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So, what if AI avatars that act and talk like employees could be present in the (virtual) room on their behalf? Liang expects Otter's AI work persona will be able to answer 90% of the questions it's asked during meetings, he said. But the road to building trustworthy AI avatars is riddled with technical and social obstacles. "It needs to have the knowledge and emotional intelligence to participate in a productive way," Liang said about the AI. AdvertisementOtter itself launched a new feature this month where multiple people can ask an AI chatbot specific questions about meetings it's recorded.
Persons: Sam Liang, Otter, , Liang, it's, they'll, Elon Musk, Kendall Jenner, Tom Brady, togethers, they're Organizations: Business, Workers
SpaceX has been fined $3,600 over an accident at its Washington state facility. The incident resulted in the “near amputation" of a worker's foot, Reuters reported. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk's SpaceX was fined $3,600 after an employee nearly lost a limb at one of its facilities this month. This story is available exclusively to Business Insider subscribers.
Persons: , Elon Organizations: SpaceX, Reuters, Service, Business Locations: Washington, Redmond
Policy changes look to reduce 401(k) plan 'leakage'
  + stars: | 2024-02-10 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +5 min
About 40% of workers who leave a job cash out their 401(k) plans each year, according to the Employee Benefit Research Institute. The 401(k) ecosystem would have almost $2 trillion more over a 40-year period if workers didn't cash out their accounts, EBRI estimated. 85% of workers who cash out drain their 401(k)It's not all workers' faultIt's not all workers' fault, though. By law, employers can cash out the small account balances of former employees who leave their 401(k) accounts behind. It's not just workers who benefit: Administrators keep more money in the 401(k) ecosystem, likely padding their profits.
Persons: Craig Copeland, , whittle, Spencer Williams, Vanguard Group —, wouldn't, Williams, who's, It's Organizations: Getty, Research, Fidelity Investments, Vanguard Group
'Deteriorating' retirement outlookAbout 38% of early millennials (those born in the 1980s) will have "inadequate" retirement income at age 70, according to projections from a 2022 Urban Institute study. watch now"We do see the retirement outlook deteriorating for future generations," including millennials, said Richard Johnson, director of Urban's retirement policy program and co-author of the report. Millennials' student loans dent their net worthA 2021 paper by the Center for Retirement Research at Boston College had similar findings. Meanwhile, the last major Social Security overhaul, in 1983, gradually raised the program's "full retirement age" to 67 years old. That will make it easier to save for retirement, according to a Brookings Institution report.
Persons: Jamie Grill, Craig Copeland, Gen X, Xers, Richard Johnson, Johnson, aren't, Millennials, Gen Xers, CRR, X, EBRI, Anqi Chen, Copeland, millennials, they're, William Gale, Hilary Gelfond, Jason Fichtner, there's, Sean Deviney, Deviney Organizations: Social Security, Research Institute, Urban, Center for Retirement Research, Boston College, Research, Transamerica Center, Retirement Studies, Finance, IRA, Pensions, Social, Center, Budget, Brookings Institution, Vanguard Group Locations: U.S, Fort Lauderdale , Florida
“Mar-Jac and its affiliates have a long and sordid history of willful disregard for worker safety,” the lawsuit reads. In July, Duvan became the third worker to die in less than three years at the Hattiesburg, Mississippi, plant owned by Mar-Jac, a Georgia-based poultry production company. After Duvan's death, Onin filed a notice with the state to avoid paying worker's compensation,the lawsuit claims. OSHA had issued at least eight citations for safety violations at the plant before Duvan's death, the lawsuit says. After the accident, Labor Department officials said Duvan’s death offered a reminder that children remain vulnerable to exploitation in the U.S. workplace.
Persons: JACKSON, Edilma Perez Ramirez, Mar, Jac, Duvan Perez, , Duvan, Joel Velasco Toto, Bobby Butler, Perez Ramirez, Onin, Toto, Butler, Seth Hunter, Perez Ramirez's, Chick, ” Hunter, ___ Michael Goldberg Organizations: U.S . Department, Safety, Health Administration, Mar, OSHA, Onin Staffing, Labor, Associated Press, America Statehouse News Initiative, America Locations: Miss, Mississippi, Forest, Guatemala, Hattiesburg , Mississippi, Georgia, Alabama, U.S, @mikergoldberg
When the performance-management process started, it was a big surprise for me because prior to that, my husband won a prize from Amazon. For about two months, he was working his regular job and then on this extra work. I would accept if this had happened to me because I complain a lot in my job, but he doesn't. My husband was a role model for our child in part because of Amazon. My husband has a lot of shirts with Amazon on them.
