The latest business Intelligence for HR professionals and people managers everywhere
Sign UpOnline Version
APAC Edition
18th July 2024
 
THE HOT STORY
Chinese finance firms ask Hong Kong staff to pay back part of their bonuses
Some of China's largest state-backed financial firms are asking employees in Hong Kong to return a portion of their pay, extending President Xi Jinping's “common prosperity” campaign to the offshore business hub. Hong Kong-based executives and former employees at China Everbright Group and China Huarong International Holdings have been asked to pay back part of their past bonus. The clawback amounts to less than 10% of bonuses at China Everbright. The development marks an escalation of austerity efforts at state-owned financial conglomerates, which have so far mainly limited pay for mainland-based employees. Xi's signature drive has sent shock waves through China's financial industry since it was rolled out in 2021. China Everbright and China Citic Financial Asset Management, the parent firm of Huarong International, did not immediately respond to Bloomberg requests for comment.
RETENTION
Young bank employees in Korea are exiting despite high salaries and job security
An increasing number of Korean bank employees aged 30 and younger are leaving their jobs, despite their high salaries and job security, market watchers say. The top-down corporate culture of obedience and lack of creativity or flexibility is driving this trend, it is posited. Work-life balance is also a major concern. According to environmental, social and corporate governance (ESG) reports issued in the first week of July by the country's top three financial groups — KB, Shinhan and Hana — the turnover rate among their employees aged 30 and younger averaged 4.77%. This was up eight-fold from 0.57% in 2020.
HIRING
Thousands of migrant workers struggle to find jobs in Shanghai
Thousands of domestic migrant workers in Shanghai are facing a tough time finding employment amid a slowing economy. Job scarcity has left many workers struggling to make ends meet. Shen Peng, a single father, says he is desperately searching for a higher-paying job to support his family. The current situation is a far cry from his experience in 2017, when there were plenty of job opportunities. Now, hiring agents are more selective, even refusing overweight applicants, and the situation is causing distress among workers, with many resorting to taking any job they can find.
Germany launches skilled labour strategy with India to address worker shortage
Germany is launching a skilled labour strategy in partnership with India to address a local worker shortage. German Labour Minister Hubertus Heil highlighted the value of migrants from overseas during a meeting with Indian students in Berlin. The strategy aims to streamline the visa process and attract skilled workers on a large scale. Germany will need seven million skilled workers by 2035 to meet demand. The number of Indians in Germany has been increasing, with 56% of Indian employees working in 'expert' jobs. Germany has recently made changes to immigration laws to make it easier for skilled workers to work in a range of professions.
LEGAL
Australian construction union fined A$168k over bullying on worksite
Victoria's construction union, CFMEU, and union official Paul Tzimas have been fined a total of A$168,000 for bullying safety officials and police after shutting down a construction site. The fines were imposed following a Federal Court appeal ruling over a dispute on Victoria's West Gate Tunnel project in 2019. Mr. Tzimas and another CFMEU official halted the worksite by standing on a scaffold deck and issued a health and safety breach notice. The interactions between the union officials and WorkSafe Victoria inspector Quinton Drury were found to be unsavoury. Tzimas made inflammatory remarks, questioning Drury's impartiality and suitability for the role. The union officials' conduct was described as a thuggish assertion of control. The case was first brought against the union in 2020, and the penalties were imposed in 2021. The CFMEU appealed the judgment, and the case was taken over by the Fair Work Ombudsman. The union's Victorian and NSW construction divisions have faced allegations of intimidation, bribery, and criminal links, leading to administration and national office control. An independent administrator has been appointed to oversee the union.
TECHNOLOGY
AI could save some professionals 200 hours per year
Legal, tax and compliance workers expect that artificial intelligence (AI) will save them four hours of work per week in the next year, and 12 hours per week within the next five years, according to a Thomson Reuters survey of more than 2,200 professionals. More than three in five of those surveyed have added AI tools to their workflows. Research, summarisation and draft creation were the most commonly cited use cases. Most legal, tax and compliance workers are bullish on the impact of AI technologies at work, but employees in these fields also crave guardrails, comparison metrics and standardised testing methods, according to the report.  “What we know, and heard from all categories of respondents, is that the rapid pace of change requires a significant shift in strategy, as well as placing some fundamental guardrails in place to ensure the responsible and ethical use of this technology — a responsibility we all share,” Steve Hasker, president and CEO of Thomson Reuters, said in the report. 
REMOTE & HYBRID WORKING
Increasing globalisation of business sparks interest in US CPA exam
