I want to talk to you about something important: the price of pho. A few years ago at the Vietnamese noodle joint around the corner from my office, a large bowl cost $12. Now it’s $17.

How did my bill for the exact same meal jump almost 50%? It’s no mystery. Businesses of all kinds are wrestling with unprecedented inflation. But that’s not their only challenge.

Even as the cost of doing business keeps climbing, geopolitical tensions are hampering trade and rattling stock markets. Meanwhile, employee engagement is in the dumps, and finding the right talent remains elusive. Then there’s AI, which is disrupting work in ways we’re just starting to grasp.

The result is a business survivability emergency. It’s no exaggeration to say that companies today are facing an existential threat on multiple fronts. No wonder almost half of CEOs believe that if their business stays on its current path, it won’t be viable in 10 years.

Here’s why companies find themselves in such a tough spot and how they can turn things around by better understanding the one resource that’s right in front of them — their people.

Related: AI Will Radically Transform the Workplace — Here’s How HR Teams Can Prepare for It

Unpacking the “performance erosion crisis”

Despite all of our technology, people — the basic driver of any business’s success — remain a black box at most companies. Today, we can get real-time insights on customers and prospects through modern sales and CRM tools. But when it comes to the people working alongside us, we’re often flying blind.

We’ve had people analytics for generations, of course, but they’ve been confined to spreadsheets and limited to HR wonks. And even when information about people is available, it’s typically siloed and inaccessible to the managers who need it most. At the same time, performance isn’t systematically tracked.

The result is a performance erosion crisis. Productivity, in no uncertain terms, has flatlined. In fact, it’s now at a 75-year low and is the number one challenge, according to executives.

Meanwhile, half of employees are disengaged, making them more likely to be unproductive or simply walk out the door, and three out of four businesses are having trouble hiring skilled talent. As a result, 1.9 million manufacturing jobs could remain unfilled in the U.S. by 2033.

And don’t forget the elephant in the room: AI. Employers reckon that almost half of workers’ skills will be disrupted in the next five years. For companies, uncertainty about who to hire leads to inefficiency and churn. If people are expensive, that makes things even worse.

Just ask blue-chip stalwart Intel, which is laying off 15,000 people — 15% of its workforce. With revenue declining, the tech giant admits that it’s failed to benefit from AI.

In short, growth expectations are as ambitious as ever. But as productivity has stalled relative to operating costs, businesses everywhere are headed in exactly the opposite direction.

How companies can come out on top

To pull through in these uncertain times, businesses must capitalize on their most valuable resource: now, more than ever, they need real-time insights that connect the dots between their people and business results.

What I’m talking about is categorically different from the people analytics of yesteryear — dense tables reserved for HR analysts. What’s needed are on-demand insights accessible across the company, in real-time. For people data to be useful, it must be intuitive enough for managers to use to drive daily decisions, big and small.

The good news is that while AI is a catalyst for disruption, it’s also giving businesses a workforce edge when it comes to tackling the performance erosion crisis.

Think of the questions that every company has about how people impact business outcomes. Who are our top performers? Who’s most at risk of quitting? Where is productivity dipping?

Related: AI Is Changing the Way We Look at Job Skills — Here’s What You Need to Do to Prepare.

New platforms let managers ask those questions in plain language — and instantly deliver a clear, actionable response. The best of these draw on a vast database of millions of anonymized employee records across industries to deliver tailored results and accurate benchmarks.

Pay is yet another area where real-time people data can be a game changer. Even though most companies have a detailed compensation policy, the managers who make pay decisions often shoot from the hip, letting bias cloud their judgment. AI-powered smart compensation tools help managers make more informed choices, factoring in not only industry standards but individual employee performance while flagging pay gaps linked to racial, gender and other biases.

Indeed, new platforms can serve as a one-stop shop for many of the repetitive questions that employees typically lob at HR, whether it’s about salaries, vacation days or benefits. Turning all of that information into a self-serve function liberates HR teams from manual toil, freeing them up to focus on what really matters: ensuring the business has the right people to propel it forward.

Of course, technology alone is not a panacea. Companies that want to capitalize on real-time people data must also be willing to make a culture shift. This starts with a willingness to share insights on people and performance once hoarded by HR. People represent most companies’ biggest budget line-item and single most important driver of business success. A commitment to understanding how they work best and to sharing that information in ways that are consistent, understandable and safe is a prerequisite to getting the most out of AI-powered tools.

Confronting the workforce challenge at the root of the performance erosion crisis isn’t rocket science. To get the most out of people in an unpredictable world, you need to understand them and how they impact business outcomes. In my experience, the best way to do that is by tapping the real-time insights that AI can deliver. Like my bowl of pho, running a business won’t get any cheaper, so it’s time to gain an edge by working smarter.

