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10 industry leaders transforming business in 2023
  + stars: | 2023-12-11 | by ( ) www.businessinsider.com   time to read: +20 min
In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.
Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, , She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton
Millennial and Gen Z parents are struggling
  + stars: | 2023-11-19 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +16 min
AdvertisementMillennial and Gen Z parents are finding themselves isolated. But they and Gen Zers behind them have finally caught up to previous generations in terms of their income, Jean Twenge, a psychologist and the author of "Generations: The Real Differences Between Gen Z, Millennials, Gen X, Boomers, and Silents—and What They Mean for America's Future," told me. As fast as the money comes in from the pay raises that millennials and Gen Zers have secured, for parents the money goes right back out. These realities can force many millennial and Gen Z parents to make tough choices. But, at the same time, young parents are fleeing those walkable cities for the towns next door.
Persons: Kyle Taylor doesn't, Taylor, they're, Gen, they've, We've, Natalie Groff, Gen Zers, Jean Twenge, Gen X, Silents, Twenge, Groff, she's, Jimmy Gomez, Gomez, of Labor He's, Zers, It's, millennials, they'd, Brittany Pettersen, we've, Pettersen, that's, She's, Becca Balint, didn't, Balint, That's, who's, isn't, Juliana Kaplan Organizations: Bureau of Labor Statistics, Bank of America, Department of Labor, Congressional, Caucus, of Labor, Pew Research Center, National Association of Realtors, Deloitte, Democratic Locations: The Alabama, New York City, California, Younger, Colorado, America, Vermont
Tyson recalled almost 30,000 pounds of its Fun Nuggets on Saturday, saying they could contain metal. AdvertisementAdvertisementTyson Foods has recalled almost 30,000 pounds of its frozen dinosaur-shaped chicken nuggets amid fears that they could contain metal pieces, the US Department of Agriculture's Food Safety and Inspection Service (FSIS) announced Saturday. The FSIS said that Tyson had recalled around 29,819 pounds of the dinosaur-shaped nuggets, which is around 16,500 packets. In September, the US Department of Labor announced they were investigating Tyson Foods and Perdue Farms, another major poultry producer, over the reports. The Tyson family has become one of the country's richest families, but Tyson Foods announced earlier this year that it was shutting four of its chicken plants as it sought to cut costs amid falling demand.
Persons: Tyson, , Tyson Foods, Tyson Fresh Organizations: Nuggets, Service, US Department of Agriculture's, Inspection, US Department of Labor, Tyson Foods, Perdue Farms Locations: Arkansas, Alabama , California , Illinois , Kentucky, Michigan , Ohio , Tennessee, Virginia, Wisconsin, Texas
New York CNN —Members of the United Auto Workers union are back on the job at General Motors, Ford and Stellantis. They can’t go on strike in sympathy with another union’s strike, and they can’t wage a strike over political issues, such as a change in government policy. The Teamsters and the UAW also both have members now on strike against a group of casinos in Detroit. The significance of May 1The date Fain sees for this collective, coordinated strike is May 1, 2028, or May Day, which is also International Workers Day. That is celebrated as a Labor Day in many other countries, but rarely in the United States, which is where its historical roots are.
Persons: Shawn Fain, , Todd Vachon, Taft, Harry Truman, Vachon, Fain, expirations, Kate Bronfenbrenner, , , “ He’s, Bronfenbrenner, McCarthy, ” Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, UAW, Rutgers University, US Department of Labor, Teamsters ’, UPS, Labor Education Research, Cornell University, Kaiser Permanente, Teamsters, Workers, Labor, Unions Locations: New York, Europe, United States, France, Detroit,
The Biden Administration proposes a crackdown on "junk fees" in retirement savings plans. However, high expense ratios in your account may be cutting into your future retirement savings. But there are still some preventive steps you can take to minimize any potential "junk fees" in your retirement savings plan. 4 ways to lower 'junk fees' in your retirement planThe Biden Administration wants to crack down on "junk fees" in 401(k)s and other investment accounts. Until then, here are four steps you can take to lower fees in your retirement savings plan.