Persons: we've, It's, didn't, he'd, We'd, , Margaret Callahan, it's Organizations: Amazon, Business
Across the economy and country, women — and especially women of color — are paid less than their peers. "Relying on a candidate's salary history can exacerbate preexisting inequality in our pay structures, and disproportionately impact women and workers of color. And, as the National Women's Law Center chronicles , some employers use previous salaries as a benchmark for determining a new worker's salary — again essentially locking in some of the biases that could've kept that number lower. Research on salary history bans suggests that they are effective in narrowing pay gaps; one study , which focused on California's statewide salary history ban alongside other localities that enacted bans, found that the gender earning ratios increased, with women over the age of 35 particularly benefiting. The actions are pegged to the 15th anniversary of the Lilly Ledbetter Fair Pay Act of 2009, which, per the EEOC , is the first piece of legislation President Barack Obama signed into law.
Persons: , Biden, Shalanda Young, could've, Lilly, Barack Obama, SCOTUS, Congress hasn't, Young Organizations: Service, Business, Management, National Women's Law, Research, Congress
Maskot | Digitalvision | Getty ImagesWorkers are sour on the job market — but that pessimism may be somewhat misplaced. So far in 2024, for example, big technology firms including Amazon, eBay, Google and Microsoft have announced job cuts. U.S.-based companies planned about 722,000 job cuts in 2023, almost double those announced in 2022, according to Challenger, Gray & Christmas, an outplacement and executive coaching firm. watch nowHowever, those recent headlines mask strength in the overall job market, economists said. "It's still a very robust and resilient labor market overall," Pollak said.
Persons: Daniel Zhao, Zhao, it's, Mark Zandi, Zandi, they've, Julia Pollak, " Pollak Organizations: Digitalvision, Getty Images Workers, Amazon, eBay, Google, Microsoft, Citigroup, Universal Music Group, U.S, Challenger, Moody's, Federal Reserve Locations: BlackRock, U.S
Fotostorm | E+ | Getty ImagesMillions of American workers are paying for early access to their paychecks. So-called "earned wage access" programs, which operate either directly to the consumer or through employers, let workers tap a portion of their wages before payday, often for a fee. Earned wage access has gotten more popularEarned wage access goes by various names: daily pay, instant pay, accrued wage access, same-day pay and on-demand pay, for example. "It's another version of payday loans," Monica Burks, policy counsel at the Center for Responsible Lending, a consumer advocacy group, said of earned wage access. However, a recent study by the U.S. Government Accountability Office found that earned wage access products "generally cost less than typical costs associated with payday loans."
Persons: it's, Marshall Lux, Lux, hasn't, Cherie Chung, EarnIn, MoneyLion, Monica Burks, , Thad Peterson, There's, EWA, Peterson, Harvard's, we're, Stacy Greiner, Dave, Ben LaRocco, Miranda Margowsky, Margowsky, Atif Siddiqi, Siddiqi, Safwan Shah, Shah, doesn't, Harvard's Chung Organizations: Harvard University, Finance, Harvard Kennedy School, Lux, Harvard, Hilton, Uber, Walmart, Companies, Center for, California Department of Financial Protection, Center for Responsible, U.S, Government, Office, GAO, Datos, Commerce, Economic, Financial Technology Association Locations: Kroger, McDonald's, California, Vermont
On January 3, she stopped by her store's Starbucks café while on break, where a barista asked her whether she wanted to buy one of the exclusive Starbucks x Stanley cups, she said. Carter is one of many workers across the US that Target has fired this month after they purchased special-edition Stanley Quencher cups. AdvertisementIn two cases, workers told BI they bought a cup that was improperly set aside by a colleague. AdvertisementIn addition, each worker told BI they were one of several employees at their stores who had been fired over the cups. None of the seven employees BI spoke to said they expected this product could end up costing them their jobs.
