Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

After a steep nosedive in demand for office space rentals during 2020 and 2021, a new <keyword id="19955574" type="General" weightage="20" keywordseo="Colliers-report" source="keywords">Colliers report</keyword> has now noted that office rentals across six major <keyword id="20026638" type="General" weightage="20" keywordseo="Indian-cities" source="keywords">Indian cities</keyword> have finally rebounded to their <keyword id="20789690" type="General" weightage="20" keywordseo="pre-pandemic-levels" source="keywords">pre-pandemic levels</keyword> and even inched around 2-8% higher. While some cities like <keyword id="19900176" type="General" weightage="20" keywordseo="Hyderabad" source="keywords">Hyderabad</keyword> and Pune had already gone beyond their pre-pandemic rental levels as early as 2022, <keyword id="19895037" type="General" weightage="20" keywordseo="Bengaluru" source="keywords">Bengaluru</keyword> and Chennai had followed suit a year later in 2023. The last to join the bandwagon were <keyword id="19906633" type="General" weightage="20" keywordseo="Delhi-NCR" source="keywords">Delhi NCR</keyword> and Mumbai, which finally managed to breach their pre-pandemic levels in 2024. However, both Delhi and Mumbai recorded the highest jump in average rentals at 8% each, followed by Mumbai and Chennai, which saw hikes of about 5-6% during this period. The recovery in demand for office spaces, which kicked off in 2022, has stayed steady since. Arpit Mehrotra, Managing Director, Office Services, India, Colliers notes that going ahead, the annual increase in average quoted rentals at the end of 2024 is likely to be higher for certain cities like Delhi NCR and Pune, as compared to other markets. "Moreover, as demand scale-up in Indian <keyword id="20107243" type="General" weightage="20" keywordseo="commercial-real-estate" source="keywords">commercial real estate</keyword> solidifies, notwithstanding unforeseen events, annual space take up to the tune of 60 million sq ft is likely to be the new norm in the medium-term," he added. <h2>Prime location takes the cake</h2>Even within these cities, the growth of rental demand in certain micro-markets, which are located at prime locations, saw greater than the 2-8% average growth. For instance, in Delhi NCR, Gold Course Extension Road, Noida Expressway, and Cyber City saw up to a 25% rise in rentals. In Bengaluru, which saw around 2% <keyword id="22329786" type="General" weightage="20" keywordseo="rental-growth" source="keywords">rental growth</keyword> overall, Whitefield and ORR (Outer Ring Road) commanded a rental premium, with rents here surging by as much as 5-10% between 2019 and 2024. IOMR Zone 1 in Chennai and Bandra-Kurla Complex, Goregaon, and JVLR in Mumbai saw rents surge by around 10-20% from pre-pandemic levels between 2019 and 2024. In contrast, rental rates in Chennai and Mumbai grew at around 5% and 6%, respectively. In Hyderabad, SBD, or the Secondary Business District, which comprises of Gachibowli, Hitec City, and more, saw rentals surge between 5-10% between 2019 and 2024, as opposed to the 5% cumulative rental growth experienced by Hyderabad. In Pune, CBD and Kharadi saw rentals inch up by 5-10%, whereas the whole of Pune only saw their rentals grow by around 5% during the past 6 years. Mumbai and Delhi have also seen a dip in <keyword id="23656583" type="General" weightage="20" keywordseo="vacancy-levels" source="keywords">vacancy levels</keyword> since 2019. While this has dropped to 20% in Delhi at present, Mumbai ranks the lowest in terms of empty office spaces at 10.7%. In both these cities, demand for office spaces has consistently outpaced supply, which explains the low vacancies. In contrast, in Hyderabad, where supply continues to trump demand, current vacancy levels have gone as high as 25%. Going ahead, the Colliers report also estimates that average office rentals can witness up to 10% annual growth across key Indian cities by the end of this year.

Office rents across all major Indian cities surpass pre-pandemic levels in 2024, notes a new report

