“Nothing is certain except death and taxes.”

This proverb, often attributed to Benjamin Franklin, has stood the test of time. But if I could add one more piece to this pearl of wisdom, it would be this: “Nothing is certain except death and taxes, but death doesn’t change; taxes are always changing.”

With President-elect Donald Trump’s second inauguration, entrepreneurs and investors are watching closely for those changes. In his first term, President Trump accomplished one of the most significant overhauls to the tax code in decades with the 2017 Tax Cuts and Jobs Act (TCJA). With issues surrounding the economy and job growth front and center, the next four years may bring another wave of change.

With many of the tax cuts in the TCJA set to expire at the end of 2025 absent Congressional action, at least some change is inevitable. However, how much change and what kind is much harder to predict. The current political climate means Republicans will need to drive any tax policy changes, but with a razor-thin majority in the House, any single legislator will have tremendous power.

Despite the uncertainty, there are some things entrepreneurs can likely expect.

1. The corporate tax rate is unlikely to increase

The TCJA slashed the corporate tax rate from 35% to 21% — a pro-business shift that has spurred investment in countless industries. The good news for entrepreneurs is that this change isn’t among those set to expire.

President-elect Trump has publicly floated the idea of reducing the corporate tax rate even further, potentially to 15% for companies that make their products in the U.S. Given concerns over the federal budget deficit, it’s unclear when or if such a reduction could come to pass. But the overall message on corporate taxes is clear: keeping them low is a priority.

2. Individual tax rates will stay roughly the same

While the individual income tax reductions and standard deduction in the TCJA are set to expire at the end of 2025, extending them is widely popular. In a 2023 survey by the Pew Research Center, more than half of U.S. adults said they feel they pay more than their fair share of taxes and that the tax system is frustratingly complex.

Given this public support and President-elect Trump’s advocacy for extending the TCJA, we’re most likely to see individual tax brackets remain roughly the same, and the standard deduction might even increase.

3. Big tax deductions are likely to change

The TCJA introduced or expanded a number of tax deductions that are hugely valuable to entrepreneurs. Here are three to watch:

• Qualified Business Income (QBI) deduction

This deduction allows many owners of pass-through businesses to deduct up to 20 percent of their qualified business income, plus 20 percent of qualified real estate investment trust dividends and qualified publicly traded partnership income. The deduction is available even for taxpayers who take the standard deduction, and it has been a game-changer for small business owners.

Unfortunately for many entrepreneurs who rely on this deduction, its extension may not make the cut in the upcoming tax debate; many Democrats argue it is helping the wealthy at the expense of average taxpayers, and many Republicans will prioritize reductions to the corporate tax rate over the QBI.

Bonus depreciation is a tax deduction the government uses to encourage businesses to invest in certain assets, including some equipment, software, vehicles and rental real estate. The TCJA increased bonus depreciation from 50% to 100% until 2022. Since then, it has dropped by 20 percentage points each year and is set to reach zero by 2027 without Congressional action. President-elect Trump has proposed reinstating a full 100% bonus depreciation deduction, and I expect the new Congress to support this for manufacturing and other equipment purchases. However, real estate purchases seem less certain.

• State and Local Tax (SALT) deduction

Entrepreneurs living in high-tax states have felt the pain of the $10,000 cap the TCJA put on deducting state and local taxes. Intense pressure from lawmakers in certain states with high-income residents will likely lead to an increase in this deduction. Without action by Congress, the cap will expire at the end of 2025. However, given concerns over the budget deficit, it’s more likely that we will see lawmakers opt to increase the cap.

• Fewer, if any, green energy incentives

In recent years, entrepreneurs and investors have made good use of several tax incentives that promote investments in electric vehicles, solar power systems, wind farms and other renewable energy and environmental efforts. The Inflation Reduction Act of 2022, in particular, included significant tax credits for the cost of renewable energy systems.

President-elect Trump advocated for a more oil and natural gas-centric energy policy on the campaign trail, calling President Biden’s energy policy a “new green scam.” So, if the current incentives are part of your tax strategy, it is wise to connect with your tax advisor to discuss alternatives.

That said, it’s also possible that those incentives will remain while others for fossil fuel-related energy projects will return. The president-elect has expressed support for U.S. energy independence, and he named North Dakota Gov. Doug Burgum — who supports both oil and renewable production — his choice to lead a new National Energy Council.

