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European Edition
21st June 2021
 
THE HOT STORY
German union urges Amazon workers to strike on 'Prime Day'
Germany’s Verdi trade union is urging workers at seven Amazon warehouses to go on strike today for several days to coincide with the retailer’s global Prime Day promotion. The union said the three-day strike was being organised as part of a continuing battle with Amazon in Germany over better pay and working conditions. "The workers in the mail order centres have to cope with the rush of customers and don't get a cent more for the additionally intensified workload," said Verdi representative Orhan Akman. Verdi has been organising strikes at Amazon in Germany since 2013 to protest low pay and poor conditions. An Amazon spokesperson said the company offers excellent pay and benefits.
REMOTE WORKING
Switch to more home working risks increasing gender inequality
Experts fear a rise in gender inequality in the workplace as more people switch to working from home after the pandemic. Professor Cary Cooper, a psychologist from Alliance Manchester Business School in the UK and president of the Chartered Institute of Personnel and Development, says that unless more men take up flexible working, women could be left at a disadvantage. Most employment experts agree that organisations will have to monitor closely how new working policies are adopted by staff once coronavirus restrictions are lifted. “Companies have to take this seriously and build a cultural model in their organisation,” says Katy Fridman, founder of talent platform Flexible Working People. “The onus is on the employer. There has to be encouragement across the board [for flexible working] from seniority to entry-level staff and whatever gender, so there isn’t a disparity, or this could very well set women back.”
WORKFORCE
Deloitte says staff can work from home forever
Deloitte’s 20,000 UK staff can work wherever they want when Covid restrictions are lifted, the firm’s chief executive Richard Houston told staff on Friday. Employees will not be mandated to be in the office for a set number of days or in specific locations. “That means that our people can choose how often they come to the office, if they choose to do so at all, while focusing on how we can best serve our clients,” Houston said. He added: “This is a fantastic opportunity for us to embrace the benefits from the last 16 months of being able to spend more time at home, while our people can be flexible in the way they work and reconnect with their colleagues and the office as needed.” The firm's move goes further than its Big Four rivals KPMG, EY and PwC, which have all said employees will be required to go into the office at least two to three days a week. Deloitte is also considering whether staff could work abroad for a period in the future, the Telegraph reports. Commenting on the news, the paper's Ben Marlow questions how any organisation can expect to foster a culture of collaboration if its entire workforce is communicating from behind a screen.
Bagpipes and barbecues: incentives abound to lure staff back to the office
The fine line between enticement and coercion to lure staff back to the office will become a divisive issue in global workplaces as lockdowns ease, writes the FT’s Andrew Hill.
CULTURE
Toxic culture could trigger 'large scale failures'
Carolyn Rogers, secretary general of the Basel Committee on Banking Supervision, has warned that unless toxic corporate culture is purged there is a significant risk it could lead to “large scale failures.” Ms Rogers said: “This is a topic that bank supervisors and banks themselves actually need to focus on over the next few years. We still see scandals, we still see billions of dollars in fines levied on banks for various, what I would call, cultural failings or misconduct risk.”
How to deal with an abusive work situation
Naomi Shragai, a business consultant and psychotherapist, advises that it is sometimes easier to leave a toxic workplace than recover from its damaging long-term effects.
STRATEGY
British steel industry under threat from Brexit
Removing protections inherited from the EU to safeguard UK steel producers could deal a hammer blow to the industry, MPs and industry leaders warn. Gareth Stace, director general of UK Steel, said the Trade Remedies Authority’s decision to “terminate steel safeguards for half of the product categories exposes the UK’s steel sector to uncontrolled surges in imports.” Stace added: “The UK Government is squandering the opportunity to make Brexit work for domestic industry and is letting an arm’s length body harm the British steel sector, not support it. We want to work with the Government to level up Britain, instead they are levelling down our steel sector.”
Britain remains on top for financial services
Analysis by EY suggests that Britain remains the most attractive destination in Europe for financial services despite losing some activity to the Continent because of Brexit. EY found that foreign companies invested in 56 financial services projects in the UK last year, 43 fewer than in 2019 but seven more than in France, the second most popular location. The EY report indicates that the UK will retain its status as the financial capital of Europe, and was judged to have the most investment-friendly Covid recovery plans and was the most attractive for financial services investment overall.
Santander looks to muscle way into European investment banking
Santander, Europe’s largest retail lender, has set its sights on becoming a major force in European investment banking, challenging the Wall Street powerhouses that have come to dominate the industry.
HIRING
PwC hiring spree
PwC is to increase its global headcount by 100,000 over the next five years as part of a $12bn investment designed to capture a booming market for ESG advice.
INTERNATIONAL
US firms lure staff from Magic Circle with bumper starting salaries
The Sunday Times reports that US law firms such as Latham & Watkins and Kirkland & Ellis are luring junior lawyers away from Britain’s 'Magic Circle' practices – Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May - with huge pay packets. This month, Milbank increased base salaries for newly qualified (NQ) lawyers, including those in London, by $10,000 to $200,000 (£140,000). Following the move, Davis Polk & Wardwell increased NQ pay to $202,500 for first-year associates worldwide, which was matched by Akin Gump. This compares to magic circle base salaries for first-year solicitors of between £90,000 to £100,000.
British-owned avocado farm drops lawsuit over abuse allegations
Kakuzi, a British-owned avocado farm in Kenya, is withdrawing a lawsuit against charities that supported alleged victims of abuse by the farm's security guards. The move comes after British supermarkets stopped selling the farm's produce following reports last year that its security guards had allegedly attacked villagers and workers. The farm's British owner, Camelia, earlier this year paid £4.6m to alleged victims of abuses in a settlement. However, Kakuzi then launched a lawsuit against charities in Kenya that had publicised the settlement. It is now understood that Tesco and Sainsbury's are considering using the supplier again if there is enough evidence of progress on human rights issues. 

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