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5th April 2024
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THE HOT STORY
Artificial intelligence to lead to job cuts in next five years, global survey says
Artificial intelligence will lead to many companies employing fewer people in the next five years, according to a survey by staffing provider Adecco Group. The survey, which included responses from senior executives at 2,000 large companies worldwide, found that 41% of executives expect smaller workforces due to AI technology. While some see AI as a game changer, most executives admit they have not made enough progress in adopting the technology. Adecco CEO Denis Machuel emphasized the need for companies to train their staff to work with AI rather than relying on external specialists. The survey also revealed that 25% of companies expect AI to trigger job losses, while 50% anticipate the creation of new roles.
BACKGROUND SCREENING
Switching background screening partners: how to make the change, seamlessly

If you’re a business that screens its workforce, you’ll know that the relationship with your provider doesn’t stop at the checks. Partnering with a background check specialist is multi-faceted, taking onboard open communication, speed, stringent data security, and a whole lot of trust.

But what happens when that relationship falters?

Moving to a new provider can be fraught with difficulty. However, with some planning, and a clear idea of your objectives, the transition can be more straightforward than you think.

Download this essential step-by-step guide to seamlessly switching background screening partners.

 
WORKFORCE
Indian students organisation in UK launches campaign to defend post-study work visa
The National Indian Students and Alumni Union UK has launched a campaign called "fair visa fair chance" to defend the post-study work visa route for international students in the UK. The campaign comes as the UK's migration advisory committee (MAC) is due to publish a report on the graduate route in May 2024. The review will assess whether the route is being abused, its purpose, who is using it, and whether it is affecting the quality of UK higher education. The post-study work visa allows international students to stay in the UK for two years after graduating without needing a job offer. Lord Karan Bilimoria, who proposed the post-study work visa in 2007, warns that removing it would send negative messages and harm the UK's economy and soft power. The campaign will present evidence to the MAC based on 12 years of representing Indian students and alumni in the UK.
WORKPLACE
Australian workplaces get creative trying to lure staff back to the office
To entice employees back to the office, businesses in Australia are offering various perks, such as bonus leave and freebies. Online investing platform Stake, for example, grants workers extra time off for each day they work in the office. This strategy has proven successful, with more than half of Stake's Sydney-based employees taking up the offer. Other companies, like cryptocurrency firm Swyftx, have introduced additional incentives at the office, including an in-house barista, free catered lunches, and recreational activities. Despite these efforts, research shows that most employees value flexibility above all else, and the desire for flexible work arrangements is strong across different locations, genders, and industries. However, access to flexible work opportunities is not evenly distributed, with men having better access and utilisation.
STRATEGY
Partnership to build $200m AI centre in Central Java
Nvidia and Indonesia's telco firm PT Indosat Ooredoo Hutchison are planning to build a $200m artificial intelligence (AI) centre in Central Java by 2024. The AI centre, which could consist of telecommunication infrastructure or a human resource centre, will be located in Surakarta city. The investment plan was shared with Surakarta mayor Gibran Rakabuming Raka, who is also Indonesia's vice president-elect and the son of President Joko Widodo. Nvidia and Indosat have not yet commented on the project. "Why in Surakarta? Because they are ready, have good human resources and 5G infrastructure," said Budi Arie Setiadi, Indonesia's communication minister.
India's Tata Group invests billions in chipmaking
Tata Group, is investing billions in chipmaking in India. The group has started construction on two semiconductor factories, one in Gujarat and one in Assam. The Gujarat plant, costing $11bn, will employ 20,000 people and produce 50,000 silicon wafers a month. In Assam, the $3bn facility will have 27,000 workers packaging chips into processing units. Tata Group's chairman, Natarajan Chandrasekaran, aims to turn India into a high-tech manufacturing powerhouse. The group has experienced significant success in recent years, with its listed affiliates' market value increasing from $140bn to $400bn. Despite some scepticism, Chandrasekaran believes India can become a chipmaking market leader, with domestic buyers projected to spend $100bn a year on chips by 2030. The Assam factory has already contracted 70% of its capacity to global customers.