I recall interviewing someone for a position at Square years ago when I was an engineering manager there. This candidate had every soft skill needed to excel in the role, but they weren’t familiar with our tech stack.

Not knowing the technology used at a major tech company seems like a pretty good reason not to hire someone — but 80% of the technology we use now wasn’t even around then. In hindsight, the biggest mistake I could have made would have been not to hire them, and it was sheer luck that made me realize it at the time.

Below, I’ll explain a few other major hiring mistakes — including some I’ve narrowly avoided and others I’ve made personally. Use this information to guide your own hiring decisions so you can be confident in the people you choose for your team.

Related: Why You Have to Let People Fail Now So They Can Succeed Later

1. Don’t hire talent over character

“How familiar are you with javascript?” is one of the least valuable questions you can ask in an interview. Don’t get me wrong; there’s a place for technical screening during the hiring process. But as a lead, there are better uses of your time.

At the end of the day, I can teach Javascript to almost anyone — or at least anyone likely to make it far enough in the hiring process that I’m having a face-to-face conversation with them.

I can’t necessarily teach a candidate how to get along with me. Compatibility can be nurtured to a certain extent, but much of it is innate. It’s either there or it’s not.

Your time in an interview is far better spent asking questions that speak to the character of your candidate. I’ve written an entirely separate article about that, which you can read below.

Related: I’ve Interviewed Thousands of Candidates — Here Are the 2 Questions I’ve Asked All of Them

2. Don’t assume pedigree is the same as value

The fact that a candidate went to a prestigious school or worked at a major company might get them in the door. But it should never be enough to land them the job outright.

Not everyone who went to Harvard or Yale is a genius, and not everyone who worked at Microsoft is a visionary. An institution’s reputation might suggest something notable about the people associated with it, but it guarantees nothing.

In fact, many students who attend Ivy League schools are strangely shy about it — because they want their work and character to speak for themselves. Having big names on a resume could mean that someone is exceptional, but it might also mean that they’re counting on those names to do the heavy lifting for them.

You can (and should) apply the same thinking to a candidate’s specific experience. They may have managed a big team at their last job, but that doesn’t necessarily mean they could do it at your company.

What’s on their resume lands them the interview. It’s what they say during the interview that lands them the job.

3. Don’t hire someone to grow into the role

This one’s probably a little confusing because it seems to fly in the face of conventional wisdom. Aren’t you supposed to put people in positions where they’ll develop better skills over time?

Of course, you are. However, your company culture and leadership style will help the right candidate grow, even if they’re overqualified when they start. And it’s much better to hire someone who can slam-dunk their position from day one than someone who will need their handheld.

Don’t hire someone who needs to grow into the role; hire someone where the role can grow into them. If you believe that your company will grow (and hopefully you do), then the role should be able to grow into their skillset.

Let’s go back to the example I presented at the start of this article — the candidate who wasn’t comfortable with our tech stack at Square. That candidate ended up thriving in their role, even though the technology it required is now completely different. In other words, the role eventually adapted to their soft skills and character.

Related: Avoid Costly Hiring Mistakes With These Five Essential Tips

The way you hire a candidate sets the tone for your professional relationship

Too many people look at whether to hire someone as a simple yes or no question, but it’s much more than that. Hiring a candidate becomes the first interaction you have with a new employee, so the way you do it colors the rest of your professional relationship with them.

Technical skills, strong references, and growth potential are all valuable qualities in a candidate. But a person’s character, accomplishments, and ability to excel are all much clearer indicators of how successful they can be.

And remember: hiring someone isn’t when you stop learning about someone — it’s when you start. You can pick up some more tips on how to build strong relationships with your team below.

Related: Be a Coach, Not a Referee — How to be a Good Mentor and Manager from a Coaching Perspective

The NOAA (National Oceanic and Atmospheric Association) reports that in 2024, there have been 19 billion-dollar weather and climate disaster events that have brought death and destruction in the United States. Storms, wildfires, and severe heat and cold waves have resulted in nearly $50 billion in damages.

While many of us do our best to get out of harm’s way, Brian Evans runs toward them. Evans restores the phone network during natural disasters for AT&T, and he also is the lead chef for the company’s mobile disaster basecamp. Evans says that both of his jobs require quick thinking and decisive action, and recently shared his tips for managing crises big and small.

Please explain your role as a chef and tech recovery expert. How do those skill sets overlap? 
I restore the network during natural disasters as an AT&T tech recovery expert, and I have become the lead chef for the natural disaster recovery team, where I bring in a mobile kitchen to support our folks at our basecamp. Last year I was on the ground in 42 states.

Related: 10 Strategies to Help Businesses Thrive in Times of Crisis

To lead a large-scale cooking or natural disaster recovery effort, you need to be able to plan for many phases at once. When we come into a disaster area, the basic infrastructure for the city is often out, and so the job can last anywhere from a week to a month. You quickly need to get ahead, so it’s about balancing preparing the first meals along with coordinating with external vendors for resupply, which can be very challenging after a storm.

