Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi: India is set to enter a transformative "smartphone era" for cars in 2025, with the introduction of vehicles featuring 5G M2M connectivity and advanced AI technologies, according to the latest findings from Techarc's India Connected Consumer Report 2025. The report said the automotive sector will skip 4G and will enable connectivity using the latest 5G cellular technology. It observed that consumers are interested in spending money on improving the value proposition in terms of features, quality and experience rather than exploring too many smart devices. "22 per cent of the respondents shared about considering optimising their smart devices portfolio. Among the new set of categories, smart/connected cars is generating high interest among consumers. 55 per cent of the respondents said that they have come across news or information about smart/connected cars in recent times," it said. Starting in 2025, passenger cars in India will be equipped with 5G M2M connectivity, on-device GenAI, and cloud connectivity, making advanced technologies accessible across various price segments, it added. In-vehicle computing and artificial intelligence (GenAI), along with cloud applications, will become essential components of cars, enabling real-time data processing to support drivers effectively. Most cars priced at Rs 20 lakh and above will feature these technologies as standard. The cumulative revenues from automotive chipset companies have already surpassed USD 1.5 billion, with companies like Qualcomm and MediaTek leading the market. Some of the familiar applications that consumers will be able to use while driving include communication apps for audio/video conferencing, OTT entertainment apps, music streaming, podcasts, online shopping, vehicle maintenance, and servicing. "With connectivity and the technologies it brings to the cars, the future of the automobile sector will be fundamentally determined by the auto-technologies that will influence the overall experience, performance, comfort, safety and entertainment available to the drivers as well as the passengers. "So far, such features were seen as luxury or high-end experiences. But starting 2025, many of these will become mainstream for cars in India," Techarc AutoTech Analyst Sadat Ahanger said. With 22 automobile manufacturers producing nearly 5 million passenger vehicles annually in India, the country is poised to become a leader in the global 5G M2M market within the next few years, the report said. About 21 per cent of respondents said MG Motors is the leader in providing <keyword id="24016739" type="General" weightage="20" keywordseo="connected-cars-in-India" source="keywords">connected cars in India</keyword>, followed closely by Kia Motors at 18 per cent and Tata Motors at 15 per cent, it added. Hyundai and Maruti Suzuki also ranked among the top-five brands in this category. The report draws insights from a survey of 4,500 "connected consumers" across metro and non-metro cities. The report defined a connected consumer as one owning at least 3 smart devices in addition to a smartphone.

India to shift to 'smartphone era' for cars embracing 5G, advanced AI in 2025: Report

Climate Action 15: 2024's top global innovators powering green solutions

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

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

It took something surprisingly small — something that's been described as "teeny tiny" and "ultra-cropped" — to propel <keyword id="19948011" type="General" weightage="100" keywordseo="Prada" source="keywords" meta.keywordsubtype="org" meta.entityname="Prada" meta.hostid="261" meta.entityid="Prada">Prada</keyword> to its place as one of the year's few luxury winners. In fact, it measures under 10 inches long. <keyword id="20885719" type="General" weightage="20" keywordseo="Miu-Miu" source="keywords" meta.keywordsubtype="org" meta.entityname="Miu Miu" meta.hostid="261" meta.entityid="Miu Miu">Miu Miu</keyword>'s micro miniskirt, which debuted in 2021 and subsequently went viral, taking over both TikTok and magazine front covers, is emblematic of the brand's show-stopping couple of years — and has no doubt helped its parent company, Prada, do what few luxury companies have been able to do this year: grow. "I think the 'miracle' at Prada is Miu Miu," Luca Solca, a senior analyst at Bernstein, told Business Insider. Thanks to <a target="_blank" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">Miu Miu's hot streak</a>, as well as a series of smart business moves at Prada itself — a focus on a controlled retail pipeline and store productivity, plus some experienced new hires — the company is <a target="_blank" href="https://www.businessinsider.com/zara-inditex-pandora-thrive-amid-luxury-downturn-aspirational-consumer-trends-2024-9">bucking negative luxury trends</a>. It's selling well in Asia, its stock is up, and investors are excited. Net revenue for the first half of the year was 14% higher than in the same period in 2023 and 34% more than 2022. At luxury bellwethers LVMH and Kering, first-half sales fell 1% and 11%, respectively, compared to last year.Its stock is up more than 30% year-to-date, even more than that of <a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">Hermès, luxury's perennial market leader</a>. Along with Moncler, it's one of only two buy-rated luxury stocks at HSBC. The 111-year-old, family-run, Milanese leather goods shop turned cutting-edge fashion superhouse is now enjoying one of its greatest runs in history. <h2>The trendy little sister</h2>As any elder sibling knows well, sometimes the flashy, fun younger sister can outshine even the most well-prepared eldest. Miu Miu is doing just that. The more experimental brand has become the "It" girl of the fashion industry. It's number two on The Lyst Fashion Index, a quarterly measure of the hottest fashion brands. Searches for Miu Miu are up 47% this year on luxury resale platform The RealReal. The micro minis that stormed the runway in 2021, a sneaker collab with New Balance, and the quilted Wander bags have become must-have looks. That's translated into impressive results: <keyword id="19957111" type="General" weightage="20" keywordseo="retail-sales" source="keywords">Retail sales</keyword> were up 50% in 2023 and 86% in the first half of this year. Last quarter, website traffic was up 110% year over year, Stifel's Rogerio Fujimori reported in his July note. The brand will likely hit $1 billion in revenue this year. <div type="image" title="Miu Miu micro miniskirt" height="3109" width="4663" msid="113815737" hostid="261"></div>Part of it is the brand's messaging. "Miu Miu is resonating with consumers because of a savvy mix of product and communication marketing," Solca said. In a recent note, he highlighted the brand's events — a tennis club, literary club, and film series — that go beyond just fashion to form a "cultural aesthetic." Miu Miu has embraced stars (Sydney Sweeney and Gigi Hadid were featured in recent campaigns), which has energized its following. The brand has also managed to tap into Asian markets — one of the <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">most challenging sectors for luxury brands</a>. Again, some smart marketing has helped. The brand enlisted K-pop icons as ambassadors and dressed Chinese stars Lexie Liu, Zhao Jinmai, and Wu Yanshu. It also increased spending on Little Red Book, a social media platform in China, and threw events in Tokyo, Taipei, and Nanjing. In short — pun intended — you can't get trendier than Miu Miu right now, and being trendy is good for business. <h2>The business behind the boom</h2>But Miu Miu's popularity, as attention-grabbing as it is, is only part of the story. The brand accounted for 15% of Prada's sales last year. HSBC analysts called its growth a "(big) cherry on the cake" — the cake being Prada (which didn't respond to a request for comment from Business Insider for this story). Behind Miu Miu's Mary Jane shoes and Arcade bags is a success story at its parent company. The group's namesake line is growing, albeit at a slower and steadier pace. Prada's retail sales were up 3% in the first half of the year compared to last year and 7% in 2023. It's been among Lyst's top five hottest brands since 2022. This didn't happen by accident: In 2017, Prada committed to a turnaround strategy following a few losing yearsand a drop in profitability. At more than 100 years old, Prada hadn't entered the new millennium: Its full product line wasn't available through e-commerce, and its advertising wasn't digitized. "In 2015, the tide really turned for them," Jelena Sokolova, a senior analyst for Morningstar, told Business Insider. "They fared worse than the industry: Sales were negative for a number of years; their earnings plummeted." In response, Prada focused on retail, a channel in which it can control prices and cut back on wholesale, which now represents only 11% of sales. It made an effort to cut down on discounts — a problem that has <a target="_blank" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">plagued labels like Burberry</a> and Gucci and can lead to diminishing brand perception. At its retail stores, new CEO Andrea Guerra, who arrived in 2023 from LVMH, has drilled down on productivity, or how much money each square foot of retail space generates, by launching in-store installations, forming one-to-one relationships between sales associates and customers, and infusing stores with wearable pieces and collaborations. The company closed stores that weren't performing and renovated the ones that were. It's worked: Retail productivity has increased 32.5% between 2019 and 2023. <div type="image" title="Prada store" height="3333" width="5000" msid="113815742" hostid="261"></div>There has also been a slew of management changes. In 2020, the company brought on Raf Simons, heralded as one of the biggest stars in the design world, as co-creative director, sharing the title with Muccia Prada — the company's billionaire heiress who The New York Times has <a target="_blank" href="https://www.nytimes.com/2023/10/04/style/miu-miu-chanel-louis-vuitton-paris-fashion-week.html">referred</a> to as "the most influential woman in fashion." Prada now has more time to use her keen sense of design at Miu Miu. In the years following, it recruited talent from LVMH and Goldman Sachs to join its top ranks. And then there is the sheer cyclicality of fashion and the fact that, after a few years of being less-than-hot, Prada is once again on the rise. It has embraced the 1990s and Y2K aesthetic — a heyday for Prada — popular with Gen Z and was the most searched brand among the demographic on The RealReal. Hit products pushed the profitable leather goods category to revenues of more than $2 billion last year. There was a reimagining of the early 2010s it-bag, the Galleria, complete with a Scarlett Johansson-led campaign. Other handbag rereleases, like that of the Nylon, have taken off, while new purse styles like the Buckle and Arqué got callouts in last year's earnings report. That momentum gave the brand an upper hand going into the luxury downturn. "People prioritize which brands they want to spend on. With a limited budget, first, you drop the ones that were not hot to begin with," Sokolova said. <h2>Can Prada's hot streak last?</h2>Just as fashion comes in, it can come out. And Prada's story — particularly Miu Miu's rapid-fire growth — in some ways mimics that of <a target="_blank" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci's hype-driven rise and plummeting fall under Alessandro Michele</a>. "You kind of become a victim of your own success," Sokolova said. Both Prada and Miu Miu are susceptible to volatility, though for different reasons. Miu Miu is still relatively small, meaning its brand identity is not yet established enough to withstand the whims of consumers. CEO Guerra has acknowledged that such incredible growth can lead to a challenge. "There appears to be a glass ceiling," Solca wrote in a recent note. "Being prominent brings fatigue: after a while, consumers feel they have seen and done enough with these brands and move on." Prada, meanwhile, is more exposed in the cyclical ready-to-wear category — which makes up 32% of sales — than other brands like Gucci and YSL. But there are signs of continued growth: Miu Miu is adding 10 to 15 stores next year, while Prada is adding five to 10, the company has said. The brand's retail footprint is particularly underpenetrated in the US. The company's beauty business is still nascent. Last year, it launched skincare and makeup through a partnership with L'Oréal, and there is more money to be made in that sector. With so much control of its sales chain, the company can raise prices and limit overexposure through low-end collaborations or expansion into cheap categories. Plus, the slowdown hasn't happened yet: Miu Miu website traffic and sales continued to grow between the first and second quarters, and the company maintains it's not a flash in the pan. "This is a result of many years of work on the brand, on the products, on the people," Guerra said about Miu Miu's success on the company's most recent earnings call. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/prada-white-tank-top-status-symbol-2024-2">Prada has maintained its brand value</a>. But the woman Miuccia Prada herself knows the pressure is on. "I was very nervous for this show," she told reporters backstage at the line's fashion show earlier this month about the new collection, <a target="_blank" href="https://www.nytimes.com/2024/09/20/style/prada-fendi-milan-fashion-week.html">The New York Times reported</a>. "Much more than usual." September 30, 2024 — An earlier version of this story misspelled the name of Miuccia Prada.

