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APAC Edition
18th February 2025
 
THE HOT STORY
Quirky benefits boost employee retention in Japan
In response to a challenging local job market, some Japanese companies are introducing unconventional benefits to attract and retain employees. TrustRing, a tech firm in Osaka, offers unique leave options, including time off for hangovers and “celebrity loss leave” for when beloved public figures announce significant life events. An employee shared: “I can sleep for two to three hours more and come back to work feeling a bit more refreshed, which actually increased my efficiency.” With Japan's unemployment rate below 3% and over 60% of small businesses facing labour shortages, these quirky perks are proving effective. TrustRing's president, Daigaku Shimada, noted that the company has maintained good performance and zero employee turnover in the past three years. Similar trends are emerging in China, where companies are also exploring innovative leave policies to enhance employee satisfaction.
STRATEGY
Trump's funding freeze hits China NGOs hard
Dozens of non-governmental organisations (NGOs) in China have laid off staff due to the funding freeze imposed by US President Donald Trump. The groups are key to documenting an ongoing crackdown by President Xi Jinping on minorities, rights defenders and lawyers. Maya Wang, associate China director at Human Rights Watch, said: "The suspension of US funding for these causes will essentially deal a very heavy blow to global civil society." The freeze has particularly impacted groups like Freedom House, which relied on US government grants for 88% of its revenue. With the US pledging only $10.7m in foreign aid for China issues in 2024, many NGOs are scrambling to find alternative funding sources. Trump's administration has halted most US government-funded aid globally for 90 days, leading to uncertainty about future funding for these organisations. Li Qiang, founder of China Labor Watch, expressed regret over relying too heavily on US funding, calling it a "strategic mistake."
Suzhou offers 100m yuan for AI talent
Suzhou, a national pilot zone for artificial intelligence (AI) innovation, is implementing supportive policies to enhance the AI industry, offering project funding of up to 100m yuan ($13.77m) to attract both local and international talent. The initiative was announced at the "Artificial Intelligence+" Innovation and Development Promotion Conference, which gathered around 1,000 participants, including leaders and representatives from major AI companies. Mayor Wu Qingwen stated: "Suzhou has initially formed a complete industrial chain covering the basic layer, framework layer, model layer and application layer." The city aims to surpass 300bn yuan in AI-related industry scale by 2027, bolstered by its comprehensive industrial system and rapid advancements in various sectors, including speech recognition and robotics.
HIRING
Shanghai job fair attracts top talent
A recent job fair in Shanghai showcased a strong demand for high-tech and modern service talent, with over 1,000 employers offering more than 26,000 job opportunities. The event, held at the Shanghai Indoor Stadium, attracted around 120 companies from key industries such as integrated circuits, biomedicine, and artificial intelligence. Zhou Guoliang, director of the Shanghai Employment Promotion Center, said: "The job fair is not only a platform to post job vacancies, but also a platform to communicate, interact and gain experience." Additionally, the fair highlighted birth-friendly employers, with 350 positions aimed at supporting work-life balance for mothers.
WORKFORCE
Manpower shortage hits Hong Kong hospitals
The Straits Times reports that the recent suspension of the ear, nose, and throat department at the Hong Kong Children's Hospital has highlighted the ongoing manpower crisis in the city's healthcare sector. Following the resignation of one doctor and another's sick leave, over 500 patients were redirected to other facilities. The Hospital Authority anticipates a gradual resumption of services later this year, contingent on hiring more doctors. The shortage has been exacerbated by an ageing population, with projections indicating that by 2045, one in three residents will be elderly. The situation is said to be critical, with a projected shortfall of 1,570 doctors by 2030 if current trends continue.
