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European Edition
16th July 2024
 
THE HOT STORY
Campaigners push for four-day working week in UK
A campaign has been launched in the hope that the new Labour government will be receptive to the idea of a four-day working week. The 4 Day Week Campaign and Timewise have partnered to launch a second four-day week pilot in the UK, with research support from the University of Cambridge, Boston College, and the Autonomy Institute. The pilot project aims to persuade the government to consider changes in how people work. The campaign for a four-day working week, with no loss of pay, has gained momentum in recent years. The latest trial will also explore other flexible working policies. Advocates argue that the five-day nine-to-five is outdated and no longer fit for purpose. The campaign is pushing for a four-day, 32-hour working week with no loss of pay. Studies suggest that a shorter work week can lead to increased productivity and better work-life balance.
WORKFORCE
More than half of unemployed in Malaga are over 45
More than half of the unemployed in the Spanish city of Malaga are over 45 years old, and a third are over 50, according to recent data. Despite the creation of over 52,000 jobs in the past two years, unemployment in Malaga has only decreased by just over 17,000 people. The local labour market is facing an imbalance between job opportunities and the pool of unemployment, and the hospitality and catering sector, construction industry, technology sector, and agri-food sectors are struggling to find workers to fill vacancies. The age factor plays a significant role, with older individuals facing barriers to adapting to change and companies considering the investment in training them as unprofitable. Lack of qualifications is another issue, with half of the unemployed in Malaga lacking the minimum required qualification for job offers. Micro-credentials, short practical training courses, are being introduced to help individuals acquire in-demand skills quickly.
HEALTH & WELLBEING
UK companies boost mental health provision amid wellness concerns
The Times' Naomi Ackerman looks at the mental health crisis among workers and the impact on UK businesses. She cites analysis from Axa which shows that poor mental health is the leading cause of workplace absence. The insurer calculates that mental health-related productivity losses cost organisations about £57bn last year. Meanwhile, an annual survey by HR and employment law consultancy Peninsula found a 140% year-on-year increase in SMEs reporting a detrimental impact of mental ill-health on their businesses. Ackerman notes that experts have put the recent decline in employee wellbeing down to factors including the long-term impact of the pandemic, as well as an inability to gain access to NHS psychological support, with waiting lists growing longer. A number of firms are investing in mental health provision, driven by employee demands but also by data on the success on intervention. Research from Deloitte suggests that businesses see an increased productivity return of £4.70 for every £1 spent on supporting the mental health and wellbeing of their workforce.
LEGAL
Can online reporting stop workplace microaggressions?
Some management experts aver that if companies funnel employees to use anonymous hotlines to tell the truth about unacceptable behaviour, then it may suggest that it is risky to speak out.
TAX
G20 leaders urged to back global tax on billionaires
Former presidents and prime ministers have sent an open letter to current leaders of the world's 20 largest economies urging support for a global tax on billionaires. The letter, signed by 19 Club de Madrid members, praised US President Joe Biden's billionaire income tax proposal and called for joint co-operation to combat tax evasion by the wealthiest. Signatories wrote: "A global deal to tax the ultra-rich would be a shot in the arm for multilateralism: proving that governments can come together for the common good." The proposal, crafted by French economist Gabriel Zucman from the independent EU Tax Observatory, calls for an annual 2% levy on fortunes exceeding $1bn. This, the report calculates, could raise up to $250bn annually from about 3,000 individuals. While some nations have raised objections, France, Spain, Colombia, Belgium, the African Union, and South Africa have already supported the initiative.
Tax laws look to lure the rich to Italy
The Sunday Times says Italy's new tax laws aggressively aim to get rich people to relocate and invest there, adding that Milan hopes to attract more wealthy expats as the UK accelerates the end of the "non-dom" tax status for rich foreign people. Italy's tax perks include an effective tax rate of just 15% on earnings and a flat fee of €100,000 a year for tax-free non-Italian income.
CORPORATE
European IPO market surges in H1
Returns from initial public offerings in the European market rose to €11.4bn in the first half of the year, up from €2.5bn in H1 2023, according to PwC. Kat Kravtsov, capital markets director at PwC UK, said the “largely positive” after-market performance for trading in shares from European IPOs would help support activity in the second half of the year. While London’s IPO market remained relatively subdued, with just £500m raised in H1, PwC said “a strong pipeline of potential IPOs also remains.” Vhernie Manickavasagar, capital markets partner at PwC UK, said "the IPO pipeline appears healthy well into 2025, indicating sustained recovery is under way." She added: "Companies are preparing early so they are ‘IPO ready’ and able to take advantage of favourable listing conditions once the uncertainties presented by the elections taking place across the globe this year are settled.”
INTERNATIONAL
Middle East's tax-free higher salaries are a major draw for tech talent from Europe
Companies in the Middle East are offering more than double the salaries for key IT roles compared to some European countries, leading to a potential 'mass exodus' of tech talent from Europe. A study conducted by Hays shows that more than a third of all European tech professionals will leave their jobs this year, with low salary being one of the top reasons. The UAE and Saudi Arabia are expected to benefit from this talent migration, with companies in the Middle East ramping up their operations and offering attractive career prospects. The study also reveals that tech professionals in the Middle East are expecting higher salary increases compared to their European counterparts. The second half of 2024 is predicted to be a key time for hiring tech talent from Europe. "It is well known that salaries tend to be higher in the UAE and KSA, which is obviously an attraction for tech specialists in lower-paying European countries," observed Eamonn Hart, senior manager - Technology at Hays Middle East.
Nearly 40,000 cases of workplace harassment reported in Korea in five years
Over the past five years, nearly 40,000 cases of workplace harassment have been reported in Korea. However, less than 5% of the cases resulted in prosecution, fines, or corrective guidance. The number of reported cases has been steadily increasing each year, with 3,668 cases reported in the first five months of this year alone. Of the processed cases, only 0.78% resulted in indictment. The low number of indictments is due to the limited criminal penalty stipulated by the law. The government says it is working on improving the system by clarifying the criteria for bullying and seeking input from experts.
Malaysians in Australia's mining sector find positives to offset demanding FIFO work
Malaysians working in Australia's mining sector, particularly in fly-in, fly-out (FIFO) roles, have found that the unique environment and financial benefits help to balance the demanding nature of their work, reports South China Morning Post. These FIFO workers travel to remote work sites for extended periods, often staying in temporary accommodation provided by their employers. The mining camps offer various amenities such as gyms and swimming pools. Pauline Chuo, a 32-year-old electrical engineer from Sibu, Sarawak, is one of the Malaysian FIFO workers in Australia's mining sector. She says: "The money and unique environment make the demanding work more bearable."
Diverse lawyers used as ‘window dressing’ in client pitches, poll finds
Minority attorneys at the largest US law firms are being used as “window dressing” in initial meetings with clients, only to be excluded from subsequent work, according to a survey.
 


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