How Prada is beating the odds and bucking the luxury slump 

<keyword id="19982504" type="General" weightage="20" keywordseo="IIT-Bombay" source="keywords" meta.keywordsubtype="org" meta.entityname="IIT Bombay" meta.hostid="261" meta.entityid="IIT Bombay">IIT Bombay</keyword> is one of the top choices for recruiters and every year, many graduates from the institution get lucrative <keyword id="19897127" type="General" weightage="20" keywordseo="job-offers" source="keywords">job offers</keyword> that make headlines. The 2023-2024 placement season at the institution just came to a close and a detailed report of the same is available on IIT Bombay's website. As per the report, around 75 percent candidates got a job offer this time. "The placement season was successfully completed with three out of four students securing desired job profiles despite the challenging job scenario. The total recruited Ph.D. students are 32 out of 118 active participants. Considering the total number of participating students, the placement percentage is nearly 75%. Most of the remaining unplaced students have identified avenues to be gainfully employed. Some of the unplaced students prefer higher studies, self-employment, or entrepreneurship over the jobs being offered to them. Almost all of the participating companies have honored their job offers," the report said. However, the lowest salary being offered to students this year is making headlines as it dropped to 4 LPA this year. Let us take a look at some of the highlights of the <keyword id="23022543" type="General" weightage="20" keywordseo="2024-placements" source="keywords">2024 placements</keyword> in IIT Bombay, including the highest salary packages, <keyword id="23022544" type="General" weightage="20" keywordseo="top-recruiters" source="keywords">top recruiters</keyword>, and an overview of student placements and internships. <h2><keyword id="23018452" type="General" weightage="100" keywordseo="IIT-Bombay-2024-placements" source="Orion">IIT Bombay 2024 placements</keyword>: Highest salary</h2>One of the standout features of this year’s placements was the 22 job offers exceeding INR 1 crore per annum, reflecting demand for specialised skills in certain sectors. Additionally, 78 students accepted international offers, indicating the global opportunities accessible to IIT Bombay graduates. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px rgb(255, 255, 255); text-rendering: optimizelegibility;">IIT Bombay 2024 placements: Average salaries</h2>The overall average annual CTC (Cost to Company) offered during the 2023-2024 placement season was Rs 23.50 LPA (Lakhs Per Annum), marking a 7.7% increase from the previous year’s average of Rs 21.82 LPA. The median salary stood at Rs 17.92 LPA, underscoring the consistent demand for graduates across various sectors. These numbers are a testament to the robust job market that IIT Bombay students enter upon graduation. <div type="Article" hostid="261" msid="109184947" title="Fresher hiring sees a significant decline, particularly in IT sector! What should you do?" mstype="2" mssubtype="0"></div> <h2>IIT Bombay 2024 placements: Lowest salaries</h2>While the focus often falls on the highest salaries, it’s important to note that there were also offers at the lower end of the spectrum. As mentioned already, the lowest salary offers during the 2023-2024 placements fell within the Rs 4 LPA to Rs 6 LPA range this year. Earlier, the lowest salary offered to students used to be 6 LPA. As per reports, 10 students accepted offers that fell within this range. These figures are more common in sectors such as education and design, where entry-level salaries tend to be modest compared to other fields. <h2>IIT Bombay 2024 placements: Number of students who got jobs </h2>Out of the 2,414 students who registered for placements, 1,475 students secured job offers, bringing the placement rate to 74.53%. The placement drive saw participation from 364 companies, with 1,650 job offers being made. In addition to full-time roles, internships also played a crucial part in student preparation and employment. A total of 1,267 internship offers were made, including 1,177 from companies and 90 from universities, reflecting a 13% increase in internship opportunities compared to the previous year. <h2>IIT Bombay 2024 placements: Top recruiters</h2>This year, the Engineering and Technology sector emerged as the top recruiter, with 430 students being hired by 106 companies. The IT and Software sector followed closely, offering 307 job positions. Finance, Consulting, and Research &amp; Development were also prominent, with significant hiring across these domains. Major companies participating in the placements included top Indian and multinational firms. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">IIT Bombay 2024 placements: Pre-Placement offers</h2>Pre-placement offers (PPOs) continued to be a vital aspect of the placement process at IIT Bombay. In the 2023-2024 placement season, students received 300 PPOs, of which 258 were accepted. These offers were largely made after the completion of summer internships, highlighting the importance of these internships in securing full-time positions. <h2>Comparison of the number of students placed in the last four years</h2>IIT Bombay has seen lesser student placement numbers over when compared to last year. However, when we look at the last four years, the numbers have been stable. In the 2020-2021 season, 1,150 students were placed, which rose to 1,441 in 2021-2022. The peak was reached in 2022-2023 with 1,516 placements, while this year saw a slight decrease to 1,475. This slight dip from last year’s record high can be attributed to the challenging global economic conditions. <h2>Number of offers from different programs</h2>Different academic programs at IIT Bombay saw varying levels of placement success. The B.Tech program led the way with 683 placements, followed by the M.Tech program with 415 placements. The Dual Degree (B.Tech + M.Tech) program saw 152 students placed, while other programs such as M.Sc., M.Des, and Ph.D. had varying placement numbers, reflecting the diverse opportunities available across disciplines. <h2>International opportunities</h2>This year’s placement season also highlighted a significant rise in the number of international offers, with students receiving opportunities in countries like Japan, Taiwan, Europe, the UAE, Singapore, and the USA. 78 international job offers were made to students this year, whcih is an increase when compared to 65 offers last year. Additionally, the number of companies participating in the placements grew by 12%, indicating steady interest from employers. SEE ALSO: <a href="https://www.businessinsider.in/business/news/will-protest-in-front-of-infosys-office-if-date-is-breached-nites-president-as-1000-freshers-get-joining-date/articleshow/112913256.cms" data-type="tilCustomLink" target="_blank"></a><a href="https://www.businessinsider.in/business/news/swiggy-co-founder-reveals-the-company-had-0-orders-on-day-1-now-it-has-over-3-lakh-partners/articleshow/112884424.cms" data-type="tilCustomLink" target="_blank">Swiggy co-founder reveals the company had 0 orders on day 1, now it has over 3 lakh partners</a> Will protest in front of Infosys office if date is breached: Nites president as 1,000 freshers get joining date