Persons: Biden, , Charles Schwab, Robinhood, Judy Diamond's, Roth, it's, Teresa Bailey, Chloe Wohlforth Organizations: Service, US Department of Labor, Biden Administration, Employers, Mutual, Roth IRA, Waddell & Associates, Robinhood, Department of Labor, CFP, Angeles Wealth Management
A Department of Labor investigation found the operators of 14 Subway restaurants violated labor laws. The employers also didn't pay their employees regularly and stole tips, the DOL said. AdvertisementAdvertisementThe operators of 14 Bay Area Subway restaurants "endangered children" by making its teenage employees as young as 14 use dangerous equipment and work unlawful hours, an investigation by the US Department of Labor's Wage and Hour Division found. AdvertisementAdvertisementInvestigators found that several Subway workers at the 14 restaurants had suffered burns and other injuries, having operated ovens, toasters, cardboard balers and other dangerous equipment, the DOL said. AdvertisementAdvertisementThe investigation and litigation included these 14 Subway restaurants:
Persons: DOL, , John Meza, Jessica, Hamza Ayesh, Arkady Itkin, Ruben Rosalez, Labor Marc Pilotin Organizations: of Labor, Service, US Department of Labor's, Court, Northern, Northern District of, Subway, The Press Democrat, Department of Labor, Labor Locations: DOL, Northern District, Northern District of California, San Francisco
Ad agencies sought to fill hundreds of roles this year, from traditional creative openings, to tech-focused jobs. Insider analyzed recent government data to see what agencies paid employees in the US. Here's a snapshot of what groups like WPP, Publicis, and Omnicom paid agency staffers this year. Many agencies have been looking to recruit increasingly technical roles like developers, data scientists, and engineers, alongside the more typical creative jobs. To get a picture of what agencies pay, Insider reviewed the US Department of Labor's Office of Foreign Labor Certification data from the first half of this calendar year.
Organizations: WPP, Publicis, US Department of Labor's, Foreign Labor
Since Taylor Swift was spotted cheering on the Kansas City Chiefs tight end on Sunday, his profile has skyrocketed. After social media posts earlier this month ignited speculation, rumors of a relationship between the Kansas City Chiefs tight end and Taylor Swift have been heating up. AdvertisementAdvertisementKelce's new social media followers, meanwhile, could mean a payoff that lasts longer than a quick fling. As he's moved up the social media ranks — he now has 3.4 million followers, compared with Mahomes' 5.8 million — his earnings could multiply. Swift, by comparison, has 272 million followers on Instagram, and it's likely many of them have different interests frp, Kelce's typical fans.
Persons: Travis Kelce, Taylor Swift, , Donna, Kelce, Jason, Bob Dorfman, Tom Brady, Kelce's, Patrick Mahomes, Sportico, he's, OpenSponsorship, Ishveen Jolly, Jolly, Swift, Dorfman, Chase Garrett, Oprah Winfrey, Dr, Oz, Toni Morrison, Joe Alwyn, Taylor, who's Organizations: Kansas City Chiefs, Service, Arrowhead, SocialBlade, Associated Press, Apple, Pinnacle Advertising, NFL Players Association, US Department of Labor, NFL, Nike, Pfizer, , Sports, Billboard, Prada, Chiefs, Jets Locations: doesn't, Travis
After social media posts earlier this month ignited speculation, rumors of a relationship between the Kansas City Chiefs tight end and Taylor Swift have been heating up. AdvertisementAdvertisementKelce's new social media followers, meanwhile, could mean a payoff that lasts longer than a quick fling. As he's moved up the social media ranks — he now has 3.4 million followers, compared with Mahomes' 5.8 million — his earnings could multiply. Sports influencer marketing agency OpenSponsorship anticipates his rates for social media endorsements could increase "3-5x," OpenSponsorship CEO Ishveen Jolly told Insider over email. Swift, by comparison, has 272 million followers on Instagram, and it's likely many of them have different interests frp, Kelce's typical fans.
Persons: Travis Kelce, Taylor Swift, , Donna, Kelce, Jason, Bob Dorfman, Tom Brady, Kelce's, Patrick Mahomes, Sportico, he's, OpenSponsorship, Ishveen Jolly, Jolly, Swift, Dorfman, Chase Garrett, Oprah Winfrey, Dr, Oz, Toni Morrison, Joe Alwyn, Taylor, who's Organizations: Kansas City Chiefs, Service, Arrowhead, SocialBlade, Associated Press, Apple, Pinnacle Advertising, NFL Players Association, US Department of Labor, NFL, Nike, Pfizer, , Sports, Billboard, Prada, Chiefs, Jets Locations: doesn't, Travis
There has been a dramatic increase in reports of child labor — and workplace accidents involving kids. Overall, the Department of Labor said it had seen a 69% increase in illegal child labor over the previous five years. On Saturday, Seema Nanda, the US solicitor of labor, said she is examining whether companies can be held liable for contractors' labor practices. "We are long past the day when brands can say that they don't know that they have child labor in their supply chain," Nanda told the Times. It has also begun a third-party audit of its child labor policies, the spokesperson said.