<ul class="summary-list"><li>Entry-level roles sometimes require <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-lazy-hiring-jobs-careers-hr-training-pandemic-2024-8">years of experience</a>, frustrating job seekers like Mihir Goyenka.</li><li>In fields like tech, a surplus of experienced workers is a big hindrance for those starting out.</li></ul>If Mihir Goyenka had as much experience working as he does <a target="_blank" class="" href="https://www.businessinsider.com/finding-job-awful-right-now-drop-in-openings-tough-search-2024-9">applying to jobs</a>, he might be nearing retirement.Instead, the 23-year-old with undergraduate and graduate degrees in computer science is hunting for his first tech job and running into a problem: Many of the roles he comes across require someone with two to three years of experience."That's really frustrating for entry-level job seekers like me," Goyenka told Business Insider.He's applied for thousands of positions since beginning his search for a full-time role in August 2023, he said. Many employers want experience with certain technologies, Goyenka said. Others just want some sort of professional know-how.Either way, such requirements are making it harder for <a target="_blank" href="https://www.linkedin.com/in/mihirgoyenka/?originalSubdomain=in">Goyenka</a>, who lives in Bellevue, Washington, to start his career.He's not alone.Many employers, particularly in industries like tech with a <a target="_blank" class="" href="https://www.businessinsider.com/tech-layoffs-could-harm-productivity-recruitment-reputation-tesla-google-microsoft-2024-5">surplus of available workers</a>, are demanding more of those who apply for starter corporate jobs, labor market experts told BI.Some are asking for more because they can. Even though overall US <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">unemployment remains low</a>, a good many people with experience are <a target="_blank" href="https://www.businessinsider.com/job-seeker-applied-more-than-2000-roles-2024-9">out of work</a>.In addition, some bosses have been slow to hire. At times this past summer, US employers brought on workers at the slowest rate — excluding the start of the pandemic — since 2013, when the economy was still climbing out of the Great Recession. In August, the rate of workers quitting their jobs slipped below 2% for the first time since June 2020."A lack of healthy turnover prevents workers from getting onto &amp; moving up the career ladder," <a target="_blank" href="https://www.linkedin.com/posts/dbzhao_economy-news-activity-7246890002310119425-jAP0?utm_source=share&amp;utm_medium=member_desktop">Daniel Zhao</a>, lead economist at Glassdoor, wrote on LinkedIn.Goyenka, who graduated from Arizona State University in May, says he's one of those would-be employees.In the case of tech, it's no surprise that companies would opt to hire those who have done well more than complete classwork, according to Mona Mourshed, founding CEO of Generation, a nonprofit network focused on economic mobility.She told BI that the volume of vacancies for entry-level tech roles has been declining for about three years in several countries where Generation operates.More experienced workers are sometimes willing to downshift to lesser roles if they've been laid off, Mourshed said. Some employers prefer it that way, she added — because they can get a bargain rate on someone who might have several years of experience.Generation found in a <a target="_blank" href="https://www.generation.org/wp-content/uploads/2023/06/LaunchingATechRevolution_Generation_Jun2023.pdf">survey</a> that 94% of employers required that applicants for entry-level tech jobs have experience working in a related field. The sampling, completed in early 2023, involved employers in eight countries, including the US and the UK, hiring for technology positions across over a dozen industries."The entry-level job has vanished in many ways," Mourshed said.<h2 id="faa4fdab-34d9-4ef8-a2a6-84f5127b9eb1">Managers don't want to babysit</h2>For its survey, Generation gathered data from some 1,300 employers from November 2022 to January 2023 on what they required regarding work experience and formal education.Mourshed noted that during the pandemic — and after — people in fields like tech often worked from home. At the same time, many <a target="_blank" href="https://www.businessinsider.com/remote-jobs-middle-managers-return-to-office-burnout-pressure-2024-9">managers have reported feeling stressed</a> out. That's one reason, she said, why having workers who required less guidance was ideal for many bosses."They had very strong preferences to hire people who were more stand-alone, who they felt wouldn't require as much oversight, because everyone is working remotely," Mourshed said.Some companies have also been holding onto <a target="_blank" href="https://www.businessinsider.com/companies-are-unbossing-workplaces-and-millennials-are-at-risk-2024-5">fewer middle managers</a>, she said."When you have an insufficient middle layer, then what you begin to do is to increase the requirements of the entry-level," Mourshed said.She also said that even as the pandemic eased its grip, many employers didn't relax requirements for their starter tech hires."It never went back," Mourshed said.Beyond raising their standards for entry-level positions, some employers in various industries simply aren't posting as many of these jobs.For every 1 million listings on Indeed, the share of entry-level roles