IIT Bombay 2024 placements: Lowest salary drops to Rs 4 LPA, 22 students get Rs 1 crore package

When <a target="_blank" href="https://www.businessinsider.com/wendys-surge-dynamic-pricing-controversy-fast-food-cost-uber-airlines-2024-2">Wendy's ignited the internet's ire in February</a> with its dynamic-pricing proposal, the fast-food chain was forced to do some haphazard cleanup. It insisted that, despite rumors, it wouldn't implement surge pricing and charge more for burgers during busy times. Instead, it said it might offer discounts during slower times of the day and roll out promos based on the weather. The new framing made sense — who doesn't love a deal — but the overall notion was exhausting. Since when do we need to gamify the cost of fries?Thanks to <a target="_blank" href="https://www.businessinsider.com/high-prices-inflation-sticking-interest-rate-hikes-stock-market-2024-5">inflation</a>, people have found themselves in the grocery aisle or a restaurant or a <a target="_blank" href="https://www.businessinsider.com/why-used-cars-are-still-so-expensive-2023-9">car lot</a> over the past few years wondering just what is going on with prices. Maybe they're not sure exactly how much the item in question used to be, but they know it sure wasn't this. And now that uncertainty has been compounded by tech-enabled (and greed-fueled) <a target="_blank" href="https://www.businessinsider.com/theme-parks-dynamic-pricing-legoland-madame-tussauds-merlin-entertainments-2024-3">dynamic pricing</a>, which is creeping across the economy. Want to know what your Uber ride or concert ticket or <a target="_blank" href="https://www.businessinsider.com/surge-pricing-increasingly-being-used-at-restaurants-and-theaters-2023-3">bowling-alley visit</a> is going to run you? It depends! Even Walmart is testing out digital price tags, which it says make life easier for associates and improve the customer experience. There's been speculation that the tags could be used for variable pricing, though Walmart says its "every day low price" strategy isn't changing.All these changes add up to one pervasive sensation: America is suffering from a major case of price fatigue.It's incredibly frustrating not to know what anything costs, and the situation is only getting worse. While inflation is cooling, the <a target="_blank" href="https://www.businessinsider.com/stores-cutting-prices-summer-list-walmart-target-amazon-aldi-walgreens-2024-6">return of discounts</a> doesn't mean a reversion to pre-pandemic prices. People are still on edge that high inflation could rear its ugly head again. The <a target="_blank" href="https://www.businessinsider.com/ai-quietly-picking-your-pocket-with-personalized-pricing-2024-7">use of surge pricing</a> is extra anxiety-inducing."If you're going to introduce something that's new and that may give a pause or a hesitation, you might not want to necessarily do it when people are very price sensitive," said Carly Fink, the head of research and strategy at Provoke Insights, a market-research company. "If it was a great economy and everyone felt like, 'Oh, yeah, I have the money to spend,' I would assume they would be less nervous."It goes without saying that inflation has been a problem in recent years. The consumer price index is up by more than 20% since February 2020. <a target="_blank" href="https://www.businessinsider.com/inflation-cost-of-living-what-is-middle-class-housing-market-2024-4">Financially and psychologically</a>, it's a pain.When wages don't rise along with inflation, it hurts people's buying power and forces them to change their budgets and spending habits. <a target="_blank" href="https://www.businessinsider.com/inflation-housing-food-alice-rent-poverty-healthcare-wage-growth-cpi-2024-6">Low-income people in particular suffer</a>, and workers blame their employers' greed for their wages not budging. Even when pay does rise with prices, everything costing more still feels like a loss. Inflation is stressful, and it can make planning extra challenging. If prices are going up, how are you supposed to know how much money you need to save for your next vacation — let alone <a target="_blank" href="https://www.businessinsider.com/retirement-social-security-gen-z-millennials-uncertainty-fears-pensions-2024-4">stash away for retirement</a>?And even as inflation settles down, the tool employed to fight it — higher interest rates — adds another layer of uncertainty. If you're in the market for a house, it's tough to gauge whether you ought to wait for mortgage rates to come back down or whether you should pull the trigger now. It's a similar story if you're in <a target="_blank" href="https://www.businessinsider.com/car-prices-falling-forecast-outlook-new-used-electric-vehicle-market-2024-6">the market for a new car </a>— maybe prices have come down some but interest rates have not, and it's hard to know what the right move is. Fink said her surveys indicate that even though inflation is calming, consumers are still nervous about it, with nearly two-thirds ranking it in April as one of their top two concerns. A similar proportion said they'd become more budget-conscious than they were six months earlier. We're looking at a very "price sensitive" and "worried" consumer, she said, adding, "It's very hard for them to keep up with everything that's happening."Even relatively small-ticket items can come with a price tag that provokes a sense of whiplash. A "good" price for something today may have seemed outlandish five years ago, and it's understandable to wonder whether today's price is just as fleeting."I absolutely understand shoppers who have price fatigue. It just beats you down, and certain commodities have increased so quickly," said Jon Hauptman, the founder and president of Price Dimensions, a retail consultancy. "Think of <a target="_blank" href="https://www.businessinsider.com/pepsico-pepsi-high-prices-putting-off-us-shoppers-sales-america-2024-2">carbonated soft drinks</a>. The whole idea of what's a good price for a 12-pack of carbonated soft drinks has changed dramatically over the past few years."Consumers tend to be price sensitive, meaning their buying behaviors change as prices go up or down, though they're not very price aware. Most people can name the specific prices of only a handful of things at the grocery store that they buy all the time, <a target="_blank" href="https://www.businessinsider.com/egg-prices-falling-to-normal-after-high-inflation-groceries-food-2023-6">like milk or eggs</a>. Overall, however, they intuitively sense that prices are increasing, and broad-based inflation means purchases big and small require a second thought."It forces shoppers to shop more carefully," Hauptman said.The proliferation of dynamic pricing — meaning prices that fluctuate based on market conditions such as supply and demand — makes the landscape harder to navigate. The prices of a variety of products and services aren't just different from what they were a year ago; they may be different from what they were a day ago or even a few minutes ago.Dynamic pricing isn't new. For better or for worse, it's well established in some industries. People have long been used to it when they're booking flights or hotels, for example. It can make sense in some of these settings, like hospitality, said Timothy Webb, an assistant professor of hospitality business management at the University of Delaware who's worked on pricing strategies for sports teams and tourism spots. "It really centers around the perishable nature of the product and that its capacity is constrained," he said. A hotel can't store up more rooms to rent out during the summer, so raising prices for peak times lets it stay afloat all year, financially, and may help prevent overcrowding. Conversely, dropping prices during the slow season means it's not sitting empty all winter. Still, nobody likes <a target="_blank" href="https://www.businessinsider.com/when-is-the-cheapest-time-to-book-flights-for-christmas-2023-10">paying extra for a Christmas flight</a> or their <a target="_blank" href="https://www.businessinsider.com/airlines-and-hotels-tacking-on-extra-fees-during-travel-season-2023-5">summer hotel room</a>. Yes, happy hours and early-bird specials have been around forever, but the idea of paying extra for a restaurant reservation or meal during busy times is not great. The supply-demand forces that make peak-time Ubers outrageously expensive or Taylor Swift tickets prohibitively pricey may be real, but that doesn't mean consumers feel they are fair or good.People often interpret dynamic pricing as a mechanism for companies to maximize profits. Provoke Insights' research shows that most consumers still aren't super familiar with the concept, but when asked what they would do if a restaurant they visit implements it, two-thirds say they would eat there less often. A survey from consumer analytics platform CivicScience found that a majority of consumers say they agree with the statement that dynamic pricing is "price gouging."Instead of focusing on getting a discount when they pop into Starbucks during a slow period, people think about the experience of trying to order a Lyft in the rain. They're not wrong to feel this way — making money is how companies talk about their pricing choices to Wall Street."Companies have framed this debate around profit maximization. And so as a result, people see it as zero-sum," Ravi Dhar, a professor of management and marketing and the director of the Center for Customer Insights at the Yale School of Management. "People don't like the fluctuations because you always feel like somehow it's exploiting you."Constant prices aren't guaranteed and never have been. Discounts and promotions are well-trodden retail tactics, and the invisible hand of the market moves on the principles of supply and demand. Every business wants to charge a higher price to customers who can and will pay more and a lower price to those who can't and won't, said Z. John Zhang, a marketing professor at Wharton who focuses on pricing. We can't blame consumers for feeling like it adds uncertainty to an already tumultuous world, he said, but this is sort of the way things go."If you look at the big picture, there is actually no presumption for a constant price for a long time for a particular product, and the reason is that's not what prices are supposed to do," he said. "What price is supposed to do is to mediate between demand and supply to make sure that the product is really delivered into the hands of the right people, the right customers."That sounds fine and good, except we do not live in a world where markets are perfectly efficient, and nobody wants to be constantly watching for changing prices throughout their day. Many industries are uncompetitive, meaning consumers aren't even getting a fair shake. Plenty of companies can move their prices, whether by using dynamic prices or downright raising prices, because they're the only game in town. That's true for airlines and car-rental companies and wireless providers. It's why if you call your internet company to threaten to change services unless your bill stops creeping up, the answer you'll probably get is "LOL good luck with that.""With the airlines, if you asked people 30 years ago if they wanted to pay different prices, they'd be like, 'No way, it's not fair,'" Webb said. "But the airline also knows that, hey, there's limited providers here, so competition does matter, and if you don't want to pay, well, that's fine. We're still at this price."Technology is a modern-day X-factor as well. <a target="_blank" href="https://www.businessinsider.com/how-amazon-adjusts-its-prices-2015-1">Amazon changes the prices of various items</a> throughout the day. Both Uber and DoorDash have been <a target="_blank" href="https://www.businessinsider.com/uber-controversial-pricing-charging-more-based-on-neighborhood-2017-5">accused of displaying higher prices</a> for certain customers with low phone batteries or those with iPhones, though both companies have denied this. Today's Blue Light Special is no longer in a store aisle on a Wednesday at noon; it's on a website that knows exactly who you are and is intimately familiar with your spending habits. Companies can use your data to identify an exact price for you, which may work in your favor but may not."Because of this optimization, it reduces trust in the company," Dhar said. "I don't trust them to do things that are good for me. They're going to do things that are good for them."If companies were more transparent about what they were doing and how, it might ease some discomfort. But many aren't.There are no easy solutions here. Most economists agree that government-mandated price fixing is a bad idea. Achieving a more competitive economy is a long-term project that won't happen overnight. Inflation is getting better, but the threat of it getting worse again still looms. The answer to getting accustomed to high prices is basically to forget what those numbers were in 2019. We didn't even get into hidden fees, another layer in the what-does-anything-even-cost-and-why maze.You can't fault anyone for feeling tired of it all. After so much economic uncertainty, and with more uncertainty ahead, we're all in our feelings about prices. A prix fixe menu sounds pretty good right now, just to, for a moment, know what we're getting into cost-wise and enjoy a meal.<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.

