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Middle East Edition
23rd February 2023
 
THE HOT STORY
Is the ‘compassionate’ layoff an impossible ideal?
BBC Worklife wonders whether it is misguided to chase the goal of a ‘compassionate’ layoff that sits well with every employee, observing that the idea of such a layoff is extremely subjective – especially in a remote-first world, where there’s little precedent about what works: what might be seen as “thoughtful and transparent” or “exemplary” to one laid-off worker may still be unpalatable to another. “The term is a little bit far-fetched and buzzword-y, for sure,” says Jessica Kriegel, chief scientist of workplace culture at California-based Culture Partners, a corporate-coaching consultancy. “To lay off your people is the end of a work relationship. When relationships end, you end a claim to active empathy with the other person. Leaders who claim empathy with those they are laying off are not being honest with themselves about their role.” Kriegel favours “transparent separation,” citing a Harvard Business Review column that urges bosses to be as open as possible about what’s actually going on. 
HIRING
Bahrainis employed in financial sector up by 3.3%
The number of people employed in Bahrain’s financial sector in 2022 increased to 14,124 compared to 13,697 at the end of 2021, according to findings from the Annual Manpower Survey 2022. The Bahraini workforce employed by the financial services sector reached 9,708 in 2022, an increase of 306 jobs, according to the survey. The number of Bahraini women in the sector increased by 81 jobs, totalling 3,821 at end-2022 compared to 3,740 at end-2021. The share of Bahraini women in managerial roles is 34.2% of the total management positions held by the Bahraini workforce in the financial sector compared to 33.5% registered at end-2021.
DIVERSITY AND INCLUSION
Being surrounded by men is 'always disappointing', ECB chief says
The head of the European Central Bank has described how she has been surrounded by men throughout her career. Speaking with Finnish TV during a non-monetary-policy meeting, Christine Lagarde said: “When I was a lawyer, I was surrounded by men. When I was chairman of Baker McKenzie, my board was male-dominated. When I became finance minister, I was surrounded by men. When I joined the IMF, I was surrounded by men.” She added: “So it’s not something that is new for me, but it’s something that is always disappointing. Because we do a much better job when we are better represented — both genders: male and female.” The Telegraph notes that, in the UK, both the Bank of England and the Treasury have only ever been headed by men. In the US, Treasury Secretary Janet Yellen was the first female chair of the Federal Reserve.
Nearly 300 Saudi female recruits graduate from Passports Institute
A total of 279 Saudi female recruits have graduated from the Passports Institute in a ceremony witnessed by the Director General of Passports (Jawazat) Lt. Gen. Sulaiman Al-Yahya. Gulf News notes that in recent years, Saudi Arabia has pursued a drive to empower women as part of dramatic changes in the kingdom. Women accounted for 37% of Saudi Arabia's overall labour market last year, Saudi Minister of Human Resources Ahmed Al Rajhi recently said.
WORKFORCE
The climate benefits of a four-day workweek
Juliet Schor, an economist and sociologist at Boston College and lead researcher at 4 Day Week Global who worked on both the U.K. and U.S. pilots for four-day workweeks, argues that a shorter working week is key to achieving the carbon emissions reductions the world needs. "Although climate benefits are the most challenging thing to measure, we have a lot of research showing that over time, as countries reduce hours of work, their carbon emissions fall," she says. A 10% reduction in hours is associated to an 8.6% fall in carbon footprint, according to a study co-authored by Schor in 2012. Data from the U.S. Energy Information Administration shows people in the U.S. burn nearly 10% less fossil fuels on weekends than they do on weekdays. Jon Leland, vice president and head of sustainability at crowdfunding platform Kickstarter, which took part in the U.S. trial, believes shifting Friday from a weekday to a weekend day could represent a significant improvement in fossil fuel emissions. "These numbers show that the four-day week can really have a substantial impact," he says. But some observers believe that a reduction in working hours might pose others risks for the environment. Anupam Nanda, professor of urban economics and real estate at the University of Manchester in the U.K., says: "If you end up taking a plane or driving a hundred miles for leisure activities, that can hardly help tackle the climate crisis."
TECHNOLOGY
Employees are experimenting with new AI programs
Employees across industries are testing out new so-called generative AI programs such as OpenAI’s ChatGPT in an attempt to speed up tasks and avoid being left behind. “The purpose that [such a tool] is serving is not to inform you about things you don’t know. It’s really a tool for you to be able to do what you do better,” observes Margaret Mitchell, chief ethics scientist at AI research startup Hugging Face. But many employed in white-collar and creative professions worry that generative AI will eventually replace them. Publishers including BuzzFeed, which is testing generative AI to produce articles and content, say the tools are intended to assist, not replace, their staff. BuzzFeed CEO Jonah Peretti has written in a memo to employees that humans will continue to play the role of providing ideas, “cultural currency” and “inspired prompts.”
SUSTAINABILITY
Tangen warns bosses not to backtrack on ESG agenda
Nicolai Tangen, chief executive of Norway’s sovereign wealth fund, has warned chief executives not to reverse their position on the shift to green energy, arguing that without significant change the planet will become uninhabitable. He hit back at claims that ESG (environmental, social and governance) policies are a symptom of “woke” capitalism, claiming that saving the environment is instead a matter of life or death for businesses. “If you as a company pollute, you will not get anybody to buy your products, get anybody to work for you, you won't get insurance, you won’t get bank loans, you basically won't have a business.” Mr Tangen is a vocal critic of high executive pay, and has called out the likes of Blackrock’s Larry Fink for lecturing others on pay when he took home in excess of $40m last year. “If you're a listed US money manager and you make an astronomical amount of money yourself, you cannot criticise companies for paying their CEOs too much. That’s hypocrisy. I think that‘s why US investors are not particularly vocal on executive pay - because they make so much money themselves.”

