Latest news with #workforce
Yahoo
3 hours ago
- Business
- Yahoo
The Fed is also in 'wait and see' mode about AI taking jobs
This time will be different. That's the message we're hearing from corporate executives commanding the AI charge and from other leaders whose fields will likely be altered by the newfangled rush of automation. In a memo to employees earlier this week, Amazon (AMZN) CEO Andy Jassy described generative AI as a "once-in-a-lifetime" technology that will lead to a smaller workforce at the company, the nation's second-largest private employer, because of efficiency gains. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy For corporations, the mood is growth, productivity, and shareholder value. But the news added fuel to the fiery concerns that AI will massively displace workers. The concern that machines will take jobs isn't new, of course. But the scope of change, and the potential for new modes of labor and invention, are driving the latest bout of anxiety in workers — amid the corporate excitement for employers. The current labor market, as Fed Chair Jerome Powell stressed Wednesday, is solid. But they're watching this space closely. Board Governor Michael Barr, in a speech at the Reykjavík Economic Conference last month, outlined a scenario where AI doesn't just inspire incremental progress but overhauls the economy, prompting sweeping social change. "The amazing potential capabilities and breadth of applications associated with AI — many of which are already apparent — make it worth asking whether this time may be different," Barr said. "But alongside the kinds of labor market disruptions seen in past episodes of revolutionary technological change, we will need to consider the possibility of more sweeping changes in the way we work." In his press conference Wednesday responding to a question about the Amazon news, Fed Chair Powell stressed that the question is about whether the technology will "augment" or "replace" labor, which is "really hard to know." But, Powell stressed, "I wouldn't overread a couple of data points, because AI should be creating jobs at the same time." It's not clear yet how drastic the AI-inspired labor changes will be, but the data points are coming in and will continue. And the Fed, again in the "wait and see" mode afforded by a healthy labor market, can count them. "We don't have a house view on [AI taking jobs]," Powell said. "But this is going to be a very important question for some time." Whether by design or as a consequence of adopting and pushing AI, the idea of boosting productivity while shrinking payroll has certainly pervaded corporate America. The biggest companies across the country are constricting their workforces. Big Tech's "efficiency" push is perhaps the clearest example. Megacap, cash-rich companies are touting growth and still driving S&P 500 earnings. But they aren't hiring like they used to. That dynamic has denied classes of workers, like recent college grads, a ramp into the labor force. As my colleague Josh Schafer has reported, the labor market isn't as strong as it appears. While a lot of people still have their jobs, it's tough going for those unemployed and looking for work. Or, as this newsletter put it recently, the labor market is creating new jobs, but maybe not yours. The number of Americans filing for unemployment insurance on an ongoing basis has climbed to elevated levels in recent weeks. Still, as Powell pointed out on Wednesday, the layoffs and the unemployment rate remain very low. At the same time, the market got another data point this week in the form of just how much companies are willing to pay for AI experts, a signal of how transformative many executives believe it will be to the future of work. OpenAI CEO Sam Altman revealed on his brother's 'Uncapped' podcast that Meta attempted to poach "a lot of people on our team" with astronomical signing bonuses of $100 million. There's always room in the budget for the right person. But also, it seems, for the right machine. Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X @hshaban.
Yahoo
4 hours ago
- Business
- Yahoo
Mansfield event shows how to build internship programs that work
The Richland Area Chamber & Economic Development will host a BOSS session on June 24. According to an announcement, the session, titled 'The Internship Blueprint: Building Programs That Work,' aims to assist business owners, managers and HR professionals in developing effective internship programs. Participants will gain insights from local leaders who have successfully implemented internship models. They will learn practical steps for creating meaningful roles and discover how internships can support long-term workforce strategies. Panelists for the event include Fred Boll, Jessica Johnson, Ashley Tucker and Evan Stuart. The program is presented by Citrin Cooperman. The event will take place from 8 a.m. to 10 a.m. at the DLX – Kobacker Room, located at 28 N. Main St., Mansfield. Breakfast will be served at 8 a.m., with the program starting at 8:15 a.m. Admission costs $50 for non-members and $30 for Engage & Connect members. Complimentary tickets are available for certain membership levels, but registration is required. To register for the BOSS event, visit or contact Lisa Duckworth at lduckworth@ or 419-522-3211. This story was created by Jane Imbody, jimbody@ with the assistance of Artificial Intelligence (AI). Journalists were involved in every step of the information gathering, review, editing and publishing process. Learn more at This article originally appeared on Mansfield News Journal: Internship tips from Mansfield pros at June 24 BOSS event
Independent Singapore
7 hours ago
- Business
- Independent Singapore
Hospitality and tourism job interest in Singapore jumps 130% as industry rebounds after pandemic: Indeed
Photo: Depositphotos/ (for illustration purposes only) SINGAPORE: Jobseeker interest in Singapore's hospitality and tourism sector has more than doubled in four years amid the sector's recovery, according to new data from global hiring and matching platform Indeed. The number of clicks on hospitality and tourism job ads per million users rose by 130.3% from 2021 to 2025. Indeed said the increased interest could be linked to better perception of the sector's job security, pay, and working conditions. Skilled talent, including those returning to the workforce, and new graduates are also likely contributing to this demand. Job opportunities in the sector also increased by 48.7% from 2021 to 2025. From April 2024 to April 2025 alone, job postings grew 14.6%, likely driven by higher travel demand, major concerts and sporting events in Singapore, and new investments in building the local tourism workforce. In April, the Singapore Tourism Board (STB) said that the city-state welcomed 1.4 million tourists , up 4.5% from the same period last year. Indeed 's spokesperson Shannon Peter Pang said the strong interest from jobseekers is a good sign of the sector's recovery, but employers must ensure these workers are placed in roles that match their skills and support the industry's long-term growth. 'Employers are encouraged to invest in upskilling programmes to build a sustainable workforce pipeline to meet evolving service expectations and demands. Better employee retention strategies, such as competitive benefits and clear career development pathways, could help keep talent motivated and committed to building the industry,' he said. 'Singapore's smooth recovery as a premier travel destination in the Asia Pacific spells an exciting time for the country. As demand surges, the sector's businesses must ensure they're not just filling roles, but building meaningful career pathways,' he added. /TISG Read also: Singapore's tourism spending to hit record high in 2024, with more growth in 2025 Featured image by Depositphotos (for illustration purposes only)
Bloomberg
16 hours ago
- Business
- Bloomberg
Employees Terrified of ICE Raids Are Failing to Show Up at Work
Economics The Big Take High-profile immigration raids are scaring off workers and leaving employers unsure of how they'll manage without them. By , Maxwell Adler, and Michael Smith The Los Angeles garment district is emptied out. Texas dairy farmers say workers aren't showing up to milk cows. An Idaho onion grower already struggling to find enough crop hands says his labor supply is only getting worse. And in Ventura, California, Deputy Mayor Doug Halter said that after nearby immigration raids targeted day laborers outside of Home Depots, all the Latinos seemed to have disappeared from one of the retailer's outposts near him. Walking through the aisles the other day, from what he could tell, there were only White people. 'If you know this area, you'll know that is abnormal.'