fell 6.9% between August 2022 and August 2024, a spokesperson told BI. In its analysis, Indeed categorized starter jobs as requiring no more than a year of experience or preferring no more than two years of experience.Jason Henninger is a managing director at Heller Search, a recruiting firm focused on executive tech leaders. In a prior role, he spent more than 15 years filling staff-level tech jobs. Henninger said that, for years now, many employers have been ratcheting up what they expect from those seeking starter positions.Employers that <a target="_blank" class="" href="https://www.businessinsider.com/amazon-return-to-office-mandate-bosses-morale-productivity-2024-9">dangle remote work</a> as an option have extra leverage, he said."Maybe you don't have to take a shot on a fresh college grad or someone that has one year of experience because someone has five years' experience and will be willing to take that same amount of pay because they can sit in their own home," Henninger said.Corey Moss-Pech is an assistant professor of sociology at Florida State University and author of the forthcoming book "Major Trade-Offs," which examines the relationship between students' majors and entry-level jobs. He told BI that, in many industries, frontline clerical jobs, which long served as springboards to higher positions, have been hollowed out.Moss-Pech also noted that with schools offering more degrees in areas like data science, there's greater competition."Many more people now have the kinds of skills that the tech companies want," Moss-Pech said.<h2 id="030a368f-5b54-4837-818c-18f172a649ce">It's not all bad news</h2>Jennifer Neef, director of the career center at the University of Illinois, told BI that she hasn't seen a drop in interest from employers hoping to fill tech roles.She said a recent event on the school's flagship Urbana-Champaign campus for those seeking jobs in fields like science, tech, data analytics, and engineering drew more than 300 employers and some 8,700 students over two days.About 1,500 software engineering positions — full-time roles and internships — are posted on a job board the school runs, Neef said. Nearly half of the postings have five or fewer applicants, and about 15% have no applicants.Neef said one reason some students might feel stymied in their search for a first job is that many tend to focus on companies with strong consumer brands. Yet, she added, there is an enormous opportunity with small to midsize employers.In a typical year, only about 100 employers would hire five or more graduating Illini, Neef said. Yet, some 2,500 smaller employers tend to hire fewer than five of the university's grads."That's always where the bulk of the jobs are," she said, referring to small and midsize employers. In some cases, students aren't aware of them because the employers are regional, Neef said."Students may not perceive them to be as prestigious, but they have opportunities," she said.<h2 id="b93e299e-7bef-4f2c-a7ce-81377f30eeb3">Hunting for experience</h2>After struggling with his job search after college, Rod Danan went on to become a career coach. Then, in 2021, he started a company called Prentus that uses artificial intelligence and other tools designed to help job seekers land roles faster.Danan told BI that many of the students that he works with are struggling to find internships because many employers appear to be trimming the programs that could help train the next generation.Numbers from Handshake, a job site for college students, show employers pulled back last summer. The number of available internships created on Handshake dropped 7.5% from May 2023 to May 2024, according to the company. Tech internships fell by 13.6%, while professional services slots slid by 15.8%, a spokesperson told BI.Danan hears about a dearth of internships from <a target="_blank" class="" href="https://www.businessinsider.com/hiring-picks-up-in-fall-low-openings-hurting-job-seekers-2024-9">job seekers</a>."People need the experience before they graduate, but those fancy internships that people were always getting — and were always available — are no longer there," he said.Neef, from the University of Illinois, recommends that those looking to <a target="_blank" class="" href="https://www.businessinsider.com/resume-too-long-how-to-fix-it-job-search-2024-9">kick-start their careers</a> highlight relevant coursework, capstone projects, and part-time jobs."There are a lot of advantages that they can bring to the labor market with those kinds of experiences," Neef said.To add bullets to his résumé, Goyenka, the Arizona State grad, recently started volunteering as a web developer at a nonprofit.Goyenka said the tight job market has pushed him to network and take part in events like hackathons. Ultimately, he said, it will come down to an employer <a target="_blank" class="" href="https://www.businessinsider.com/people-looking-for-jobs-enduring-many-rounds-of-interviews-2024-7">taking a chance</a>."If you don't have juniors willing to learn, how do you get them into senior positions where they're good senior engineers?" he said. "Everyone starts at a lower level at some point."Do you have something to share about what you're seeing in the workplace or in your job search? Business Insider would like to hear from you. Email our workplace team from a nonwork device at <a target="_blank" href="mailto:thegrind@businessinsider.com">thegrind@businessinsider.com</a> with your story, or ask for one of our reporter's Signal numbers.