How to prepare

Here is the good news. While most entrepreneurs have little influence over how these policies will shake out following the inauguration, the fundamentals of creating a good tax strategy will not change.

Remember: Your tax is based on your unique set of facts. To change your tax, you just need to change your facts.

How do you do this? The tax law is a series of incentives designed to influence how people earn and invest their money. The key is to pay attention to how the tax law changes and shift your strategy accordingly. Stay informed and work with an advisor who will partner with you on a long-term approach to minimize taxes while maximizing your wealth.

President Trump and the CEOs of OpenAI, Softbank, and Oracle are expected to announce a new $500 billion AI initiative called “Stargate,” CBS first reported.

Sources tell CBS that the plan is to start with a $100 billion commitment and a Stargate data center in Texas, and then build up to $500 billion over the next four years while expanding data centers to other states.

Related: The CEO of Softbank Just Announced He’s ‘Doubling-Down’ on Donald Trump’s Second Term

OpenAI’s Sam Altman, Oracle CTO Larry Ellison, and SoftBank CEO Masayoshi Son are expected at the White House Tuesday afternoon to make the announcement.

Oracle is one of the biggest data center operators in the U.S., per CNN.

Sam Altman has been vocal about the need to build more AI infrastructure and data centers in America.

“Infrastructure in the United States is super important, AI is a little bit different from other kinds of software in that it requires massive amounts of infrastructure, power, computer chips, data centers,” Altman explained in an interview last month with Fox News Sunday. “We need to build that here and we need to be able to have the best AI infrastructure in the world to be able to lead with the technology and the capabilities.”

This is a developing story and will be updated.

Related: Meta Is Building AI That Can Write Code Like a Mid-Level Engineer, According to Mark Zuckerberg

A new study released Tuesday by Hult International Business School and independent research firm Workplace Intelligence found that even when faced with widespread talent shortages, employers would rather hire a robot or AI than a recent grad.

The study surveyed 800 human resources leaders and 800 recent graduates (ages 22 to 27) in business roles, including finance/accounting, marketing, sales, management, operations/logistics, and business analytics/intelligence.

Nearly all HR leaders, 98%, said their organization was struggling to find talent, yet 89% stated that they avoid hiring recent graduates.

Related: AI Could Replace 200,000 Jobs on Wall Street, According to a New Report. These Are the Jobs Most at Risk.

When asked why, hiring managers said that recent graduates lack real-world experience (60%), a global mindset (57%), teamwork skills (55%), the right skill sets (51%), and the proper business etiquette (50%).

Three out of 10 HR leaders would rather leave a position unfilled than hire a recent graduate.

Nearly four out of ten (37%) would rather have a robot or AI do the job than a recent grad while 45% say they would rather hire a freelancer.

Related: AI Can Now Apply to 1,000 Jobs While You Sleep. Here’s How Many Interviews an AI Bot Creator Got in One Month.

At companies that have taken the plunge and hired recent grads in the past year, the majority (78%) have already fired at least some of them.

Meanwhile, recent graduates who have successfully joined companies have found the work experience invaluable. 77% said they learned more in half a year on the job than in four years of undergrad and 87% said their employer provided better job training than college.

Over half (55%) said that college didn’t prepare them in any way for the job they currently hold.

Related: Here Are the 10 Fastest Growing Jobs for 2025, According to LinkedIn.

“Our survey revealed that traditional college programs aren’t providing what students need to be successful in today’s fast-paced and increasingly tech-focused work environment,” Dan Schawbel, Managing Partner of Workplace Intelligence, stated.

So what do recent grads lack that HR leaders are looking for? Technology skills, especially in AI, data analytics, and IT, are important to 97% of HR leaders, but only 20% of recent graduates possess these skills.

“Theory alone is no longer enough,” said Martin Boehm, executive vice President and Global Dean of Undergraduate Programs at Hult International Business School. “Preparing students in new ways, with a focus on building both the skills and mindsets needed for continuous learning, is the future of education.”

Running a team now is like running a kitchen with chefs from all over the world. Each person comes with their own recipe, their own tools and their own approach. Add to that the fact that technology is reinventing the way we get work done every five minutes or so, and you’ve got yourself a situation. But here’s the thing: It’s not about whether anyone is right or wrong; it’s about making sure everyone cooks an excellent meal together.

