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APAC Edition
19th November 2024
 
THE HOT STORY
Foxconn orders India recruiters to drop marital criteria in job ads
HR executives at Apple supplier Foxconn ordered third-party India recruiters to drop age, gender and marital criteria in job ads, sources say. The directive followed a Reuters report which found that Foxconn rejected married women for iPhone assembly jobs - though it relaxed the practice during high-production periods. The resulting changes are evident in a Reuters review of recent India job ads for smartphone assembly roles. Foxconn employs thousands of women at the iPhone factory at Sriperumbudur, near Chennai. The company outsources recruitment of assembly-line workers to third-party vendors, who scout for and screen candidates who ultimately are interviewed and selected by Foxconn.
LEGAL
TSMC sued for allegedly favouring Asian staff
More than a dozen employees of Taiwanese chipmaker TSMC have filed a lawsuit alleging discrimination against non-Asian workers. The suit claims that TSMC, the world's largest contract manufacturer of chips, favours Asian staff in hiring, firing, and workplace standards. Initially filed in August, the case has been refiled as a class action with 13 plaintiffs from diverse backgrounds, including the United States, Mexico, Nigeria, Europe, and Korea. The lawsuit alleges a “hostile work environment” for non-Asian employees, who are reportedly excluded from discussions conducted in Mandarin. TSMC, which has secured significant US funding and operates factories in Arizona, said that it “believes strongly in the value of a diverse workforce.”
WORKFORCE
Hong Kong mothers locked out of job market
According to a survey by the Democratic Alliance for the Betterment and Progress of Hong Kong (DAB), 90% of respondents believe that providing mothers with flexible working hours and enhanced childcare support is crucial for encouraging their return to the workforce. South China Morning Post notes the case of mother-of-two Ding Ding, who left her job due to childcare challenges, and who expressed her desire for a life beyond family obligations, saying: “I do not want to be trapped like living in a bird cage for the rest of my life.” The survey highlights the pressing need for family-friendly policies, as many mothers face difficulties balancing work and childcare. Lawmaker Nixie Lam emphasised that Hong Kong's policies are still in their infancy, saying: “Hong Kong is at kindergarten or even baby level when it comes to family-friendly policies.” The labour shortage in Hong Kong is projected to reach a shortfall of 180,000 workers by 2028.
HIRING
Korea opens doors to foreign workers
According to a survey by Saramin and KoMate, three-quarters (73.4%) of companies in Korea are open to hiring foreign workers, driven by a shortage of local talent. The survey revealed that 44% of respondents have already employed at least one foreign worker, with 61% expressing satisfaction with their performance. Companies facing worker shortages are particularly inclined to hire foreigners, with 84.2% of such firms indicating a willingness to do so. The primary reasons for this trend include a lack of sufficient Korean applicants (60.1%) and the perception that foreign workers are more diligent (27.1%). Vietnamese nationals are the most preferred hires, followed by Kazakhs and Filipinos. However, challenges such as language barriers and complex visa processes remain significant hurdles. Nearly half of the respondents believe that improving visa regulations is essential for attracting more foreign talent.
HEALTH & WELLBEING
Four-day work week is a game changer for law firm
Jim Cosgriff, the founder and director of a law firm in the Australian town of Echuca, is considering adopting a four-day work week after witnessing its positive impact on his staff's productivity and wellbeing. The firm trialled the arrangement, where employees worked 34 hours over four days while receiving pay for a full 38-hour week. The results were impressive, with key performance indicators improving and sick leave halving. "Happy employees are more productive. But more importantly, happy people are really fun to work with," Cosgriff said.
CORPORATE
Shein plans 2025 London stock market float
Shein is set to launch its £50bn ($63bn) initial public offering (IPO) in the first quarter of 2025. The Chinese-founded online fast-fashion company is working with US investment banks Goldman Sachs, JP Morgan, and Morgan Stanley on the float. Shein's founder, Chris Xu, and executive chairman, Donald Tang, have already started meeting investors in the UK to test their investment appetite. The potential flotation is estimated to value the business at £50.3bn, making it one of the largest deals for the London Stock Exchange in a decade. However, the plans have raised concerns about Shein's environmental, social, and governance credentials, particularly its labour and supply chain policies. Regulatory delays from the Chinese government have slowed progress, and the election of Donald Trump and a potential US trade war with China could further complicate the listing process.