The exhausting new shopping trend that's breaking all of our brains

<ul class="summary-list"><li>Bank of America predicts commodities will outperform bonds until the end of the decade.</li><li>A structural rise in inflation could drive demand for commodities like oil and gold, according to the bank.</li></ul>Commodities are the place to be for investors between now and the end of the decade, according to <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bac-stock?miRedirects=1">Bank of America.</a>A structural <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">rise in inflation</a> suggests the "commodity bull is just starting," Bank of America strategists led by Jared Woodard said in a note on Thursday.Commodities such as oil and gold have long been considered reliable inflation hedges, and investors will demand them more if Woodard's forecast of a steep rise in inflation plays out.Highlighting that inflation has been subdued over the past 20 years at around 2% because of trends in globalization and technology, Woodard said that it could soon revert to the inflation trends seen before the 2000s when prices rose at an average annual clip of about 5%."Reversal of those forces means a structural shift back to 5%," Woodard said. The consumer price index rose 3.4% in 2023, and July data shows the <a target="_blank" class="" href="https://www.businessinsider.com/inflation-consumer-price-index-in-july-fed-interest-rates-2024-8#:~:text=The%20consumer%20price%20index%20increased,lower%20than%20June's%203.0%25%20read.">index rising at an annualized rate of 2.9%.</a>While it may be difficult to imagine a slowdown in the continued trend of technological disruption pressuring prices lower, deglobalization has grown in recent years.From <a target="_blank" class="" href="https://www.businessinsider.com/trump-trade-war-china-tariffs-taxes-us-economy-deficit-impact-2024-5">US tariffs on China products like EVs and steel</a> to restoring efforts by America's semiconductor industry, these policies are a headwind for falling prices, especially as restoring efforts rely on labor that costs considerably more relative to emerging market countries.Bank of America said commodities could generate annualized returns of 11% "as debt, deficits, demographics, reverse-globalization, AI and net zero policies all inflationary."<div type="image" title="A chart depicting the price performance of commodities" height="427" width="528" msid="112997709" hostid="261" sizebytes="17206"></div>Those potential returns mean commodities represent a better asset class to allocate the 40% of an investor's 60/40 portfolio that is typically reserved for bonds.Woodard highlighted that commodity indexes have generated an annualized return of 10%-14% even amid falling inflation and a dovish Federal Reserve, compared to just a 6% return for the popular Bloomberg Aggregate bond index.<a target="_blank" class="" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> has been a particularly strong force driving the solid performance of the commodities sector. The precious metal has surged about 21% so far this year to record highs, and is up 35% since inflation started to surge at the start of 2022.On the other hand, the oil prices haven't held up very well relative to gold. The price of <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude oil</a> is trading at $74 per barrel, about the same as it was in August 2021.

The 'bull is just starting': Commodities are a better bet than bonds for the rest of the 2020s, BofA says

