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European Edition
19th November 2024
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THE HOT STORY
Germany approves more professional visas
Germany is set to increase the number of skilled worker visas issued by 10% in 2024, following the introduction of the Opportunity Card, a points-based system aimed at attracting professionals and graduates. Currently, around 1.34 million jobs remain unfilled in the country. By the end of the year, approximately 200,000 professional visas will have been awarded. "Talented young people can more easily complete their training and studies in Germany," interior minister Nancy Faeser said, adding "Thanks to the Opportunity Card, people with experience and potential can now find a suitable job more quickly and easily." German foreign minister Annalena Baerbock also hailed the initiative, as she highlighted the country's continued labour shortages. "Every year, Germany lacks 400,000 bright minds and even more hands that make our country strong . . . This is slowing down our economy . . . With the Skilled Immigration Act, we have created the most modern immigration law in Europe and finally turned the visa process on its head."
COMPANY CULTURE
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LEGAL
Jobs at risk as rules are tightened
A number of firms have recently let go of staff for seemingly minor infractions, and human resources consultant Suzanne Lucas suggests that this increase in policy enforcement may be a result of companies wanting to rid themselves of staff obtained during a post-pandemic hiring spree, saying: “When you need to cut head count, you tighten up the rules.” It is noted that EY recently dismissed workers who were caught watching multiple training videos at the same time; Meta sacked employees for spending meal allowances on other items; and US retailer Target has fired employees who jumped the queue to snap up popular items ahead of customers. The FT also reports on so-called stealth sackings that are being made as companies try to rein in costs and restrict workplace initiatives that do not help profits.
DIVERSITY, EQUITY, & INCLUSION
Special Report : Diversity Leaders
The FT's 'Diversity Leaders' special report features the sixth annual list of Europe’s Diversity Leaders, rated for their inclusion and equality policies. The top five includes Cisco, Erste Bank and Diageo.
HEALTH & WELLBEING
UK government minister rules out four-day week
UK Pensions Minister Emma Reynolds has ruled out the possibility of civil servants moving to a four-day working week, saying it will not happen as “we’re not living in the 1970s.” Her comments come after staff at the Department for Environment, Food and Rural Affairs said shifting to a four-day week with full-time pay could save £21.4m (€25m) a year by cutting staff turnover and sickness, while a Public and Commercial Services union report argued that working a four-day week was “essential for a happy and healthy life.” Reynolds said that while she can “see the benefit for those who want to have the flexibility to be able to work part time . . . I don’t think as a whole that civil servants as a general rule should work four days rather than five.”
WORKFORCE
Dutch trade unions threaten supermarket strikes before Christmas
Trade unions CNV and FNV are preparing for potential strikes at Dutch supermarkets as Christmas approaches, as they express dissatisfaction with an employers' final wage offer of a 3% increase starting January 2024. CNV director Jacqueline Twerda said: “A 3% increase falls hopefully short of any purchasing power you can think of. It is clear that we will not sign this proposal.” Both unions are advocating for higher wage increases, with CNV seeking 6.5% and FNV aiming for 6%. Additionally, they demand that employees aged 18 to 20 no longer be subject to the lower youth wage and are calling for improved working conditions.
ECONOMY
One in seven German retailers fears going out of business
One in seven German shops is experiencing financial difficulties as households cut spending. The share of companies in Germany's retail sector that fear closure increased from 10.3% last year to 13.8% in October, the largest proportion of any sector, according to a survey by the Institute for Economic Research (Ifo). It is the latest warning sign for the German economy, which is grappling with anaemic growth and political turbulence following Chancellor Olaf Scholz's decision to sack his finance minister and the collapse of the government coalition. The government faces a confidence vote on December 16, which Scholz is expected to lose, triggering an election in February.
MANAGEMENT
HSBC managers must reapply for jobs
HSBC has told managers in its newly formed corporate and institutional banking unit to reapply for their positions. Sources suggest this could see a number of managing directors and other senior bankers lose their jobs. The move comes as the bank merges its corporate and investment banking businesses as part of a restructuring plan put forward by chief executive Georges Elhedery.
RISK
No work phone? Companies tell staff to bring their own
“Bring your own device” policies, where staff are allowed to use a personal phone for work-related tasks, are reportedly “more common than ever” - but come with risks for employers.
INTERNATIONAL
What will Trump's second term mean for DEI?
Writing for Harvard Business Review, Kenji Yoshino, David Glasgow and Christina Joseph consider what U.S. President-elect Donald Trump’s second term could mean for diversity, equity and inclusion (DEI). They say the incoming administration has signaled it will escalate an already virulent anti-DEI backlash in the workplace, and "Proponents of DEI face an enormous struggle over the next four years." The authors say leaders who want to build just and inclusive organisations in challenging conditions can look to a framework developed eight years ago to help multinational corporations support LGBTQ+ inclusion in countries that are hostile to LGBTQ+ rights. "We believe the landscape for pro-DEI organisations in the United States is now analogous to the landscape for pro-LGBTQ+ organisations in hostile countries abroad," the authors contend.
Insurer slammed for ‘clinically dumb' policies in autism cases
A Hong Kong-based executive at insurance firm Manulife has hit out at his employer for what he described as its “clinically dumb” underwriting policies for people with autism, such as his son. Damien Green, the chairman of Manulife Financial Asia, wrote in a social media post, which tagged Roy Gori, president of Manulife, and Phil Witherington, president of the company's Asia branch: “Desperately sad and frustrated at the treatment of functioning and healthy autistic people, like my own amazing son, by insurance companies including my own employer Manulife Hong Kong and Macau . . . I have tried but the clinically dumb underwriting policies of such companies and their reinsurers are about as relevant as the horse and cart.”  Macy Chong Po-king, the chairwoman of the To Dream Charity Foundation, a support group for people with autism, said it was common for insurers to reject applications at the underwriting stage when risks were evaluated by looking at the applicants' medical history.
Hong Kong launches first cybersecurity drill after surge in hacking cases
Hong Kong is conducting its first 60-hour cybersecurity drill to test the effectiveness of current measures, and aims to make it an annual event amid a rise in hacking incidents. Innovation minister Sun Dong emphasized that “maintaining cybersecurity is an important part of promoting high-quality economic development and building a smart city.” The drill, which has been organised by the Digital Policy Office, involves a “red” hacker team simulating attacks on government systems, while a “blue” defence team from various public organisations responds. With 16,182 technology crime cases reported in the first half of the year, the city is also pushing for the Protection of Critical Infrastructure (Computer System) Bill, which could impose fines on operators failing to secure their systems. The results of the drill will be shared at a cybersecurity forum in December.
BNP lays off dealmakers in China
BNP Paribas has cut a dozen jobs in mainland China and Hong Kong, in the latest move by global banks to reduce headcount following a slowdown in dealmaking in the Chinese market. The French bank's mainland Hong Kong and China offices had around 100 employees working on China-related deals prior to the cut, a source told Reuters.
 


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