Why so many entry-level jobs aren't entry-level

India's services sector showed robust expansion in October, per the <keyword id="22267674" type="General" weightage="20" keywordseo="HSBC-India-Services-PMI" source="keywords">HSBC India Services PMI</keyword> (Purchasing Managers' Index), which rose to 58.5 last month, up from September's ten-month low of 57.7. October's figures managed to exceed even the long-run PMI average of 54.1, largely on the back of a strong sales pipeline and elevated demand. Employment, or job creation in this sector accelerated to its fastest growth rate in 26 months. Anticipating solid, sustained demand in the near term, firms added new employees at the most rapid pace in over 2 years. October also saw <keyword id="23834175" type="General" weightage="20" keywordseo="input-costs-rise" source="keywords">input costs rise</keyword> at their fastest pace in 3 months, indicating renewed demand and economic activity in the country. The ISM Services PMI, an indicator of the economic health of the US, also exceeded expectations, reaching 56.0 compared to the forecasted 53.8, suggesting strong growth within the services sector. "During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high," said Pranjul Bhandari, Chief India Economist at HSBC. The sector saw increased business activity across multiple fronts, with export sales showing significant growth and companies reporting stronger demand from international markets including Africa, Asia, the Americas, the Middle East, and the UK. However, industry experts remain cautiously optimistic about the sector's prospects. Suman Chowdhury, Chief Economist at Acuité Ratings &amp; Research, noted that while the October recovery is promising, several factors warrant careful monitoring. “The recovery in the PMI indices in October 2024 is promising for the second half of the fiscal after the dip in several high-frequency indicators in September 2024. Industrial and service activity has expectedly received a boost from the anticipated spike in consumption demand in Q3 FY25, driven by the festivities and the marriage season," she said. Chowdhury added that it will be crucial to monitor the sustainability of these PMI indices at these elevated levels, given the reported weakness in urban demand in Q2 as flagged by FMCG companies. She also noted that potential increases in wholesale and core retail inflation, combined with higher input costs and wage pressures, could delay expected interest rate cuts. RBI governor Shaktikanta Das also noted that inflation and CPI figures for October might be elevated, pushing ahead any chances of interest rate cuts in the near future. Acuité Ratings &amp; Research maintains its GDP growth forecast at 7.0% for FY25 while acknowledging the multiple downside risks that will require close observation in the coming months.

India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

<ul class="summary-list"><li>The US debt could reach a tipping point as soon as the end of next year, BlackRock's Rick Rieder said.</li><li>Trump's policies could add $10 trillion in debt over the next decade, according to one estimate.</li></ul>The mountain of government debt could swell to levels the US won't be able to ignore anymore as soon as next year, BlackRock's Rick Rieder said. The asset manager's head of global fixed income said he was concerned over the trajectory of the US debt balance, which could reach a tipping point within the first year of Donald Trump's second term in office.Rieder speculated in an interview with Yahoo Finance on Tuesday that that turning point could involve investors no longer wanting to buy US Treasurys due to doubt that the government will be able to control its deficit spending.Debt will become the country's "most pervasive issue" under Trump's presidency, Rieder added."I think markets tend to react to the shark closest to the boat. The shark on the debt dynamic is not going to be next to the boat, in January, February," Rieder said. "But it is going to get close to the boat sometime—I don't know if it's the latter part of 2025 or the beginning of 2026—unless they address the size of the spending dynamics, the amount of debt we're issuing, and obviously inflation relative to that."Economists have noted the Trump's policies could significantly increase the federal debt balance and widen the deficit. If Trump were to follow through with all of his proposed policies, he could add as much as <a target="_blank" class="" href="https://www.businessinsider.com/trump-policies-economy-recession-inflation-stock-market-outlook-nouriel-roubini-2024-11">$10 trillion to the US debt</a> over the next decade, according to an estimate from top economist Nouriel Roubini.The <a target="_blank" class="" href="https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/">national debt clocked in at $35.95 trillion</a> on Wednesday, according to data from the US Treasury website, reflecting a rapid pace of government spending that's alarmed economists for years. That's because debt is inherently inflationary, and because doubts over whether the US will pay off its debt could make investors more hesitant to buy US Treasurys, which is a major source of funding for the government.Higher interest rates in the economy have also raised debt servicing costs. <a target="_blank" class="" href="https://www.pgpf.org/budget-basics/what-are-interest-costs-on-the-national-debt#:~:text=In%202023%2C%20the%20federal%20government,gross%20domestic%20product%20(GDP).">The US spent $658 billion</a> on interest expenses for the national debt in 2023, according to the Peter G. Peterson Foundation."What happens is that the cost of the debt in this country just keeps going up, so it eats up all the discretionary spend in the country, and then you have no fiscal flexibility. And for an administration and Congress that wants to execute change and evolution, if y ou have no fiscal flexibility, pretty hard to do that," Rieder added.That scenario is a "tail risk" for the US economy, Rieder said. Still, he underscored the importance for Trump to create a plan that assures markets that the US will get its borrowing under control, even if that plan extends past his next four years in office.He added he was gauging the demand for US debt nearly every day by watching Treasury auctions "like a hawk." Countries like <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/china-dollar-dominance-dollarization-treasury-bond-yields-gold-buying-spree-2024-5#:~:text=That's%20above%20already%20eye%2Dcatching,markets%20worried%20about%20higher%20yields.">China</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/treasury-bond-demand-us-deficits-foreign-investors-japan-china-yields-2023-11">Japan</a>, which have been big buyers of US debt in the past, have pulled back in recent years, he noted."There are going to be periods of time where people say, you know what, I don't feel great about it. I'm going to pause," he said of demand for long-dated US Treasury bonds. "You got to be careful. So we're going to watch those auctions."