It's impossible to talk about workforce innovation without addressing artificial intelligence.During a virtual roundtable, we asked Business Insider's <a target="_blank" class="" href="https://www.businessinsider.com/workforce-innovation-board-tackles-topics-such-as-c-suite-innovation-ai-worker-wellness-2024-8">Workforce Innovation board</a> to tell us how AI would transform companies over the next year.One major topic was reskilling and upskilling employees. BI's Tim Paradis, who focuses on the future of work, asked whether there were any fears that <a target="_blank" class="" href="https://www.businessinsider.com/vinod-khosla-universal-basic-income-ai-job-loss-2024-9">dire predictions of AI</a> outpacing human capabilities to learn, like those advanced in a recent article by Sun Microsystems cofounder <a target="_blank" class="" href="https://www.khoslaventures.com/ai-dystopia-or-utopia/">Vinod Khosla</a>, would prove true."The basic drivers of job creation will change with a technology that does not only augment human capabilities, but also may surpass them altogether," Khosla wrote, "leaving education and upskilling — a historical avenue for retraining and relevance — somewhat impotent."Board members rejected the grim prognostication."I disagree with that statement," said Justina Nixon-Saintil, IBM's vice president and chief impact officer, though she agreed that AI would exacerbate the digital divide."We made a commitment to scale 2 million people in AI by 2026," Nixon-Saintil said. "There's a sense of urgency in making sure we are not leaving people behind."AARP's Marjorie Powell argued that the global labor shortage was evidence of an enduring need for human workers but that no one can afford to be complacent. "You're going to have to relearn how to do your job," Powell said.Others described the importance of communicating clearly with workers about what AI means for their jobs now and in the future."We're trying to figure out how this transformation is going to occur," said Chris Deri, the president of the corporate advisory businesses at Weber Shandwick. "There has to be transparent communications and stakeholder engagement alongside figuring out these enterprise and strategic matters."The following has been edited for length and clarity.<h3 id="4a721470-9d79-4540-a871-62ad779b2870">How will the most innovative companies be transformed by AI over the next 12 months?</h3><h2 id="58f968af-3acb-493b-870e-b8d2bf021db1">Justina Nixon-Saintil, vice president and chief impact officer, IBM</h2><h3 id="a436d836-8481-4230-8a70-68bd3cfe6353">"Any tasks or jobs in the company that could be automated by AI will happen within the next year."</h3>A lot is going to change. Any tasks or jobs in the company that could be automated by AI will happen within the next year. For any jobs that cannot be automated, workers will need to understand how to work alongside AI.You need to understand what AI means for your role, how to use it to <a target="_blank" class="" href="https://www.businessinsider.com/how-use-ai-save-time-work-best-ways-use-chatgpt-2024-9">increase productivity or efficiency</a>, and how to create new products and solutions leveraging AI. That's going to be the big shift, and here we actually continue to upskill our employees to prepare for that shift.Last year, we had an AI challenge across the company, and a huge percentage of our employees participated. They had to get training first, and then they were part of a team to come up with innovative solutions leveraging AI. We did it again this summer. So the company is very focused on how to upskill all employees, because it's going to impact every role in the company.<h2 id="82ccd740-f6d2-4536-8e3d-54d9f225dac0">Anant Adya, EVP, service offering head, and head of Americas delivery, Infosys</h2><h3 id="66cbaa75-725e-4e65-880c-285d5d102e74">"How can we eat our own dog food right before we start telling customers to adopt AI?"</h3>We have two objectives. One is to become an AI-first enterprise. The first task is to see how we can start using AI in everything we do, whether it's in our claims or travel expenses, procurement, or handling invoices.Our philosophy is very simple. AI is not about replacing an individual or replacing an employee but how we can amplify our productivity by using the tools. How can we eat our own dog food right before we start telling customers to adopt AI?Second is that for all the offerings that we have today, we want to make sure we infuse AI into them. When we go and talk to our customers about task-level automation, coding or developing an application, or migrating a workload into the cloud — how can we infuse AI into everything that we do? So it doesn't just become a people-based offering but a people-plus-AI-based offering.<h2 id="961badc0-cb06-4d47-9329-ac1f1b2d70dd">Marjorie Powell, chief HR officer and senior vice president, AARP</h2><h3 id="0aee923e-e647-43c9-bf57-4c2ecc03a872">"It's important that everyone learns how to deal with prompt engineering; we are not going to hire prompt engineers."</h3>We believe there's going to be a greater emphasis on <a target="_blank" class="" href="https://www.businessinsider.com/ai-will-change-most-jobs-employers-help-workers-keep-up-2024-8">upskilling and reskilling</a> alongside AI technologies.It's important that everyone learns how to deal with prompt engineering; we are not going to hire prompt engineers. It's going to become a skill for employees to craft clear and specific prompts, adjust to the right audience, and utilize elements and problem-solving skills to identify inaccurate responses.It's about adaptability. Employees are going to have to be open to continuous learning and adapting to new AI tools and technologies in their jobs. So we make sure we're providing some kind of atmosphere and culture for being excited and energetic about learning.The workforce will have to problem-solve regardless of the tool and the technology, and it will require test-and-learn approaches. We created a "community of practice" in the company where individuals can join and help with peer learning and have a sandbox to play around with AI, depending on where they are.They can cross-pollinate across business-unit lines, and that has become very exciting. We also use that group to pilot the new technologies we're considering rolling out to the company.Data literacy is going to be very important — understanding how to read and interpret and tell a story of the data.We're also developing power users in the company, people who are really, really good at this that other employees can tap into when they need help.<h2 id="0ef1d87b-57f3-4474-bfdc-21c4f4fc1b74">Alicia Pittman, global people team chair, Boston Consulting Group</h2><h3 id="dd47519b-c973-4a00-b508-f05159afdea8">"Gen AI also offers an opportunity to avoid leakage of human capital, which obviously we all care quite a lot about."</h3>We have 35,000 employees, and north of 70% are active users of <a target="_blank" class="" href="https://www.businessinsider.com/companies-using-ai-bain-survey-roi-2024-6">generative AI</a> now. We've taken a full-company approach of upskilling and rolling out both custom and off-the-shelf tools, regardless of the job.The bottom-up innovation power of gen AI is super exciting. For example, our teams and employees have created more than a thousand custom GPTs, mini automation machines, to-do scripts, and dashboards to create bespoke analyses and build newsletters — it's super quick, and it doesn't require big investments or processes.That's one thing that's specific to gen AI versus other types of technology innovation — it's sparking a lot of energy and unlocking human capacity.Gen AI also offers an opportunity to avoid leakage of human capital, which obviously we all care quite a lot about. It really changes the game in terms of the amount of learning you can keep within the team and not lose as people move around.We're also seeing how gen AI is creating an exoskeleton for generalists to be able to take on more technical tasks. It's not going to turn a generalist analyst into an expert coder, but actually our analysis would show that they can get 80%-plus there on some coding tasks, which then you still need the expert coder to do quality control.<h2 id="d130e1cc-4600-48d2-941b-e5e5b1eddc1f">Maggie Hulce, chief revenue officer, Indeed</h2><h3 id="d4c2bf89-e522-4f0d-bbff-d8d4f916c1e1">"Do I have to build this huge team of AI engineers? The answer is no."</h3>We're trying to infuse AI in all our externally facing products and solutions to make them more insightful, intuitive, and delightful to use — and, in many ways, to create experiences that mimic what a personalized human experience might be like, but at scale.We also see most roles and workflows becoming augmented with AI. That's becoming more and more obvious as the months go on and as teams engage with AI and find applications and new ways of working.I was at Dreamforce recently in San Francisco. What Salesforce <a target="_blank" class="" href="https://www.salesforce.com/news/press-releases/2024/09/17/google-autonomous-agent-partnership/">unveiled</a> was how it wants to help companies essentially launch AI agents in sales, <a target="_blank" class="" href="https://www.businessinsider.com/verizon-is-using-generative-ai-to-streamline-business-relationships-2024-7">customer service</a>, marketing, and commerce.For many companies to get the full power of what AI can do, you have to be able to link up lots of different datasets that are usually in disparate places. It's hard work, and it's very time-consuming. To hear the stories of companies being like, "Guess what, you don't actually have to move that data around anymore," this is going to change how a lot of companies experiment and start to play with AI-oriented applications that will fundamentally change their operations.There are a lot of companies out there that have already started to light it up. We're thinking a lot about how sales, customer service, marketing, and product have operated for a long time in various silos. When you think about customer experiences, they really shouldn't be that way. They should be much more integrated than they are today. Some of these technologies can be part of the accelerants for how customer experiences can be reimagined.Part of what's been hard for people is like, "OK, but do I have to get all of these disparate parts of my company to all work together in a new way? Do I have to build this huge team of AI engineers?" The answer is no. You don't have to be the tip of the spear in terms of sophistication.<h2 id="8b49bd10-b04d-4857-afbc-b2979d5711e9">Kenon Chen, executive vice president of strategy and growth, Clear Capital</h2><h3 id="550eee1b-ffef-4a90-bbea-a94d7a6ba7a2">"As AI accelerates, you also have to accelerate the handling of data in a way that can produce accurate models."</h3>At Clear Capital, we participate in the highly regulated housing-finance industry. To enable AI to be used in accordance with our clients' expectations of governance and quality control, we've taken a three-pronged approach.First, we've been investing in creating good industry standards and working with the industry to ensure there's agreement on how AI models should be tested, how they ensure compliance with antidiscrimination and fairness practices, and how the data should be handled.Second, we've been investing a lot in higher-quality data. As AI accelerates, you also have to accelerate the handling of data in a way that can produce accurate models. So we've invested quite a bit in better digitization and generation of data.Third is fostering collaboration between innovators, industry players, policymakers, and regulators. We participated this year in the Federal Housing Finance Agency's generative-AI tech sprint, where about 80 leaders from different aspects of the housing industry brainstormed ways to apply generative AI to the lending process to improve borrowers' experience.One thing that became clear after participating in that was where we have more tools and more capabilities to accelerate. We always have to go back to the why: What is the mission? And we have to make the mission at the company level that much more clear so that as we apply these new tools, it's always for the sake of the mission.<h2 id="5e045b5f-3490-4435-8321-bab58740eaa8">Chris Deri, president, corporate advisory businesses, The Weber Shandwick Collective</h2><h3 id="79930c20-445b-4959-b644-53f07e252292">"There's a mega-trend need for all of us to adopt AI and understand it, but that means something different for different parts of our organization."</h3>We're a public-relations firm, so we're looking at AI for ourselves and for our clients.In terms of our own people, one lesson we've already learned is that there was an instinct to take a top-down approach, as in everybody's got to figure out how AI is going to change their business, but we need to take a bottom-up approach.In the simplest sense, we do consumer marketing, healthcare marketing, and corporate advisory work. We really need to design training for each of the different practitioner types.There's a mega-trend need for all of us to adopt AI and understand it, but that means something different for different parts of our organization.Another thing we're doing is creating a futuristic think-tank group in our company — three or four people who have been putting together an ecosystem to give us constant learning. We also have academic institutions, investors, technologists, and other practitioners to help.We're also looking at our business model and how we budget and scope. The classic assignment we get is companies call us and say, "We want to map our stakeholders and what their expectations are of us." That used to be a project that we would figure out with just consultant time. Now we're applying AI to do some of that.We need to figure out how to take advantage of those efficiencies to add new value — that human value. So we need to relook at our entire business and service model, and we haven't figured it all out yet.Anant talked about "eating your own dog food." We've mapped out the implementation of that stack for ourselves to test and learn, and then we will start to use that in how we show up as advisors to our clients on the same journey.<h2 id="3bf33684-0da6-43af-856a-e0d807c42725">Sharawn Tipton, chief people and culture officer, LiveRamp</h2><h3 id="2513253b-1145-4ac9-afad-cb752e1513d8">"What we're trying to do is really keep people at the center of this transformation."</h3>We're thinking a lot about the AI trust gap. I'm in San Francisco today, and I was walking around and I saw all these autonomous vehicles, and it dawned on me that my mother would never ride in one. She just does not trust that technology.As a data company, we're thinking a lot about how do we ensure that our customers, our clients, and our partners trust that we're going to protect their data and use AI when appropriate and be certain that we have safeguards for when it isn't appropriate. And then I think the biggest area that my team is focused on with this trust gap is job security and what this means for the average worker.So what we're trying to do is really keep people at the center of this transformation. We're thinking a lot about employee resource groups. That way we've been able to reach all different types of team members. So how do we target our ERGs and think about who are the slow adapters? Who are the folks that typically get left behind, and how do we give them a little extra push?What we want to do is think about how to continue to have our team members trust their leaders, but also trust AI and where we're going, and get them to understand this isn't about replacing jobs. We are really focused on transforming jobs. That is a huge shift and a huge opportunity for us.<h2 id="c0d7e4c7-96a5-41d7-8c3f-29dee443e291">Shane Koller, senior vice president and chief people officer, Ancestry</h2><h3 id="2fb41060-9718-4c06-940a-5ac8246457b5">"The more people we get thinking about governance, the better AI technology will be used."</h3>There are a lot of different points of view on what AI will and will not do and how quickly.I was reading an article in The Wall Street Journal over the weekend that said for every one person who believes that AI is going to replace everyone's jobs, there are three or four who think there's going to be this boom in AI and then it's going to settle down. And that the promise we think AI is going to deliver will probably take longer than we think to come to fruition.One of the things that we've been doing at Ancestry very intentionally is bringing up the subject of governance, because I think we all think of AI as this steamroller that's going to come and either we're going to step aside from it or we're going to get steamrolled.The more people we get thinking about governance, the better AI technology will be used. And I say that within Ancestry as well as within companies in general and within governments. We have more of a role to play in how this rolls out than we think.We've been building AI into our product for over 10 years now, and we've been giving more thought to how would we govern the use of AI within our own company so that we're not, for example, putting our customers' data at risk. We're very conscious that security and privacy is first and foremost in every discussion. It's really about how you govern such an amazing technology.

