Latest news with #GeorgeArison
Hindustan Times
3 days ago
- Business
- Hindustan Times
AI Is Wrecking an Already Fragile Job Market for College Graduates
For a growing number of bosses, the answer is not much—AI can do the work instead. At Chicago recruiting firm Hirewell, marketing agency clients have all but stopped requesting entry-level staff—young grads once in high demand but whose work is now a 'home run' for AI, the firm's chief growth officer said. Dating app Grindr is hiring more seasoned engineers, forgoing some junior coders straight out of school, and CEO George Arison said companies are 'going to need less and less people at the bottom.' Bill Balderaz, CEO of Columbus-based consulting firm Futurety, said he decided not to hire a summer intern this year, opting to run social-media copy through ChatGPT instead. Balderaz has urged his own kids to focus on jobs that require people skills and can't easily be automated. One is becoming a police officer. Having a good job 'guaranteed' after college, he said, 'I don't think that's an absolute truth today any more.' There's long been an unwritten covenant between companies and new graduates: Entry-level employees, young and hungry, are willing to work hard for lower pay. Employers, in turn, provide training and experience to give young professionals a foothold in the job market, seeding the workforce of tomorrow. A yearslong white-collar hiring slump and recession worries have weakened that contract. Artificial intelligence now threatens to break it completely. That is ominous for college graduates looking for starter jobs, but also potentially a fundamental realignment in how the workforce is structured. As companies hire and train fewer young people, they may also be shrinking the pool of workers that will be ready to take on more responsibility in five or 10 years. Companies say they are already rethinking how to develop the next generation of talent. AI is accelerating trends that were already under way. With each new class after 2020, an ever-smaller share of graduates is landing jobs that require a bachelor's degree, according to a Burning Glass Institute analysis of labor data. That's happening across majors, from visual arts to engineering and mathematics. And unemployment among recent college graduates is now rising faster than for young adults with just high-school or associate degrees. Meanwhile, the sectors where graduate hiring has slowed the most—like information, finance, insurance and technical services—are still growing, a sign employers are becoming more efficient and see no immediate downside to hiring fewer inexperienced workers, said Matt Sigelman, Burning Glass's president. 'This is a more tectonic shift in the way employers are hiring,' Sigelman said. 'Employers are significantly more likely to be letting go of their workers at the entry level—and in many cases are stepping up their hiring of more experienced professionals.' After dancing around the issue in the 2½ years since ChatGPT's release upended the way almost all companies plan for their futures, CEOs are now talking openly about AI's immense capabilities likely leading to deep job cuts. Top executives at industry giants including Amazon and JPMorgan have said in recent weeks that they expect their workforces to shrink considerably. Ford CEO Jim Farley said he expects AI will replace half of the white-collar workforce in the U.S. For new graduates, this means not only are they competing for fewer slots but they are also increasingly up against junior workers who have been recently laid off. While many bosses say they remain committed to entry-level workers and understand their value, the data is increasingly stark: The overall national unemployment rate is at about 4%, but for new college graduates, it was 6.6% over the past 12 months ending in May. At large tech companies, which power much of the U.S. economy, the trend is perhaps more extreme. Venture-capital firm SignalFire found that among the 15 largest tech companies by market capitalization, the share of entry-level hires relative to total new hires has fallen by 50% since 2019. Recent graduates accounted for just 7% of new hires in 2024, down from 11% in 2022. A May report by the firm pointed to shrinking teams, fewer programs for new graduates and the growing influence of AI. Jadin Tate studied informatics at the University at Albany, hoping to land a job focused on improving the user experience of apps or websites. The week before graduation, his mentor leveled with him: That field is being taken over by AI. He warned it may not exist in five years. Tate has attended four conventions this year, networking with companies and asking if they are hiring. He has also applied to dozens of jobs, without success. Several of his college friends are working retail and food-service jobs as they apply for white-collar roles or before their start dates. 