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28th October 2024
 
THE HOT STORY
Starbucks employees in Korea stage two-day protest
Employees of Starbucks Korea have protested to demand changes in staffing and management policies following a decline in profits. Organised anonymously on the platform Blind, the protest was at the SCK Company headquarters in Seoul. The employees said that the coffee chain's “reckless reduction" of its labour force is affecting sales and customer satisfaction. Operating profit has dropped from 10% in 2021 to 4.7% in 2022, with a slight increase to 5.1% in the first half of 2024. The protest's organiser highlighted issues such as poor management and inadequate communication, saying that employee requests often go unanswered. Starbucks Korea has responded, saying that it regularly communicates with staff and is implementing automation to ease workloads.
LEGAL
Olympus chief executive steps down amid allegations of illegal drug purchases
Stefan Kaufmann, a German national who is the chief executive of Japanese endoscope manufacturer Olympus Corporation, has stepped down amid allegations that he purchased illegal drugs. "Upon receiving an allegation that Mr. Stefan Kaufmann had purchased illegal drugs . . . Olympus, in consultation with outside legal counsel, immediately investigated the facts," the company said in a statement. "Based on the results of the investigation, the Board of Directors unanimously determined that Mr. Stefan Kaufmann likely engaged in behaviours that were inconsistent with our global code of conduct, our core values, and our corporate culture."
REMOTE & HYBRID WORKING
CBA threatens bonuses over WFH rules
The Commonwealth Bank of Australia has reportedly warned employees that failing to comply with its work-from-home (WFH) policy could result in reduced bonuses. Staff are expected to be in the office at least 50% of the time, with those not meeting this requirement receiving warning letters. Julia Angrisano, national secretary of the Finance Sector Union, condemned the bank's approach, saying: "Pushing workers with threats reflects the very worst of big business as a bully." A recent KPMG survey indicated that 83% of global CEOs expect the WFH trend to end within three years.
HIRING
Singapore's central bank sees growth and hiring on the rise
The Monetary Authority of Singapore (MAS) has indicated a positive outlook for the country's economy, projecting growth near the upper end of the 2% to 3% range for 2024 and a similar pace in 2025. The MAS's biannual Macroeconomic Review report highlights that improving global economic conditions will enhance corporate finances and hiring capacity. “Hiring should be supported in the coming quarters as wage growth moderates,” MAS stated, noting an uptick in employment expansion plans, particularly in the services sector. However, the report cautions that geopolitical tensions and potential trade escalations could pose risks to growth and inflation. Despite these challenges, the report emphasises that Asia remains central to the global electronics value chain, with Asean countries benefiting from shifts in trade dynamics.
WORKFORCE
Hong Kong minister defends talent goal
Hong Kong's Secretary for Labour and Welfare, Chris Sun Yuk-han, has clarified the government's approach to talent retention, stating that it does not intend to "babysit" newcomers but rather provide opportunities for them to settle in the city. The administration aims to extend visas for at least 50,000 newcomers annually from 2025 to 2027, a target that represents a 40% increase from previous years. Sun expressed confidence in achieving this goal, noting that many applicants under the Top Talent Pass Scheme and Quality Migrant Admission Scheme have a strong desire to remain in Hong Kong. However, concerns were raised regarding the local job market's capacity to accommodate incoming talent, particularly in light of recent industry challenges. Sun highlighted that high-income applicants often contribute to job creation by starting businesses in the city.
Mosaic Brands' administration crisis risks nearly 3,000 jobs
Mosaic Brands, the parent company of several Australian fashion labels including Rivers, Katies, and Noni B, has entered voluntary administration, jeopardising nearly 3,000 jobs. The decision, announced on the Australian Securities Exchange (ASX), follows the closure of five brands in September as part of a restructuring effort. The company stated that voluntary administration was the "most appropriate way to restructure" after failing to gain support from "a small number of parties" in recent discussions. Despite this setback, Mosaic Brands plans to continue trading, focusing on the crucial Christmas and holiday shopping period. FTI Consulting has been appointed as administrator, with KPMG managing trading operations.