Leaders from BCG, Infosys, AARP, and more predict how AI will transform top companies in the next 12 months

<ul class="summary-list"><li>Donald Trump's lead over Kamala Harris has dwindled since Joe Biden left the race.</li><li>The Des Moines Register's Iowa poll found Trump's lead among likely voters is down to just 4 percentage points.</li></ul>In 2016, Donald Trump's nine-point victory in Iowa was part of what became a sweeping sea change in the state's politics. But even as he's favored to win again for the third-straight cycle, a new poll hints that Trump's reelection bid may be in trouble in nearby Midwest states.Iowa <a target="_blank" href="https://www.businessinsider.com/iowa-democrats-struggling-ascendant-gop-2024-presidential-race-trump-biden-2023-8">shifted from being a swing state</a> to one where Republicans are firmly in the driver's seat. The Iowa legislature is dominated by the GOP, and the state's congressional delegation now consists solely of Republican lawmakers.When Trump ran for reelection in 2020, he easily won Iowa, dashing Democrats' hopes of a comeback in a state that, in 2008 and 2012, had backed Barack Obama — whose political career was launched in neighboring Illinois.Barring a massive political shift, Iowa is set to support Trump in November. In June, before President Joe Biden stepped aside as the Democratic nominee, Trump had <a target="_blank" href="https://www.desmoinesregister.com/story/news/politics/iowa-poll/2024/06/17/2024-election-donald-trump-vs-joe-biden-vs-robert-kennedy-jr-iowa-poll/74088665007/">a huge 18-point lead</a> (50% to 32%) over Biden in a Des Moines Register/Mediacom Iowa poll of likely voters.But in a <a target="_blank" class="" href="https://www.desmoinesregister.com/story/news/politics/iowa-poll/2024/09/15/iowa-poll-donald-trump-iowa-lead-shrinks-as-kamala-harris-replaces-joe-biden/75180245007/">newly released poll</a> from the highly respected pollsters, Trump only led Vice President Kamala Harris by four points (47% to 43%) among likely voters, a stunning figure that shows Harris has made up considerable ground compared to Biden.Iowa Democrats, like others throughout the country, are <a target="_blank" href="https://www.businessinsider.com/harris-trump-presidential-election-50-days-vance-walz-electoral-math-2024-9">overwhelmingly enthusiastic</a> about Harris' candidacy, according to the poll. But in Iowa, Trump is also faltering with female voters, the poll found, a reflection of an enduring gender gap that threatens his chances in the seven <a target="_blank" href="https://www.businessinsider.com/battleground-states-2024-presidential-election-road-white-house-2022-12">swing states</a> he'll need to win in November — and has made the race closer than expected in the Hawkeye State.If signs of major electoral weaknesses can be found in Iowa, what does that say about his overall chances?<h2 id="70525b40-c560-4ae0-9bcf-647decc2fd55">Trump has a female voter problem nationally — and in Iowa</h2>Even in June, when Biden was still in the presidential race, Trump had a low favorable rating among independent women in Iowa.At the time, women overall favored Biden nationally.But Harris' entry into the race strengthened her support among female voters across the country. In Iowa, <a target="_blank" href="https://www.businessinsider.com/kamala-harris-sun-belt-gains-trump-swing-states-polls-2024-8">the gender gap</a> is as pronounced as it is in many swing states.The latest Des Moines Register/Mediacom Iowa poll showed Harris with a 17-point advantage over Trump (53% to 36%) with likely female voters, while male voters supported Trump by a larger 27-point margin (59% to 32%).On the campaign trail, Trump has touted his three Supreme Court appointments, which led to the 2022 decision that overturned Roe v. Wade and sent the issue of abortion back to the states. It's a decision that <a target="_blank" class="" href="https://www.businessinsider.com/abortion-rights-ohio-virginia-kentucky-elections-gop-roe-v-wade-2023-11">continues to haunt Republicans</a> across the country, as the party has suffered myriad electoral losses over the past two years tied to issues involving reproductive rights.In July, a <a target="_blank" href="https://apnews.com/article/iowa-abortion-ban-bd8a959fd64fef5914459e9ea4a64294">six-week abortion ban</a> went into effect in Iowa. It's a reflection of the agenda of the state's GOP-led legislature, which championed the law.But <a target="_blank" href="https://www.desmoinesregister.com/story/news/politics/iowa-poll/2023/03/27/iowa-poll-most-iowans-back-legal-abortion-as-iowa-supreme-court-mulls-limits-roe-v-wade/69990037007/">in an Iowa poll conducted last year</a>, 61% of all voters said abortion should be legal "in most or all cases," with 70% of Iowa women expressing that opinion.In the latest Iowa poll, state voters gave Harris <a target="_blank" href="https://www.desmoinesregister.com/story/news/politics/iowa-poll/2024/09/16/iowa-poll-most-favor-trump-over-harris-on-immigration-inflation/75180273007/">an 11-point point edge</a> over Trump (53% to 42%) on the issue of abortion. On every other major issue polled, from immigration to housing prices, Trump held an advantage over the vice president.Trump has <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-pennsylvania-presidential-debate-philadelphia-fracking-abortion-2024-9">struggled to refine his messaging</a> on the issue for swing voters in key states like Georgia and Pennsylvania, which has given Harris a major opening.And it currently works to her advantage. Abortion isn't an issue that can be neatly put in an ideological, partisan box. There are Republican voters who back some form of abortion rights despite the GOP's overall anti-abortion stance. That's created trouble for Trump among voters of all stripes, even in Iowa.<div type="image" title="Kamala Harris" height="2641" width="3962" msid="113405216" hostid="261" sizebytes="142810"></div>Meanwhile, Harris has clearly changed the race. National polling mirrors what the Iowa survey found regarding an explosion of enthusiasm among the Democratic base. This is one of the main reasons that Trump's massive lead is now trending closer to his 2020 margin. The Iowa poll found that Iowans under age 45 are now 10 points more likely to vote, while voters with a college degree are nine points more likely to vote and those who live in cities are now six points more likely to vote."This poll may be catching newly energized voters who thought they would sit out the election at the time our June poll was taken," pollster J. Ann Selzer told The Register.<h2 id="3d407244-be45-430b-b98a-0cbdde720865">Trump's slim Iowa lead could point to problems in more competitive states</h2>Trump is still heavily favored to prevail in Iowa. Election forecaster Nate Silver's model gives the former president overwhelming odds to carry its six electoral votes. After all, Democrats control just one of the statewide offices.Still, the poll shows why the intense focus on the seven swing states can sometimes be detrimental. Look no further than former independent presidential candidate Robert F. Kennedy Jr., the longtime Democrat who <a target="_blank" class="" href="https://www.businessinsider.com/rfk-jr-drops-out-presidential-race-2024-8">endorsed Trump</a> and abandoned his third-party run. Kennedy is fighting to get off the ballot in swing states, but he missed the deadline to remove himself from the Iowa ballot.The Iowa poll found that six percent of voters still back Kennedy, a decrease from June but still a number that could cause headaches. It's also not certain that Kennedy will get his wish to be taken off the ballot in every swing state, as Wisconsin officials and Michigan's highest court have <a target="_blank" class="" href="https://wisconsinwatch.org/2024/09/wisconsin-kennedy-rfk-election-ballot-republican-democrat-clerk/">rejected his efforts</a>.An equally intriguing poll of Alaska, a state that is notoriously difficult to survey, showed Trump with only <a target="_blank" class="" href="https://x.com/the_real_asr/status/1834657703509324089?s=46">a five-percentage point lead</a> there — despite carrying Alaska by just over ten points in 2020. Thanks to at-large Rep. Mary Peltola, there are actually more Democrats in Alaska's congressional delegation than Iowa's, even though a Democratic presidential nominee has only carried Alaska once (Lyndon B. Johnson in 1964) since it was admitted to the union.It's far more likely that the Iowa survey illustrates Trump's struggles elsewhere.The poll found that Harris performs best with voters who live in the suburbs and those with a college degree, two demographics where Trump has long had problems.The good news for Trump is that the Iowa poll shows he's doing well among rural voters and those without a college degree, two groups that fueled his 2016 victory over former Secretary of State Hillary Clinton.Trump and Iowa Republicans have relied heavily on working-class voters to make the state more red. And working-class voters hold considerable sway in key states like Michigan, Wisconsin, and Pennsylvania. If Trump hopes to regain the White House, he'll need to make sure his gains among the working class outweigh his losses among women.