Persons: , Catherine Carter, Carter, Stanley Quencher, hadn't Organizations: Service, Business, Target, Starbucks, BI Locations: Miami, Maryland
Carter is one of many workers across the US that Target has fired this month after they purchased special-edition Stanley Quencher mugs. But workers BI spoke to said that they were either unaware of the rule's existence or that they did not realize they violated the rule when they purchased one of the cups. AdvertisementIn two cases, workers told BI they bought a cup that was improperly set aside by a colleague. AdvertisementIn addition, each worker told BI they were one of several employees at their stores who had been fired over the cups. None of the seven employees BI spoke to said they expected this product could end up costing them their jobs.
Persons: , Catherine Carter, she'd, Carter, Stanley Quencher, hadn't Organizations: Service, Business, Target, Starbucks, BI Locations: Miami , Florida, Maryland
A video of a woman filming herself getting laid off from Cloudflare went viral on Tiktok. Over the last year, we've seen similar TikToks of people filming themselves getting laid off. AdvertisementA trend on TikTok that's been simmering for a while but really went mainstream this week has been people (mostly young women) filming themselves getting laid off from their corporate tech jobs. Last week, one in particular made headlines as the young woman getting laid off from CloudFlare pushed back at the HR rep leading the call. It won't necessarily stop you from getting laid off if the ax falls on your department, but demystifying the process is good for workers.
Persons: we've, , Mickella Simone Miller, Miller, that's, CloudFlare, doesn't, Chloe Shih, it's, Shih Organizations: Service, DMs Locations: Salt Lake City
Don’t let the weekend get away from you
  + stars: | 2024-01-13 | by ( Diamond Naga Siu | ) www.businessinsider.com   time to read: +8 min
The big storyDon't let the weekend get away from youJLPH / Getty ImageWeekends seem like such a simple concept — two days away from work. Plan "anchor events" for your weekendAdvertisementVanderkam defined an anchor event as something you want to do during the weekend — any activity that's loosely planned ahead of time. She recommends thinking of the weekend in five chunks: Friday night, Saturday day, Saturday night, Sunday day, Sunday night. People can experiment with balancing responsibilities and free time, she said, since creating a fulfilling weekend is so individualized and requires work. Haselberger recommends that people ask themselves: What can you do on the weekend that is outside of something that you would normally do to make the weekend feel like it was a prolonged period of time?
Persons: , what're, Laura Vanderkam, Chris Madden, Vanderkam, Alexis Haselberger, Haselberger, Zack Frank, Elon, Oliver, ULA, Peregrine, Dermatologists, Alpha —, Ken Levine, Getty, Christian Petersen, Tyler Le, Tim Carman, Naga Siu, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, Hayley Hudson, Lisa Ryan Organizations: Service, Business, Netflix, Amtrak, Getty, Washington Locations: Elon Musk's, Delaware, California, San Diego, New York, London, Edinburgh
The average FTSE 100 CEO will have earned more this year than the median full-time worker's annual salary by 1 p.m. London time on Thursday, according to estimates from the High Pay Centre think tank. The calculations are based on the High Pay Centre's analysis of the most recent available CEO pay figures from British blue-chip companies' annual reports, compared with government data on pay levels across the U.K. economy. Median FTSE 100 CEO pay (excluding pension) currently stands at £3.81 million ($4.84 million), 109 times the median full-time worker's pay of £34,963, the think tank said. This represents a 9.5% increase on median CEO pay levels as of March 2023, while the median worker's pay has risen by 6%. The High Pay Centre highlighted that in December, Legal and General Investment Management adjusted its executive pay guidelines to permit companies it invests in to offer more generous incentive payments.
Persons: Britain aren't, Luke Hildyard Organizations: General Investment Management Locations: London, Britain
AdvertisementI asked Merchant for his perspective on how history informs how we should think about AI and labor. AdvertisementTake the clothworkers: skilled weavers made really high quality cloth and framework knitters made stockings that were nice and durable. Just about everyone loses except the factory owners, who profit from churning out more shoddily made stuff at a rate that the skilled workers can't compete with. AdvertisementBased on your understanding of history, what are the chances that AI helps people by lowering the gap between lower skilled and higher skilled workers? Now, as then, the vast, vast majority of the time, AI absolutely cannot replicate a good writer or worker's output.