'It has been intimidating,' Tate said of his job search. Indeed, recent graduates and students are fighting over a smaller number of positions geared at entry-level workers. There were 15% fewer job postings to the entry-level job-search platform Handshake this school year than last, while the number of applications per job rose 30%, according to the platform. Internship postings and applications saw similar trend lines between 2023 and 2025. Less gruntwork, more mentoring The shift to AI presents huge risks to companies on skill development, even as they enjoy increased efficiency and productivity from fewer workers, said Chris Ernst, chief learning officer at the HR and finance software company Workday. Ernst said his research shows that workers mostly learn through experience, and then the remainder comes from relationships and development. When AI can produce in seconds a report that previously would have taken a young employee days or weeks—teaching that person critical skills along the way—companies will have to learn to train that person differently. 'Genuine learning, growth, adaptation—it comes from doing the hard work,' he said. 'It's those moments of challenge, of hardship—that's the crucible where people grow, they change, they learn most profoundly.' Among other things, Ernst said employers must be intentional about connecting young workers with colleagues and making time to mentor them. At the pipeline operator Williams, based in Tulsa, Okla., the company realized that thanks to AI young professionals were performing less of the drudgework like digging into corporate data that historically has taught them the core of the business. New employees at pipeline operator Williams go through a two-day orientation at the corporate headquarters in Tulsa, Okla. The company this year started a two-day onboarding program where veteran executives teach new hires the business fundamentals. Chief Human Resources Officer Debbie Pickle said that increased training will help new hires develop without loading them down with gruntwork. 'These are really bright, top talent people,' she said. 'We shouldn't put a cap on how we think they can add value for the company.' Still, Pickle said, the increased efficiency will allow the company to expand the business while keeping head count flat in the future. Some of the entry-level jobs most at risk are the most lucrative for recent graduates, including on Wall Street and in big law firms where six-figure starting salaries are the norm. But those jobs have also been famously menial for the first few years—until AI came along. The investment firm Carlyle now pitches to prospective hires that they won't be doing grunt work. Junior hires go through AI training and a program called 'AI University' in which employees share best practices and participate in pilot programs, said Lúcia Soares, the firm's chief information officer. In the past, she said, junior hires evaluating a deal would find articles on Google, request documents from companies, review that information manually, highlight details and copy and paste information from one document to another. Now, AI tools can do almost all of that. An employee poses for a headshot at the new-employee orientation at Williams. 'That analyst still has to go in and make sure the analysis is accurate, question it, challenge it,' she said. 'The nature of the brain work that needs to go into it is very much the same. It's just the speed at which these analysts can move.' She said Carlyle has maintained the same volume of entry-level hiring but said 90% of its staff has adopted generative AI tools that automate some work. 'Messy transition' Carlyle's reliance on young staff to check AI's output highlights what many users know to be true: it still struggles in some cases to do the work of humans effectively. Still, many executives expect that gap to close quickly. At the New York venture-capital firm Primary Venture Partners, Rebecca Price said she's encouraging CEOs of the firm's 100 portfolio companies to think hard about every hire and whether the role could be automated. She said it's not that there are no entry-level jobs, but that there's a gap between the skills companies expect out of their junior hires in the age of AI and what most new graduates are equipped with out of school. An engineer in a first job used to need basic coding abilities: now that same engineer needs to be able to detect vulnerabilities and have the judgment to determine what can be trusted from the AI models. New grads must also learn faster and think critically, she said—skills that many of the newest computer-science grads don't have yet. 'We're in this messy transition,' said Price, a partner at the firm. 'The bar is higher and the system hasn't caught up.' Students are seeing the transition in real time. Arjun Dabir, a 20-year-old applied math major at the University of California, Irvine, said when he applied for internships last year, companies asked for knowledge of coding languages. Now, they want candidates who are familiar with how AI 'agents' can automate certain tasks on behalf of humans—or 'agentic workflows' in the new vernacular. 