Persons: Seema Nanda, Nanda, Tyson Organizations: US Department of Labor, New York Times, Perdue, Service, The New York Times Magazine, Tyson Foods, Department of Labor, The Times, Times, Perdue Farms Locations: Wall, Silicon, Wisconsin, Mississippi
A Wisconsin sawmill operator has agreed to stop hiring children after the death of a teenager. Michael Schuls, 16, died of "traumatic asphyxia" after an accident at Florence Hardwoods. The company also employed nine children, some as young as 14, "to illegally operate machinery," including saws for processing lumber. AdvertisementAdvertisement"While we did not knowingly or intentionally violate labor laws, we accept the findings and associated penalties," Florence Hardwoods said in a statement provided to Insider. In May, a pair of Wisconsin Republicans began circulating a bill that would allow 14-year-olds to serve alcohol; earlier, the state's Republican-led legislature legalized children working as late as 11 p.m.
Persons: Michael Schuls, Labor Julie Su, Schuls, Seema Nanda, , Kim Reynolds, May, Reynolds, cdavis@insider.com Organizations: Labor, Service, US Department of Labor, Green Bay Press, Gazette, Sheriff's, Press - Gazette, Department of Labor, Wisconsin Republicans, Republican, Des Moines Register Locations: Wisconsin, Florence, Wall, Silicon, Mississippi, Iowa
McCarty started a campaign called Quit Clicking Kids, aimed at stopping people using children on social media for monetary gain, in 2022. Child labor rights in the United States, from the factory to the internet: A timeline 1904 The National Child Labor Committee is founded, with the goal of ending all child labor. 1916 The first child labor bill – the Keating-Owen Act – is passed, which bans the interstate sale of any article produced with child labor and regulates the number of hours a child could work. In May 2023, the US Surgeon General’s office issued an advisory about social media and kids’ mental health. And for too many children, social media use is compromising their sleep and valuable in-person time with family and friends.
Persons: Chris McCarty, McCarty, Myka Stauffer, Stauffer, it’s, , Keating, Owen, Franklin Delano Roosevelt, Coogan, , Instagram, Carlotta Dotto, Lilit Marcus The Coogan, Jackie Coogan, aren’t, , Vivek Murthy, ” Stacey Steinberg, what’s, Steinberg, Yukari Schrickel, Mom Brooke Morrison, Parker, McKenzie, Morrison, ” Caz Makepeace, Craig, you’re, ’ ” Makepeace, Alex Winter, Machelle Hobson, Hobson, Makepeace, vlogging, Caz, they’re, “ We’ve Organizations: CNN, Morrisons, University of Washington, Child Labor, US, Labor, California, UN, Education, Trust, Facebook, National Archives, US Department of Labor, Actors, The Federal Trade Commission, New York Department of Labor, Washington State Legislature, Center, Children, University of Florida’s Levin College of Law, YouTube, Credit, Apple, Google Locations: New Orleans, Arizona, London, Dominican Republic, United States, New York, Illinois, California, , Australia
In April, Iowa's senate voted to pass a bill that would allow teenagers to serve alcohol. Legislators in Wisconsin are pushing to lower the alcohol service age from 18 to 14 years old. In April, Iowa's Republican-led state senate voted 32-17 to pass a bill rolling back child labor laws in the state. The bill would allow teens to work until 9:00 p.m. during the school year and until 11:00 p.m. over the summer and serve alcohol. The restaurant industry is backing legislators in their efforts to loosen child labor laws, according to the left-leaning Economic Policy Institute.
Persons: Nina Mast Organizations: Service, Economic Policy Institute, Iowa's Republican, Institute, National Restaurant Association, US Department of Labor, Packers Sanitation Services Inc Locations: Iowa's, Wisconsin, Wall, Silicon, Iowa , Michigan , Ohio , Kentucky, West Virginia, New Mexico , Alabama , Wisconsin, Idaho, Pennsylvania
More states want to let kids work as bartenders
  + stars: | 2023-07-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +3 min
New York CNN —More states are letting teenagers serve alcohol at bars and restaurants, part of a growing rollback of child labor protection laws across the United States. The restaurant industry already has the highest number of child labor law violations, according to the Economic Policy Institute. Efforts to lower alcohol serving ages are part of a larger push to loosen child labor protections in states around the country. Federal laws providing minimum protections for child labor were enacted nearly a century ago. But in the past two years, at least 14 states have introduced or passed laws rolling back child labor protections, the Economic Policy Institute reports.
