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In today’s big story, the best bet for job seekers might be returning to a familiar place.
What’s on deck
Markets: The top hangout spots for Wall Street’s incoming interns. (You decide whether you want to visit or avoid them.)
Tech: New data shows how quickly chatbots are scooping up human jobs.
Business: Some franchisees for Floyd Mayweather’s fitness business are taking legal action against the legendary boxer and the company.
But first, what’s old is new again.
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The big story
The comeback kids
The future of the job market might be about looking in the past.
Job seekers and their former companies are finding comfort in reconnecting as both sides navigate a challenging job market, writes BI’s Madison Hoff. ADP payroll data for March indicated that the share of boomerang hires increased since the same time last year.
It’s no surprise that workers and their old bosses are teaming back up. The economic uncertainty has everyone on edge, and dealing in known quantities offers some relief.
For job seekers, returning to a previous employer could mean stability and security that you might not typically find at a new job.
Meanwhile, employers are being cautious about making new hires. They want to be certain about the ones they do bring on. A former worker whose capabilities are already known could ease those concerns.
Not everyone will be welcomed back to their old stomping grounds.
When workers held all the power in 2021, some made rash decisions as they headed for the exits, which could come back to bite them.
They “rage quit,” or used a red-hot job market to create bidding wars for themselves. The ones who stuck around sometimes took it easy, avoiding the #hustleharder culture for a new trend: quiet quitting.
Even if you think you’re in good standing with your old bosses, you might be wrong. BI previously reported how tech companies like Meta and Microsoft have “block” lists of ex-employees they won’t rehire.
Things could also be a lot different than what you remember. At one point, companies were happy to hand out flashy titles and quick promotions to keep workers happy.
Efficiency and frugality are now all the rage, and the status an ex-employee once held might not remain.
Like an eldest child returning from college only to find their younger sibling has taken over their room, the times have changed.
3 things in markets
1. Oasis Management founder’s jet-setting month. Seth Fischer spoke at three different Sohn conferences across the globe in May. He’s passionate about the Sohn Foundation, which focuses on childhood cancer research and prevention, and is named after his former colleague, who died from the disease at age 29.
2. Wall Street’s “uber-bear” warns about potential stock declines. Albert Edwards, who shot to fame for predicting the dot-com bust in the late 1990s, told BI that stocks are still vulnerable. In his opinion, the top risk the market should be wary of is rising Japanese interest rates.
3. Where Wall Street’s summer interns hang out. Hundreds of college students will soon descend upon New York City as they start their summer programs on Wall Street. Industry insiders spoke with BI about the top spots interns frequent when they’re not pulling all-nighters.
3 things in tech
1. AI is already taking human jobs. Companies are hiring fewer people in roles that AI can do, according to data from Revelio Labs. Not all jobs are disappearing at the same rate — those with more AI-doable tasks are vanishing faster, which is bad news for people in tech.
2. Southeast Asia’s tech startups are chasing the American dream. Traditionally, startups from the region focused on local markets, but AI is piquing their interest in building for the US. Plus, having American customers is good for fundraising.
3. How the robots get made. Amazon is spending big on robots and automation for its fulfillment centers. BI got an inside look at how the robots are made and trained in facilities outside Boston. It’s a glimpse into the new US manufacturing.
3 things in business
1. A legendary boxer’s fitness business is struggling, and everyone is pointing fingers. At its peak in 2023, Floyd Mayweather’s Mayweather Boxing and Fitness had 70 locations. Dozens have closed. The boxer’s attorney pointed to wider industry challenges, like a slowdown among boutique gyms. Some franchisees say Mayweather could have done more to support the business.
2. Bride or die. Bachelorette parties aren’t just about ibuprofen and bikinis. Nowadays, women book dayslong vacations that include merch and decor to prove their love to the bride. These trips are often just as anticipated — and can even be as expensive — as the big day, bolstering a whole new subset of the economy.
3. Don’t blame DOGE. Elon Musk said DOGE was treated unfairly by its critics, and became the “whipping boy for everything,” in an interview with CBS that aired on Sunday. Though he’s leaving his role as a government employee, Musk said he’ll continue to work on DOGE, albeit on a part-time basis.
In other news
What’s happening today
The Business Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
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