Photo credit: AT&T

What advice can you give to entrepreneurs about wearing multiple hats?
Make sure you have alternates who can manage things if your day-to-day lieutenants aren’t available because you need to stay on track in both of your worlds. I have a network of volunteer responders from 46 departments at AT&T who have been trained to support our natural disaster recovery efforts, and I maintain a corps of kitchen trailer volunteers with different skill sets in different regions. Make sure your bench is spread out — we’ve set up 12 different stops across the US for training so that wherever we are, there’s a backup nearby.

Related: Taylor Swift Gives Masterclass in Crisis Management

And while you’re ensuring execution is tight, also know how to communicate the value of both programs to your superiors at any time. This high-level vantage point can easily be forgotten when you’re in the thick of things, but it is important. When I really needed a bigger mobile operation to handle scale, I was able to clearly show my superiors why it was so important to our first responders and how it was cost-effective, so they increased our resources to make the program truly national.

What’s your advice for entrepreneurs about moving fast and staying smart?
Protect your set-up phase and then you move quicker with everything else. You don’t want to “cook up a storm in a storm.” During stressful situations, it’s easy to want to rush to meet your team’s needs, but creating a plan makes a world of difference. We were on the ground during Hurricane Ian, for example, and it would’ve been easy to go into panic mode with 150-mph winds. Instead, my team got a headcount in advance, assessed the severity of the situation and then got to work on meal planning, ordering supplies and cooking so that our employees would have a hot meal at the end of a long day. As an entrepreneur, you’ll be in stressful situations that you need your team to push forward through, and a key part of that is maintaining morale, finding creature comforts, and breaking bread together. That was a key part of my upbringing in rural Louisiana.

Related: 4 Steps You Need to Follow to Make It Through Any Crisis

From what you’ve seen in natural disasters, what do you wish all people kept on hand in their homes and cars?
Everyone on my team carries a “bug out bag” aka a survival or emergency kit at all times. They contain everyday necessities that aren’t usually available during a disaster like extra clothes, water, blankets, snacks, etc. I always recommend that others have these items available all in one place so you can easily grab them at a moment’s notice. Of course, the hope is you won’t ever need it, but at the very least, you’ll have a little peace of mind knowing you’re prepared.

What does every entrepreneur need to know about leading a team during a crisis?
When I first started working in disaster preparedness, I was still a bit unsure of myself, but teams need a leader who is confident. So as I was figuring things out, I would picture the most confident person I could think of and try to embody them. The team looks to me during challenging missions and if I fall apart, they’re sure to follow suit. Whenever possible, I try to remember to take a few minutes to decompress if I start to feel myself getting overwhelmed. An emergency is already a high-stress situation and as a leader, how you react affects the success of the team for better or for worse.

In today’s modern world, the rules of the game are changing faster than ever. The risks that businesses face are no longer just financial or operational — they’ve become a tangled web of uncertainties driven by tech breakthroughs, new regulations and unpredictable global events. If you’re leading a business today, navigating these risks with agility isn’t just smart — it’s essential for survival and success.

Why risk management isn’t what it used to be

The risk landscape has gotten a lot more complicated. What used to be about managing market volatility or supply chain hiccups has now evolved into a whole new ballgame. Look at the rise in cyberattacks. A recent PwC Pulse Survey shows that 58% of businesses see more frequent cyberattacks as a major risk, a concern that’s no longer just for IT departments but for the C-suite as well. When a cyberattack hits, it can halt production lines, compromise sensitive customer information and even bring down a company’s reputation in an instant.

Or consider the energy sector, where the risk isn’t just about keeping the lights on anymore; it’s about managing carbon footprints and stranded assets. With global regulations pushing for sustainability, energy companies are finding themselves at a crossroads. Do they continue to invest in traditional fossil fuels, or do they pivot toward renewable energy sources? The financial stakes have never been higher, and the decisions made today could determine the industry’s future. Business leaders now have to rethink their entire risk strategy to stay in the game, balancing short-term profitability with long-term sustainability.

Related: How to Navigate Risk, Regulation and Resilience in Entrepreneurship

What’s driving this new risk environment?

The modern risk environment is shaped by a variety of dynamic factors, each adding a layer of complexity to how we manage risk. Understanding these factors is key to staying ahead and ensuring that your business is not just reactive, but proactive.

