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In today's big story, we're looking at how the next job you apply for might be fake.
What's on deck:
- Markets: Charles Schwab said stocks are giving an incoming bear market.
- Tech: This is what top VCs are excited about — and sick of — when investing in AI.
- Business: A former SAP account manager is breaking her NDA to speak out about a workplace sexual assault.
But first, send me your résumé.
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The big story
Now (not really) hiring
Corporate America has gotten so bad that companies are posting jobs they don't intend to fill.
A recent survey of hiring managers by Resume Builder found three in 10 companies have active fake job listings, writes Business Insider's Tim Paradis. And there is zero shame in their game, as nearly 70% of hiring managers said fake job posts were "morally acceptable."
In fact, some companies justify the move as a way to help their employees. Posting jobs can give workers the impression the company is growing and signal to burnt-out employees that help is on the way.
Except, you know, it's not.
It's another knock for people navigating an incredibly frustrating labor market. While employment is still relatively low, sitting at only 4%, the job market is also pretty stagnant.
High-paying white-collar roles aren't readily available, and people aren't quitting as much as they once were. (Goodbye, Great Resignation; hello, Big Stay.)
Even if you find a legitimate job posting, it doesn't get much easier.
With the power firmly back in employers' hands, the hiring process has become a marathon, writes BI's Alexandra Bacon. Multiple interview rounds, personality tests, and on-site assessment days drawn out across several months have become the norm.
And even then, you might still get ghosted!
It's an issue that's particularly relevant for entry-level roles, which are also under threat of being automated away by AI.
Maybe that's why so many young people are feeling depressed and disconnected from their peers. Beaten down by the process, some are opting to wait things out. Last year, roughly 20% of people aged 15 to 24 were NEETs, not in education, employment, or training.
Some might argue companies taking their time to hire is a good thing in the long run. Better to make sure they get the right candidate than rush to fill positions that don't ultimately work out, which could lead to layoffs. Workers were also spoiled with the 2021 job market, where candidates named their prices.
Workers can claim back some power even in the current environment. Thanks to some states' pay transparency laws, job postings (even if they aren't real) give current employees an idea of how their salary compares to what their company is advertising for other roles.
And a fake job posting might be a blessing in disguise. After all, do you really want to work for a company willing to do that in the first place?
3 things in markets
- Citi Wealth's tech is a dumpster fire. The bank's tech isn't exactly highly regarded — leading to an accidental $900 million transfer in 2020 — but it's a real problem for Citi's struggling wealth business. An audit estimates it'll cost at least $500 million to overhaul Citi Wealth's patchwork technology.
- It's showtime for Nvidia investors. The AI darling's annual shareholder meeting is today. It comes after a tumultuous few days in the market that saw it shed more than $400 billion in market cap. For some it was a hiccup, but others worry it could signal a bubble preparing to pop. Nvidia's dominance could also be tested by a competitor's approaching IPO.
- Bad news bears. Stocks are looking "eerily similar" to the last bear-market crash in 2021, Charles Schwab said this week. Although the market is flourishing at the index level, individual stocks aren't doing so hot. That means a bear market could be on the horizon.
3 things in tech
- Apple's beef with Meta isn't going anywhere. One day after the Wall Street Journal reported that Apple was in talks with Meta for an AI deal, Apple corrected, telling Bloomberg it wasn't going to partner with Mark Zuckerberg's company any time soon.
- These are the types of AI startups investors want to fund next. BI asked nine VCs what they're most excited about in AI and what they're tired of. The most desirable startups are building AI's infrastructure, working with unstructured data, and revolutionizing software development. Investors said they're ready to move on from large-language models since big players dominate the space.
- Microsoft's AI CEO works closely with these execs. An internal Microsoft tool that tracks employee interactions has revealed which executives work with new AI CEO Mustafa Suleyman the most. It also shows 12 execs who report directly to Suleyman, including Inflection AI cofounder Karén Simonyan.
3 things in business
- The real problem with work isn't pay or perks, but lack of purpose. Americans increasingly feel their jobs are meaningless, and their dissatisfaction makes them more likely to quit. The feeling is especially prevalent among Gen Z and millennials.
- A former SAP employee breaks her NDA. After Ashley Kostial reported being raped by a colleague during a work trip, she felt pressured to sign two nondisclosure agreements — one with SAP and its subsidiary, Ariba, and one with her insurance provider, Aetna. She's decided to risk coming forward now because she views the NDAs she signed as unjust — and wants to see the use of NDAs ended for other victims of sexual assault.
- Wind power stays winning. A millennial who switched from working on oil rigs to wind turbines says he's been promoted faster in renewable energy thanks to the sector's rapid expansion. Employment in wind is expected to triple by 2030 in the UK, where he lives, and it's the fastest-growing career in the US.
In other news
- David Einhorn is suing the former employee who claimed to be his head of macro. Here are the most eye-catching parts of Greenlight's lawsuit.
- Tal Alexander announces he will step away from his brokerage firm amid rape allegation.
- CNN stands to make millions from the Trump-Biden debate, but its rivals could make even more.
What's happening today
- Julian Assange attends his sentencing hearing after agreeing to plead guilty to espionage charges.
- Russian judicial proceedings against detained Wall Street Journal reporter Evan Gershkovich begin in secret.
- Paris Hilton, who spent nearly two years in residential treatment facilities as a teenager, testifies in Congress on child welfare.
- "The Bear" season 3 drops on Hulu.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.