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APAC Edition
12th September 2024
 
THE HOT STORY
Samsung plans global job cuts of up to 30%, sources say
Samsung Electronics is set to reduce its global workforce by up to 30% in certain divisions, sources have told Reuters. The company has instructed its subsidiaries to cut sales and marketing staff by approximately 15% and administrative staff by up to 30%. The restructuring is expected to affect jobs across various regions, including the Americas, Europe, Asia, and Africa, with the implementation planned by the end of the year. Samsung said that the adjustments are routine and aimed at improving efficiency, clarifying that production staff will not be impacted. As of the end of 2023, Samsung employed around 267,800 people, with over half based outside its home market of South Korea. The job cuts come as the company faces challenges in its semiconductor and smartphone markets, with one source noting that the cuts are in preparation for a slowdown in global demand for technology products.
HEALTH & WELLBEING
Korea's unionised financial industry workers slammed for demanding work start time delay
Unionised workers in Korea's financial sector are facing a backlash for their request to shift their official start time from 9:00 a.m. to 9:30 a.m. They argue that the 9:00 a.m. start prevents them from having breakfast with their families. Kim Hyung-sun, head of the Korea Financial Industry Union (KFIU), said: “Although the working hours in the employment contract are from 9 a.m., bank employees are constantly pressured to arrive at work before 8:30 a.m.” The union is also advocating for a 36-hour, 4.5-day workweek, claiming it would help address the country’s low birthrate. If their demands are not met, a general strike involving 100,000 financial workers is planned for September 25 in central Seoul. Public reaction has been largely negative, with citizens pointing out that many workers start their day much earlier.
How employers can end a culture of overwork
Writing for Harvard Business Review, Brigid Schulte look at what organisations can do to end a culture of workaholism and examines recommendations for improving productivity while encouraging employees to lead fuller lives. She says leaders need to change their thinking around the fact that long hours and attendance do not necessarily equal better work, and companies must improve their processes to reduce long work hours as they rightsize their workforce to ensure they have enough people to do the work required while enabling people to take physical and mental breaks from work. Organisations should also craft a productivity and well-being culture that offers clear boundaries around work along with flexible and supportive policies, and be willing to experiment with novel solutions, Schulte writes.
WORKFORCE
Australia's tight labour market set to ease, central bank says
The Reserve Bank of Australia (RBA) reported on Wednesday that the local labour market remains tight but is gradually moving towards balance due to high interest rates. Assistant Governor Sarah Hunter observed: “Overall, our current assessment is that the recent easing in labour market conditions has, to date, been similar to mild downturns in Australian history.” Unemployment rose to 4.2% in July, up from last year's low of 3.5%. The RBA anticipates this trend will continue as population growth surpasses employment gains. Despite raising interest rates to a 12-year high of 4.35%, the labour market has shown resilience, with new job creation remaining robust. Hunter highlighted the unexpected rise in Australia's participation rate, driven by increased female participation and a rebound in migration, which has bolstered both supply and demand for labour. Wage growth is also showing signs of slowing.
Pope says migrant workers must have 'a fair wage'
Pope Francis, during his visit to Singapore, has emphasised the need for fair wages for migrant workers, saying: "These workers contribute a great deal to society." With an estimated 170m migrant workers globally, many of whom are in Singapore, the Pope's remarks highlight ongoing concerns about their treatment and living conditions. He praised Singapore's diversity and entrepreneurial spirit, calling it a "mosaic of ethnicities, cultures and religions living together in harmony." The Pope's visit to Singapore marked the conclusion of his 12-day Asia-Pacific tour, which is aimed at enhancing the Catholic Church's presence in the region.
HIRING
Israel seeks 15,000 workers from India
Israel has approached India as part of a recruitment drive to fill 10,000 construction roles and 5,000 caregiver positions. The initiative follows a previous request earlier this year, aimed at addressing skill shortages in the infrastructure and health sectors. The Population, Immigration, and Border Authority (PIBA) will send a team to India for skill assessments. Candidates for caregiving must have completed at least their 10th standard and a recognised caregiving course. Selected construction workers can earn Rs 1.92 lakh monthly, plus benefits. India's National Skill Development Corporation says it wants to enhance India's status as the skill capital of the world, saying: "This international mobility aligns with the government's vision." The recruitment drive will also include pre-departure training to help candidates adapt to Israeli culture.