• Tech upgrades mean new threats: The digital revolution has brought about huge opportunities, but it also opens the door to significant cyber threats. With the increasing adoption of remote work and digital tools, the risk landscape has expanded dramatically. To stay ahead, companies need to invest in cybersecurity tools. But it’s not just about technology; it’s about building a culture of cybersecurity awareness where every employee understands their role in protecting the organization.
• Regulatory shifts: Regulatory environments are becoming increasingly complex and global, with new rules emerging faster than ever. Businesses that fail to comply with such regulations face hefty fines and reputational damage. Companies that rely heavily on international supply chains are particularly vulnerable, as political shifts can lead to sudden changes in tariffs, import/export restrictions and even currency fluctuations. Businesses must not only monitor these developments but also have contingency plans in place to pivot quickly when necessary.
• Extreme weather events: Natural disasters can cripple businesses. The impact of hurricanes, wildfires, floods and extreme weather events are being felt more frequently and with greater intensity. The National Oceanic and Atmospheric Administration (NOAA) reports that the financial toll of weather-related disasters is climbing into the billions each year. Businesses located in vulnerable regions must prioritize resilience and sustainability in their operations and develop comprehensive disaster recovery plans.
• Health crises: The Covid-19 pandemic was a wake-up call for businesses worldwide, highlighting the need for preparedness in the face of public health crises. The pandemic’s impact on supply chains, consumer behavior and business operations underscored the importance of robust risk management strategies. Looking forward, future public health emergencies — whether they be pandemics or other large-scale health threats — will require organizations to build resilience through comprehensive health protocols, remote work capabilities and adaptive supply chain strategies.
• Physical security: As physical threats like gun violence rise, investing in security measures to protect your people and assets is more important than ever. In addition to traditional security concerns, such as theft or vandalism, businesses now face the potential for violent incidents that can put employees’ lives at risk and disrupt operations. Enhancing safety protocols, from improving building access controls to conducting regular emergency drills, can help mitigate these risks.

Related: Cyber Threats Are More Prevalent Than Ever — So Don’t Leave Your Business Exposed. Here’s How to Protect It

How to stay ahead of the game

Thriving in today’s risk environment means thinking ahead, staying adaptable and being ready to pivot when necessary. Here’s how:

• All-in risk assessment: Take a deep dive into your risk environment and prioritize the threats that matter most. This means not just ticking boxes on a checklist but truly understanding the unique risks your business faces. But don’t stop there — risk assessments should be living documents, regularly updated to reflect the evolving landscape.
• Integrated strategy: Make sure your risk management is baked into every decision. This isn’t just about having a plan on paper; it’s about creating a culture where risk considerations are part of the decision-making process at every level. From product development to market expansion, risk management should be integrated into all strategic discussions.
• Resilience building: Strengthen your business continuity plans and promote adaptability. Resilience isn’t just about surviving a crisis — it’s about thriving in the aftermath. Developing robust business continuity plans ensures that you can maintain operations even in the face of significant challenges.
• Physical security focus: Don’t skimp on physical security. From advanced access control systems to employee training programs, ensuring that your organization is ready for anything is crucial. Investing in state-of-the-art surveillance technologies, such as smart cameras and real-time monitoring systems, can provide an extra layer of protection.
• Risk-aware culture: Get everyone on board with risk management. When it’s a shared responsibility, your team will be better equipped to handle whatever comes their way. Building a risk-aware culture starts at the top, with leadership setting the tone for the entire organization.

Related: The Five-Step Process to Identify Risk and Improve Decision-Making

Turn uncertainty into opportunity

Yes, today’s risk landscape is complex and unpredictable, but that doesn’t have to be a bad thing. With a proactive approach, you can turn these challenges into opportunities. Businesses that view risk management not as a burden but as a strategic advantage are the ones that will thrive in this ever-changing world. By staying adaptable, resilient and forward-thinking, your business can not only survive but seize the opportunities that uncertainty brings. Remember, a solid risk management strategy isn’t just about avoiding pitfalls — it’s about driving success. In a world where the only constant is change, those who are prepared to embrace uncertainty will find themselves ahead of the game.

Body language is often the first thing we think of when discussing nonverbal communication, and for good reason! Subtle cues like eye contact and facial expressions are crucial in our interactions. However, we frequently overlook another essential aspect: how we visually present ourselves.

In professional settings, physical appearance plays a crucial role in how one is perceived and evaluated. An individual’s attire, grooming and overall demeanor can significantly impact their credibility, competence and career opportunities.

Related: Five Tips to Optimize Your Appearance for Business Success

For example, appropriate and well-groomed attire is a hallmark of professionalism. Wearing neat, polished clothing that aligns with the norms of an individual’s workplace can communicate respect, attention to detail and a commitment to one’s role. Conversely, sloppy or overly casual dress can undermine perceptions of an individual’s seriousness and competence.

Appearance is more than just clothing — it’s a powerful form of nonverbal communication that shapes how others perceive your professionalism and competence. Throughout this article, we’ll explore the multiple ways your appearance impacts and enhances your interactions, influencing perceptions and outcomes in the professional world.