Let’s cut to the chase about leading teams that span generations and are plugged in. It’s not about understanding which Gen Zs use TikTok or who prefers email to Slack. It’s about navigating different mindsets and working styles while leveraging the tech tools at our disposal. So, let’s get into the nitty-gritty of what really works.

Related: 6 Ways Multi-Generational Workforces Lead to Business Growth

Start with what matters — respect

Before we discuss technology or processes, let’s talk about respect. Managing a multi-generational team (millennials, Gen X, baby boomers and Gen Z) isn’t a question of pandering to stereotypes. Everyone simply wants to feel seen and appreciated. As a manager, if everyone works like they have something to bring, you’ve already won half the battle.

Instead of making assumptions that older folks hate tech or younger folks can’t concentrate, ask questions. “What do you require to do your best work?” is a great place to start. You’d be amazed how frequently the reason has nothing to do with their age.

Set clear expectations for tech use

We all know the type — the one who Slack messages you, emails you and then calls you just to ensure you got the memo. That’s why clear communication rules come into play. How will your team utilize technology? For example:

• Slack or Teams to communicate quick updates and ask questions

• Use emails for long explanations or noninternal discussions

• Establish “tech-free” zones or times if constant pings are turning into a productivity killer

Let them know that it’s not control; it’s efficiency. As soon as they realize it saves time, everyone loves a good process.

Match tech to the task, not the person

Some people are naturally good with tech; others are not. That’s fine. Don’t make the mistake of assuming what technology can or can’t be used based on age. Instead, focus on the task. If you are managing a sales team, Salesforce or HubSpot makes sense. If you’ll be operating a creative team, something like Figma or Adobe Cloud makes sense.

Bring in new tools focused on the job, not the cohort. Offer training sessions that are appropriate for all levels of skill sets. Assemble a team of tech lovers and have them collaborate with those who may require some assistance. It’s not so much age as it is a state of mind.

Recognize different work styles

Here’s the thing: Generations may have a different approach to work, but at the end of the day, everyone has the same desire for success. For example, older members of the team may benefit from detailed, step-by-step instructions. Younger people may flourish with fewer structures and the chance to play around. Neither is wrong.

As a manager, it’s your job to mix these styles. For instance:

• Design hybrid workflows that balance integration and freedom. Using project management tools (e.g., Trello, Asana or Monday.com) makes task visibility easy for everyone involved in the project. Those who thrive on structure will appreciate the timetables and those who thrive on freedom will appreciate the choice of what they prioritize.

Related: How to Navigate Generational Differences and Hybrid Challenges in the Workplace

Make feedback a two-way street

If all you’re feeding back is top-down, you’re missing out. Gen Z and millennials especially value workplaces where they feel as if their voices are heard. On the other hand, older generations have years worth of experience that share the same potential for game-changing work if used correctly.

• Build a two-way feedback loop

• Hold routine one-on-ones to talk about performance, struggles and ideas

• Use anonymous surveys to find out what’s working and what’s not.

• Provide opportunities for cross-generational mentoring. Give a Gen Z employee and a baby boomer a set of ears and watch the learning unfold on both sides.

Tech can’t replace trust

Let’s get one thing straight: Technology is a tool, not a solution. You could have the best project management software or the fanciest AI tools, but if your team members don’t trust you or each other, none of it will make a difference.

Make sure to invest in building relationships. Hold casual team check-ins, celebrate wins (big and small), and don’t be afraid to admit when you don’t know something. Trust is founded on honesty, and that’s free.

AI: Friend or foe?

This is where things get spicy. The landscape is changing with workplace AI tools such as ChatGPT, Notion AI and many others debuting. AI isn’t here to replace jobs; it’s here to augment them. However, how you roll out AI to a team is what matters most.

• Take one step at a time: Use AI for repetition, like scheduling, generating reports and even drafting emails.

• Be transparent: Explain what the tool can and can’t do. This helps mitigate fears, especially among older team members who may view AI as a challenge.

• Encourage experimentation: Have team members play with AI tools. The more comfortable they become, the more likely they’ll figure out how to use them efficiently.

Conflict isn’t a bad thing

If you’re managing different generations … disagreements will happen. One person thinks the old way of doing things is fine, and another wants to take a modern approach. Do not blanket conflict; use it as a way to innovate.

Promote candid conversations about what’s going well and what’s not. Hot debates are a great source of ideas. Just ensure that the conversation remains respectful.

