The latest business Intelligence for HR professionals and people managers everywhere
Sign UpOnline Version
APAC Edition
29th October 2024
 
THE HOT STORY
Women are more likely to be work addicted, study suggests
Preliminary results of a global study led by Polish academics on work addiction - defined as the compulsive need to work or engage in work over a long period of time - suggest women are more likely to be work addicted. Australian research lead Rachael Potter from the University of South Australia said workplace culture is one of the leading contributors to work addiction. Dr Potter said managers, people with a demanding job and family members addicted to work were at increased risk of becoming work addicted. ABC News notes that about 24% of Australians fall into this category. "In terms of the sample, we were one of the highest cultures that showed work addiction," Dr Potter said. "If your co-workers . . . if your manager was kind of reinforcing you working late at night, they're all going to contribute to feed that behaviour." Australia had the second highest prevalence of occupational depression, at 11%.
WORKFORCE
Guangzhou's growing army of gig workers adds to economic and job concerns
In Guangzhou, nearly 19% of the workforce has shifted to flexible contracts, surpassing China's national average of 14.3%. This trend, highlighted in a survey by Hong Kong University of Science and Technology (Guangzhou), reflects the city's changing economic landscape amid slowing GDP growth. New graduate Li Xi expressed his concern, saying: “More people in Guangzhou are making a living on various temporary jobs. It makes me worry about job prospects.” The survey, which included 3,000 households, revealed that men dominate sectors like food delivery, while women primarily work as nannies and housekeepers. The rise of gig work, while indicative of a shift towards service sectors, has also led to increased job insecurity, as many workers are responsible for their own social security contributions.
Singapore's total employment growth more than doubles in Q3
In the third quarter, Singapore's total employment rose by 24,100, significantly surpassing the previous quarter's growth of 11,300, according to the Ministry of Manpower's (MOM) labour market advance release. The increase was driven by both resident and non-resident employment, particularly in sectors like construction, manufacturing, and administrative services. Layoffs decreased to 2,900, down from 3,270 in the previous quarter, with business reorganisation cited as the primary reason. The overall unemployment rate fell to 1.8% in September, down from 1.9% in August. Despite the positive trends, MOM's forward-looking polls indicated a decline in hiring and wage expectations due to uncertainties in export-oriented sectors. The final labour market report for Q3 will be released in mid-December.
TECHNOLOGY
Hong Kong publishes rules for ‘responsible' AI use
Hong Kong's government has introduced its first guidelines for the use of artificial intelligence (AI) in the financial sector. Financial Secretary Paul Chan Mo-po said: “Hong Kong's financial market is open and prudent towards the application of AI,” as he emphasised the need for institutions to develop an AI governance strategy. The guidelines aim to ensure that banks, brokers, and asset managers implement AI systems effectively while providing necessary training and advisory services. Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, highlighted the importance of collaboration in leveraging AI for the city's development as a financial hub. HSBC's CEO, Luanne Lim, noted the potential of generative AI while acknowledging the associated risks, saying: “That is where regulations need to come in.”
U.S. issues rules to curb AI investments in China
The U.S. Treasury Department has issued new rules seeking to limit U.S. investments in China for military technology. The rules were directed by an executive order signed by President Joe Biden in August 2023 covering three key sectors: semiconductors and microelectronics, quantum information technologies, and certain AI systems. U.S. individuals and companies are mandated to report transactions involving "technologies and products that may contribute to a threat to the national security of the United States" to the federal government. Fines of up to $368,136 or twice the value of the prohibited transaction, whichever is greater, could be imposed on violators. The Treasury Department is establishing an Office of Global Transactions to oversee the new regulations.
ECONOMY
Frugality takes centre stage for Chinese youth
Frugality is becoming increasingly popular among young shoppers in China, as highlighted in the 2024 Interesting Lifestyle Report by China Newsweek. The report reveals that 46.7% of respondents are drawn to significant discounts, reflecting a more calculated spending approach. Young consumers are not only seeking out discounts in supermarkets but are also using digital platforms for deals. Liang Jinjin, a 30-year-old baker, notes that her frugal mindset was shaped during her time in Australia, where regular promotions helped her cut expenses. Despite the rise of e-commerce, many young people continue to prefer in-person shopping for bargains, particularly in large cities. This trend indicates a shift towards a more resourceful and value-driven shopping culture among the nation's youth.
INTERNATIONAL
Citigroup moves some staff out of Lebanon amid conflict
Citigroup says it has relocated a "very small" number of employees from Lebanon to Turkey due to the escalating conflict between Israel and Hezbollah. Clashes have intensified over the past month, with Beirut, where Citi's local office is located, coming under attack. A spokesperson for Citi said: "The safety and well-being of our people remains our top priority and we have taken every measure to ensure our colleagues' safety." The bank, which re-established its Lebanon branch in 1996 after initially retreating in 1987, says it continues to monitor the situation and has the necessary resources in place to support its employees and their families.
PepsiCo shutters Chicago facility in ‘despicable' move
PepsiCo's abrupt closure of its southwest side facility in Chicago has left many employees without jobs, prompting Teamsters Local 727 to label the move as "despicable." The union claims the closure violates the workers' collective bargaining agreement and the Worker Adjustment and Retraining Notification Act, which mandates a 60-day notice for mass layoffs. PepsiCo maintains that it has complied with legal requirements and will continue to pay affected employees through December 28. John Coli Jr., secretary-treasurer of Teamsters Local 727, expressed his frustration, saying: "To lay off over a hundred Teamsters workers with no notice . . . is about as low as you can get." The union has filed an unfair labor practice charge with the National Labor Relations Board, alleging bad faith bargaining and retaliation.
UK employers face tougher rules on sexual harassment
The UK's new Worker Protection Act imposes a legal obligation on employers to prevent sexual harassment in the workplace, or face hefty fines. This comes in response to a surge in such incidents, highlighted by high-profile scandals involving prominent figures. Companies must now take proactive measures to identify and address potential risks, such as alcohol-fuelled events or overnight trips involving managers and junior staff. This might include limiting alcohol consumption, implementing codes of conduct, and adopting a zero-tolerance approach to inappropriate behaviour. While the new law does not ban non-disclosure agreements, a separate parliamentary inquiry has recommended doing so to protect victims of harassment.
Inclusive policies and flexible work rules spur gender diversity, Saudi summit told
At the HERizon Summit in Riyadh, speakers including former HSBC CEO Noel Quinn have emphasised the need for financial firms to adopt inclusive policies and flexible working arrangements to support women in senior roles. Laura Cha, former chair of HKEX, also spoke on the importance of regulatory policies in promoting gender diversity. The summit highlighted Saudi Arabia's progress in gender diversity, with female workforce participation rising to 36% from 20% in 2016.  The event aimed to foster leadership among women in the private sector, with insights from various industry leaders on achieving gender equality and enhancing market development.
OTHER
Apple banned from selling iPhone 16 in Indonesia
Indonesia has blocked Apple from selling the iPhone 16, stating that it has not met the country's rules on the use of locally made components. The iPhone 16, launched in September, cannot be marketed domestically as local unit PT Apple Indonesia hasn’t fulfilled the country’s 40% domestic content requirements for smartphones and tablets, according to the Ministry of Industry. The Cupertino-based firm's older products can still be sold.
 


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