1. Creating a positive first impression

First impressions are crucial. And, while people will eventually notice your movements and gestures, their initial focus will be on your attire and visual appearance.

According to J.J. Herbert, best-selling author and founder of MindStir Media, “Your appearance is the number one determinant of what kind of first impression you make. Wearing professional attire for a business meeting displays respect and revere towards those you are meeting with.”

“There are several keys when it comes to looking presentable. First and foremost: clothing choice. Men should focus on modest, well-tailored clothing, while women can wear professional dresses, suits and other styles. Jewelry, fragrance, shoes and hygiene are just as crucial in the eyes of professionalism.”

Ultimately, your appearance and nonverbal communication shape how people judge your personality, mood and trustworthiness – often even before you say a word. By being mindful of the signals you send, you can use your physical presence to build positive, immediate connections and achieve your goals.

Related: 6 Strategies for Making a Good First Impression During Business Meetings

2. Builds positive client relationships

In client-facing roles, your appearance plays a crucial role in establishing trust and confidence. Professional dress is more than adhering to a dress code; it’s fundamental to building and maintaining strong client relationships.

Securing a great first impression is vital, but ongoing professionalism is essential for relationship-building. Consistent professionalism in your dress helps build a reliable and trustworthy image over time. When clients see that you consistently present yourself well, it strengthens their trust in your abilities and fosters a sense of respect and partnership. This positive perception can lead to more robust, more enduring relationships and increased business opportunities.

Your choice of attire also reflects your company’s commitment to excellence. Adhering to a professional dress code demonstrates respect for your role and the client’s expectations. This alignment with professional standards reinforces the client’s perception that your company upholds high standards in all areas, not just in personal appearance but in service and performance as well.

3. Increased confidence and self-esteem

While understanding how your appearance impacts others is crucial, it’s equally important to consider how it affects your own perception of yourself. Your self-confidence and self-esteem are closely tied to how you present yourself, and this internal state can significantly influence your nonverbal communication.

Dressing with intention and care can elevate your self-esteem and boost your confidence. Investing time in choosing an outfit that aligns with your professional role and personal style can create a sense of preparedness and competence. This internal boost often manifests in how you interact with others—your posture, gestures and overall demeanor can become more assertive and positive.

Related: These 5 Fashionable Must-Haves Will Help You Dress for Success

As you carry yourself with increased self-assurance, this confidence becomes part of your nonverbal communication. People are likely to perceive you as more capable and engaged, reinforcing the positive cycle of self-esteem and external perception. By aligning your appearance with your professional and personal goals, you set a strong foundation for success, both in how others see you and how you view yourself.

4. Distinguishes you from others

Throughout history, clothing has evolved alongside us, reflecting the changing nature of human society. Fashion magazines have documented these shifts, mirroring how our attire adapts to our ever-evolving identities. Our clothing not only reflects these changes but also enables us to express our individuality and distinguish ourselves from others in a world that is constantly evolving.

Creating a wardrobe that aligns with your professional and life goals can be an enjoyable and impactful endeavor. As Jim Joseph, author of The Experience Effect series, notes, “In all aspects of my life, I want to look like I want to be there. I want to look like I’ve planned to be there and want others to be there with me. For me, that comes with a look that shows I care.”

Joseph also emphasizes the importance of making your appearance part of your brand: “I guess it’s just a part of my brand. I would like to suggest you make it a part of yours, whatever your look and whatever your brand is. As an entrepreneur, it’ll take you far with your team. And at home, well, it’ll take you as far as you’d like it to.”

Remember, every detail matters, and every choice you make about your appearance contributes to the powerful story you tell through nonverbal communication. By aligning your visual presentation with your goals and values, you ensure your professional image supports and enhances your journey to success.

Americans aged 25 to 34 earn an average annual salary of $56,160, according to data compiled by MarketWatch Guides.

However, some young U.S. workers are making that figure several times over — and relocating to places where their money will go further.

Financial technology company SmartAsset pulled IRS data to rank states by the net inflow of “young and rich” households — those aged 26 to 35 earning more than $200,000 a year — to find out where they’re leaving and going.

Related: ‘Finances Fuel Life Goals.’ These Top Money Secrets Can Make You Happier and More Successful, According to an Expert.

California experienced the largest exit of young and wealthy households in 2022, with more than 3,000 departures, per the study. Illinois saw the second-highest loss at 1,323.

Meanwhile, young high-earners are relocating to Florida and Texas; both states attracted more than double the young, rich households as any other state, with net gains at 1,786 and 1,660, respectively, according to the data.

Half of the states witnessing an influx of young, rich households have no state income tax, SmartAsset reported.