Lead by example

If you run a tech-forward team, you need to talk. If you want your team to utilize a novel CRM, learn it first. To get them to embrace AI, demonstrate how you’re using it. Leadership is not about barking orders; it is about setting the tone.

Related: How to Improve Communication Between Generations in the Workplace

Running multi-generational, tech-driven teams isn’t rocket science but does require work. Respect, communication and flexibility are your best pals. Prioritize what each individual can contribute, not the labels associated with their age. Technology is to make our work easier, not harder. And at the end of the day, do also remember that all human beings really want is to feel like they make a difference.

You have the tools and the talent. Now, it’s time to put it all together.

Strategic entrepreneurs recognize that the new year is prime time to gain a competitive edge. One of the best ways to do this is to take a fresh approach to your tax planning.

Instead of simply closing out your books, carve out time for some high-value strategic work. You’ll come away with a clear vision for your financial future, less stress and, most likely, more money in your pocket.

Here are four steps to guide the process.

1. Figure out where you stand

First things first: If you haven’t already met with your tax advisor to estimate your taxable income and tax liability for this year and next, schedule that meeting as soon as possible. Knowing these numbers gives you a starting point to plan your next moves.

An April tax bill should never be a surprise. If you’ve experienced this, it is a sign that you’re taking a reactive approach to taxes. As an entrepreneur, you should be as proactive as possible. Getting control of your financial destiny starts with knowing your numbers.

2. Identify the right quick wins

Once you know your estimated tax liability, ask yourself: What can I do now to reduce the taxes due next April? One of the first options people jump to is postponing income to the following year. This should not be your first move. Instead, make sure that you and your tax advisor are looking at the whole picture.

Look for things you can do right now that will give you a permanent — rather than deferred — tax reduction. Here are several moves to consider.

• Maximize deductions. Many entrepreneurs don’t take all the deductions for which they qualify, basically donating money to the government. Review all of your expenses, both personal and business, and see if you are leaving money on the table. Two deductions I often see entrepreneurs miss are the home office deduction and business expenses paid from a personal account.
• Give to charity. While it makes no sense to donate to the government by skipping deductions, there are plenty of nonprofit organizations that will do great work with your gifts. The government encourages this kind of giving by allowing taxpayers who itemize their deductions to deduct donations to qualified charities up to a certain percentage of their adjusted gross income. Plus, donations don’t have to be made in cash. You can donate stock, property and even digital currency. When you donate appreciated assets, such as Bitcoin, you can get a charitable deduction for the asset’s fair market value, and you don’t have to recognize the capital gain.
• Use tax credits. In many ways, tax credits are even better than tax deductions because they reduce the taxes you owe dollar for dollar. Many tax credits will require a bit of planning, so you may find more opportunities to reduce your taxes in future years. However, it is still worth exploring as a potential quick win.

3. Get a jump start on 2025 and beyond

With those quick wins secure, it’s time to think ahead. What can you set in motion now to accelerate growth in your business while also permanently reducing your tax burden?

Look for actions that will create lasting benefits and organize them into a roadmap to guide you over the next three to five years. Here are some actions to consider.

• Set up entities strategically. Entrepreneurs unlock significant tax benefits and earning potential compared to employees when they create business entities — especially if they choose the right tax structure. If you move fast, you may be able to create a new LLC, corporation or partnership before the end of the year. If not, start the process now and have the results benefit you as soon as possible. For the best results, coordinate with your attorney, CPA and other advisors.
• Make new investments. The government pays entrepreneurs to make certain kinds of investments by offering tax incentives, often in the form of tax credits or deductions. As you think about your next moves in business, consider where you can invest your money to get both a great return and a great tax benefit.
• Look for lower tax brackets. If you are an entrepreneur with children, they can provide valuable support to your business and give you access to their lower tax bracket. For example, if your child works in your business, they can earn up to the amount of the standard deduction and not have to file a tax return. The child’s salary is a deductible expense for the business and has $0 tax. Sit down with your tax advisor and see what your kids could do within your business and how you can use that money for certain expenses.

4. Prepare for change

With many elements of the 2017 Tax Cuts & Jobs Act set to expire at the end of 2025 and a new administration poised for action, we’re likely to see some significant shifts in tax law. But remember: No matter who is in the White House or Congress, the tax law is a series of incentives available to anyone who chooses to utilize them. As you create your tax strategy, look for ways to stay nimble. That way, you can adjust as new tax policies come into play.