Trump could push the US debt to levels that cannot be ignored by the end of 2025, BlackRock's bond chief says

After years of navigating regulatory challenges, <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>'s <keyword id="20034982" type="General" weightage="20" keywordseo="satellite-internet" source="keywords">satellite internet</keyword> project, <keyword id="20034452" type="General" weightage="100" keywordseo="Starlink" source="keywords" meta.keywordsubtype="org" meta.entityname="Starlink" meta.hostid="261" meta.entityid="Starlink">Starlink</keyword>, is on the verge of officially entering the Indian market. A recent decision by the Indian government to allocate satellite spectrum through administrative means, rather than auctioning it, has paved the way for Starlink to expand its global reach into one of the largest untapped markets for satellite-based <keyword id="21433895" type="General" weightage="20" keywordseo="broadband-services" source="keywords">broadband services</keyword>. <h2>What does the decision mean?</h2>Recently, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s Department of Telecommunications (DoT) decided to administratively allocate spectrum for satellite communication services. This move rebuffed demands from local <keyword id="22223051" type="General" weightage="20" keywordseo="telecom-giants" source="keywords">telecom giants</keyword> like <keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> and Bharti Airtel, which lobbied for an auction-based approach, arguing it would create a level playing field. Instead, the government followed the global norm of administrative allocation, which Musk has publicly supported as the standard for satellite communications worldwide. This administrative route means Starlink and other satellite internet providers, such as <keyword id="20561894" type="General" weightage="20" keywordseo="OneWeb" source="keywords" meta.keywordsubtype="org" meta.entityname="OneWeb" meta.hostid="261" meta.entityid="OneWeb">OneWeb</keyword> and <keyword id="20045803" type="General" weightage="20" keywordseo="Jio-Satellite-Communications" source="keywords">Jio Satellite Communications</keyword>, can now gain access to satellite spectrum without competing in costly auctions. The pricing of the spectrum will still be regulated by the Telecom Regulatory Authority of India (TRAI), ensuring fairness. <h2>Starlink’s history in India</h2>Starlink has long been eyeing the Indian market due to the country’s large rural population, many of whom lack reliable internet connectivity. Initially, Starlink began offering pre-orders for its satellite-based internet services in 2021. However, the company ran into regulatory hurdles and was forced to refund customers after the Indian government instructed it to comply with local laws before accepting bookings. Since then, Starlink has been working behind the scenes to secure the necessary approvals. <div type="Article" hostid="261" msid="114243497" title="India set to lead global 6G revolution: Telecom Minister Jyotiraditya Scindia" mstype="2" mssubtype="0"></div>This recent shift in policy could finally allow Starlink to enter the market officially, a significant victory after nearly three years of attempts. <h2>Musk’s comments</h2>Elon Musk has been vocal about his support for administrative <keyword id="20926400" type="General" weightage="20" keywordseo="spectrum-allocation" source="keywords">spectrum allocation</keyword>, calling any move to auction satellite spectrum "unprecedented." He believes that auctioning spectrum reserved for satellite communications, as was lobbied for by Mukesh Ambani’s Reliance, could limit the ability of satellite providers like Starlink to offer affordable services. The introduction of Starlink into India’s internet landscape is expected to revolutionise connectivity in rural and underserved areas. Starlink’s low-Earth orbit (LEO) satellites promise high-speed broadband services in regions where laying fiber or other traditional infrastructure is either impractical or too costly. This could significantly reduce the digital divide, offering millions of Indians access to reliable internet for the first time. <div type="Article" hostid="261" msid="114250683" title="We&amp;#39;re about to enter the Digital Dark Ages" mstype="2" mssubtype="0"></div>While the decision to allocate spectrum administratively is a win for Starlink, it faces competition from local satellite players like Jio Satellite Communications and Airtel-backed OneWeb, which have already received regulatory clearances. The pricing model set by TRAI will be crucial in determining how competitively Starlink can operate in India. Moreover, the company will need to navigate India's complex regulatory landscape, which includes securing further clearances from various government bodies. Overall, the stage is set for a transformative shift in India's internet connectivity landscape, with Starlink poised to play a central role in bringing high-speed internet to even the most remote corners of the country.