 
MSN
STRATEGY
Google to cut 240 jobs in Ireland
Google is to cut 240 jobs in the Republic of Ireland as part of job losses planned worldwide by parent company Alphabet. The company employs 5,500 people in Ireland, where its headquarters for Europe, the Middle East and Africa is located. In an email to staff, Google said 85 jobs will be cut in sales, 80 in technology and engineering and the remaining 75 in support functions. In January, Alphabet said it would cut 12,000 jobs worldwide, about 6% of its global workforce. Ireland's minister for enterprise, trade, and employment, Simon Coveney, said the Irish government would ensure those losing their jobs would be supported. He added that the government has had enquiries from other companies to find out if those losing their jobs could be employed elsewhere. Gareth Murphy of the Financial Services Union (FSU) said: "It is important that compulsory redundancies are avoided, and a voluntary redundancy package is agreed that reflects the work and dedication of staff."
INTERNATIONAL
China wants state firms to drop Big Four auditors due to data risk
Chinese authorities have urged state-owned firms to stop using the four biggest global accounting firms - Deloitte, PwC, EY, and KPMG - as Beijing seeks to rein in the influence of Western auditors amid continued concerns about data security. China's Ministry of Finance last month gave informal guidance to some state-owned enterprises to let contracts with the firms expire. While offshore subsidiaries can still use US auditors, the parent companies were urged to hire local Chinese or Hong Kong accountants when contracts are up for renewal, according to people familiar with the matter. Bloomberg notes that one risk for China is that shifting to lesser-known auditors will make it harder for state-owned firms (SOEs) to attract capital from international investors. “It builds in a further hurdle for Chinese SOEs in terms of appealing to international capital,” said Richard Harris, chief executive officer of Hong Kong-based investment business consultancy and fund manager Port Shelter Investment Management. “I’m not sure if the data held secret as a result is likely to be important enough to justify inhibiting that access to international capital as accountants have a legal obligation to be confidential.”
Nearly a third of euro zone employees want more remote working, study says
European Central Bank (ECB) research suggests that almost a third of euro zone workers want to work from home more frequently than their employer allows them to, and are willing to change jobs to be able to do so. "Workers are more willing to change jobs if they have remote work preferences that exceed those they perceive their employers to have," the ECB study said. "30% of workers had work from home preferences that exceeded what they expected their employers to offer." The study said commuting time is the biggest factor influencing a preference to work remotely. "Workers who commute more than one hour each way prefer 10 work-from-home days per month, which is four days more than workers whose commute time is less than 15 minutes."
Yelp’s remote work policy spurs employee exodus
Yelp has analyzed three years of internal data on its own workforce, which is fully remote. It found the share of workers living near its office locations plunged between 2019 and 2022. The firm’s headquarters in San Francisco saw the most dramatic decline (down 70%), followed by New York, Washington, DC, and Chicago (each down 67%). In the same period, Yelp - known for its crowdsourced reviews of businesses - found the number of its workers living in Florida and Texas jumped by four times. “Many of the employees we’ve spoken with moved away from former office locations to areas with a lower cost of living, with some individuals purchasing their first home or enjoying a slower place of life,” said Carmen Whitney Orr, the company’s chief people officer.
 


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