There are things you must look at now, especially around estate planning. Unless there is a change in the tax law, the estate tax exemption will drop back down at the end of 2025 to its 2017 base level. Review your will, trusts, insurance, beneficiary designations and powers of attorney, and consider whether you want to exercise your gift tax exemption this year. For 2024, you can gift up to $18,000 per individual (or $36,000 per married couple) without filing a gift tax return.

Use this time at the beginning of the new year wisely. By taking these simple steps now, you will start 2025 off ahead of the pack.

Is starting a business on your agenda in 2025? If you don’t want to launch one of the roughly 20% of businesses that fail within two years, you should consider all of the factors that make or break success.

And exactly where you start your business is one of the most essential pieces of the puzzle.

Related: Starting a Small Business? Here Are the States Where It’s Most Likely to Survive — and the Least.

Entrepreneurs who strategically choose their business’s state, city or neighborhood can benefit from different taxes, zoning regulations and licensing requirements, according to the U.S. Bureau of Labor Statistics (BLS).

A new study from WalletHub compared all 50 states across 25 key indicators of startup success — factors like labor costs, the availability of human capital and how many hours make up the average work week — to find out where entrepreneurs stand to gain the most.

Related: Want to Start a Small Business? Here Are the Best States to Try (and the Ones to Avoid).

“It’s crucial to establish your business in a state that will maximize your chances of success,” WalletHub analyst Chip Lupo says. “The best states have low corporate tax rates, strong economies, an abundance of reliable workers, easy access to financing and affordable real estate.”

Check out WalletHub’s full ranking of the best and worst states to start a business in 2025 below:

^{Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that state, where a rank of 1 represents the best conditions for that metric category.}

President Donald Trump was sworn in on Monday as the 47th U.S. president.

Incoming White House officials told reporters that Trump would sign executive orders in his first days in office, and possibly at his rally Monday evening. The orders are expected to address economic issues like inflation and tariffs, reiterating remarks made by the President himself at his inauguration.

“Today I will sign a series of historic executive orders,” Trump stated in his inaugural speech. “With these actions, we will begin the complete restoration of America and the revolution of common sense. It’s all about common sense.”

^{U.S. President Donald Trump gives his inaugural address. Photo by Kenny Holston-Pool/Getty Images}

The New York Times estimates that Trump has promised to sign close to 100 executive orders in the coming days.

The first economic executive order Trump addressed in his inaugural speech was related to inflation and energy.

Trump claimed that inflation was due to rising energy costs and government overspending. He stated that he would work to “rapidly bring down costs and prices” by signing an executive order declaring a national energy emergency so that the U.S. could produce and export more of its own oil and gas.

Related: Donald Trump’s Meme Coin $TRUMP Surges to $10.7 Billion Ahead of Inauguration

“We will bring prices down, fill our strategic reserves up again, right to the top, and export American energy all over the world,” Trump said.

White House officials told ABC News reporters that the move would create jobs and reduce regulations around the energy industry.

The U.S. was the world’s largest exporter of motor gasoline in 2023, supplying more than 16% of total global exports, according to the U.S. Energy Information Administration.

No president has declared a “national energy emergency” before, according to E&E News, though President Jimmy Carter did declare regional energy emergencies, including one in Pennsylvania in 1978.

Related: Elon Musk, Mark Zuckerberg and Jeff Bezos Get the VIP Treatment at Donald Trump’s Inauguration–With Seats In Front of the President’s Own Cabinet Picks

Trump is also expected to sign an executive order ending the Biden administration’s electric vehicle mandate, which gave more than $1 billion in incentives through tax credits for purchases of electric vehicles.

“We will revoke the electric vehicle mandate, saving our auto industry and keeping my sacred pledge to our great American autoworkers,” Trump said in his inaugural speech, adding, “We will build automobiles in America again at a rate that nobody could have dreamt possible just a few years ago.”

White House officials said that Trump expects to end the electric vehicle mandate through executive order “as soon as possible.”

Related: Elon Musk Makes a Case for Tesla in X Livestream with Donald Trump

Another economic executive order Trump spoke about in his speech was the establishment of the External Revenue Service, to collect tariffs and taxes from foreign countries.

“Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,” Trump stated.

Trump also said he would establish the Department of Government Efficiency, or DOGE, which is designed to reform government bureaucracy and reduce inefficiencies. He first announced the department in November.