'What is an intern going to do?' Dabir said as drones buzzed overhead nearby at an artificial intelligence convention in June in Washington, DC. The work typically done by interns, 'that task is no longer necessary. You don't need to hire someone to do it.' Venture capitalist Allison Baum Gates said young professionals will need to be more entrepreneurial and gain experience on their own without the standard track of starting as an analyst or a paralegal and working their way up. Her firm, SemperVirens, invests in healthcare startups, workforce technology companies and fintech firms, some of which are replacing entry-level jobs. 'Maybe I'm wrong and this leads to a wealth of new jobs and opportunities and that would be a great situation,' she said. 'But it would be far worse to assume that there's no adverse impact and then be caught without a solution.' Rosalia Burr, 25, is trying to avoid such an outcome. She graduated in 2022 and quickly joined Liberty Mutual Insurance, where she had interned twice during college at Arizona State University. She was laid off from her payroll job in December. Running has soothed her anxiety. This spring, however, she tore her hip flexor and had to rest to heal. Job rejections, as she was stuck inside, hit extra hard. 'I felt that I was failing.' Her goal now is to find a client-facing job. 'If you're in a business back-end role, you're more of a liability of getting laid off, or your job being automated,' she said. 'If you're client facing, that's something people can't really replicate' with AI. Write to Lindsay Ellis at and Katherine Bindley at AI Is Wrecking an Already Fragile Job Market for College Graduates
Mint
3 days ago
- Business
- Mint
AI is wrecking an already fragile job market for college graduates
What do you hire a 22-year-old college graduate for these days? For a growing number of bosses, the answer is not much—AI can do the work instead. At Chicago recruiting firm Hirewell, marketing agency clients have all but stopped requesting entry-level staff—young grads once in high demand but whose work is now a 'home run" for AI, the firm's chief growth officer said. Dating app Grindr is hiring more seasoned engineers, forgoing some junior coders straight out of school, and CEO George Arison said companies are 'going to need less and less people at the bottom." Bill Balderaz, CEO of Columbus-based consulting firm Futurety, said he decided not to hire a summer intern this year, opting to run social-media copy through ChatGPT instead. Balderaz has urged his own kids to focus on jobs that require people skills and can't easily be automated. One is becoming a police officer. Having a good job 'guaranteed" after college, he said, 'I don't think that's an absolute truth today any more." There's long been an unwritten covenant between companies and new graduates: Entry-level employees, young and hungry, are willing to work hard for lower pay. Employers, in turn, provide training and experience to give young professionals a foothold in the job market, seeding the workforce of tomorrow. A yearslong white-collar hiring slump and recession worries have weakened that contract. Artificial intelligence now threatens to break it completely. That is ominous for college graduates looking for starter jobs, but also potentially a fundamental realignment in how the workforce is structured. As companies hire and train fewer young people, they may also be shrinking the pool of workers that will be ready to take on more responsibility in five or 10 years. Companies say they are already rethinking how to develop the next generation of talent. AI is accelerating trends that were already under way. With each new class after 2020, an ever-smaller share of graduates is landing jobs that require a bachelor's degree, according to a Burning Glass Institute analysis of labor data. That's happening across majors, from visual arts to engineering and mathematics. And unemployment among recent college graduates is now rising faster than for young adults with just high-school or associate degrees. Meanwhile, the sectors where graduate hiring has slowed the most—like information, finance, insurance and technical services—are still growing, a sign employers are becoming more efficient and see no immediate downside to hiring fewer inexperienced workers, said Matt Sigelman, Burning Glass's president. 'This is a more tectonic shift in the way employers are hiring," Sigelman said. 'Employers are significantly more likely to be letting go of their workers at the entry level—and in many cases are stepping up their hiring of more experienced professionals." After dancing around the issue in the 2½ years since ChatGPT's release upended the way almost all companies plan for their futures, CEOs are now talking openly about AI's immense capabilities likely leading to deep job cuts. Top executives at industry giants including Amazon and JPMorgan have said in recent weeks that they expect their workforces to shrink considerably. Ford CEO Jim Farley said he expects AI will replace half of the white-collar workforce in the U.S. For new graduates, this means not only are they competing for fewer slots but they are also increasingly up against junior workers who have been recently laid off. While many bosses say they remain committed to entry-level workers and understand their value, the data is increasingly stark: The overall national unemployment rate is at about 4%, but for new college graduates, it was 6.6% over the past 12 