India sets stage for Elon Musk’s Starlink internet services to finally enter India with latest spectrum decision

The <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> on Monday said the advent of <keyword id="19904566" type="General" weightage="20" keywordseo="Artificial-Intelligence" source="keywords">Artificial Intelligence</keyword> (AI) casts a "huge pall of uncertainty" with regard to impact on <keyword id="19938392" type="General" weightage="20" keywordseo="workers" source="keywords">workers</keyword> across all <keyword id="20525009" type="General" weightage="20" keywordseo="skill-levels" source="keywords">skill levels</keyword>. The Economic Survey 2023-24 tabled in Parliament predicted that the new-age technology, while turbocharging productivity, has the potential to disrupt employment in certain sectors. The Survey described AI as "phenomenal in its rapid pace of innovation and ease of diffusion" but also cautioned that the the <keyword id="20205392" type="General" weightage="20" keywordseo="future-of-work" source="keywords">future of work</keyword> will be reshaped by it. "... The advent of Artificial Intelligence casts a huge pall of uncertainty as to its impact on workers across all skill levels -- low, semi and high," it said. The biggest disruption for the future of work is the accelerated growth in AI, which is poised to revolutionise the global economy, the Survey noted. "India would not remain immune to this transformation. AI is being recognised as a general-purpose technology, like electricity and the internet, which is phenomenal in its rapid pace of innovation and ease of diffusion. As AI systems continue to get smarter and adoption increases, the future of work will be reshaped," it said. The Survey said AI has considerable potential for boosting productivity, but "also has the potential to disrupt employment in certain sectors". "Routine tasks, including customer service, will likely witness a high degree of automation; creative sectors will see extensive usage of AI tools for image and video creation; personalised AI tutors can reshape education and sectors like healthcare can witness accelerated drug discovery," it said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank">Google Pixel 9 Pro Fold to launch in India on August 14 alongside the Pixel 9 series</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a>

AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey

<ul class="summary-list"><li>Salesforce CEO Marc Benioff says AI and human customer service agents are indistinguishable.</li><li>Benioff said AI agents had reached "another level of capability."</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/marc-benioff">Marc Benioff </a>thinks AI has progressed to a point where humans and AI customer service agents are now indistinguishable.In an <a target="_blank" class="editor-rtfLink" href="https://www.youtube.com/watch?v=TtNrCJCwwlc">interview with David Sacks at the All-In Summit,</a> the Salesforce CEO was asked if AI had reached a level where people speaking to customer support could tell if it was a human or an AI agent."We are already at the point. We already have that live," Benioff said. "We're really getting to, like, another level of capability, and I think that's it's pretty impressive."Benioff said the company planned to scale the feature to thousands of customers before the end of the year.Customer service has long been seen as one of the sectors where AI could have the biggest impact. <a target="_blank" href="https://www.businessinsider.com/cvs-pharmacy-use-ai-customer-service-call-centers-tilak-mandadi-2024-6">Many companies</a> have been incorporating the tech into customer service departments to see if it can improve customer experience.Earlier this year, <a target="_blank" class="" href="https://www.businessinsider.com/klarna-ai-chatbot-work-700-people-2024-2">Swedish fintech company Klarna </a>claimed its AI assistant was doing "the equivalent work of 700 full-time agents." The company said the chatbot was more accurate in "errand resolution" and on par with human agents when it came to customer satisfaction.Some companies have claimed that AI agents deliver <a target="_blank" class="" href="https://www.businessinsider.com/ai-work-automation-octopus-energy-greg-jackson-2023-5">better customer satisfaction</a> than human workers.Last year, the CEO of Octopus Energy, a UK-based household energy supplier, said emails written by AI delivered 80% customer satisfaction, improving on the 65% achieved by skilled, trained people.However, introducing AI in other customer service areas has not been as successful. In June, McDonald's said it was removing its Automated Order Taker technology <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-ai-voice-order-technology-drive-thrus-2024-6">from over 100 restaurants after videos</a> showing flaws with the tech went viral the previous year.Representatives for Salesforce did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Marc Benioff says AI and humans are now indistinguishable in customer service 