Persons: Alabama —, , Nina Mast, Cargill, Tyson, Joe Biden’s Organizations: New, New York CNN, Economic Policy Institute, National Restaurant Association, Bureau of Labor Statistics, Economic, Institute, , US Department of Labor, Packers Sanitation Services, JBS, New York Times Locations: New York, United States, — Iowa, Michigan , Ohio , Kentucky, West Virginia, New Mexico, Alabama, Wisconsin, Idaho, Arkansas
The AI boom is screwing over Gen Z
  + stars: | 2023-07-17 | by ( Ed Zitron | ) www.businessinsider.com   time to read: +13 min
Now, with the advent of generative AI, organizations are starting to automate many "junior" tasks — stripping away their dubious last attempt to "teach" young employees. America's young workers are headed toward a career calamity. Nobody wants to teach anymoreEven before the rise of AI, young people were facing an early-career crisis. This lack of care is clearly weighing on the young workers who need career development the most. Humans can be enhanced by AI, helped by AI, but replacing them with AI is a shortsighted decision made by myopic bean counters who can't see the value in a person.
Persons: there's, Gen, Gen Zers, it's, Gen Z, Louis, Zers, millennials, Peter Cappelli, Capelli, Paul Osterman, they'd, Osterman, they'll, ChatGPT, Qualtrics, What's, they're, Ulrich Atz, Tensie Whelan, New York University's, Atz, Whelan, , There's, Knight, It's, Ed Zitron Organizations: Management, Federal Reserve Bank of St, National Association of Colleges, Employers, University of Pennsylvania's Wharton School of Business, US Department of Labor, MIT, Pew Research Center, National Bureau of Economic Research, Gallup, Workplace Intelligence, Amazon, Boston Consulting Group, New York, New York University's Stern Center, Sustainable Business Locations: America, New, Fortune
Shake Shack's founder told CNBC that customers shouldn't feel obligated to tip on takeout orders. Last year, Shake Shack added the option to tip at all its locations. More restaurants are prompting customers to tip during payment, causing confusion and frustration. Meyer said customers shouldn't feel obliged to tip when ordering takeout or coffee from a restaurant. Meyer founded Union Square Hospitality Group, and while the group doesn't oversee Shake Shack, it does manage many restaurants in New York City.
Persons: Shack, Danny Meyer, Meyer, Joe Biden Organizations: CNBC, Service, Square Hospitality Group, US Department of Labor Locations: Wall, Silicon, New York City
David Lochridge claimed he was fired in retaliation for raising safety concerns about the sub. Lochridge was fired in 2018 after a meeting with OceanGate CEO Stockton Rush, where they discussed safety. David Lochridge, OceanGate's former chief pilot, was fired in January 2018 after a meeting with OceanGate CEO Stockton Rush. The meeting was about safety concerns Lochridge raised in a report about the submersible, which was previously called the Cyclops II, the report said. In his safety report in January 2018, Lochridge pointed to alleged issues that were either defects or unproven, The New Yorker reported.
Persons: OceanGate, David Lochridge, Lochridge, , Rush, Rob McCallum, Thomas Gilman, Gilman, McCallum, Insider's Tom Porter Organizations: Stockton Rush, Service, Yorker, Titan, US Department of Labor, Occupational Safety, Health Administration, OSHA, Rush Locations: Lochridge
The Catholic Diocese of Sacramento confirmed that they found “no evidence of any connection” between the fake priest and their diocese. Garibaldi and three other restaurant owners and operators were ordered to pay $140,000 in back wages and damages to 35 employees. The restaurant will also have to pay $5,000 in civil penalties. Investigators also found that the restaurant denied employees overtime pay, managers were paid bonuses from the employee tip pool and some employees faced “adverse immigration consequences” for cooperating with investigators. “This employer’s despicable attempts to retaliate against employees were intended to silence workers, obstruct an investigation and prevent the recovery of unpaid wages,” Pilotin said.
