Part 2 of the article. Hope you enjoy.
Today in health, it we're going to continue looking at the interview of Scott Galloway. And we're going to look at work-life balance and we're gonna look at the future of AI. My name is bill Russell. I'm a former CIO for a 16 hospital system and creator of this week health. Instead of channels dedicated to keeping health it staff current and engaged.
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We believe in the generosity of our community. And we thank you in advance. All right. Yesterday. I started reading the interview with Scott Galloway, Scott Galloway. For those of you who don't know. Is founder of many companies, board member of others, business school, professor and author. And outspoken critic of big techs. , the big tech driven society.
, yesterday, we talked about, , the impact of AI. In fact, the title of the article is why AI will make our children more lonely. And he talks about the empty calories that is social. And, , interaction with AI. And chatbots, which could potentially be our future. , again, empty calories in terms of relational, , calories. And he also talked about, , the workplace and how important it is.
For, , people under 40 to have a place where they can go to find friends, mentors, and mates, and, , how important that is and creating a second category. Of worker that is the remote worker. Who are currently caregivers, either for young children or for aging parents. I found both of those concepts. Interesting.
, he goes on today. We talked about work-life balance and the AI future. The question that tees up the work-life balance. He says gen Z or she. It's during the interview. Jensi workers. And their first interviews are asking about work-life balance. What's the right way to think about that. And this one.
She's just going to blow you away. Galloway response. Work-life balance is a myth. I've taught 5,500 students at NYU. And I do a survey. Where do you expect to be in five years economically? And something like 90% plus of them expect to be in the top 1% economically. By the age of 30, right. I get it. It's great, but it means you're going to have no life other than work or very little life. I don't remember my twenties or thirties other than work. It costs me my hair. It costs me my first marriage.
And it was worth it. Again, Very provocative. You, you, you can have it all. You just can't have it all at once. If you expect to be in the top 10%, economically, much less, the top 1%. Buck up two decades plus of nothing but work. That's my experience. , it's interesting because I have this conversation. I have this conversation with my children.
I have this conversation with, , other people. There, there is this idea that if, if a person works over eight hours, That they're giving too much to work. And my, and I, I talk about this whole concept, , with my children and with other people of, there will be times of unbalanced. There's always times of unbalanced. There's never a time where life is perfectly balanced and remains perfectly balanced for an extended period of time. There will be times at work where they.
There are, there's a special project. Do you're rolling out in the HR you're you're doing some major project that you're going to invest more hours. Now. If you're going to invest those hours and it's for an extended period of time, there has to be followed by some balance. To that. Okay. So if you're looking for work-life balance, it's okay to get out of balance.
Then it has to get back in balance. Somehow it either gets back in balance with promotions and compensation, or it gets back in balance. With less work hours in a less busy time. So those are the two ways that workers are looking at this and saying, how do we get back in balance? But I think this is a, this is a great conversation to have with regard to expectations. What are your employees expectations? Are they looking to rise the ladder and get more compensation? And then.
If that's the case, I would set the expectation of don't expect a 40 hour workweek. If you want to be in the top tier of people that are companies paying, don't expect a 40 hour work week, expect more hours than that. That's what it takes to climb that ladder. That's what it takes to be successful. Very few people who work 40 hour weeks are in the top.
Percentage economically, they just aren't. And so, you know, I think expectations is key, as I've said, many times expectations are the mother of all disappointments. If people have certain expectations, we need to know those because when we have those expectations, , We have to meet as many of those expectations as possible. The only way to do that is to know them.
All right. He goes on.
, the next question. What career advice would you give a young adult right now regarding AI? And he says, I am an AI optimist, but everything in the media, on AI. Is total catastrophic using. I think he makes words up. It's the, this is a nuclear bomb. I'm like, that is not all that helpful. Anytime you have new technology, it goes through the same arc.
There's some catastrophic. Phising. There's some job discrepancy destruction, and then the economy grows. And then there are more jobs. Automation destroyed a lot of jobs on the shop floor, the manufacturing floor, but we didn't anticipate heated seats or car stereos. And we created more jobs and I think AI is going to be enormously, a creative force society in our economy. I agree with that. There will be new jobs. There will be disruption. There will be new jobs.
If I were a young person thinking about which industry does it disrupt, which industry will have the greatest reshuffling of value. Think about targeting disruption. I'm not sure people thought processing power would disrupt cable television, but it did in the form of Netflix and now other streaming services. Netflix is rise is directly correlated to the increase in bandwidth and processing power because your cable bill kept going up faster than inflation sets such that you could have food networks three and four.
So for $12 a month, you. I can get a reasonable facsimile of what is costing me $120 a month. So what's next? What does AI kill or disrupt and where would I invest my human capital as a young person? These are great questions. This. It's not only for young people. It's great questions for us. What is it going to disrupt? What aspects of healthcare is AI going to disrupt?
He goes on the most disruptable industry in the world as a function of price, increasing faster than inflation relative to the underlying innovation or lack thereof is hands-down. Us healthcare. Yeah. Identifies it. I, he says this, I haven't had health insurance in five years. And when I tell people I don't have health insurance, it's like, you're a bad citizen.
You're not, you're not a good dad, no health insurance is nothing but a transfer of wealth from the poor who can absorb a big shock to the rich, who can, that is ripe for AI to come in and look at you and say, you know what, you're better off taking 4% of your salary, putting it into 401k. Using it, if you have a healthcare crisis,
But not buying insurance. There's there's going to be so many little AI driven healthcare companies. To that go after the American health care complex AI for me, if I were 20 to 25 30 and wanted to invest my human capital, I would think where's the real action going to be a reshuffling of shareholder value. It's going to be AI driven startups in the healthcare space.
There you have it. I mean, By the way I agree with that. We're already seeing that. Great. We're seeing AI driven. , startups in this space and I think it's going to be. I, the, the challenge is. It requires so much scale. That we're seeing it from the big players. And so the big players are going to be.
It's it's I I've I've said for the longest time, I believe Amazon is going to get into insurance. And they haven't made that move, but I believe that that is the move. I believe they're going to make. Now you have analysts saying apple will get into, , , insurance starting next year, 2024 is when they're predicting.
I believe that makes the most sense when they can get into the space where they're getting the first dollar and they're helping people to stay healthy and they're providing enough services and tools and access to, , primary care. To keep them healthy. They're going to be a viable alternative to some of the other players that might disrupt the insurance space, but it's also going to disrupt the healthcare space. Who are we negotiating with? Who are you? Who are we providing care? And is that a space where we can carve off?
Our markets and provide those same services to our markets. Anyway. I share this. I took a week off. I read some stories. This one just stuck with me. There were some, so many aspects of this. I had so many good conversations with people. , over the last week and a half around these topics that I thought I'd share with you and give you the opportunity to, , respond.
If you want to share something with me. Having heard this. , please go ahead and shoot me note bill at this week. Dot com. , if you haven't already, I put a poll out there. Which was, , similar. It was around this whole concept of where AI disruption is going to be. And, , The question was pretty simple this week, which industry.
We'll see the most disruption from artificial intelligence. I had finance manufacturing, healthcare, and retail. It is I'm looking like people think it's going to be healthcare. , because I didn't put a timeline on it. If I were to put a timeline on this. I would say if it's in the next year or so, it's going to be in this order, finance retail.
Healthcare manufacturing. That's the direction I would put it. If you said five years now, I'd say healthcare. , finance, retail, manufacturing. So, , the timeline does matter. I didn't put a timeline on it. Probably a mistake on my part. It makes it harder for people, a good conversation going on underneath that as well. I want to take a look. All right.
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