In an era where customer experience is a primary business differentiator, the role of service hubs has evolved from merely answering calls to becoming innovation centers. With the infusion of advanced technologies like <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> (<keyword id="6355999" type="General" weightage="20" keywordseo="AI" source="Orion">AI</keyword>) and Generative AI (Gen-AI), the service hub industry is now undergoing a transformation that promises to redefine customer interactions, according to experts. “The nature of the industry will change. I think even calling it <keyword id="19945906" type="General" weightage="20" keywordseo="customer-service" source="keywords">customer service</keyword> or service industry may be a very different outlook 5 years from now,” said Sameer Bapat, SVP and COO of Cognizant IOA, during a panel discussion on “Revolutionsing Customer Experience Innovating Service Hubs Through Technology,” hosted by Business Insider India. Leaders in the industry believe that India is entering the golden age of customer service, one powered by data-driven insights, AI-driven empathy, and evolving human-machine collaboration. “The net amount of venture capital and private equity capital that you’re going to see in the customer service industry going forward is going to 5-10x of what it has been in the last 5 years,” predicted panelist Vijay Narsapur, SVP and Business Head of Infosys BPM. <div type="Youtube" id="E23CeECUh9A" title="Revolutionizing Customer Experience: Innovating Service Hubs Through Technology" thumbUrl="https://i.ytimg.com/vi/E23CeECUh9A/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=E23CeECUh9A]]></url></div> <h2>The evolution of service hubs: More than customer service</h2>No longer just centers for addressing customer complaints or technical issues, today’s service hubs are integrating innovative technologies to become the nerve center of business operations. According to Sanjay Kukreja, Global Technology Head at Eclerx, tools like data engineering and cloud computing have shifted customer service into real-time interactions, allowing businesses to assist customers faster and more efficiently than ever before. For Narsapur, service hubs are now the lifeblood of the business process management (BPM) industry. End customers have become increasingly comfortable interacting with AI and automated systems. However, they still crave human connection, especially when complex or emotionally charged issues arise. Narsapur points out that this blending of technology and human touch is crucial for refining the customer journey. As businesses scale, service hubs are expected to balance these elements more tightly to deliver both efficiency and empathy. <h2>AI and Gen-AI: Disruptors or Enhancers?</h2>Arguably, the most significant driver of change in the service hub industry has been the integration of AI and Gen-AI. Bapat explains that these technologies have transformed how service hubs operate. Automation tools have led to productivity gains ranging between 20% to 60%, primarily by streamlining mundane tasks, improving scalability, and delivering more personalized customer interactions. This isn’t just an incremental improvement—it’s a deep, domain-led transformation of how companies interact with their customers. But, as Abhinandan Jain, Chief Growth Officer at Startek, notes, AI doesn’t just enhance efficiency—it also amplifies empathy. Service hubs are learning how to use AI as an "empathy amplifier," where AI-driven systems handle routine queries, and human agents step in for more complex, emotionally charged interactions. This helps agents focus on delivering the high-touch experiences customers expect when they escalate an issue to a real person. While there has been some anxiety surrounding AI replacing jobs, the experts argue that this technology will instead create more high-value roles. ““There is going to be an increase of anywhere between 2x to 5x in the number of jobs that are going to be created in this particular industry,” said Narsapur. For example, there will be an increasing demand for professionals skilled in data science, machine learning, and algorithm management to maintain and improve AI systems. According to a <a href="https://www.mckinsey.com/mgi/our-research/generative-ai-and-the-future-of-work-in-america">McKinsey</a> report, AI will automate 25-30% of jobs in customer service, but the technology will also create new roles in AI supervision, data analysis, and customer experience management. <h2>Data-driven insights and the role of <keyword id="23232621" type="General" weightage="20" keywordseo="CRM-tools" source="keywords">CRM tools</keyword></h2>One of the most promising developments in the service hub sector is the increasing reliance on data to drive customer interactions. Jain explains that service hubs are now equipped with sophisticated Customer Relationship Management (CRM) tools that can mine both structured and unstructured data, enabling companies to gain a holistic view of customer behavior. This level of insight allows businesses to not only address customer queries more efficiently but also predict future needs, making the customer journey more proactive than reactive. These CRM platforms are evolving, too. Narsapur notes that many service hubs, particularly in industries like banking and telecom, now use platforms that integrate various aspects of customer interaction, from onboarding to relationship management. These platforms provide a unified view of customer interactions, allowing agents to access the information they need quickly, which ultimately drives faster resolution times and higher customer satisfaction. A <a href="https://www.gartner.com/en/newsroom/press-releases/2021-01-12-gartner-predicts-80--of-customer-service-organization">Gartner</a> study revealed that by 2025, 80% of customer service interactions will be handled by AI and CRM systems, up from 52% in 2020. <h2>The economic impact of AI on service hubs</h2>The rise of AI and Gen-AI is also fueling an economic boom in the service hub sector. Jain predicts that the influx of venture capital and private equity in AI research for customer service hubs will increase five- to ten-fold in the coming years. This investment is primarily driven by the need for businesses to remain competitive in an increasingly tech-driven market. The economic growth potential is massive, especially in regions like India, where the talent pool for AI and data science is unmatched. Kukreja echoes this sentiment, noting that India’s service hubs are well-positioned to lead this transformation due to their depth of talent in areas such as data engineering, mathematics, and AI development. This gives Indian service hubs a competitive edge as companies look to scale their customer service operations with tech-driven solutions. Global spending on Gen-AI is expected to reach $26 billion by 2027, with Japan and India set to become the most rapidly expanding markets in the forthcoming years, according to <a href="https://www.idc.com/getdoc.jsp?containerId=prAP52048824">IDC</a>. <h2>What lies ahead for service hubs?</h2>As we look to the future, the role of service hubs will likely expand even further. Narsapur warns that while platforms and AI will drive efficiency, businesses should not rely solely on technology. Competitive advantage will come from the integration of human expertise, technology, and industry-specific solutions. Different sectors, such as banking, telecom, and retail, each have unique needs that service hubs must adapt to in order to provide effective, personalized customer experiences. AI will play a central role in this transformation. But as Jain points out, it won’t replace human agents entirely. Instead, it will coexist with them, moving people up the value chain to focus on higher-value tasks. AI will handle the routine, while humans will step in where emotional intelligence and complex problem-solving are required. In the end, the future of service hubs is not just about technology; it’s about blending tech and humanity in a way that elevates customer experiences to new heights. We are at the dawn of a new era for customer service hubs. The infusion of AI and Gen-AI, along with data-driven insights and sophisticated CRM tools, is transforming the industry from the ground up. Far from being a threat to jobs, AI will create new opportunities, leading to a more dynamic, efficient, and empathetic customer experience. With significant economic growth on the horizon, particularly in regions like India, the service hub industry is set to play a pivotal role in the future of business. The golden age of customer service is here, and the best is yet to come. This article is part of a four-part webinar series in partnership with nasscom. These monthly webinars aim to delve deep and offer insights into the evolving BPM landscape. You can watch the full video of the second session <a href="https://www.youtube.com/watch?v=E23CeECUh9A">here</a>. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Customer service hubs: Entering the golden age with Gen-AI and tech-driven solutions

