While AI tools like ChatGPT are still relatively new, they will likely continue to improve and become more reliable over time. As such, savvy employers must closely monitor AI technology’s developments and potential issues to minimize the risks associated with them.

U.S. commercial bank Silicon Valley Bank (SVB) collapsed on March 10, 2023, resulting in the second-largest bank failure in national history and the largest since the 2008 financial crisis. California banking regulators took control of SVB and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

Employers of all sizes are currently searching for ways to reduce expenses and save money in response to the current economic downturn and ongoing labor challenges. Instead of cutting costs randomly or conducting unnecessary layoffs, successful organizations tend to optimize their resources.