Persons: Che Garibaldi, Taqueria Garibaldi, , , Labor Marc Pilotin, Garibaldi, ” Pilotin Organizations: New, New York CNN, US Department of Labor, Labor, Catholic, Catholic News Agency Locations: New York, California, Taqueria, Sacramento, ,
A worker lost a fingertip while working at a Hostess Brands facility, the Labor Department said. Federal investigators now say the company failed to provide workers with proper training. According to the department, the worker's amputation — reported by the company in December 2022 — occurred as they were attempting to reassemble a pump. In total, OSHA is accusing Hostess Brands of seven violations of federal safety standards, proposing civil penalties of just over $298,000. Hostess Brands employs about 3,000 people and reported revenues of more than $345 million in the first quarter of 2023.
Persons: , Sukhvir Kaur Organizations: Hostess Brands, Labor Department, Federal, Service, US Department of Labor, Safety, Health Administration, OSHA Locations: Chicago
A restaurant got a person "identified as a priest" to ask staff to confess to workplace "sins," an ex-worker said. They told a court the "priest" asked if they had stolen from the Sacramento, CA restaurant or harmed their employer. "The priest told me that he would instead ask me questions to get the sins out of me." They said that after the priest talked to staff, he left the restaurant together with one of the owners. Workers claimed that during the investigation, the restaurants instructed staff not to work with the DOL and told them to share false information.
Persons: DOL, , Taqueria Garibaldi, Garibaldi, Che Garibaldi, William B, Shubb, Che Garibaldi's Organizations: Service, US Department of Labor, Department of Labor, DOL's, Che Garibaldi Inc, Workers, US, Court, Eastern, Eastern District of Locations: Sacramento , CA, Sacramento , California, Eastern District, Eastern District of California
Kim Reynolds signed into law a bill rolling back child labor protections. The bill is one of many targeting child labor laws across the nation, signed largely by GOP governors. Businesses have increasingly reported labor shortages since the onset of the COVID-19 pandemic, which has killed over 1,127,000 Americans since 2020, according to the World Health Organization. The Iowa Governor's decision to roll back child labor laws is an apparent response to business owners who say they cannot find enough workers. Arkansas' unemployment rate was 2.8%, New Hampshire's was 2.1%, and New Jersey's was 3.5% — the only state that has recently rolled back child labor protections with a higher average than the nationwide 3.4% unemployment rate.
A federal contractor paid firefighters as little as $2.85/hour, according to the Department of Labor. Since 2010, the Oregon-based company KL Farms/Fire LLC has been awarded 72 federal contracts worth more than $2.6 million, according to government records. On average, per federal investigators, these workers put in an average of 70 hours a week fighting blazes in 2020 and 2021. In total, the Department of Labor said it recovered just over $152,000 in unpaid overtime and fringe benefits for 57 firefighters and truck drivers, with one worker receiving over $14,700. Email this reporter: cdavis@insider.comMay 25, 2023: This story was updated to include comment from KL Farms/Fire LLC.
The Popeyes franchise manager "screamed" at federal investigators, the DOL says in a lawsuit. He cursed at the investigators and slammed a door so hard it shook the building, per the lawsuit. The complaint claims that the district manager "instantly started screaming 'what the f*** are you doing here,' using an aggressive tone and demeanor." The district manager also slammed the kitchen door "so hard that the entire establishment shook," per the complaint. RBI and lawyers for the district manager and the franchise company did not immediately respond to Insider's request for comment, made outside of regular US working hours.
A Fort Myers restaurant made its 75 servers share their tips with its chefs, owners, and managers, the DOL said. The sushi restaurant repaid staff $262,000 after the DOL uncovered a number of labor-law violations. The restaurant's manager told The Fort Myers News-Press that it was "all cleared up now." Ginza Japanese Restaurant in Fort Myers made its 75 servers share their tips with its chefs, owners, and managers, the US Department of Labor said in a press release. Under the Fair Labor Standards Act, employers are not allowed to require their staff to share their tips with supervisors, managers, and business owners.
New York CNN —Two 10-year-old children were found working at a Louisville McDonald’s restaurant — sometimes until 2 a.m. — the US Department of Labor said Tuesday. The revelation was part of an investigation into the child labor law violations in the Southeast. “Investigators from the department’s Wage and Hour Division found two 10-year-old workers at a Louisville McDonald’s restaurant among many violations of federal labor laws committed by three Kentucky McDonald’s franchise operators,” the release said. “Investigators also determined two 10-year-old children were employed – but not paid – and sometimes worked as late as 2 a.m.”The three franchisees face a combined $212,754 in civil money penalties for the child labor violations, the release said. “Under no circumstances should there ever be a 10-year-old child working in a fast-food kitchen around hot grills, ovens and deep fryers.”
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