Persons: , Insider's Aki Ito, Brian Merchant, Merchant, Aki Ito, Aki, coders, Ian, it's Organizations: Big Tech, Service Locations: England
It looked at culture, hiring, pay and promotions to see how companies invest in their workers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCoca-Cola was just ranked as the best place to work for career growth in the American Opportunity Index 2023 report . AdvertisementCoca-Cola was ranked top overall, largely because of its hiring, pay, and culture scores. In the past, it has made Glassdoor's ranking of the top 10 companies with the happiest employees and was included in its best places to work list from 2012 through to 2022.
Persons: , Lisa Chang, Chang, Meta, Salesforce Organizations: American Opportunity, Meta, Costco, Service, American, Harvard Business School, Foundation, Glass Institute, Cola, PepsiCo, PNC Financial Services Group, Amazon, Microsoft, AOI Locations: Glassdoor, W.W, Grainger
The October jobs report — with the economy adding just 150,000 jobs and the unemployment rate ticking up to 3.9% — was a disappointment. Of particular notice, the unemployment rate has increased by half a percentage point over the past six months. A simple way to show that things are still in balance is to look at Okun's law, a relationship between movements in the unemployment rate and economic activity. The historical record shows that once it rises half a percentage point, the unemployment rate tends to rise even more. The unemployment rate is already above the Fed's year-end forecast of 3.8% — the first time that's happened since March 2022.
Persons: Jerome Powell, it's, It's, we're, What's, what's, Neil Dutta Organizations: Federal Reserve, Fed, Macro Locations: joblessness, nonfarm payrolls
Even the majority of those that do contribute say they are not on track with their yearly 401(k) savings to retire comfortably. Here are three common mistakes workers often make when it comes to their 401(k) plans. Most 401(k) plans — 98% — make contributions to workers' retirement savings, according to the Plan Sponsor Council of America. And yet, roughly 22% of plan participants are not getting the full match, according to data from Fidelity, the nation's largest 401(k) plan provider. To that end, couples with two employer savings plans could benefit from prioritizing the more generous employer's 401(k) matching funds.
Persons: Joe Buhrmann, Mike Shamrell, Shamrell, Fidelity's, Buhrmann Organizations: CNBC, of America, Fidelity, Finance, IRS, IRAs, Workers
An Amazon worker died in Indiana in May after his head collided with a conveyor belt. OSHA has previously found that several Amazon warehouses failed to report worker injuries in the past. Regulators have also criticized Amazon's focus on speed at its warehouses, which resulted in workers "awkwardly twisting, bending and extending themselves to lift items," Business Insider previously reported. According to Amazon, workplace injury rates have reduced by "nearly 15%" from 2019 to 2021, Business Insider previously reported. Amazon did not immediately respond to a request for comment from Business Insider sent outside regular business hours.
Persons: , Caes Gruesbeck, Stephen Wagner, Maureen Lynch Vogel Organizations: OSHA, Service, Washington Post, Amazon, Regulators, Business, Post, Business Insider Locations: Indiana
A drug smuggler pardoned by Trump was accused of "viciously" beating a younger employee with a belt. Braun's "brutal assault left the 'kid's' entire body 'black and blue,'" prosecutors alleged. Trump pardoned Jonathan Braun on his final day in office as part of a slew of last-minute pardons and commutations. But Braun found out the marijuana had been stolen and ordered the man to shell out $100,000 to pay him back, prosecutors alleged. When the man refused, Braun and another associate flew to California, broke into the man's house, and Braun started attacking him with his belt, prosecutors alleged in the court filings.
Persons: Trump, Jonathan Braun's, , Donald Trump, Jonathan Braun, Braun, Prosecutors, Department's Organizations: Service, Prosecutors, New York Times Locations: Canada, Israel, California
That share has increased significantly over the past decade: Just 58.2% of employers made a Roth 401(k) available in 2013, PSCA found. Workers pay tax up front on 401(k) contributions, but investment growth and account withdrawals in retirement are tax-free. High earners may also mistakenly think there are income limits to contribute to a Roth 401(k), as there are with a Roth individual retirement account. Those that don't already do so must allow Roth contributions to facilitate this change, or disallow catch-up contributions, according to Principal. When Roth 401(k), IRA savings makes senseRoth 401(k) contributions may not be wise for all workers.