A top poll showing Trump narrowly ahead in Iowa is a warning sign for his campaign

<ul class="summary-list"><li>Biden made commitments during the campaign that impacted key economic appointments.</li><li>Should Harris become president, she'll have much more freedom, and industry leaders have high hopes.</li></ul>When President Joe Biden stepped into the White House in January 2021, he was hamstrung not only by the pandemic but also by a promise he'd made to a former challenger: Sen. Elizabeth Warren of Massachusetts. When slogging through the political thicket of a crowded Democratic primary, Biden had assured Warren that she would have significant sway over economic regulatory agency appointments.Warren's desired appointees — namely <a target="_blank" href="https://www.businessinsider.com/harris-lina-khan-balance-billionaires-silicon-valley-hoffman-progressives-ftc-2024-8">Lina Khan </a>and Gary Gensler, chairs of the Federal Trade Commission and Securities and Exchange Commission respectively — have drawn the praise of many economic progressives and ire of many business leaders. But now that Vice President Kamala Harris is running for president in Biden's place after he dropped out, Khan and Gensler's future as chief regulators is in doubt.<h2 id="6ff1d1bc-fa5b-4d13-adfa-aa52b4d8b1ee">Biden made a key commitment to Warren when he was running for president</h2>"One of [Warren's] preferences was, 'I want Lina Khan to run the FTC,'" William Kovacic, former FTC chair and current law professor at George Washington University, previously told Business Insider. "Biden fulfilled that promise. But that was Biden's promise. That's not Harris' promise."Adam Kovacevich, a Democratic lobbyist and the CEO of progressive tech industry coalition Chamber of Progress, doesn't think that Biden was particularly interested in regulatory economic issues."I think giving some picks to people like Elizabeth Warren kept Warren off his back on other issues," Kovacevich said. "Flash forward to today: Kamala Harris doesn't owe Elizabeth Warren anything."During the 2020 cycle, various media outlets reported that Warren is <a target="_blank" href="https://www.motherjones.com/politics/2020/07/joe-biden-is-promising-progressive-policies-whos-going-to-hold-him-to-it/">singularly attuned</a> to the power of economic regulatory agencies. A former Democratic aide told <a target="_blank" href="https://www.politico.com/news/2021/03/15/elizabeth-warren-aides-biden-administration-475653">Politico</a> that "Warren will be the most influential voice in the financial policy debate under the new administration," and the president of the Consumers Bank Association said that she "virtually hand-picked the financial and other regulatory nominations she cares deeply about."But business and tech leaders who winced at the current appointments <a target="_blank" href="https://www.businessinsider.com/harris-trump-debate-silicon-valley-crypto-regulation-ai-taxes-2024-9">see an opportunity in Harris</a>. With <a target="_blank" href="https://www.businessinsider.com/kamala-harris-biden-california-democrats-silicon-valley-tech-hollywood-2024-7">deep ties to California</a>, Harris is presenting herself as a pro-business candidate who understands the tech industry far better than her current boss. And she's garnering support among industry executives across the country — <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">a group of powerful venture capitalists</a> have vowed to vote for her and nearly <a target="_blank" href="https://www.businessinsider.com/murdoch-cuban-corporate-executives-silicon-valley-wall-street-endorse-harris-2024-9">100 corporate leaders</a> recently endorsed her in a joint letter.Her supporters in the upper echelons of business and tech are particularly focused on appointments, with many saying that leaders should effectively balance regulation with innovation. In particular, they want appointees that institute clear crypto guidelines and veer away from the current regulatory approach that Warren had championed.Yet <a target="_blank" class="" href="https://www.businessinsider.com/aaron-levie-quit-college-to-found-box-now-25-billion-company-2017-7">Aaron Levie</a>, CEO of Box, said that there isn't consensus in the tech world about anti-trust doctrine, as big and small companies have different priorities. There are many individuals in the Biden administration, such as Arati Prabhakar of the Office of Science and Technology Policy, who are thoughtful tech leaders but aren't widely discussed, he said.<h2 id="3cd1d3b1-d6c5-43d4-abd7-f708eff23c63">Harris could chart a different path</h2>Still, founders and business executives seem, on the whole, dissatisfied. Democratic donors on Wall Street are quietly encouraging Harris to oust Khan and Gensler, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-06/kamala-harris-donors-privately-want-ftc-s-lina-khan-sec-s-gary-gensler-removed">Bloomberg reported</a>.Chris Larsen, the billionaire founder of blockchain payments company Ripple who is among the execs to endorse Harris, told Business Insider he wants her to make different appointments if she wins.Larsen said he wants regulators that are "not pre-selected by the Warren camp and can balance both consumer protection with ensuring our national champions dominate their industries."Christian Catalini, the founder of the MIT Cryptoeconomics Lab, said that Gensler demonstrated "reluctance to engage in constructive dialogue with startups seeking regulatory clarity." He thinks that tech entrepreneurs are particularly hung up on who Harris would choose for the SEC.Recently, billionaire investor and owner of the Dallas Mavericks <a target="_blank" href="https://www.businessinsider.com/mark-cuban-kamala-harris-sec-capital-gains-business-2024-9">Mark Cuban offered himself up for a spot at the SEC</a>. Cuban is in close communication with the Harris team and said that she will likely surround herself with more individuals from the private sector than Biden.Levie also said that engaging with the private sector is "absolutely critical" and hopes Harris invites more industry actors to join the margins of her administration."The way that they have already been interacting with business leaders is a compelling indication of where things could go in the future," Levie told Business Insider.However, the vice president has been relatively quiet about her views on antitrust enforcement and who she would appoint. Khan's tenure as chair of the FTC is up in September and she is open to staying on in her position. Gensler's term lasts until June, 2026; in February, he said he would "<a target="_blank" class="" href="https://subscriber.politicopro.com/article/2024/02/gensler-absolutely-plan-to-stay-on-at-sec-in-second-biden-term-00140134">absolutely" stay on if Biden</a>, who was then still the nominee, won a second term.Kovacic previously told Business Insider that Harris' relationship to economic progressives like Warren remains unclear."A factor to be assessed is, what is the nature of her relationship with this wing of the Democratic Party? How much loyalty does she feel to them? How much does she believe that she has to cater to their tastes in order to maintain a harmonious political relationship? But she has a bit more freedom than Biden did," he said.Kovacevich, who calls himself a "pro-business and pro-Harris democrat," doesn't think that Harris needs to win over Warren voters. He suspects that the Vice President will "reset" the current environment and return to the Obama era, which was friendlier to corporations."I do think it's notable that she has not prioritized attacks on corporate power in her campaign rhetoric. I think she correctly sees how that's not a motivator to most voters," he said.<h2 id="196f9aac-f8fe-4c23-9b6c-70c49aa3137f">The Vice President's precise plans remain unclear with only 50 days until the election.</h2>The relationship between Harris and Warren's philosophical counterparts has been testy at times. In March of last year, Warren gave a lukewarm answer when a radio host asked whether Biden should <a target="_blank" href="https://www.businessinsider.com/warren-called-harris-twice-apologize-comments-hasnt-called-back-2023-3">keep Harris on as his vice president</a>."I really want to defer to what makes Biden comfortable on his team," she said at the time. The senator quickly issued a statement saying that she supports the Biden-Harris 2024 ticket. She reportedly called Harris twice after the incident — without receiving a call back.Kovacic suspects that economic progressives don't entirely trust Harris, given her ties to the business world."It's not as though they think she will simply be an agent of Big Tech," he previously told Business Insider. "It's a concern that she is too sympathetic to their interests, that she will not be as aggressive." He anticipates that Harris will move to the center on mergers, but maintain the Biden administration's approach to monopolization and price-gouging.A spokesperson for the SEC declined to comment, and representatives for Harris and Warren did not respond to Business Insider's request. Douglas Farrar, a spokesperson for the FTC, emphasized Khan's efforts to lower costs and said that "there is a lot of work yet to do to bring the benefits of fair competition to American consumers and entrepreneurs."Should Harris win the election, the question of appointments will loom large. The leadership plays a major role in determining how successful American industries and companies are, Levie said."In the next four years, we'll be dealing with major policy subjects that relate to the next many decades of innovation," he told Business Insider. "And you want very smart, thoughtful, highly competent, experienced people in a stable environment that can help define where we're going to go with AI, with new energy sources, with advanced manufacturing, biotech."Unhampered by campaign promises yet caught between opposing factions of her party, Harris may usher in a new regulatory era. But since regulatory appointments don't make a <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-economy-tech-debate-tariffs-taxes-2024-9">good political sound bite,</a> it's likely we won't know her plans unless she wins in November.