News.com.au
17 hours ago
- Business
- News.com.au
Amazon staff fire up after CEO Andy Jassy drops artificial intelligence bombshell
The boss of tech giant Amazon has just said the quiet part out loud about what artificial intelligence advancements means for the workforce – and employees are not happy. CEO Andy Jassy, who took over from founder Jeff Bezos in 2021, dropped a bombshell on employees, revealing he expects the rise of generative AI to 'reduce' Amazon's corporate workforce over the coming years. The warning was part of a recent memo shared on the company's website, in which he talks about how, as the company 'leans into' generative AI services, it will 'change the way our work is done'. 'We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs,' Ms Jassy wrote. 'It's hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company.' Do you have a workplace story you want to share? Contact Amazon's corporate workforce is estimated to include around 350,000 people, with the company's total workforce totalling more than 1.5 million workers. The tech company already has more than 1000 generative AI services and applications in progress or being built, with the CEO stating this represents just a 'small fraction' of what they ultimately want to create. Mr Jassy encouraged staff to be 'curious' about AI and to educate themselves on the technology, suggesting they use it to figure out 'how to get more done with scrappier teams'. The bold statement that the company plans to cut jobs in line with technology advancements, unsurprisingly, hasn't gone down too well with Amazon employees. Dozens of messages, reviewed by Business Insider, sent on internal Slack channels allegedly showed staff up in arms following the memo. Many staff members reportedly pushed back, saying the company should be viewing AI as a way to aid productivity rather than downsizing the workforce. 'We need to lead the change in reframing AI as partners (even teammates or colleagues) rather than AI as replacements or tools. It's a slightly different vision than the one Andy alludes to,' one person wrote, according to the publication. In a sarcastic jab, another reportedly said that there was nothing more inspiring than reading that a person's role might be replaced by AI within a few years. One employee branded the focus on cost cutting over customer satisfaction 'dangerous', claiming it could have 'real consequences'. Other sentiments included concerns around using headcount cuts to measure success and the potential ramifications of relying too much on AI. It comes as the head of one of the world's most powerful artificial intelligence labs recently warned the technology could eliminate half of all entry-level, white-collar jobs within the next five years. Anthropic chief executive officer Dario Amodei told CNN's Anderson Cooper that politicians and businesses are not prepared for the spike in unemployment rates AI could prompt. 'AI is starting to get better than humans at almost all intellectual tasks, and we're going to collectively, as a society, grapple with it,' the 42-year-old said. 'AI is going to get better at what everyone does, including what I do, including what other CEOs do.' Anthropic's AI can work nearly seven hours a day, he said, and has the skills typically required of entry-level corporate workers – 'the ability to summarise a document, analyse a bunch of sources and put it into a report, write computer code' – at the same standard 'as a smart college student'. Amazon's new memo isn't the only AI-related announcement from a major company in recent months that has sparked concern. In March, Shopify CEO Tobi Lutke told staff that they would now be expected to prove why certain jobs can't be done using AI. 'Before asking for more Headcount and resources, teams must demonstrate why they cannot get what they want done using AI,' he said. 'What would this area look like if autonomous AI agents were already part of the team? This question can lead to really fun discussions and projects.' The bold announcement was included in an internal memo sent by Mr Lutke, with the CEO then sharing it to his own social media after hearing that it was 'being leaked' and 'presumably shown in bad faith'. The lengthy memo also stated that the use of AI was a 'fundamental expectation of everyone at Shopify', with Mr Lutke also stating AI usage questions would be included in performance and peer review questionnaire. The CEO's email has gained widespread attention, with responses split between praise for embracing new technology and horror at seemingly encouraging the replacement of jobs by AI. One respondent branded the CEO's position as 'cold and lacking empathy to humans', while another claimed they would resign on the spot if their employer sent out this type of directive. Others questioned why the onus should be on the staff to prove the role can't be done by AI, rather than on the company to prove that AI can do a better job than a human. There were also concerns about what this type of mindset meant for graduates who are just entering the workforce and would likely be going into the types of roles the company is encouraging staff to use AI to complete. One person said that, while they believe encouraging AI is the right path, it was 'just a scary one' as it leads to less employment for people over time. 'It also starts to beg the question of how does the next generation get into the workforce if traditional entry level jobs are now being done by AI,' they wrote.
