Welcome back! Everyone’s favorite kitchen drama, The Bear, is back for a third season. How much do the characters actually get paid? I work at a restaurant in Chicago.
In today’s big news, People are quietly outsourcing parts of their jobsbut Getting promoted is harder than ever.
On Deck:
But first, strange times began.
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The big story
Strange workplace
To be honest, work has gotten really weird.
Since the pandemic began, the workplace has been constantly changing. The great surrender and Quietly quit. Super Commuter and Overemployed.
But now the workplace has reached its most (or perhaps most) advanced form: where people pay others to do work for them.
Use of “Shadow Stand-in” — A person who outsources all or part of their work without the employer’s knowledge — is on the rise, writes Business Insider’s Rob Price.
Remote work, global social networks, and ubiquitous software tools make it easy for workers to find low-paid helpers in India and Pakistan to do their chores. Facebook and Telegram are home to bustling marketplaces for hiring this hidden labor.
Workers who hire shadow stand-ins may be unqualified, overwhelmed, greedy or just plain lazy — and they often have a less-than-ideal view of their employers.
“For-profit corporations are government-sanctioned psychopaths whose sole purpose is to obtain predatory and parasitic profits,” one student told Rob. “They have no moral obligations.”
Ironically, the shadow stand-in ecosystem is structured similarly to the companies these outsourcers loathe: Shadow stand-ins are typically paid a fraction of what actual employees make. One employee told Rob that he struggled to cope with the shadow stand-ins’ substandard work and eventually “fired” them.
Meanwhile, those who do all the work themselves struggle to get recognition.
of Opportunities for promotion continue to decrease Amid rising interest rates and an uncertain economic outlook, companies are continuing to tighten their belts, writes BI’s Aki Ito.
And don’t hope this is just part of a broader cycle in the workplace: A harsh lesson was learned in 2023, when companies implemented wave after wave of layoffs and now seem desperate to avoid another round of size and salary inflation.
If promotion isn’t possible, changing jobs is always the best way to significantly increase your salary.
However, it is becoming more difficult to hire high-paid employees. It slowed down considerablyEven if you find a job, It’s likely to be fake.
In the end, you either aren’t working at all, or Secretly on vacationYou and your boss Maybe they don’t trust each otherand I don’t have friends at work who I can empathize with.
Oh, and let’s not forget the biggest fear: that your job could be replaced by AI in a blink of an eye.
Like I said, work has gotten really crazy.
Breaking News
Catch up on Monday’s headlines
A quick roundup of the weekend’s top news stories.
Three things in the market
- These baby boomers are smiling even after retirement. While many Americans worry about how they’ll spend their savings at the end of life, Baby Boomers have it easy: They own scarce pensions, and their real estate and stock portfolios have appreciated significantly over the years. It’s the golden age of retirement.
- It’s not fancy, but it’s worth the money. Data Center Industry Construction, Utilities and Electrical Companies Poised to be a big winner in the AI boomTraditionally seen as a defensive and boring sector, data centers will play a key role in driving the AI models that will transform the world over the next decade.
- Some retail investors won’t stop betting on GameStop. Since Roaring Kitty broke her silence last month, interest in GameStop shares has been revived. The recent rally has Many traders can’t ignore the allure of making big money with meme stocksThey told BI that, despite suffering huge losses the first time around.
Three things about technology
- Are you considering integrating AI into your business? These consultants might be able to help. The boom in generative AI has businesses eager to adopt the technology, but they don’t know where to start. What Bain, McKinsey and others are telling their clients.
- What would happen to AI progress if China invaded Taiwan? Leading AI chip designers rely on Taiwan Semiconductor Manufacturing Company to make key components, but TSMC’s location puts AI and its future in a tricky geopolitical position. BI interviewed Chris Miller, author of “The Chip Wars.”They warn of what would happen to the world’s chip supply if an invasion were to occur.
- Inside Netflix’s two CEO strategies. Netflix is a rare company with two CEOs, Greg Peters and Ted Sarandos, and while it’s a risky setup, it seems to have worked so far. Peters explained how big decisions are made..
Three things in business
- How a coach transformed a period of failure into a period of success. The designer’s once popular handbags fell out of style in the 2010s, Coach’s post-pandemic comeback has been swift and fruitful.This is mainly thanks to the brand’s ability to resonate with Gen Z.
- Why your local pharmacy is closing. Drug stores across the country are closing, with major retailers Walgreens, CVS and Rite Aid closing hundreds of stores. A series of short-term and long-term challenges To their contractions.
- The strange and wild world of the U.S. housing market. Real estate defies the basic economics principle of supply and demand: Demand is at a four-month low, supply is at a four-year high, and prices are at unprecedented highs. “It’s a real puzzle,” said economist David Rosenberg..
In other news
Today’s happenings
From the Insider Today team: Dan DeFrancesco, deputy editor and anchor, New York; Jordan Parker Erb, editor, New York; Hallam Bullock, senior editor, London; Grace Lett, deputy editor, Chicago; Annie Smith, associate producer, London; Amanda Yen, fellow, New York.