months ending in May. At large tech companies, which power much of the U.S. economy, the trend is perhaps more extreme. Venture-capital firm SignalFire found that among the 15 largest tech companies by market capitalization, the share of entry-level hires relative to total new hires has fallen by 50% since 2019. Recent graduates accounted for just 7% of new hires in 2024, down from 11% in 2022. A May report by the firm pointed to shrinking teams, fewer programs for new graduates and the growing influence of AI. Jadin Tate studied informatics at the University at Albany, hoping to land a job focused on improving the user experience of apps or websites. The week before graduation, his mentor leveled with him: That field is being taken over by AI. He warned it may not exist in five years. Tate has attended four conventions this year, networking with companies and asking if they are hiring. He has also applied to dozens of jobs, without success. Several of his college friends are working retail and food-service jobs as they apply for white-collar roles or before their start dates. 'It has been intimidating," Tate said of his job search. Indeed, recent graduates and students are fighting over a smaller number of positions geared at entry-level workers. There were 15% fewer job postings to the entry-level job-search platform Handshake this school year than last, while the number of applications per job rose 30%, according to the platform. Internship postings and applications saw similar trend lines between 2023 and 2025. The shift to AI presents huge risks to companies on skill development, even as they enjoy increased efficiency and productivity from fewer workers, said Chris Ernst, chief learning officer at the HR and finance software company Workday. Ernst said his research shows that workers mostly learn through experience, and then the remainder comes from relationships and development. When AI can produce in seconds a report that previously would have taken a young employee days or weeks—teaching that person critical skills along the way—companies will have to learn to train that person differently. 'Genuine learning, growth, adaptation—it comes from doing the hard work," he said. 'It's those moments of challenge, of hardship—that's the crucible where people grow, they change, they learn most profoundly." Among other things, Ernst said employers must be intentional about connecting young workers with colleagues and making time to mentor them. At the pipeline operator Williams, based in Tulsa, Okla., the company realized that thanks to AI young professionals were performing less of the drudgework like digging into corporate data that historically has taught them the core of the business. New employees at pipeline operator Williams go through a two-day orientation at the corporate headquarters in Tulsa, Okla. The company this year started a two-day onboarding program where veteran executives teach new hires the business fundamentals. Chief Human Resources Officer Debbie Pickle said that increased training will help new hires develop without loading them down with gruntwork. 'These are really bright, top talent people," she said. 'We shouldn't put a cap on how we think they can add value for the company." Still, Pickle said, the increased efficiency will allow the company to expand the business while keeping head count flat in the future. Some of the entry-level jobs most at risk are the most lucrative for recent graduates, including on Wall Street and in big law firms where six-figure starting salaries are the norm. But those jobs have also been famously menial for the first few years—until AI came along. The investment firm Carlyle now pitches to prospective hires that they won't be doing grunt work. Junior hires go through AI training and a program called 'AI University" in which employees share best practices and participate in pilot programs, said Lúcia Soares, the firm's chief information officer. In the past, she said, junior hires evaluating a deal would find articles on Google, request documents from companies, review that information manually, highlight details and copy and paste information from one document to another. Now, AI tools can do almost all of that. An employee poses for a headshot at the new-employee orientation at Williams. 'That analyst still has to go in and make sure the analysis is accurate, question it, challenge it," she said. 'The nature of the brain work that needs to go into it is very much the same. It's just the speed at which these analysts can move." She said Carlyle has maintained the same volume of entry-level hiring but said 90% of its staff has adopted generative AI tools that automate some work. Carlyle's reliance on young staff to check AI's output highlights what many users know to be true: it still struggles in some cases to do the work of humans effectively. Still, many executives expect that gap to close quickly. At the New York venture-capital firm Primary Venture Partners, Rebecca Price said she's encouraging CEOs of the firm's 100 portfolio companies to think hard about every hire and whether the role could be automated. She said it's not that there are no entry-level jobs, but that there's a gap between the skills companies expect out of their junior hires in the age of AI and what most new graduates are equipped with out of school. An engineer in a first job used to need basic coding abilities: now that same engineer needs to be able to detect vulnerabilities and have the judgment to determine what can be trusted from the AI models. New grads must also learn faster and think critically, she said—skills that many of the newest computer-science grads don't have yet. 