliable. Allanach said they've tried to immerse themselves in the local culture instead of keeping just to fellow expats."Mérida has significantly improved its infrastructure, and many people are moving here. There is also a very significant gay community," Allanach said.<h2 id="9cf8a6cf-f8fd-44b6-bd65-c0ea999b3b66">Moving to Canada, then Mexico</h2>Allanach was born and raised in Portland, Maine, where he started his career as a journalist. He worked on the police beat for a local newspaper, which led him to become a police officer after a short stint at the US Postal Inspection Service.For over twenty years, Allanach worked in the police force, eventually becoming a police chief in the Portland area. He then earned master's degrees in public policy and education psychology and held positions as an education administrator and behavioral therapist.He met his partner in his master's program, though Lorgeranon, who is from <a target="_blank" class="" href="https://www.businessinsider.com/expat-bangkok-thailand-better-life-low-cost-living-culture-home-2024-5">Thailand</a>, couldn't secure a residency in the US. Allanach suspected life in the US would be challenging as a same-sex couple, noting he became "quite disenchanted" with the country.Ultimately, they decided to move to <a target="_blank" class="" href="https://www.businessinsider.com/living-in-city-where-tv-shows-are-filmed-vancouver-canadian-2024-2">Vancouver</a>. Allanach found work in the educational psychology department of various schools. Allanach and Lorgeranon agreed they lived a "wonderful life" in Vancouver with many friends and cultural opportunities.However, <a target="_blank" class="" href="https://www.businessinsider.com/moving-from-boston-nyc-brooklyn-worth-increased-costs-genz-2024-9">living expenses</a> started to rise, and he said his income was taxed at $12,000 one year. Even with a consistent salary, he couldn't see a comfortable future in Vancouver, knowing how rapidly the city was developing. At the time, he said healthcare was expensive, especially for dental care, and it was difficult to find open slots for medical appointments.Additionally, he found his area's politics shifting more toward the conservative viewpoint, and he felt increasingly uncomfortable.After retiring from the school board, Allanach put their 820-square-foot Vancouver condo on the market, selling for over a million Canadian dollars, and decided to <a target="_blank" class="" href="https://www.businessinsider.com/visited-all-50-states-best-worst-nyc-weather-kansas-washington-2024-8">travel the world</a> for a year, figuring expenses would be more or less equivalent to staying in Canada. They owned another apartment that sold for almost $600,000 CAD in 2014, though it's now valued at over $1.4 million.They traveled to many European countries, staying in France for four months, and they spent time in Thailand with Allanach's partner's family.Allanach wanted to move to <a target="_blank" class="" href="https://www.businessinsider.com/relocate-chiang-mai-thailand-affordable-quality-of-life-best-city-2024-7">Thailand</a> for his retirement, but Thailand only grants permanent residency to 100 people per country each year. Allanach added the country often changes its rules surrounding visas, meaning living there long-term wouldn't be feasible.They visited Mérida, the capital of Yucatán state in southeast Mexico, a few times starting in 2015, noting it was popular among expats but still had a vibrant local community. Allanach said they felt safer in Mérida than in the US or Canada, and prices were lower. Mérida has a population of about 1.2 million as the financial capital of the Yucatán Peninsula.In 2017, they bought a 1920 colonial home in Mérida from a Vancouver couple. They stayed there between trips back to Vancouver, and they moved to Mérida fully in 2020."One of the things that's just a disaster for people moving to a foreign country is going there and expecting that you're going to make it like your home where you came from, and that's just not what happens," Allanach said.<div type="image" title="View from Ron Allanach's home" height="3024" width="4032" msid="113093468" hostid="261" sizebytes="1302272"></div><h2 id="d22c938b-122c-4810-a317-f51331644007">Getting accustomed to Mérida</h2>Once Mexico opened to tourism after easing pandemic-related restrictions, Allanach met an architect from Los Angeles who moved to Mérida and brought his practice with him. The architect built them a 2,800-square-foot home, which they have lived in for three years. The home cost them $238,000 and has three bedrooms, a full bath, a dining room, gardens, and a pool in the city center. Still, Allanach said home prices have risen fast as more expats come.Allanach and Lorgeranon bought a car to explore the city and surrounding areas — which they park outside their home without any worries. They have tried to <a target="_blank" class="" href="https://www.businessinsider.com/american-moving-living-mexico-what-expats-should-stop-doing-2024-1">immerse themselves</a> in the culture and history of the Mayan people; Allanach said they became very close with a local Indigenous family and paid tuition for their kid's school."We meet people who say, I'm moving to Mérida, but I know nothing about it," Allanach said, noting he's valued integrating into the community instead of only staying in expat areas.Allanach said he's been impressed by Mérida's medical system, as he's often able to see a physician within an hour without being rushed. Many pharmacies near him are open 24/7, and he often gets 30% to 45% off his prescriptions. He said doctors often make house calls in his part of the city, and seeing a doctor at a pharmacy costs just $2.50.<div type="image" title="A Mérida street with vintage cars" height="3024" width="4032" msid="113093471" hostid="261" sizebytes="900368"></div>They often get fresh produce at the Mercado Lucas de Gálvez, though they often shop at Costco for larger purchases. He estimates their grocery bill is much higher in Mérida than in Vancouver, given many items are imported. While there are many affordable restaurants, he said some restaurants catering more to tourists are "very expensive."He saves hundreds of dollars yearly on auto insurance, which is $500 in Mexico for a new SUV, whereas he paid over $2,500 in Vancouver. Whereas property taxes were about $1,700 a year in Vancouver, they're just $160 a year in Mexico. They use solar energy, which was a one-time expense of $5,500, though Allanach said the electric bill during the summer could cost $250 to $500, as the heat is sometimes difficult.Other costs include $38 yearly for trash pickup, $30 monthly for 5,000 TV channels, $35 for pool service, and $60 monthly for their phone plan."We love the routine here. We love the predictability," Allanach said. "I see what Canada is offering for $900,000, and it's half my living room. I almost feel nauseous."Have you recently left the US for a new country? Reach out to this reporter at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>.

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