Persons: Roth, PSCA, Hattie Greenan, , Greenan, Ted Jenkin, Jenkin Organizations: Getty, of America, Finance, Workers, Companies, Employers, CNBC, CNBC's
Over the years, CEOs and business leaders have shared their thoughts on the phrase "work-life balance." AdvertisementYou wouldn't think that the phrase "work-life balance" would be a controversial one. Here are some of the hottest takes on work-life balance, given by some of the top business executives in the US. Jeff Bezos says work and life should make a circle, not a "balance"Jeff Bezos has called the phrase "work-life balance" debilitating. TIAA CEO thinks the entire concept is a "lie"TIAA's CEO says work-life balance is a "lie."
Persons: Jeff Bezos, , Clive Mason, Axel Springer, Bezos, it's, Elon Musk, Satya Nadella, Nadella, he's, Paras Griffin, Thasunda Brown Duckett, Alan Murray, Brown Duckett, Arianna Huffington, Andrew H, Walker, Huffington, Elon Musk Elon, STEFANI REYNOLDS, Musk, Walter Isaacson's Organizations: Service, Amazon, Business, Bloomberg, Press, Australian Financial, Getty, Oxford University, Elon, Getty Images, CNBC, YMCA, Tesla
A new lawsuit alleges that a Taco Bell holiday party last year went off the rails. The lawsuit alleges the party devolved into employees getting drunk and having sex in public. AdvertisementA new lawsuit alleges that a Taco Bell holiday party last year went off the rails and devolved into employees getting drunk, having public sex, and vomiting in a guacamole bowl. The lawsuit alleges that she reported the incident and was retaliated against by people associated with the defendants of the case. The lawsuit alleges that Does 1-50 are people who were "negligently, intentionally, or otherwise legally responsible in some manner for the events and happenings."
Persons: , Taco Bell, Taco Organizations: Taco Bell, Service, Alvarado Restaurant Group, Taco Bell's, Alvarado Locations: Taco, San Pedro , California
More than half of tech workers say that AI is overrated, a 2023 Retool report found. More than half of the tech workers surveyed — 51.6% of respondents — say that AI is overrated, the researchers found. Respondents who find AI to be overrated, Hsu said, don't feel like they can totally rely on AI at its current state. AdvertisementEven though some tech workers are skeptical of AI, only 14.4% of those who deemed AI to be fully overrated said their employers were over-investing in the technology. Retool's findings on AI come as workers across tech use AI tools like ChatGPT to write code, analyze data, and troubleshoot bugs.
Persons: , David Hsu, Retool, haven't, Hsu, Charlie Munger, It's Organizations: Service, Workers Locations: American
Reuters —Spain’s parliament voted to make Pedro Sanchez prime minister for another term on Thursday, ending a protracted deadlock after an inconclusive general election in July. Sanchez had 179 votes in favor and 171 against, with no abstentions. It also represents a remarkable turnaround for Sanchez, who six months ago felt compelled to call a snap election after his party performed poorly in regional elections. Pedro Sanchez (L) is congratulated by Partido Popular leader Alberto Nunez Feijoo after winning a parliamentary vote to elect Spain's next premier, at the Congress of Deputies in Madrid on November 16. Feijoo described Sanchez as being “subject to a monthly contract with separatists” to be able to govern.
Persons: Reuters —, Pedro Sanchez, Sanchez, Alberto Nunez Feijoo, Olaf Scholz, ” Scholz, , Ursula von der Leyen, Volodymyr Zelensky, Rodrigo Jimenez, Javier, Vox, Santiago Abascal, Feijoo, Esteban Gonzalez Pons, ” Sanchez, Spain's, Javier Soriano, , Miriam Nogueras, Nadia Calvino Organizations: Reuters, Spanish Socialist Workers ’ Party, PSOE, People’s Party, EU, Ukrainian, Spanish Socialist Worker's Party, Deputies, European People’s Party, EPP, Partido Popular, Socialists, European Investment Bank Locations: Spain, Catalonia, Spanish, Madrid, Socialist
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