Let’s talk about jobs. Not in the old-school, “What do you do for work?” way, but what a job really is. For decades, a job was described through a title and a list of responsibilities. You get hired, and you’re given a job description; that’s your professional identity. But frankly, that system is breaking down — and quickly.

The structure of work today isn’t designed for how companies function anymore. Now that all these things are changing, static roles or rigid hierarchies will never be able to keep up with changes in technology, business models or customer expectations. This is like trying to run a modern app on a ’90s computer — things crash. The old job description? Dead. What’s replacing it? Modular, project-based systems, where work is completed by pulling together the right people with the right skills for a specific assignment. Let’s break this down.

Related: Why Job Titles Don’t Always Reflect the Value of Employees

Why the traditional job structure doesn’t work anymore

The old work paradigm was designed for predictability. A company brings a bunch of people in to do specific tasks, and those tasks rarely change. An accountant crunched numbers, a marketing manager wrote campaigns, and the IT guy fixed your printer. Everyone stayed in their lane.

But most industries — and I’d argue most innovation — don’t work that way today. Things shift constantly. Today, you may need a cybersecurity expert, tomorrow a cloud architect and next week a data analyst, all on the same project. There are fewer businesses than ever, but job roles haven’t kept pace. The inflexible job description doesn’t match this new reality, and clinging to it is costing companies agility and talent.

You should also consider skills as they develop. Individuals these days do not fit neatly in a box. A great marketer, for instance, may also know how to do data analysis, build no-code tools and even do some graphic design. But if their job description reads only “marketing strategy,” you’re leaving half their potential on the table.

The rise of modular, project-based work

So, what’s taking the place of these well-worn roles? Modular work systems. What does that mean? Rather than hiring people in fixed roles, companies deploy talent on a project basis. You aren’t hiring “an employee.” You are hiring a skillset, a brain or even a team for a defined outcome.

Let’s say you’re an app company that’s just launching a product. Rather than pushing this project through tiers of departments (marketing, development, customer support, etc.), you form an agile, cross-functional team: a UX designer, a software developer, a marketing strategist and a project manager. When the app launches, that team disbands, and those people move on to different projects. The work is done faster, smarter and with less bureaucracy.

This is reminiscent of how many startups and creative agencies already operate. They value speed and expertise more than rigid structures, and it’s a major reason why they’re out-pacing more traditional companies. That’s also why freelance platforms like Upwork or Toptal are booming — companies seek access to a talented pool without the baggage of a full-time hire.

What this means for workers

Let’s get real: Not everyone is enamored with the idea of project-based work. For workers, it’s a transition from the predictability of a defined position to a merit-driven marketplace where your worth is tied to your skills and your capacity for reinvention. Some can work well in these conditions — others, less so.

But here’s another point: Project-based systems allow workers greater freedom. You’re not stuck doing the same things for years because they’re in your job description. You can pivot, acquire new skills and give back in ways that actually interest you. It’s much more dynamic and, to be honest, more in line with how people want to do their jobs now.

The question of job security is also relevant. If companies transition to project-based hiring, does that equate to fewer full-time opportunities? Maybe. However, it also offers opportunities for workers to pursue careers as independent contractors or consultants. In some ways, it’s a return to craftsmanship — you are valued for what you deliver, not for how many years you’ve been melting your face off in a cubicle.

Related: Scouting All-Star Talent For Your Business: A Four-Step Playbook

What businesses need to do differently

For companies, this transformation isn’t simply a matter of replacing job descriptions with project charters. It’s a whole new mindset. Here’s what needs to change:

1. Focus on outcomes, not tasks

Agencies must stop thinking about what an employee does on their daily grind and instead consider what outputs they’re responsible for. There’s no “social media manager,” but hire someone who can “grow brand engagement by 30% in six months.” It’s a small but profound change.

2. Invest in skill development

If work going forward is project-based, employees will have to continuously refresh their skills in order to remain relevant. Businesses that offer continual training and learning opportunities will be more attractive to better talent and will receive more value from their teams.

3. Rethink hiring processes

Traditional hiring processes — résumés, cover letters and multi-round interviews — are too slow for this model. Companies want more efficient assessments of skills, such as portfolio reviews, skills tests or short-term trial projects.

4. Build flexible teams

In a project-based world, you’re not only managing employees; you’re managing networks. Some members of this team may be full-time staff, while others may be freelancers, contractors or even AI tools. In response, companies require systems to efficiently manage these hybrid teams.