Korea adds 130,000 jobs in January
Korea's employment landscape saw a positive shift in January, adding over 130,000 jobs compared to the previous year, bringing the total employed to 27.88m. This growth follows a decline of 52,000 jobs in December, marking the first annual drop in nearly four years. However, the construction sector continued to face challenges, losing 169,000 jobs, the largest on-year decline since 2013. While sectors like public health and social welfare saw job gains, the overall employment rate for younger individuals fell, with those in their 20s losing 205,000 jobs. The number of economically inactive individuals also increased.
Bain Capital buys Singapore Worker Housing
Bain Capital has expanded its real estate investments in the Asia Pacific by acquiring the Avery Lodge portfolio from Blackstone for S$750m. This portfolio includes four purpose-built worker dormitory compounds, which can accommodate over 20,000 beds. The deal, which nearly doubles Blackstone's initial investment of S$380m in 2010, comes amid a surge in worker housing rents, which rose by an average of 10.8% in the latter half of 2024 due to a shortage of beds. According to the Dormitory Association of Singapore and Knight Frank, "worker housing rents in Singapore should increase by 5 to 8% this year." The acquisition positions Bain Capital favourably in a market driven by an influx of foreign labour and ongoing redevelopment projects.
DIVERSITY, EQUITY & INCLUSION
UN warned on diversity
The United States has issued warnings to UN organisations UNICEF and UN Women regarding their focus on diversity, equity, inclusion (DEI), and so-called gender ideology. US diplomat Jonathan Shrier told the 36-member executive board of UN children's agency UNICEF that DEI and accessibility programmes "violate the text and spirit of our laws by replacing hard work, merit, and equality with a divisive and dangerous preferential hierarchy", adding "In addition, it is US policy to recognize two sexes, male and female, and not to promote gender ideology . . . It is particularly disturbing that this language is being used in UNICEF programming documents; children should be protected from this dangerous ideology and its possible results." The US is the UN's largest contributor, accounting for 22% of the core UN budget. The UN has said the US currently owes a total of $2.8bn. Payments are not voluntary.
WORKPLACE
The human resources reckoning
The FT's Emma Jacobs says HR departments are needed more than ever post-pandemic, being asked to manage the fallout "When extraordinary times place unusual pressures on an organisation’s staff."
INTERNATIONAL
Amazon struggles to implement back-to-office policy
Amazon is facing challenges in implementing a back-to-office staff policy due to a space crunch. The company has faced issues with a lack of desks in many offices, including in Houston, Atlanta, and New York City. Workers assigned to some locations are still waiting to hear when they can go to the office full-time. Others who return for five days find themselves jockeying for parking, and for private rooms to make video calls. Amazon has been a vocal advocate for workers to return to the office, saying that collaborating, brainstorming, and inventing are simpler and more effective. “If it’s not for you, then that’s OK. You can go and find another company if you want to,” Amazon Web Services chief executive Matt Garman said last October. “But for us, that’s what we’ve decided is the best way to operate our company.”
Germany faces year of industrial disputes
Germany faces the prospect of industrial strife this year as employers cut jobs, shut factories and move staff abroad. Knut Giesler, deputy chairperson of Thyssenkrupp's steel unit and head of the IG Metall union in North Rhine-Westphalia, said: "We have to brace for a year of disputes," while Achim Dietrich, head of the works council at automotive supplier ZF Friedrichshafen, warned that: "Some [executives] believe it is necessary to cut off an arm in order to save the rest of the body." He believes the current situation is much worse than the 2008 financial crisis, and cites a reluctance to compromise on the part of company leaders.
Porsche to cut 1,900 jobs
Porsche plans to reduce its workforce by 1,900 jobs by 2029 due to stagnant demand for its EVs. The cuts will primarily affect the Zuffenhausen factory and a research centre in Stuttgart. The company has reported profit margins expected to be between 10% and 12% this year, significantly lower than the long-term target of 20%. Porsche attributed the job cuts to "the delayed ramp-up of electromobility [and] the challenging geopolitical and economic conditions." As part of an agreement with union IG Metall, layoffs are not permitted until 2030, leading Porsche to offer voluntary redundancy packages instead.
 


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