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Business Insider
18-05-2025
- Business
- Business Insider
No one seems to know if AI will take our jobs or make us productive superstars
Mark Quinn said he lost his previous job to AI, though he doesn't think it was a sign of a coming employment purge at the hands of bots. Quinn was working for a generative artificial intelligence startup running a team he set up to oversee the answers the bots kicked out — the proverbial human in the loop. Eventually, as the AI improved, the company found it could manage with a smaller, more efficient set of workers, the longtime tech exec said. "My skill and the job I was hired to do was truly no longer needed," Quinn told Business Insider. Because there wasn't another role that was a good fit for him, he left. The idea of losing your job to a bot is scary, and some workplace thinkers have warned about it. Yet others hold a sunnier view: Whip-smart bots will take over so much that we'll be able to add a whole lot more to our to-do lists. The absence of a solid consensus among the tech and labor cognoscenti about AI's impact speaks to how many questions remain and how often the answer might start with "it depends." "Part of it is, we honestly don't know," Gary Hamel, a visiting professor at London Business School who lives in Silicon Valley, told BI about the effect AI will have on jobs. He said there are varying opinions in the AI community about whether we're already bumping up against the limits of what large language models and GenAI can do or whether there are blockbuster sequels to come. Hamel said we've often overestimated the impact of new technology on employment. "As far as I know, over the last 50 years, only one job category in the United States has disappeared," he said. "That is elevator operator." The list could grow. In 2023, Goldman Sachs said that some 300 million full-time jobs globally could be at risk of being automated. More recently, Salesforce CEO Marc Benioff said that his company might not hire software engineers this year because of how much AI agents have helped boost some coders' productivity. "I can't think of any roles that won't be impacted," Scott Russell, CEO of the tech company NICE, previously told BI about how AI will reshape work. 'An Iron Man suit' Adam Brotman, cofounder and co-CEO of Forum3, a boutique consulting firm that advises companies on AI adoption, told BI that he expects AI will take some jobs, change others, and lead some companies to forgo posting some roles they might once have. "It's this weird, ambiguous, conflicting thing," Brotman said. What is clear, he said, is that AI will make many workers far more productive. "It's going to be an Iron Man suit," said Brotman, who once ran digital operations at Starbucks and is the former co-CEO of J. Crew. He said the business leaders his firm talks to and who understand what AI is capable of, are asking how they can make their businesses more productive and whether they can get by without hiring as many people as a result. Brotman expects it will take another 12 months or so of AI being on the scene for businesses to have a clearer understanding of what the technology will mean for jobs. Ultimately, he predicts there will be a fallout, yet one that's not evenly distributed. For a job like software development, Brotman said, AI can do a lot of the programming and quality assurance work, yet someone working with AI to generate code can also do a lot more. He said it's become harder to answer the question of what AI will mean for employment because, as the technology improves, many of the gains will come not just from making organizations more efficient but from helping companies innovate and create new products and lines of business. "It's not just about productivity. It's about this abundance," he said. Ravin Jesuthasan, the global leader for transformation services at the consulting firm Mercer, expects there to be a "ton of dislocation" within companies and across industries that might not result in massive job losses across the US economy, but that will remake a lot of roles. He told BI that employees will be able to get more done, but that AI will also create a lot of work. This includes the need for people to ensure that the tech is functioning, that it's calibrated correctly, and that the output is used in an "intelligent, ethical, responsible way," Jesuthasan said. Think about tasks, not jobs Quinn, who lost his previous job to AI's prowess, is now the senior director of AI operations for Pearl, an AI search platform for professional services that pairs GenAI with human experts to verify responses are accurate. He said the best way to think about how AI will affect work isn't necessarily about which jobs or industries are most at risk of being upended, but rather about the tasks and type of work that will change. Quinn, who's held roles at Waymo, LinkedIn, Apple, and Amazon, said AI will take on many formulaic and rote tasks. He said that, as with any tech innovation, there will be some amount of upheaval, but that people can also learn to work with AI. The focus should be on what workers can do with the extra time they'll have. Quinn advises companies to help build workers' skills and embrace different ways of getting things done. Otherwise, he said, employees could get left behind. "The longer that people sit on the sidelines wondering if this wave is coming, the more at risk they are of getting caught off guard by the undertow," Quinn said.
Business Insider
25-04-2025
- Business
- Business Insider
The sneakiest places people tend to overspend, according to a financial planner
Overspending can derail a budget and get in the way of smart financial planning. By planning ahead, you can cover everyday and emergency expenses, while leaving room for your wants. Budgeting apps can help track hidden expenses and give you a clear picture of your spending habits. Overspending can significantly impact your budget. However, more often than not, it's not one big splurge, but several smaller purchases, that quietly derail a budget. Understanding where budgeting tends to go astray is the first step in learning how to save money effectively. Once you're aware of the sneakiest places you tend to overspend, you can start making intentional changes that get you back on track. 'The ostrich approach' makes your money disappear When thinking about cutting back on spending, you might consider skipping out on takeout or a few shopping trips. But some of the most overlooked money drains aren't one-off expenses like these. "Some of them wind up being in their streaming services and charges associated with their technology," said Eric Brotman, CFP® professional and CEO at BFG Financial Advisors. "Some of them are places like insurance, where a lot of consumers don't understand what they own, and they're kind of over-insuring for little things. A lot of people are also overpaying on taxes because they're not doing the right kind of tax planning." Expenses like monthly subscriptions, excessive insurance policies, and tax inefficiencies tend to fly under the radar because they're often baked into everyday life. Unlike impulse purchases, they're recurring or embedded in essential systems, making them harder to spot and cut without a closer look. "A lot of this comes down to what I call the ostrich approach, burying your head in the sand and not being aware," Brotman said. "I think most of us overspend by accident. And so the biggest mistake I see is people spending whatever comes in from their paycheck and hoping there's money left at the end of the month so that they can save some." Ways to regain control of your spending Review your statements A smart starting point is reviewing your bank statements and credit card balance regularly. Look at your statement balance each month to understand where your money is going and if you need to adjust your spending. Track expenses Tracking hidden expenses is key to gaining control over your finances. Using one of the best budgeting apps such as Monarch Money or YNAB can make these costs visible by automatically categorizing transactions and highlighting patterns over time. When you can see exactly where your money is going, it becomes easier to make informed decisions and adjust your spending habits before things get out of hand. "One way is to use personal finance software that will download all of your expenses, categorize them, and help you see trends," said Brotman. "I've been using that religiously for a long time, and I think it helps me find where there are either sudden changes or where there's a trend going the wrong direction." Other tools like Rocket Money can also help identify and cancel unnecessary subscriptions, a common outcome of lifestyle creep. Catching those creeping costs early can make a big difference over time, especially if they're draining money you could be saving or investing. Prioritize savings It's easy to let discretionary spending eat away at your paycheck, especially when you only think about saving what's left over. But a better strategy is to treat savings like a bill you pay to yourself first. When your bills and savings contributions are set on autopilot, you can make consistent progress toward your goals before the rest of your money is spent on non-essentials. This strategy helps reduce the mental load of money management while preventing late fees, missed payments, and overdraft fees. "I advise everybody to pay themselves first," said Brotman. "Then, no matter what your income is, take the first 10 or 15% or whatever that number is for you, and automate your savings and your investment." Regaining control of your budget While sneaky overspending can derail your budget, the key to regaining control is awareness. Achieving your savings goals, paying bills on time, and still having discretionary funds is possible, but it requires consistency and a proactive approach. Regularly reviewing your finances and making adjustments as needed ensures that you're staying on track to meet both short-term and long-term financial goals.