5. Embrace technology

Tools such as Slack, Asana and Airtable already aid project-based work, but we have only begun to scratch the surface. AI and automation will trump in this regard and start delegating tasks, tracking progress and even helping match the best talent to the projects.

Challenges ahead

Let’s not make any bones about it; the transition isn’t going to be easy. For companies, transitioning from hierarchies to networks requires rethinking everything from org charts to performance reviews. For employees, that means abandoning the traditional career ladder. Instead of moving via the classic ladder, you’ll be leaping from project to project, developing a portfolio of work that will get you places.

There’s also the risk of burnout. When employees arrayed across projects spin through one logo or event to the next without sharp boundaries, it’s easy to overburden people. Companies will need to embrace work-life balance in the new system, or they’ll lose talent just as quickly as they acquire it.

Why this shift is inevitable

If you’re still doubtful, consider that the tools we use to work have already unbundled how we do the work. Canva, ChatGPT and Notion are some examples of apps that have enabled people to do things that used to take entire teams. A logical next step is for their roles to be unbundled.

It’s also playing out in the gig economy. Platforms such as Uber, DoorDash and TaskRabbit have broken work down into discrete, outcome-based tasks. Although those examples are primarily in service industries, similar principles are beginning to operate in knowledge work. Writing, coding, design and even project management are all breaking down into modular, task-based services.

Related: Master The Flexible Talent Search: Seven Critical Questions To Ask When Building A Competitive On-Demand Workforce

People need to know the days of the static job description are over. Both businesses and workers are moving toward a more flexible, project-based model that better matches the velocity and multiplicity of our fast-changing world. It’s not a perfect system, and there will definitely be growing pains. But for companies that lean into this change — and for workers who adjust — it’s a tremendous opportunity.

We’re moving into a world in which work is less about where you land on an org chart and more about what you can bring to a particular objective. It’s quicker, more dynamic and (fingers crossed) a more fulfilling experience for everyone around. And if you still hold on to the old ways, you’re going to be left behind. It is time to unbundle work and rethink what a job actually is.

Citigroup is cutting certain roles as part of a broader corporate restructuring to eliminate tens of thousands of jobs by 2026.

According to a new report from Bloomberg, Citigroup laid off several managing directors in its Wealth at Work unit this week, which offers services to clients at professional services firms.

The bank also let go of a team that focuses on obtaining data and analyses for its clients.

Related: Citigroup Slashes 20,000 Jobs: Restructuring or Retreat?

Citigroup’s layoffs arrive as the bank tries to reduce expenses. Citigroup’s CEO Jane Fraser stated in January 2024 that the bank plans to eliminate 20,000 jobs by 2026 to save $2.5 billion.

^{Jane Fraser. Photo by Win McNamee/Getty Images}

The bank ended 2023 with a workforce of 240,000 people. It cut 7,000 roles within the first quarter of 2024 and ended 2024 with 229,000 employees for a reduction of about 10,000 roles within a year, per Bloomberg.

“We went through a significant simplification of our organization, removing management layers and the regional construct,” Fraser stated in an earnings call on Wednesday. “This has accelerated decision-making and made us a better partner to our clients.”

Related: While Other Bank CEOs Take Pay Cuts, Citigroup’s CEO Jane Fraser Gets a Raise

Citigroup’s chief financial officer Mark Mason said earlier this week that the bank is going to double what it usually sets aside for severance payments this year. Severance costs are usually around $300 million for the bank, he stated but will be $600 million in 2025.

In 2024, severance costs for Citigroup were even higher, close to $700 million.

As I write this, I’m surrounded by destruction and devastation. Here in Agoura Hills, California, we are on the cusp of the evacuation area, as fires have decimated thousands of homes and businesses in the Pacific Palisades and expanded westward through Malibu. Our power is out, and we are working from home off of a generator. My husband and business partner is currently conducting interviews in one corner of the house. I’m elsewhere, checking in with my team members and clients, many of whom have been personally affected by this, the worst fire disaster in the history of southern California.

Meanwhile, as I attend to the more mundane and routine business activities, such as reviewing last year’s annual reports and working with my marketing partners to create new outreach campaigns, I’m filled with immense gratitude for the business I’ve built and my ability to attend to it even amid such extraordinary circumstances. With a raging fire virtually at our doorstep, it’s all very touch and go, but it’s also comforting in a way, to set all the fear and anxiety aside and focus on what I’m best at: locking in and getting my work done.