Singapore employers are more optimistic about hiring
According to a recent survey by ManpowerGroup, 46% of companies in Singapore plan to increase their workforce in the fourth quarter of 2024, marking a significant shift in hiring sentiment. This is the first positive outlook after three consecutive quarters of decline, with a net employment outlook of 29% after seasonal adjustments. Linda Teo, country manager of ManpowerGroup Singapore, said: “We are at a tipping point where the economy and job market could either move towards recovery or face a further slowdown.” The finance and real estate sectors are leading the charge, while communication services have also seen a notable increase in hiring expectations. However, the energy and utilities sector is expected to reduce its workforce, reflecting mixed sentiments across different local industries.
CORPORATE
China's outsourcing boom continues
China's services outsourcing industry has experienced significant growth, with the total annual value of offshore contracts increasing from $62.3bn in 2013 to $215.4bn in 2023, reflecting an annual growth rate of 13.2%. In 2023 alone, the executed contract value reached $151.4bn, marking a 10.6% year-on-year increase and constituting 40% of China's overall services exports, according to Wang Dongtang from the Ministry of Commerce. The sector has also created jobs for 16.34m individuals, with 10.67m holding university degrees.
MANAGEMENT
Should companies let staff do what they want?
The FT reports on growing interest in “autonomous work.” Bosses are giving staff more freedom to decide what they do, hoping that greater agency will improve workers’ experience, engagement and output. 
INTERNATIONAL
Indian nurse wins landmark UK payout
An Indian nurse who was dismissed by a UK care company has won a payout in a case that lawyers say could encourage other migrant workers to pursue legal claims against unscrupulous bosses. Kirankumar Rathod said he was left in an extremely precarious financial position after London-based Clinica Private Healthcare hired him, but failed to provide him with any employment and then sacked him. Employment judge Natasha Joffe ordered the company to pay Rathod nearly £17,000 in unpaid salary to date, and to continue paying his wages until his claim for unfair dismissal is decided. More than 100,000 overseas workers have arrived in the UK to take up employment in the country's care sector since 2022 when a new visa route was opened to help tackle staffing gaps. Critics say reports of labour abuses in the sector have surged since the introduction of the scheme. "This is very significant," said Rathod's solicitor, Sarmila Bose of the Work Rights Centre. "It shows that redress is possible for the many people who have been wronged by the way the visa scheme has been operated." 
Boeing faces potential strike as Seattle workers vote
Boeing is on the brink of a strike in the Seattle area as 33,000 workers prepare to vote on a contentious new contract. Despite a proposed 25% wage increase over four years, many employees feel the offer is inadequate, especially given rising inflation. Jon Holden, President of the Machinists and Aerospace Workers (IAM) union, said in a message to workers: "We have achieved everything we could in bargaining, short of a strike . . . We recommended acceptance because we can't guarantee we can achieve more in a strike . . . But that is your decision to make and is a decision that we will protect and support, no matter what." In a statement, new Boeing chief executive Kelly Ortberg warned against a strike, saying it would "put our shared recovery in jeopardy, further eroding trust with our customers and hurting our ability to determine our future together." The new contract is a "hard sell," observed aviation website Leeham News. "The deal makes progress in the areas IAM members identified as priorities, but falls short of the union's stated goals in most of them."
OTHER
Spain takes America's crown as 'home of the world's best burger'
America is no longer the home of the world's best burger, according to a new report. The Michelin Guide for Burgers says the best is now to be found in the Spanish city of Valencia, at Hundred Burgers, due to the quality of its 120-day aged beef that “melts in your mouth” and “super crispy” bacon. The company, founded in 2020, has four branches in its home city and three in Madrid. The demi-brioche buns are baked in-house every morning, ready to house patties of Galician blond beef. The most popular item on the Hundred Burgers menu is the Singular, priced at €11.50 ($12.67). Michelin placed The Emmy Burger at Pizza Loves Emily in Brooklyn in second place, followed by offerings at Au Cheval in Chicago, Holy Burger in São Paulo, and the Funky Chicken Food Truck in Stockholm.
 


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