On this episode of Paychex THRIVE, distinguished labor economist and Harvard professor Dr. Richard Freeman joins host Gene Marks to navigate the future of work in an era of rapid technological advancement. With the rise of artificial intelligence (AI) and significant shifts in labor economics, the debate around employee ownership becomes more relevant. Dr. Freeman paints a compelling picture of a future where workers share the fruits of innovation and are not left behind by technological advancements. Tune in as he encourages listeners to consider employee ownership structures to boost productivity, foster a sense of shared investment, and ensure equitable distribution of AI-induced wealth.

00:00: Episode preview and welcome

01:34: Introduction of Dr. Richard Freeman

02:19: Discussion on AI’s impact on labor

07:06: AI as a potential solution to global problems

10:29: History of job replacement by technology

11:35: Impact of AI on jobs and opportunities

15:12: Discussion on employee ownership

18:15: The benefits of employee ownership

21:00: The tax advantages of employee-owned businesses

22:04: Possible reasons for low growth in employee ownership

24:51: Differences between ESOP and other forms of ownership

27:32: Historical perspective on American democracy and work

28:38: Richard’s ideals ownership scenario

34:15: Wrap-up and thank you

DISCLAIMER:The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.