Related: How Debt and Taxes Can Make Smart Entrepreneurs Rich

Check out SmartAsset’s full ranking of the top 10 states that gained the most young and rich households below:

1. Florida

• Net migration of young and rich households: 1,786
• Outflow of young and rich households: 2,084
• Inflow of young and rich households: 3,870
• Total young and rich tax returns filed: 33,456
• Average AGI of young and rich households in the state: $526,273

2. Texas

• Net migration of young and rich households: 1,660
• Outflow of young and rich households: 3,376
• Inflow of young and rich households: 5,036
• Total young and rich tax returns filed: 65,904
• Average AGI of young and rich households in the state: $405,215

3. Colorado

• Net migration of young and rich households: 720
• Outflow of young and rich households: 1,417
• Inflow of young and rich households: 2,137
• Total young and rich tax returns filed: 19,911
• Average AGI of young and rich households in the state: $389,859

4. North Carolina

• Net migration of young and rich households: 521
• Outflow of young and rich households: 1,294
• Inflow of young and rich households: 1,815
• Total young and rich tax returns filed: 18,817
• Average AGI of young and rich households in the state: $375,057

5. Washington

• Net migration of young and rich households: 383
• Outflow of young and rich households: 3,088
• Inflow of young and rich households: 3,471
• Total young and rich tax returns filed: 50,509
• Average AGI of young and rich households in the state: $389,713

Related: Relocating Your Business Can Be Complicated — Here’s Your Step-by-Step Guide to a Seamless Move

6. South Carolina

• Net migration of young and rich households: 372
• Outflow of young and rich households: 399
• Inflow of young and rich households: 771
• Total young and rich tax returns filed: 6,120
• Average AGI of young and rich households in the state: $370,613

7. Tennessee

• Net migration of young and rich households: 347
• Outflow of young and rich households: 704
• Inflow of young and rich households: 1,051
• Total young and rich tax returns filed: 10,438
• Average AGI of young and rich households in the state: $451,633

8. New Jersey

• Net migration of young and rich households: 300
• Outflow of young and rich households: 3,135
• Inflow of young and rich households: 3,435
• Total young and rich tax returns filed: 35,294
• Average AGI of young and rich households in the state: $388,643

9. Arizona

• Net migration of young and rich households: 192
• Outflow of young and rich households: 802
• Inflow of young and rich households: 994
• Total young and rich tax returns filed: 10,992
• Average AGI of young and rich households in the state: $518,274

10. Nevada

• Net migration of young and rich households: 162
• Outflow of young and rich households: 464
• Inflow of young and rich households: 626
• Total young and rich tax returns filed: 4,764
• Average AGI of young and rich households in the state: $731,304

A “new” TikTok trend claiming people could get free money from Chase Bank ATMs is nothing more than old-fashioned check fraud, the company says.

The trend involved depositing a check for a high amount and taking out most of the money before the check bounced. On Thursday, a post about the scam on X was viewed over 7.5 million times — and the trend eventually snowballed into lines forming at Chase Banks in New York.

A Chase spokesperson confirmed on Tuesday that the bank knows about the situation and has addressed it. Chase has now fixed the error, locked accounts that took advantage of it, and leveled negative balances with the label “DR DUE TO ATM/DEP ERROR.”

Related: Jamie Dimon Says a Mild Recession Is Still on the Table: ‘There’s a Lot of Uncertainty Out There’

“Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” the spokesperson stated.

This run been personal pic.twitter.com/PQY9m39xa0

— Drench (@ionfeellnun) August 30, 2024

Check fraud has increased by 385% since the pandemic.

While TikTok and other social media may have played a negative part in the Chase glitch trend by spreading the word, TikTok has been the site of less fraudulent personal finance trends — like the “pay off my debt” trend, which saw viewers uniting and watching each other’s videos to help each other pay off debt.

“We have to remember that financial stability is usually a long game,” Jake Burgett, the physician assistant student behind the trend, told Entrepreneur in June. “Social media gives the illusion of a quick financial fix, and I am glad I got to put that theory into motion… But remember not to sacrifice more than you are able to along the way.”

Related: ‘Pay Off My Debt’ TikToker Explains How Much Money He Made from His Viral Video and the Inspiration for the Trend

Nearly half of the employees currently working at “buy now, pay later” startup Klarna could be replaced by AI in the next few years.

Klarna CEO Sebastian Siemiatkowski told The Financial Times last week that the company aims to almost halve its workforce within the next few years, from 3,800 people to 2,000. Instead of layoffs, the company will continue its hiring freeze that started in September and not hire replacements for people who leave the company.

“By simply not hiring, which we haven’t done since September … the company is kind of becoming smaller and smaller,” Siemiatkowski stated. He pointed out that the average revenue per Klarna employee had increased by 73% year-over-year.

The remaining employees will have AI to help with tasks, Siemiatkowski said.