New Delhi: For fresh graduates looking to enter the <keyword id="62763" type="General" weightage="20" keywordseo="job-market" source="Orion">job market</keyword>, skills like <keyword id="6373314" type="General" weightage="20" keywordseo="design" source="Orion">design</keyword>, <keyword id="6359249" type="General" weightage="20" keywordseo="analytics" source="Orion">analytics</keyword> and <keyword id="860320" type="General" weightage="20" keywordseo="programming" source="Orion">programming</keyword> can open up a wealth of <keyword id="89498" type="General" weightage="20" keywordseo="career-opportunities" source="Orion">career opportunities</keyword>, according to the leading professional network <keyword id="28120" type="General" weightage="20" keywordseo="LinkedIn" source="Orion">LinkedIn</keyword>. Software Engineer, System Engineer and Programming Analyst are the top <keyword id="21850803" type="General" weightage="20" keywordseo="jobs-for-bachelors-degree" source="Orion">jobs for bachelor's degree</keyword> holders, as per LinkedIn data. Utilities is the fastest-growing industry for young professionals with a bachelor's degree, as per LinkedIn's Career Starter 2024 report. Other top industries hiring fresh graduates include Oil, Gas and Mining, Real Estate, Equipment Rental Services, and Consumer Services. Regardless of educational background, various job functions are experiencing rapid growth. Ample opportunities are available for bachelor's degree holders in fields like Community and Social Services, Legal, Marketing and Media and Communication, it said. "Entering a tight job market can be tough, especially at the start of a career journey. Staying updated on industry trends and in-demand jobs, and exploring roles that might not seem obvious at first, can widen options," says Nirajita Banerjee, LinkedIn Career Expert &amp; India Senior Managing Editor. Moreover, many skills are transferable across industries, and the rise of AI is creating more tech-related roles across various fields, leading companies to seek professionals with diverse educational backgrounds, Banerjee added. "To expand their horizons, job seekers must keep strengthening their skills and networking with professionals," Banerjee noted. According to LinkedIn, the trend towards more flexible working arrangements is growing significantly. Solely on-site roles are declining by 15 per cent and hybrid positions are surging by 52 per cent for <keyword id="17906094" type="General" weightage="20" keywordseo="entry-level-roles" source="Orion">entry-level roles</keyword> year-over-year. To compile this report, data scientists on LinkedIn's Economic Graph team analysed millions of member profiles and job postings.

You Searched For "Service level" and got 9 results

Office rents across all major Indian cities surpass pre-pandemic levels in 2024, notes a new report

Ira Alok Puranik

Why so many entry-level jobs aren't entry-level

Tim Paradis

India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

BI India Bureau

Trump could push the US debt to levels that cannot be ignored by the end of 2025, BlackRock's bond chief says

Jennifer Sor

India sets stage for Elon Musk’s Starlink internet services to finally enter India with latest spectrum decision

BI India Bureau

AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey

PTI

Marc Benioff says AI and humans are now indistinguishable in customer service

Beatrice Nolan

Customer service hubs: Entering the golden age with Gen-AI and tech-driven solutions

Insider Studios

Design, analytics and programming among top skills required for entry-level roles in India: LinkedIn data

PTI

Popular Keywords

Buying Guides