Harris can chart her own path with the top regulators — and Big Business hopes she's on their side

<ul class="summary-list"><li>Since 2020, wages have outpaced inflation for the majority of American workers.</li><li>Average wages for most US workers are up roughly 25.7% since 2020, while inflation is up about 20.9%.</li></ul>American consumers have been frustrated by <a target="_blank" class="" href="https://www.businessinsider.com/high-prices-inflation-sticking-interest-rate-hikes-stock-market-2024-5">high prices</a> over past years, but there's some good news: <a target="_blank" class="" href="https://www.businessinsider.com/wage-growth-faster-than-inflation-first-time-2-years-2023-6">wages</a> have outpaced inflation since the start of the COVID-19 pandemic.Since 2020, average hourly wages for most US workers have risen faster than the consumer price index, meaning income has maintained its purchasing power against rising prices.Furthermore, <a target="_blank" class="" href="https://www.businessinsider.com/wage-growth-faster-than-inflation-first-time-2-years-2023-6">real wages</a> — earnings adjusted for inflation — have been positive over the <a target="_blank" class="" href="https://www.epi.org/blog/average-wages-have-surpassed-inflation-for-12-straight-months/">past year</a>, according to the Bureau of Labor Statistics, meaning workers are gaining purchasing power.But while wage gains show promising signs for US workers, it can take longer for consumers' perspectives to shift; many Americans are still reckoning with past years' <a target="_blank" class="" href="https://www.businessinsider.com/inflation-cost-of-living-what-is-middle-class-housing-market-2024-4">sticker shock</a> and <a target="_blank" class="" href="https://www.businessinsider.com/housing-crisis-unaffordable-high-rent-prices-cost-burdened-renters-cities-2024-7">high housing costs</a>.<h2 id="aa403d6e-35c8-4365-aee2-c63b2d01f926">Economic data vs consumer sentiment</h2>Nearly four in five US voters said price increases were the top source of their financial stress in the last three months, according to the <a target="_blank" class="" href="https://www.ft.com/content/7aa63450-5ff2-4ea3-b639-1a21db372527?emailId=97961c1a-deb9-48c2-a1b8-95b4d7d4c1d0&amp;segmentId=1ce3de53-bbd6-f782-fb6e-1124c8f8297f">FT-Michigan Ross Poll</a>.While wage gains have outpaced inflation, it can be difficult for consumers to feel the growth, and plenty of people still miss the "good old days" of lower prices.According to Bankrate Analyst Sarah Foster, that's because economists and consumers see prices differently.Economists pay attention to inflation indicators which measure the rate of change of prices. Meanwhile, many consumers focus on the price levels for individual goods (like grocery store receipts) and how they compare to previous years, Foster said.While inflation is now slowing, many Americans still feel burdened by what they see as a jump in the price tags of various items over the past four years."They remember how much it used to cost to fill up their gas tank; they remember how much it used to cost to buy a cart full of groceries," Foster said.Since 2020, prices have risen 20.9%, according to the Bureau of Labor Statistics. However, across that same period, average hourly earnings for production and nonsupervisory workers — most US workers — have risen roughly 25.7%.Furthermore, the 25.7% increase in hourly wages for production and nonsupervisory workers is slightly ahead of the 23.1% increase in wages for all private workers, meaning employees have gained a bit more than their bosses.That wage growth is due in part to a tight labor market and state-level minimum wage increases from 2019 to 2023, according to the nonprofit think tank <a target="_blank" rel=" nofollow" href="https://www.epi.org/publication/swa-wages-2023/">Economic Policy Institute</a>.Nonetheless, wage growth has differed across industries, and while average growth is strong, high prices can be crippling for those whose incomes have paced behind inflation, Foster said.Furthermore, Foster said that industries with strong wage growth, like food services, leisure, and hospitality, are often low-paying jobs to begin with, meaning people are already sensitive to higher prices.<h2 id="2a0eff72-8496-4bfb-8b12-31cbd2fd5faa">Wages are still beating inflation</h2>Consumer prices rose 3.0% year-over-year in <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-june-prices-food-energy-fed-interest-rate-cuts-2024-7#:~:text=The%20consumer%20price%20index%20increased,%25%20month%2Dover%2Dmonth.">June</a>, according to the Bureau of Labor Statistics, the lowest rate in a year and far below the pandemic-era peak of 9.1% year-over-year in June 2022.Meanwhile, average hourly earnings for production and nonsupervisory workers increased 4.0% year-over-year in June, continuing a yearlong trend of hourly wage growth beating out inflation.Since spring 2023, year-over-year wage growth for production and nonsupervisory workers has consistently been above inflation.In another positive sign for people's wallets, prices also decreased 0.1% from May to June, marking the first month-over-month drop since the start of the COVID-19 pandemic.There were <a target="_blank" class="" href="https://www.businessinsider.com/why-costs-keep-rising-inflation-goes-down-eggs-tickets-insurance-2024-7">some price outliers</a>, such as uncooked beef, which was up 10.5% year-over-year in June. Nonetheless, inflation has come down a lot since 2022.Still, prices themselves have not. Overall, price levels are up roughly 7% since inflation's peak in 2022. Yet, wages are up about 10% in the same period, highlighting that income has maintained its power.And higher price levels can be good for the economy. The Federal Reserve targets a 2% inflation rate, so even in a healthy economy, price levels are rising — what matters is managing the rate at which they increase and how that compares to rising incomes.In fact, broad and prolonged deflation — falling prices — is a recipe for high unemployment, economist Paul Krugman wrote in a July 16 <a target="_blank" class="" href="https://www.nytimes.com/2024/07/16/opinion/inflation-prices-economy.html">New York Times column</a>.While US consumers adjust to higher prices, strong wage growth should help ease affordability concerns, Krugman wrote.Have you had a pay increase but still feel burdened by high prices? Please reach out at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>.

You Searched For "top technology trends 2020" and got 11 results

India to shift to 'smartphone era' for cars embracing 5G, advanced AI in 2025: Report

PTI

Climate Action 15: 2024's top global innovators powering green solutions

Insider Inc.

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

Divyanshi Sharma

How Prada is beating the odds and bucking the luxury slump

Madeline Berg

IIT Bombay 2024 placements: Lowest salary drops to Rs 4 LPA, 22 students get Rs 1 crore package

Divyanshi Sharma

The exhausting new shopping trend that's breaking all of our brains

Emily Stewart

The 'bull is just starting': Commodities are a better bet than bonds for the rest of the 2020s, BofA says

Matthew Fox

Leaders from BCG, Infosys, AARP, and more predict how AI will transform top companies in the next 12 months

Julia Hood,Tim Paradis

A top poll showing Trump narrowly ahead in Iowa is a warning sign for his campaign

John L. Dorman,Brent D. Griff…

Harris can chart her own path with the top regulators — and Big Business hopes she's on their side

Alice Tecotzky

Wages have outpaced inflation since 2020 but many consumers still feel burdened by prices

John Towfighi

Popular Keywords

Buying Guides