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European Edition
21st October 2024
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THE HOT STORY
Raising pension ages across Europe: A complex and unequal debate
As life expectancy increases across Europe, governments are grappling with the need to raise pension ages to ease the growing strain on state budgets. However, this "one-size-fits-all" approach faces significant backlash due to its uneven impact on workers. Those in physically demanding or lower-paid jobs, as well as individuals in poor health, face greater challenges in prolonging their careers. Health-related issues, often linked to the physical or mental demands of one's profession, are a leading cause of early retirement. To effectively raise productivity and ensure greater fairness, governments must consider individual worker profiles, investing in healthcare and offering more flexible retirement policies that accommodate the diverse needs of the workforce. By addressing these disparities, policymakers can create more equitable systems that promote both economic stability and employee well-being, without disproportionately harming vulnerable workers.
EMPLOYEE WELLBEING
Workplace Mental Health Strategies: Ask an Expert Anything

Workplace well-being and supporting employee mental health is crucial in the modern office. But it’s a massive topic, with plenty of misinformation and confusion out there. Join our free AMA session with Dr. Katharina Koch, who is the Head of Psychology at nilo.health and a clinical psychologist certified in Cognitive Behavioral Therapy with a Ph.D. in psychology and neuroscience. Dr. Koch is an expert on mental health in the workplace and she’ll be offering insights on burnout, workplace well-being, company culture, preventative mental health support and much more! Bring your questions and get ready for actionable strategies to boost your team’s well-being and performance.

Register to join the AMA here!

 
WORKFORCE
Migrants could help address Greece's severe labour shortages
At the 5th Olympia Forum held from 18 to 20 October, Dimitra Lygoura, Greece’s Secretary General for the Reception of Asylum Applicants, emphasised the key role migrants could play in alleviating the country's significant labour shortages. Greece faces a shortfall of nearly 200,000 workers, with the agricultural sector lacking 70,000 workers and the tourism and hospitality industries short by 80,000. Lygoura highlighted the country's challenges in filling highly skilled positions and called for improved social integration of migrants, crucial for security and social cohesion. She revealed that 750,000 legal migrants are currently employed in Greece, aided by policies allowing asylum seekers to work within two months of applying for asylum. The forum underscored the potential for migration to strengthen Greece’s workforce and economy.
Malta's population boom: A ticking time bomb
Malta is experiencing a significant population increase, with density rising to 1,720 people per sq km, up from 1,360 over the last decade. This surge, primarily driven by inward migration, has raised concerns about the quality of life and the well-being of Maltese families. Ralph Puli, an accountant and financial consultant, highlights the urgent need for a new economic model that prioritises quality jobs over sheer numbers, stating: "We need to rethink Malta, take the bold decisions necessary to change the course of our economy."
Austria promotes employment program to Filipino tech professionals
WORK in Austria, a division of the Austrian Business Agency (ABA), will showcase its employment program at the Geeks On A Beach (Goab) conference in Cebu, Philippines, on November 14-15, 2024. The initiative aims to attract Filipino tech professionals and entrepreneurs by highlighting Austria as a prime destination for skilled talent, offering a stable economy, high standard of living, and attractive working conditions. With over 30,000 Filipinos already residing in Austria, the two countries have strengthened ties through a 2023 memorandum of understanding to enhance cooperation in recruiting skilled workers. WORK in Austria provides free services to assist professionals in transitioning to employment in Austria, while the Philippines has opened a Migrant Workers Office in Vienna to support Filipinos abroad.
UniCredit signs deal for 1,000 early retirements
UniCredit, Italy's second-largest bank, has reached an agreement with labour unions to implement early retirement for 1,000 employees, with plans to replace half of them with new hires. The initiative aligns with chief executive Andrea Orcel's strategy to streamline the corporate structure while enhancing digital capabilities. The bank's potential merger with Commerzbank could further influence its operations, as it becomes the largest shareholder pending approval. Additionally, UniCredit will invest in retraining 600 employees, with 200 transitioning to branches to support fee income growth.
Nokia cuts 2,000 jobs in China and 350 in Europe
Nokia has cut 2,000 jobs, or about a fifth of its employee base, across Greater China and plans to cut another 350 jobs across Europe as part of efforts to lower costs, according to sources. The company laid out plans last year to cut up to 14,000 jobs to reduce costs and save between €800m ($868m) and €1.2bn by 2026.
TECHNOLOGY
AI tool sparks debate on interview ethics
The Times’ Mark Sellman reports on an artificial intelligence (AI) tool called the Final Round Interview Copilot, designed to assist job candidates during online interviews. Michael Guan, chief executive of Final Round, describes the tool as "a magical teleprompter" that helps candidates present themselves confidently. However, Hayfa Mohdzaini from the Chartered Institute of Personnel and Development (CIPD) argues that using such technology in real-time interviews is unethical, likening it to "cheating during an exam." A recent CIPD survey revealed that 23% of organisations are working to limit the use of generative AI by jobseekers, with major firms like PwC and KPMG already banning AI use in applications. But Guan said: “We don’t really care about employers. We care about the employees. We care about how to help our candidates to get ready for their next job interviews.” He added: “We’re just filling the gap between now and the Neuralink time when people have chips in their brains.”
AI impacts tasks, not job titles, LinkedIn CEO says
In a recent interview, Ryan Roslansky, chief executive of LinkedIn, emphasised the importance of adapting to an evolving job market influenced by artificial intelligence (AI). He advised professionals to view their roles as a collection of tasks rather than fixed titles, saying: “Professionals can have more agency amidst this transition by thinking of their job not as a title, but as a set of tasks.”  He highlighted that the skills required for jobs have changed by nearly 40% since 2016 and are expected to rise to over 70% by 2030.
CYBERSECURITY
Company accidentally hired North Korean cyber criminal
Sky News reports on a company that unwittingly hired a North Korean hacker posing as an IT contractor, who quickly accessed sensitive data and exfiltrated it leading to a ransom demand. Rafe Pilling, director of threat intelligence at Secureworks, which investigated the incident, said the tactic was a new one for the North Korean regime, which was already trying to sneak its workers into UK companies and marked "a serious escalation" of risk for companies. "No longer are [the fake workers] just after a steady pay cheque, they are looking for higher sums, more quickly, through data theft and extortion, from inside the company defences," he said.
REMOTE WORKING
Baillie Gifford demands full office return
Baillie Gifford, the Edinburgh-based fund manager overseeing over £220bn in assets, has instructed its approximately 1,800 employees to return to full-time office work. The decision, communicated during a recent video call, has elicited mixed reactions among staff. A spokesperson clarified: "In a recent video update to all staff, they were asked to come into the office on their working days, unless there's a sensible reason not to." While the firm maintains some flexibility, the move reflects a broader trend among companies moving away from pandemic-era remote work practices. Baillie Gifford has gained prominence as an investor, particularly in technology sectors, but faced scrutiny earlier this year over its sponsorships amid protests regarding its investment strategies.
CORPORATE GOVERNANCE
LPP announces deputy CEO departure
LPP, Poland's largest fashion retailer, has announced that deputy chief executive Przemyslaw Lutkiewicz has resigned from his position due to health reasons. He is likely to be replaced by finance director Marcin Bojko, who is also set to be appointed as chief financial officer. 
 


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