Related: There Are New Rules for ‘Buy Now, Pay Later’ Programs — Here’s What to Know

“Not only can we do more with less, but we can do much more with less,” he told the Financial Times.

Klarna’s employees numbered 5,000 one year ago, but departing employees and the AI-induced hiring freeze have cut the company down to its current size.

^{Sebastian Siemiatkowski. Photo by David M. Benett/Dave Benett/Getty Images for Klarna}

Klarna claimed in February that its AI assistant did work equivalent to 700 full-time, human customer service agents. The AI assistant brought down customer inquiries to two minutes, compared to the previous 11-minute average conversation needed with human agents.

Related: Klarna Says Its AI Assistant Does the Work of 700 People. The Company Laid Off the Same Number of Employees 2 Years Ago.

Siemiatkowski wrote in a now-deleted post on X in May that Klarna’s in-house marketing team was half the size it was last year, but was producing more with AI and spent $6 million less.

Klarna’s second-quarter earnings report for 2024 showed its third consecutive quarter of growth in the U.S., with revenue and operating income up 17% and 21% year-over-year respectively.

Klarna is reportedly exploring a U.S. IPO at a valuation of $20 billion.

For many, Labor Day weekend marks the end of the summer season and one last long weekend to soak up the warm weather before getting the kids back to school and otherwise preparing for a busy fall.

Few of us pause to acknowledge the origin of Labor Day, a federal holiday created by Congress in 1894 to recognize and celebrate the social and economic achievements of American workers and remind us of the need to protect the rights, health and safety of the workforce.

The need to protect workers’ rights persists 130 years later, along with the need to re-focus on a problem that needs to be eradicated once and for all: the scourge of child labor.

It’s a crisis I’ve been working to solve for nearly 30 years, beginning when I was 12 years old and launched a small children’s charity that grew surprisingly large called Free The Children, which focussed on freeing enslaved children forced to work in factories in Pakistan and India.

Despite some progress over the years, the data on the number of children being deprived of an education and forced to put their physical and mental development at risk remains alarming.

According to the International Labour Organization (ILO), there are over 160 million children (those between 5 and 17) engaged in child labor. The numbers are highest in the least developed countries, with 23% of children in those countries forced into work.

The agriculture sector accounts for 70% of children in child labor (112 million), followed by 20% in services (31.4 million) and 10% in industry (16.5 million).

Unsurprisingly, there is a direct correlation between poverty and the prevalence of child labor. When Free the Children began its work in southeast Asia, we helped to physically remove children from the unsafe factories where they worked. But all too often, we would find the same kids back in the same factory a few weeks later because their families needed the income to survive.

We realized then that we needed a holistic approach focused on the root causes of child labor – poverty. But throwing money at the problem would not solve it. Poor community health, a lack of access to clean water and food coupled with poor education options and a lack of employment opportunities for adults all contribute to situations in which children working was seen as the only solution.

To break the cycle, all the root causes must be addressed simultaneously. Economic opportunity for parents means families don’t have to rely on their children working. Direct access to healthy food and clean water means children don’t have to spend their days walking dozens of miles to obtain drinking water and food. Proper healthcare ensures a healthy community in which adults can work, and children can attend school and thrive.

Related: How Masters of Marketing (Like You!) Can Help Fight Human Trafficking

Addressing these issues on a village-by-village basis helps to mitigate child labor on a micro level within communities. However, on a global, macro level, businesses play the biggest role in removing child labor from global supply chains.

The first step is acknowledging the problem and committing publicly to eliminating it. Global brands like IKEA and Costo have taken the lead in making such commitments.

IKEA has said that as global business it has a responsibility to demonstrate leadership by ensuring its own supply chain is free from child labor.

Costco has ramped up audits in countries that form part of its supply chain to ensure compliance with its Supplier Code of Conduct, which specifically prohibits child labor and only allows workers over the age of 18 to work in potentially hazardous conditions or with heavy machinery.

But it’s not just billion-dollar companies that will be part of the solution. Companies of all sizes and sectors can do their part by taking concrete steps to help end child labor in their own operations and supply chains.

Related: 3 McDonald’s Franchisees Fined for Child Labor Law Violations

Here are a few steps you can consider for your own business or organization:

1. Become a member of the ILO’s Child Labour Platform: Join other member companies like Coca-Cola, Chanel, Samsung and IKEA in their commitment to ending child labor. Members gain access to tools, events, workshops and partnerships with other businesses to help them identify, prevent and remediate child labor in their supply chains. Even if you don’t formally join, the ILO website offers multiple resources to help educate and address child labor.
2. Conduct a due diligence audit: These audits can help you understand where to look within your supply chain and what to watch for. If you make clothes, you can work to ensure that children do not pick the cotton you use. If you are in agriculture, you can conduct age verification audits or work to verify that children are not exposed to harmful pesticides.
3. Hire young people into appropriate roles: There’s nothing wrong with a 16-year-old getting their first job. In North America, that might be serving ice cream in a retail shop or checking tickets at the movie theatre. It’s important to know the distinction between that kind of job for a younger person and child labor, which the ILO defines child labor as work that deprives children of their childhood, their potential and their dignity, and that is harmful to physical and mental development.