'We're in this messy transition," said Price, a partner at the firm. 'The bar is higher and the system hasn't caught up." Students are seeing the transition in real time. Arjun Dabir, a 20-year-old applied math major at the University of California, Irvine, said when he applied for internships last year, companies asked for knowledge of coding languages. Now, they want candidates who are familiar with how AI 'agents" can automate certain tasks on behalf of humans—or 'agentic workflows" in the new vernacular. 'What is an intern going to do?" Dabir said as drones buzzed overhead nearby at an artificial intelligence convention in June in Washington, DC. The work typically done by interns, 'that task is no longer necessary. You don't need to hire someone to do it." Venture capitalist Allison Baum Gates said young professionals will need to be more entrepreneurial and gain experience on their own without the standard track of starting as an analyst or a paralegal and working their way up. Her firm, SemperVirens, invests in healthcare startups, workforce technology companies and fintech firms, some of which are replacing entry-level jobs. 'Maybe I'm wrong and this leads to a wealth of new jobs and opportunities and that would be a great situation," she said. 'But it would be far worse to assume that there's no adverse impact and then be caught without a solution." Rosalia Burr, 25, is trying to avoid such an outcome. She graduated in 2022 and quickly joined Liberty Mutual Insurance, where she had interned twice during college at Arizona State University. She was laid off from her payroll job in December. Running has soothed her anxiety. This spring, however, she tore her hip flexor and had to rest to heal. Job rejections, as she was stuck inside, hit extra hard. 'I felt that I was failing." Her goal now is to find a client-facing job. 'If you're in a business back-end role, you're more of a liability of getting laid off, or your job being automated," she said. 'If you're client facing, that's something people can't really replicate" with AI. Write to Lindsay Ellis at and Katherine Bindley at
Fast Company
27-06-2025
- Business
- Fast Company
Bumble is stumbling. Tinder is flagging. But this go-to gay dating app is thriving
Dating app Bumble continues to lose its footing. After subpar earnings, sluggish user growth, and internal stagnation, the company has laid off 30% of its staff. Meanwhile, its dating app competitor Grindr is soaring. Among dating apps, Match Group's properties— mostly Hinge, sometimes Tinder—lead the market. The duo's ubiquity frame apps like Bumble and Grindr as boutique alternatives, designed for their innovative features or specialty user bases. That's a difficult market to occupy, especially as dating app fatigue sets in and Gen Z seems to push for more in-person (and sexless) encounters. Those factors are just part of the reason why Bumble and its competitors are falling behind. But LGBTQ+ hookup app Grindr is flourishing—posting solid growth in both user acquisition and revenue. In May, Grindr CEO George Arison spoke with Fast Company about his efforts to build a broader offering on the foundation of its core location-based grid of users—including some popular new features and a foray into telemedicine. He isn't convinced that generational patterns entirely explain the struggles of dating apps. 'This whole 'Gen Z-avoiding-apps' thing makes no logical sense. Gen Z loves TikTok and loves Reels and thinks you can read something online and you're an expert in it, but they're not gonna do dating online?,' he says. 'What I do think and what makes logical sense, is that if you don't build a product that Gen Zers want, they're not going to use it. That's where I think some of our peers have fallen flat.' His vision is still in progress, but here's how the company's constant efforts to test and scale new ideas could serve as a guide to its competitors. Comparing Bumble and Grindr Bumble and Grindr both went public in the early 2020s, when the dating app market was still hot thanks to the pandemic's digital boom. Since their IPOs, both Bumble and Grindr have hit rough waters—though Grindr managed to right itself while Bumble continues to, well, bumble. Bumble's stock opened at $43 per share—a height it hasn't reached since late 2021. In 2025, Bumble's share price was hovering around $5 in early June, jumping above $6 only at the news of layoffs earlier this week. Meanwhile, Grindr—which debuted at $16.90 in 2022, initially dropped to $5, but has been above $15 since November 2024 and exceeded $20 per share since mid-April. Revenue figures have told a similar story. Founder Whitney Wolfe Herd returned to Bumble in March on the eve of some sour news: Bumble's Q1 earnings showed an 8% decrease in revenue year-over-year. For the same quarter, Grindr's revenue grew 25% over the prior year. Arison told Fast Company he sees the company's performance as a reflection of the contributions that the LGBTQ+ community—he is gay himself—can make to the business world. 