The American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) have announced that the U.S. CPA Exam will now be available in the Republic of the Philippines. This move comes as a response to the increasing globalisation of business and the growing interest in obtaining the US CPA designation among individuals living abroad. Starting from July 1, 2024, CPA candidates in the Philippines can register for the exam, which will be conducted at three testing centres within the country. This expansion aims to reduce costs and travel time for candidates, while also promoting the accounting profession and providing greater flexibility for international CPA Exam candidates. The US CPA Exam consists of three core sections (Auditing and Attestation, Financial Accounting and Reporting, and Taxation and Regulation) and one selectable discipline section. Candidates must also meet education and experience requirements, as well as any additional steps required by their home jurisdictions.
STRATEGY
Open Society Foundations pledges $400m for green jobs
Open Society Foundations, the philanthropic organisations founded by billionaire investor George Soros, has announced a commitment of $400m over eight years to support green economic development. The goal of the investment is to create sustainable jobs and promote a shift towards clean energy in Brazil, Mexico, South Africa, Senegal, Malaysia, and Indonesia. Binaifer Nowrojee, the president of Open Society Foundations, emphasized the need for regulations to reduce pollution, tax breaks for businesses adopting green technologies, and the development of green infrastructure. The foundations will work with think tanks, governments, and civil society groups in these countries.
INTERNATIONAL
Bird flu outbreak among Colorado poultry workers linked to extreme heat and fans, CDC says
Colorado poultry workers who contracted bird flu were exposed to extreme heat under large fans, making it difficult for them to wear protective equipment, according to the US Centers for Disease Control and Prevention (CDC). The CDC confirmed four cases and a fifth presumptive positive case of bird flu among workers who were killing and disposing of infected chickens. Livestock workers are not being recommended to be vaccinated against bird flu. The outbreak is linked to infected dairy cows in Michigan, Texas, and Colorado. Over 150 dairy herds across 13 states have been infected with the virus since March. "PPE use was not optimal, particularly the masks and eye protection," observed Nirav Shah, principal deputy director of the CDC. The risk to the general public remains low, and initial analysis of the virus does not show concerning changes, Shah added.
Women-only jobs in UK can exclude trans women
The UK's Equality and Human Rights Commission (EHRC) has ruled that companies can legally block trans women from applying for women-only jobs. The EHRC clarified that when an employer advertises for a woman-only job, it should only refer to biological women or those who have received a gender-recognition certificate. The rules say that under the Equality Act, "occupational requirements" for some roles can exclude transgender persons if it is "objectively justified." The EHRC warned that it would take action against employers who breach these guidelines. Women's rights campaigners have welcomed the guidance, arguing that men who self-identify as women should not be recruited for women-only roles. However, some are disappointed that the guidance still allows those with gender-recognition certificates to apply for women's jobs. Baroness Kishwer Falkner, EHRC chairwoman, said: “As Britain’s equality regulator, we have a duty to promote and uphold Britain’s equality laws. We recognise the need for clarity regarding the lawful use of the occupational requirement exemptions set out in Schedule 9 of the Equality Act. So we have taken action to provide it. Employers should also be aware that the EHRC will take action to uphold the Equality Act. Where we are made aware of potential misapplication of Schedule 9 provisions, we will continue to assess and take action to resolve these on a case-by-case basis.”
Spain warns workers of heat risks as summer's first heatwave looms
Spain is set to experience its first heatwave of the summer, with temperatures expected to exceed 38 degrees Celsius in most parts of the country. AEMET, the country's meteorology service, has issued a heatwave warning for a large part of Spain, including the Balearic islands. The heatwave, which will peak on Friday, will be accompanied by a heat risk awareness campaign launched by the National Institute for Safety and Health at Work. The campaign aims to address the risks of heat stroke and solar radiation for people working outdoors.  The heatwave is expected to last until Saturday, with the possibility of heat persisting until the middle of next week. It will also be accompanied by haze from Africa, which could exacerbate health problems. 
Saudi Arabia plans first digital platform for camel owners
The Camel Club in Saudi Arabia has announced plans to introduce an online platform designed to streamline services for camel owners and industry workers. Similar to the "Absher" e-government system, the new platform will cater specifically to the needs of the camel community. It will provide comprehensive services to support camel owners and industry workers, including initiatives such as camel insurance services, DNA-based breed documentation and preservation, and personalised camel cards. This online platform is expected to revolutionise the camel industry in Saudi Arabia, offering efficient and convenient solutions for camel owners and industry workers. Fahd bin Hathlain, chairman of the Camel Club, said: "It will provide comprehensive services to support 'great creature' and associated industry."
 


The Human Times is designed to help you stay ahead, spark ideas and support innovation, learning and development in your organisation.

The links under articles indicate original news sources. Some links lead directly to the source material. Others lead to paywalls where you may need a subscription. A third category are restricted by copyright rules.

For reaction and insights on any stories covered in the Human Times, join the discussion by becoming a member of our LinkedIn Group or Business Page, or follow us on Twitter.
Follow us on FacebookFollow us on XFollow us on Linkedin

This e-mail has been sent to [[EMAIL_TO]]

Click here to unsubscribe