Try to create roles at your company, like student internships or summer jobs, that allow younger people to save for college or buy a car in a safe environment doing age-appropriate work.

While these may seem like small steps, every impact helps in the global fight against the permanent elimination of child labor. As you enjoy the Labor Day holiday, consider going into fall by making a pledge for your company to be part of the solution.

Estée Lauder chairman Leonard Lauder called it the “lipstick effect” — the growth in demand for small luxuries during times of economic uncertainty. The assumption behind this phenomenon is that when people are under more stress, beauty and self-care rituals offer a form of psychological comfort.

McKinsey even reported a surge in demand for skincare and wellness products during the pandemic. So, with fears of an economic downturn never far from the surface, might the same apply to the more affordable alternatives to surgical procedures like tummy tucks?

One of the most recognizable dermatology brands in the U.S., LaserAway, has now expanded to over 120 locations and reports the industry has been growing at over 20% annually in America. CEO Scott Heckmann says that LaserAway experienced “strong years” in 2008 and 2020 despite the recessions. He put it down, in part, to patients moving away from higher-cost providers like plastic surgeons and dermatologists.

As CMO of Vagaro, a software provider to the wellness industry, I have witnessed it myself: So many people are abandoning surgical procedures for non-invasive methods such as body contouring that advancements in beauty technology are now allowing. They are simply more accessible and less overwhelming. I want to dive deeper into LaserAway’s growth as a barometer of the industry because it has drawn out three lessons that can help other beauty brands recession-proof themselves in an unpredictable economic climate.

Related: 7 Strategies to Recession Proof Your Business in 2024 and Beyond

1. A changing market is a good market

When customers trust a clinic’s practitioners with something as sensitive as their bodies and faces, being very transparent about what’s involved in a procedure is critical to credibility. LaserAway’s social media features videos with real people, real nurses, actual treatments and basic plotlines — at their heart, these procedures are about helping people find their self-confidence.

Providing people with a realistic picture of likely outcomes also ensures they are more likely to end up satisfied with the treatment. Internal data from our marketplace shows increasing demand for these non-invasive aesthetic treatments. Over the last five years, we have seen an average annual growth of new medspa businesses on our platform of 24%.

Technology has been a key factor. While cosmetic surgeons have a very limited audience at a high price point, medspa clinics offer myriad services that open the door to a large market — including an increasing number of men. In fact, skincare makes up 45.6% of the global men’s grooming market (worth $85.2 billion in 2023) as old masculine stereotypes give way to self-care among younger generations.

Related: 5 Recession-Proof Businesses to Start in a Turbulent Economy

2. Diversification builds resilience

In many industries, brands must be niche with their products or services. But medspa chains like LaserAway, Sculpt MD and Sono Bello can on-sell a range of services while still maintaining expertise in each area. That diversification is really important because it drives repeat customers and more revenue. When people get body contouring once, they are likely to come back. It’s the same with Botox.

On our platform, we’ve found that medspa businesses offer an average of 47 services. Having a balance of higher and lower-value offerings like this is a great strategy to maintain steady income through economic fluctuations as people regard treatments as an ongoing investment in their well-being.

Technology with embedded payments is also a key feature in helping people afford all types of treatments. A lot of consumers are choosing non-invasive procedures because they get the same results as surgery but don’t have to deal with the long recovery time.

However, the pay-later option can make these treatments financially viable. Getting people through the door, however, does not require the hard sell because consumers are savvier than ever about what they want and expect.

3. The power of referrals

All beauty businesses need to be aware that the traditional sales model has evolved after first engaging customers through their different digital and marketing channels. The pandemic was the big impetus for digital influence, but people now want to be impacted through the use of real-life case studies instead of feeling like they are being “sold to.” Hence, the role of influencers.

We can now assume that once people have sought out a product or service online and done their own research, they are already warm. For me, it is only once I have satisfied myself that a company has authority and integrity that I am ready to talk to a salesperson. The demand for more authenticity only reinforces the idea that the biggest point of sale in the beauty and wellness space should be referrals.

It will be interesting to watch companies shift to this new expectation of how consumers want to be influenced through sales. This is especially the case since they are already doing so much right, such as their onboarding process that leads patients to choose their treatment, their body target areas, number of treatments already received, and their age. This kind of data can inform the appropriate regime and be leveraged to anticipate consumer trends and continue to build credibility.

Related: How Small Businesses Can Survive and Thrive in a Recession