Our resilience and perseverance in this difficult moment did not arrive by accident. By contrast, we’ve taken steps to ensure that our steadfastness in the face of catastrophe is part and parcel of our corporate culture.

Here are some key strategies for maintaining business continuity in a world where natural disasters are increasingly more commonplace.

Related: 3 Steps to Prepare Your Business for Wildfire Season

1. Understand the deeper needs of your employees in times of crisis

When disaster strikes, your employees may experience diverse physical impacts, and they will also process the event very differently — one person to the next — on a psychological and emotional level. As a boss and a leader, they will look to you to set the tone for persevering through disaster. It’s great that you’ve sent out an email blast with the latest updates and that your evacuation plan is posted in plain view at headquarters, but your job’s not done yet.

Though your first priority is safety, your leadership in this moment also entails looking out for your employees’ mental and spiritual well-being. Do this by holding one-on-one or group “check-in meetings” to discuss the effects of the disaster on your employees and those they care about. Make sure they know how to access available mental health resources. For example, some employers provide Employee Assistance Programs (EAPs) that include lower cost or free counseling services. In addition to practical disaster and emergency response materials, be sure to share uplifting and inspirational content with your team that showcases the strength and resilience of your community in action as they respond to the disaster at hand.

What I’m trying to emphasize with my employees at this time is that, above all, nothing matters more than the safety and well-being of our loved ones. And, like every other moment and life event, these times of devastation will not endure forever. Be grateful for all you have. Take a deep breath. We’ll get through it.

Related: I Lost Almost Everything in a Natural Disaster. Here Is How I Recovered.

2. Understand your paths to maximum resilience

The resilience of a business is determined by how quickly it can reestablish baseline operations after being impacted by a disaster. The key to maximizing resilience is to maintain a capacity in excess of what’s required for baseline operations. To put this in simple terms, consider a cloud data storage capacity diversified across several service providers. If your business backs up its files on a multitude of cloud drives, then the failure of one drive won’t hinder your normal operations.

Put even more simply: A business that maintains an emergency fund will prove more financially agile in the face of disaster than a business that lives paycheck to paycheck. Understand what your capacity for maintaining basic services looks like, then invest in resources that will allow you to operate above your baseline.

3. Plan. Plan. Plan.

This doesn’t have to be difficult, and there’s no need to reinvent the wheel. There are free tools available to help you evaluate your business’s risks and plan accordingly. For a comprehensive preparation guide, check out the “Open for Business-EZ toolkit” from the Insurance Institute for Business and Home Safety. Once you fully understand your risks and the continuity needs of your business, you’ll be better positioned to take further proactive steps such as:

• Investigating appropriate insurance coverage options that suit your business’s unique risk profile and covers the value of assets likely to be damaged or lost in the types of disasters most likely to affect you where you live.
• Cultivating awareness of grants and disaster relief loans for which your business may qualify.
• Understanding the vulnerabilities of the buildings, vehicles or equipment used to operate your business. How might disasters common to your area affect these resources?
• Setting up an emergency fund that can keep your business up and running through tough times.
• Determining whether or not a gasoline-powered generator or another backup power supply is a good investment to make?

Related: 8 Ways Your Business Can Avoid Disaster — and Recover If It Happens

4. Keep your customers in the loop

It’s important to let your customers know when you’ve been affected by a natural disaster or any other event that may cause interruptions to service. Poor communication with customers, leading to unmet expectations, can make a disaster worse than it needs to be. Keep them apprised of how your business was affected and of your ongoing recovery efforts. If you can afford to, go the extra mile: offer special discounts and promotions for customers affected by the disaster. Doing so will keep good feedback coming your way and will burnish your reputation as a responsible corporate citizen.

As we continue to battle through this historic disaster in southern California, my firm, CorpNet, is doing all we can to support the community we serve and are home to. We’ve rallied our employees and clients to join us in making donations to the Red Cross, the California Wildfire Relief Fund and the LA County Fire Department. We’re sharing and promoting these giving opportunities, both as a practical means of responding to the disaster, but also as a means of encouraging our team members and customers to stay mentally healthy during this distressing time by giving of themselves, connecting with and supporting the community in this time of need.

Remember, whether you like it or not, there are those who look to you for leadership and inspiration. The way you run your business — and how you treat the people who help you run it — speaks volumes. Strive to build a business that will set the standard for compassion, preparedness and resilience during challenging times.