How to Use Workplace Culture as a Springboard Toward a Smooth and Profitable Exit

Many founders looking to sell their businesses consider offers from private equity firms, which typically buy out most of an owner's stake while giving them a piece of the restructured organization, incentivizing them to fully participate in its transition and scale. These founders are in a unique position to help maximize the future value of their companies by supporting a critical aspect of their evolutions that most private equity firms don't sufficiently prioritize. READ MORE

Historic Supreme Court case could imperil the entire US tax code

The Supreme Court has agreed to hear one of the most important tax cases in history, which could either greenlight the constitutionality of an economically disastrous wealth tax, or destroy critical parts of the U.S. tax system.

Unless the justices take a middle road and define the 16th Amendment according to the history and traditions of the U.S. tax system, the case will result in bad law and worse outcomes. READ MORE

Small businesses using AI are loving it

Artificial intelligence has been used by big businesses for years, but the buzz over generative tools like ChatGPT that are available to everyone has drawn the attention of small businesses. And nearly all those utilizing the technology are seeing a boost, according to fresh data.

Survey results released Wednesday by Constant Contact found 91% of small business owners using AI say it has made their companies more successful, and more than a quarter (28%) of those respondents said they expect it to save them at least $5,000 over the next year. READ MORE

Oil and food prices are rising, and so are wages. Inflation isn’t beaten yet

The fight against the steep price rises unleashed by the pandemic and war in Ukraine has been long and painful, with central banks hiking interest rates at a scorching pace to try to cool inflation.

Some — like the US Federal Reserve and the European Central Bank — have started to signal that they will soon end their cycle of rate rises, and investors have been only too eager to call the end of the campaign, driving stocks higher as a consequence. READ MORE

Moody's downgrades US banks, warns of possible cuts to major lenders

Moody’s cut the credit ratings of several small and mid-sized banks and warned it may downgrade a handful of major Wall Street lenders.

The agency said late Monday that it lowered the ratings of 10 banks by one notch amid concerns over higher interest rates, rising funding costs and increased risk from the commercial real estate sector. Among the firms that had their ratings cut are M&T Bank, Pinnacle Financial, BOK Financial, Webster Financial, Old National Bancorp and Fulton Financial. READ MORE

Most financial services execs who work from home would quit if required to return to the office

Financial services firms taking a hard line on forcing workers back to the office could find themselves having trouble retaining managers and attracting new ones, according to new data.

Deloitte's latest survey of executives at U.S. financial services institutions released Tuesday found 66% of respondents who either work from home full-time or have a hybrid schedule said they would leave their job if required to return to the office five days a week. READ MORE

A new poll reveals what Americans fear about AI taking their jobs

The explosive launch of OpenAI’s ChatGPT in November 2022 has put the artificial intelligence or AI conversation into overdrive. As we sort through potential ramifications of advanced AI applications, the impact on jobs is at the top of the list.  
 
In July, two significant reports on AI job displacement were released. On July 11, the Organisation for Economic Co-operation and Development reported, "27% of jobs are in occupations at high-risk of automation." READ MORE

The Four-Day Workweek Gets Shorter With Practice, Companies Find

Findings from one of the largest experiments with a four-day workweek offers new ballast for people hoping to adopt the same schedule: The longer people worked in new, more efficient ways, the shorter their workweeks became.

The results come from a series of four-day-workweek trials conducted in the U.S., Canada, the U.K. and Ireland over the past 18 months. Dozens of companies ranging from design agencies to manufacturers and nonprofits tested the four-day concept, an approach that is gaining traction as employers and employees rethink the traditional ways of work. Workers were given a paid day off a week but the same workload to see whether they could get as much done working more effectively.  READ MORE

Craftsman factory in Texas shows challenges of reshoring manufacturing

The unsuccessful effort to launch a highly-automated factory for Craftsman tools in the U.S. underscores the challenges American businesses face in bringing manufacturing back from overseas.

Craftsman, the world’s largest tool brand, owned by Stanley Black & Decker, initially announced in 2019 that it would build a $90 million facility employing up to 500 workers in Fort Worth, Texas. The effort was viewed as an opportunity to showcase Craftsman products being "Made in the U.S.A." with cutting-edge manufacturing technologies to make the automated factory competitive with overseas facilities that use more manual processes.  READ MORE

Why 'loud quitting' is not recommended by job experts

Some employees who are fed up with their bosses or jobs are turning to social media to quit in a vocal and viral way, declaring they're leaving their jobs on such social media platforms as TikTok or Instagram Live. 

This behavior may seem amusing, even something that could make the unhappy employee go viral and become an online "star."

HR pros say it's wise to think twice about engaging in "loud quitting."  READ MORE

U.S. business activity growth slows as services soften

U.S. business activity slowed to a five-month low in July, dragged down by decelerating service-sector growth, closely watched survey data on Monday showed, but falling input prices and slowed hiring indicate the Federal Reserve could be making progress on important fronts in its bid to reduce inflation.

S&P Global said its flash U.S. Composite PMI index, which tracks manufacturing and service sectors, fell to a reading of 52 in July from 53.2 in June. July's reading showed the sixth straight month of growth but was restrained by softening conditions in the service sector. Readings above 50 indicate expansion. READ MORE

Have Tech Layoffs Peaked?

When will the layoffs end? The question is top of mind for anyone who works in the tech sector, whether they’ve watched friends and co-workers lose their jobs or been handed a pink slip of their own.

The tech industry has undergone a major reset since the glory days of 2021. By our count, at least 250,000 tech workers in the U.S. alone have lost their jobs since the start of 2022 — likely many more, as we often don’t have reliable layoffs figures for smaller startups. READ MORE

Tension Is Rising Around Remote Work

You don’t have to look hard to find someone arguing passionately about the benefits or perils of remote work. Some people argue that leaders’ productivity concerns are unfounded, while high-profile executives like Elon Musk suggest that anyone working from home is “phoning it in.” The issue, variably framed in terms of returning to the office (RTO), hybridity, or flexibility, is no doubt polarizing. But the one consistent element of the arguments for and against is how strong and entrenched the stances are. READ MORE

Businesses look to self-regulate the use of AI in hiring

A group of large companies has developed a set of principles and policies for the self-regulation of using artificial intelligence (AI) technologies in hiring processes in response to the relative lack of government regulation on the subject.

A total of 18 companies worked with BBB National Programs to develop a pair of documents that will serve as a voluntary framework for self-regulation.  READ MORE

Why AI is not a ‘get-out-of-jail-free’ card for talent bias

Starting last week, companies in New York City now face enforcement of a 2021 law designed to reduce bias in the hiring process when automated employment decision tools are in use. The new standard prohibits companies that have offices or employees in the city from using AI tools to decide hiring or promotion practices unless these tools have been independently audited for bias. While this regulation decisively impacts organizations with a footprint in the Big Apple, experts say all U.S. companies should pay attention. READ MORE

Workers are calling out bosses who ‘guilt’ staff into donating their vacation time to sick colleagues

When it comes to paid time off from work, America doesn’t have the best reputation. Last year, researchers named the U.S. one of the worst countries in the world for giving employees paid leave.

American workers get an average of 10 paid days off per year, according to careers site Zippia. While this increases slightly after five years with the same employer, it’s still far less than workers in other parts of the world are entitled to—often by law. READ MORE