China's graduates flock to hometown jobs
An increasing number of Chinese college graduates are returning to their hometowns for employment, driven by government policies and changing attitudes towards job opportunities in rural areas. The 2024 China Undergraduate Employment Report by MyCOS highlights that in 2023, 87% of bachelor's graduates in Central China and 80% in the western region found jobs locally. The government has introduced incentives, such as tuition reimbursements and a 10-point bonus on the national postgraduate entrance exam for those completing grassroots employment projects. Local initiatives, like recruitment events in Liuyang, have also encouraged this trend, with over 60% of participants opting to stay in their hometowns. As competition in major cities remains high, many graduates are drawn to smaller cities and counties, where living costs are lower and job hunting is less competitive. Hu Dawu, a professor, noted that "this has provided more opportunities for associate degree holders, bachelor's graduates, and even some highly skilled postgraduates."
CORPORATE
EY unveils new tagline and global campaign to rebuild brand confidence
Ernst & Young has launched a new tagline, “Shape the future with confidence,” and an international ad campaign aimed at reinvigorating its brand after a failed attempt to split its auditing and consulting arms. Alongside a refreshed, multi-coloured brand palette, the slogan is part of EY's strategy to signal adaptability in the AI era and align internally around its unified “All in” strategy under new global leader Janet Truncale. The brand update, which includes a push across airports, podcasts, and social media, aims to appeal to clients and bolster recruitment amid layoffs and reduced consulting demand.
INTERNATIONAL
Microsoft fires employees who organised vigil for Palestinians
Microsoft has dismissed two employees who organised an unauthorised vigil at the company's headquarters in Redmond, Washington for Palestinians killed in Gaza during Israel's war with Hamas. The two employees were reportedly fired by phone call late Thursday, several hours after the lunchtime event. The workers were members of an employee coalition called “No Azure for Apartheid" which opposes Microsoft's sale of its cloud-computing technology to the Israeli government. They said the event was similar to other Microsoft-sanctioned employee-giving campaigns. “We have so many community members within Microsoft who have lost family, lost friends or loved ones,” said Abdo Mohamed, a researcher and data scientist. "But Microsoft really failed to have the space for us where we can come together and share our grief and honor the memories of people who can no longer speak for themselves." Microsoft said it had “ended the employment of some individuals in accordance with internal policy.”
Volkswagen plans to close at least three German plants and cut thousands of jobs
Volkswagen plans to shut at least three German plants, axe tens of thousands of jobs and slash pay by 10%, Daniela Cavallo, the head of VW’s works council, has told employees. "Management is absolutely serious about all this. This is not sabre-rattling in the collective bargaining round," Cavallo told several hundreds of employees in Wolfsburg. "This is the plan of Germany's largest industrial group to start the sell-off in its home country of Germany," she added, without specifying which plants would be affected or how many of Volkswagen Group's roughly 300,000 staff in Germany could be laid off. Cavallo said the German government needed to urgently come up with a masterplan for German industry to ensure it does not "go down the drain".
WFH staff in UK are napping on the job, research suggests
Research indicates that nearly 10% of people in the UK are taking naps during office hours when working from home, leading to an estimated £500m ($650m) weekly loss in productivity. The poll, commissioned by Reign Storm, also found that more than three million workers have left their jobs due to issues related to tiredness, with younger workers being the most affected. Workers in this bracket were the most likely to call in sick because of tiredness, with one in five of those aged 18-24 admitting to doing so. The analysis of napping on the job when working from home comes shortly after a survey by KPMG found that over a third of employers expect staff to be in the office at least four days a week, with many planning to use technology to monitor attendance. Despite this push for office presence, separate polling shows that a significant number of chief executives are still working from home. 
The Saudi factories powered by women
Crown Prince Mohammed bin Salman’s push to diversify the Saudi economy and modernise society has made the female presence in factories, once exclusively the preserve of men, increasingly common.
 


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