Google has received significant criticism involving issues regarding privacy concerns, tax avoidance, search neutrality, antitrust, censorship and abuse of monopoly power.
Despite its flaws, Google has a strong reputation amongst its users. The tech giant specializes in Internet-related services and products, which include search engine, online advertising technologies, cloud computing, software, and hardware.
Google is the most visited website worldwide.
History of Google
The company was founded on September 4, 1998, by Larry Page and Sergey Brin while they were Ph.D. students at Stanford University in California.
Google went public via an initial public offering (IPO) in 2004. In 2015, Google was reorganized as a wholly-owned subsidiary of Alphabet Inc.
Sundar Pichai was appointed CEO of Google on October 24, 2015, replacing Larry Page, who became the CEO of Alphabet. On December 3, 2019, Pichai also became the CEO of Alphabet.
In 2021, the Alphabet Workers Union was founded, mainly composed of Google workers.
What Are The Most Popular Google Products And Services?
Google is renowned in creating very innovative products and services.
Here are some of the most popular products and services developed by Google:
Google Search Engine
What’s Currently Wrong with Google?
Google’s ad revenues face a long term threat due to the shift from more profitable desktop ads to less profitable mobile ads and profitless voice searches. Ad revenue is also being impacted in the short term due to competition from Amazon, though it is still increasing steadily.
Google is mainly criticised for tax avoidance, manipulation of search results, search neutrality, monopolistic position, antitrust and search neutrality.
If Google Cloud doesn’t start to close the market share gap with Amazon and Microsoft, it may get left behind, permanently unable to compete. Within the next decade the great migration to cloud will be over, and increasing market share will become much more difficult.
There have been ongoing cries for increased regulation of tech companies including Google. Depending on what if anything is passed, this could be disastrous for Google if it splits up the company or bans things like tracking that are critical to Google’s profitability.
Changing Tides at NAMIC
What a hot and lively week in Dallas! 98F and a huge crowd at the 127th National Association of Mutual Insurance Companies (NAMIC).
Over 1000 senior insurance executives, board members, and service partners, represented 400+ property and casualty insurance and related companies. NAIC officers discussed the insurance trends, regulatory challenges, and barriers to competitive markets. 45 speakers held economy power sessions and education sessions sharing thought leadership on the biggest industry challenges and opportunities.
I had the honor to address the hottest topic – “The Future of Work” – at NAMIC. My session began with a live poll on the top 3 most common reasons given for employees quitting jobs. Here are the most voted reasons among the 181 votes: Lack of workplace flexibility, inadequate compensation, unmeaningful work, and lack of career development.
Here are the results in percentages:
In 2021, 47 million Americans quit their jobs and entered the era of the great resignation. Since January of 2022, over 4 million Americans quit each month. To understand why, McKinsey surveyed 13000 employees in 6 countries from April 21 to April 22. The top reasons for people quitting jobs were lack of career development/advancement, inadequate compensation, uninspiring leaders, and lack of meaningful work. Below is a chart with more details.
The live audience poll and McKinsey’s survey both ranked meaningful work, career growth, and compensation as top reasons for quitting, followed by uninspiring leadership and lack of workforce flexibility.
Moreover, the future workforce demographic is changing from baby boomers to millennials and Gen Z. According to Pew Research, by 2050, 75% of the workforce is expected to be made up of millennials. 44% of millennials say they are more likely to be engaged when their managers hold regular meetings with them. Currently, only 21% meet with their manager on a weekly basis. Gen Z has surpassed millennials as the largest generation, making up 12% of the workforce. 22% of Gen Zs currently have at least one immigrant parent. By 2026, Gen Z will become the largest non-white generation. For Gen Z, community, diversity, and inclusion as well as their sense of passion and purpose hold utmost importance.
My speech covered three main topics: talent management including upskilling, transitioning to a hybrid environment, and outlook for the next 10 years. Registered attendees can get access to the recording through the end of 2022.
During the Q&A, the youngest attendee urged us to look around and notice that there were not enough young people at NAMIC. He called out the importance of understanding the younger generation and giving them more opportunities to network with decision makers at events like NAMIC. That perfectly summed up my presentation. Though NAMIC has certainly evolved with more women representation (15 this year out of 45 speakers and a few CEOs), there is still a need for more diversity in demographic and thought.
I was delighted to reconnect with former colleges, a few CEOs and board members of the mutual insurance companies at NAMIC. My favourite part of NAMIC is that it always feels like a family fair. It is a place we can share best practices and support each other even though our businesses may compete. Where else can you find such an ecosystem?
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