ECONOMY
China extends holidays to boost spending
Starting in 2025, China will extend its national public holidays by two days, a move analysts believe seeks to stimulate consumption amid external uncertainties. The Spring Festival holiday will increase from three to four days, while the Labor Day holiday will be extended from one to two days. Liu Chunsheng, an associate professor at the Central University of Finance and Economics, said: "The move not only responds to people's need of more leisure time but helps bolster consumer spending". The extension is seen as a direct effort to support consumption following various policy measures aimed at addressing insufficient demand.
RISK
No work phone? Companies tell staff to bring their own
“Bring your own device” policies, where staff are allowed to use a personal phone for work-related tasks, are reportedly “more common than ever” - but come with risks for employers.
INTERNATIONAL
European talent heads north
Countries in southern and central Europe are fighting talent flight to wealthier countries in the north of the continent as workers take advantage of freedom of movement rules within the trade bloc. These countries have tried schemes to counter the flight, with mixed results. Portugal is the latest country in Europe to seek to tackle the brain drain that is holding back its economy. It plans to turn itself into a low-tax haven for young adults by offering a decade of tax breaks to people starting their careers. Under the plans, those aged up to 35 and earning up to €28,000 a year would have a 100% tax exemption in the first year of work, dropping to 75% from the second to the fifth year, 50% between the sixth and ninth and 25% thereafter. "This is not a country for young people," observes Pedro Ginjeira do Nascimento, executive director of Business Roundtable Portugal, which represents 43 of the country's largest companies. "Portugal is experiencing a true demographic hell because the country is unable to create conditions to retain and attract young talent."
Gen Z workers 'would only report concerns about workplace violence anonymously'
Gen Z workers are more likely to witness workplace violence but not speak up, according to a new report by compliance training company Traliant, which found that nearly half of Gen Z workers would only report concerns about workplace violence anonymously. Based on a survey of over 500 full-time U.S. retail employees, the report looks at how retail workers feel about their safety at work and how their employers are approaching workplace violence prevention. “The retail industry is a challenging space as employees are at higher risk for workplace violence and employers have a growing list of requirements to contend with when it comes to keeping their workers safe,” said Michael Johnson, chief strategy officer at Traliant. “Our study identifies critical areas where retailers need to understand generational differences in the workforce so they can enhance workplace violence prevention programs and create safer work environments.”
Greece braces for nationwide strike
A 24-hour nationwide general strike is scheduled in Greece on November 20, as public and private sector unions ADEDY and GSEE join forces to demand wage increases, enhanced labour rights, and better social policies. The strike will disrupt public transport and ferry services, with rallies planned across the country. ADEDY, representing public sector workers, and GSEE, the main private sector union, are coordinating their efforts to create a unified front. Workers are advocating for immediate wage increases, and increased funding for healthcare and education. GSEE's leadership has pointed to inflation and rising rents as key issues driving the strike action, saying: "The government has failed to address these challenges."
Barclays ordered to pay ex-banker £50k
Barclays Bank in the UK has been ordered to pay Anca Lacatus, a former banker suffering from endometriosis and anxiety, nearly £50,000 ($63,000) for failing to accommodate her working hours. Although Lacatus initially sought damages of around £4m, the East London Employment Tribunal dismissed her claims for loss of earnings, saying there was a "100% chance" her health issues would have persisted regardless of the bank's actions. The tribunal said there was no dispute about the "tragic circumstances" faced by Lacatus, who now lives in Romania with her parents but cannot afford medical treatment and is unable to work. She had previously won a partial case in 2021 regarding sexist language used by her line manager. Lacatus had said that her manager used the word “birds” to refer to women over a period of several months, and did not desist when she told him to.
OTHER
David Beckham launches health brand IM8
Prenetics, a biotechnology start-up based in Hong Kong, has launched its health and wellness brand IM8 in collaboration with UK football star David Beckham. The brand introduces two premium products: Daily Ultimate Essentials, a comprehensive nutrient supplement, and Daily Ultimate Longevity, a capsule aimed at promoting healthy ageing. Mr Beckham expressed pride in the brand, stating: “We’re harnessing the best of science and innovation, helping people everywhere take charge of their health and wellness”. The global health supplement market is expected to grow from $167.5bn in 2023 to $239.4bn by 2028, driven by an ageing population. Prenetics has expanded from a genetic testing lab to a company offering cancer screening and genomic tests, with operations in multiple countries. Chief executive Danny Yeung highlighted the brand's commitment to health and wellness, saying, “We are incredibly excited to unveil IM8 to the world”.
 


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