'Part of our mission has to be we do super well as a business and we force everybody to change,' he says. Neither app releases consistent and specific user counts. Grindr appears to be growing its user base as Bumble's gains are slow. In its Q1 earnings, Grindr reported 'more than 14.5 million' monthly active users, up from 'more than 13.5 million' the year prior. Bumble's earnings are split by paying users, a focus for former CEO Lidiane Jones. While the company grew its paying app users by 11% in 2024, it has since shed 100,000 of those subscribers in 2025. What should a dating app look like? Under Arison's leadership, Grindr has turned into an innovation powerhouse. In his May interview, Arison emphasized the creation of Albums—bundles of photos sent via chats and not directly displayed on a profile—which debuted in 2022. In 2024, Grindr users sent over two billion albums. He also pointed toward the app's new Right Now feature, which lets users search specifically for more immediate action. In D.C. and Sydney, two of the feature's trial markets, Arison said that '25 to 35% of our weekly active users were regularly going into the Right Now experience at least once a week.' Grindr's new features are available for all users, though paid subscribes receive additional uses. For example, free Grindr users get to post to the Right Now feed three times a week. Down the line, the company plans to make sessions available for purchase. That's part of Arison's strategy: Opening new features with limitations as a bridge to paid customer conversion. 'I don't want Grindr to end up like some of our competitors, who hollowed out their products focusing only on monetization and building nothing,' Arison told Fast Company. 'We are doing product-led processes—it's not just monetize, monetize, monetize. We're saying: Build new things, and those things will lead to revenue.' In contrast, Bumble has moved slowly with their feature rollouts. The 'Opening Moves' feature debuted in 2024, allowing users to list prompts for new matches to respond to. The feature undercut Bumble's initial mission that women should message first. Since then, they've also instituted ID verification and date-sharing safety features. Many of the app's most compelling features—like backtracking left swipes, Travel Mode, and Incognito Mode—are only available to paid users. With dating app fatigue on the rise, both Bumble and Grindr have also expanded into alternate markets. Both have emphasized the role of friendship and platonic encounters on their apps, with Arison promoting Grindr's ongoing effort to become the 'global gayborhood in your pocket,' noting 'Our younger, 18-plus cohort wants to be in an environment where there are older people as well. Friendships between younger and older people are much more common in our community.' Bumble launched its friend-focused Bumble B.F.F. in 2016, and broke it out into a stand-alone app, Bumble for Friends, in 2023. While Bumble for Friends doesn't release stand-alone user numbers, its million-plus Google Play downloads is dwarfed by Bumble's more than 50 million downloads. Grindr's 'gayborhood' model also flows easily with the original app; users have been employing Grindr for non-dating activities since its advent. By spinning their Friends function out into a separate app, Bumble must seek out an entirely separate user base. In this area, Grindr is making a similarly big bet on how it can show up in different ways for its users. The company recently launched Woodwork, a telemedicine company selling erectile dysfunction pills, in Illinois and Pennsylvania. Arison also predicted that Grindr would expand into 'haircare, skincare, and other things of that nature.' 'When I started talking to shareholders, part of the conversation was: What do we want Grindr to be? Just a dating app or something more?' Arison told Fast Company. 'Their view was very strong: We want to be a lot more.'
Bloomberg
27-06-2025
- Business
- Bloomberg
We Want to be the Gayborhood on Your Phone: Grindr CEO
Grindr, the LGBTQ dating app, has laid out an AI-driven roadmap to fuel growth, with plans for several new features this year. Grindr CEO George Arison says about 35% of current long-term gay relationships in the United States started on the platform. But Arison says the company is expanding beyond dating, and its "strategy is to be the "gayborhood on your phone", offering other experiences and services to users. Arison joined Francine Lacqua on "The Pulse". (Source: Bloomberg)
Bloomberg
11-06-2025
- Business
- Bloomberg
Grindr CEO on the Power of AI and DEI
George Arison, the CEO of Grindr, explains how the dating app is leveraging AI to launch products tailored to its community. Arison discusses the company's growth and his personal use of AI with Bloomberg's Caroline Hyde and Ed Ludlow. (Source: Bloomberg)
