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European Edition
17th February 2025
 
THE HOT STORY
Germany faces year of industrial disputes
Germany faces the prospect of industrial strife this year as employers cut jobs, shut factories and move staff abroad. Knut Giesler, deputy chairperson of Thyssenkrupp's steel unit and head of the IG Metall union in North Rhine-Westphalia, said: "We have to brace for a year of disputes," while Achim Dietrich, head of the works council at automotive supplier ZF Friedrichshafen, warned that: "Some [executives] believe it is necessary to cut off an arm in order to save the rest of the body." He believes the current situation is much worse than the 2008 financial crisis, and cites a reluctance to compromise on the part of company leaders.
WORKPLACE
The human resources reckoning
The FT's Emma Jacobs says HR departments are needed more than ever post-pandemic, being asked to manage the fallout "When extraordinary times place unusual pressures on an organisation’s staff."
STRATEGY
Finland's Neste to reduce workforce
Finnish oil refiner and biofuel maker Neste is to cut around 600 roles worldwide after it announced worse-than-expected fourth-quarter profits. Up to 450 employees will be let go in Finland. "Our current financial performance is weak and not sustainable," CEO Heikki Malinen said in a statement on Thursday. The company lowered its guidance on its renewable sales margin three times last year due to falling prices for renewable fuel amid weak demand and a supply glut.
WORKFORCE
Dutch job market tightens
The Dutch labour market experienced a slight tightening in the final quarter of last year, marking the first increase in tightness since late 2023, as reported by the Central Bureau for Statistics (CBS). The change has been attributed to a rise in job vacancies, which increased by 7,000 to reach 404,000, while the number of unemployed individuals remained stable at 374,000. Notably, the trade, healthcare, and business services sectors accounted for about half of all vacancies. CBS highlighted that "for every 100 unemployed people, there were 108 open vacancies," indicating a shift in the job landscape. Additionally, the total number of jobs in the Netherlands grew by 33,000, reaching nearly 11.7m, with significant growth in public administration and business services.
UK migrant care workforce faces exploitation, survey says
According to a survey by the UNISON union, many foreign workers in Britain's social care sector face exploitation. The survey, which included over 3,000 participants, revealed that nearly 25% had paid substantial fees to secure jobs, with some individuals paying upwards of £20,000. Christina McAnea, UNISON General Secretary, said: "These shocking findings highlight widespread exploitation of migrant care workers." The report also noted that a significant number of care workers are living in overcrowded conditions, with some sharing a bedroom with multiple others. Over 25% of respondents reported earning below the legal minimum wage of £11.44 per hour, and 57% said they struggled to pay their bills. Some workers were  effectively being employed as indentured labour, and the system must change, McAnea said. "This would help prevent exploitation and drive up standards  across the care sector."
DIVERSITY, EQUITY, & INCLUSION
UK HR chiefs push back on DEI shift
At a recent dinner for HR leaders from major UK companies, there was a palpable sense of anger regarding President Donald Trump's actions against diversity, equity, and inclusion (DEI) in the US, writes the Sunday Telegraph's Lucy Burton. Attendees expressed their strong resolve, with one saying: "We need to take a stand against this." While US firms are retracting their DEI initiatives, British HR chiefs are committed to maintaining their diversity targets. Tensions are rising between US and UK branches of global companies, with some UK managers opting to rebrand DEI efforts as "culture and inclusion" to continue their work. Heeral Gudka, a consultant on diversity strategies, noted that the current climate provides boards with "a gold-plated reason" to cut DEI costs. Despite the challenges, many UK executives are determined to make independent decisions regarding DEI, regardless of external pressures.
LEGAL
Greenpeace takes on Energy Transfer
Greenpeace International has initiated a lawsuit against US pipeline company Energy Transfer in a Dutch court, marking a significant test of a new European law designed to protect rights activists from silencing lawsuits. The environmental group said it aims to recover "all damages and costs it has suffered as a result of [Energy Transfer's] back-to-back, meritless lawsuits." Since 2017, Energy Transfer has pursued $300m in damages against Greenpeace USA and others for their opposition to the Dakota Access Pipeline. The case has been filed with the District Court of Amsterdam.  It was not immediately clear whether EU and Dutch law would be applicable in the case.
MANAGEMENT
'Feminine' negotiation strategies are a strength in the boardroom
Rebecca Ponce de Leon, Assistant Professor in the Management Division of Columbia Business School, along with Anyi Ma, assistant professor of management at the University of Wisconsin-Madison and Ashleigh Shelby Rosette, the James L. Vincent Professor of Leadership at Duke University, have carried out a survey which found that women are more likely than men to avoid expensive impasses during negotiations. Their findings come amid a renewed focus among CEOs and other business leaders on so-called "masculine energy." Ponce de Leon observed: "For years and years now, the narrative has been that women should behave more like men to get ahead and to be successful. But these findings illustrate that there is a place for more traditionally feminine and communal behaviours at work, and that they can be a source of strength and strategic advantage for our workplaces.”
ECONOMY
Russian prices rise as inflation persists
In the week leading to February 10th, Russian consumer prices increased by 0.23%, resulting in a total rise of 1.53% since the beginning of the year. This is slightly lower than the 1.55% recorded during the same period last year. The central bank of Russia is set to hold a rate-setting meeting on February 14, with expectations to maintain the key benchmark rate at 21%, the highest level since the early 2000s. Despite the central bank's forecast of inflation slowing to 4.5%-5.0% this year, the current weekly data indicates that prices are rising faster than anticipated.
INTERNATIONAL
Amazon struggles to implement back-to-office policy
Amazon is facing challenges in implementing a back-to-office staff policy due to a space crunch. The company has faced issues with a lack of desks in many offices, including in Houston, Atlanta, and New York City. Workers assigned to some locations are still waiting to hear when they can go to the office full-time. Others who return for five days find themselves jockeying for parking, and for private rooms to make video calls. Amazon has been a vocal advocate for workers to return to the office, saying that collaborating, brainstorming, and inventing are simpler and more effective. “If it’s not for you, then that’s OK. You can go and find another company if you want to,” Amazon Web Services chief executive Matt Garman said last October. “But for us, that’s what we’ve decided is the best way to operate our company.”
GenAI is set to boost Indian tech sector's productivity by up to 45%
According to a survey by EY India, the adoption of generative artificial intelligence (GenAI) is projected to enhance the productivity of India's $254bn software industry by 43%-45% over the next five years. The increase will be felt in around 500 roles and driven by the IT sector's internal integration of GenAI and the transition of client projects from proof of concept to production. Abhinav Johri, a technology consulting partner at EY India, said: "Enterprises are moving beyond experimentation to putting AI into production at scale." The survey indicates that software development roles will see the most significant productivity boost of approximately 60%, followed by BPO services at 52% and IT consulting at 47%. Collectively, these areas will contribute to 50%-60% of the overall productivity improvement in tech services. The growing use of AI is also enhancing customer service while reducing costs and improving revenue growth.
Meta layoffs hit Singapore
Meta's recently announced layoffs have had an impact on the company's Singapore workforce, according to a leaked internal memo from Janelle Gale, the vice president of human resources. The layoffs, which began on February 10, have been described as "deeply emotional and challenging" by a Meta product manager in Singapore, who noted the heartbreak of seeing colleagues' deactivated profiles. Christopher Fong, co-founder of local career networking platform Key, organised a gathering to support those affected, observing: "People who have been through layoffs want to help and offer a sense of comfort."
 


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