 

China-US commercial and trade working group holds first vice-ministerial meeting
Chinese Vice-Minister of Commerce Wang Shouwen was in the US last week to hold trade talks with Under Secretary of Commerce for International Trade Marisa Lago. Both sides expressed a willingness to implement the consensus reached by the two heads of state and create a favourable environment for trade and investment cooperation. Mr Shouwen raised concerns over issues such as US tariffs on Chinese goods, national security generalisation, sanctions against Chinese enterprises, and unfair treatment of Chinese companies. The two sides agreed to support trade and investment promotion activities, cooperate in clean energy technology and women's health, enhance trade facilitation, and strengthen communication in the field of export control. Ms Lago will lead a delegation to China in the second half of 2024 to co-chair the second vice-ministerial meeting of the China-US commercial and trade working group.
HEALTH & WELLBEING
Tough work schedule in young adulthood can affect middle-aged health
A new study finds that young adults who work shifts outside the usual 9-to-5 schedule are more likely to experience worse sleep and symptoms of depression in their 50s. The study, which analysed data from over 7,000 people in the US over three decades, reveals that volatile work hours can lead to bad sleep, physical fatigue, emotional exhaustion, and poor health. The most significant impact was observed in individuals who had stable work hours in their 20s but shifted to volatile schedules in their 30s. The study highlights the negative effects of non-traditional work schedules on health, particularly for Black Americans who are more likely to have unstable employment opportunities. The findings emphasize the importance of stable work schedules for maintaining a healthy life. "Work that is supposed to bring resources to help us sustain a decent life has now become a vulnerability to a healthy life," says researcher Wen-Jui Han. The study was published in the journal PLOS One.
CYBERSECURITY
Chinese hack exposed US officials
A Chinese-state intrusion of Microsoft technology in 2023 allowed hackers to access US officials' emails, precipitating calls for a security culture "overhaul." The Cyber Safety Review Board, a White House-mandated group, criticized Microsoft for prioritising enterprise security investments and lacking rigorous risk management. The board's report highlighted the 2023 hack of Microsoft Exchange Online mailboxes, which affected 22 organizations and numerous individuals, including US Commerce Secretary Gina Raimondo, US ambassador to China Nicholas Burns, and Rep. Don Bacon. The report attributed the attack to a hacking group associated with the Chinese government. Microsoft has yet to determine how the attackers infiltrated the company. The report also criticised Microsoft for slow and inaccurate disclosures about the incident. Microsoft stated that it would review the report for additional recommendations and emphasized its efforts to improve security. The company has become a major provider of cybersecurity products, generating around $20bn annually.
TECHNOLOGY
Study shows people's attitudes towards AI chatbots improve 'after deliberations'
A study conducted by Meta and Stanford University has revealed that people's attitudes towards AI chatbots improve "after deliberations." The study involved over 1,500 participants from Brazil, Germany, Spain, and the US, who discussed the role of AI chatbots in society. The participants' feelings towards chatbots changed positively after the discussions, with an increased belief in their efficiency and ability to save time and resources for companies. However, concerns about biases in the data and privacy and data security were also raised. The study suggests that increased awareness and understanding of the benefits and potential harms of AI chatbots can lead to more acceptance of these technologies, and transparency and proper labelling of chatbots are crucial in shaping people's perspectives. Overall, the study suggests that with more information and deliberation, people are more willing to embrace AI chatbots.
TAX
Korea's tax revenue rises 7% in January and February
Korea's tax revenue for January and February reached 58 trillion won ($42.99bn), marking a 7% increase compared to the previous year. The rise was driven by a 26.7% surge in value-added taxes, reaching 17.6 trillion won, due to increased private spending. Additionally, the stock exchange tax rose by 23.7% to 1 trillion won during the same period. However, income taxes fell by 1.3% to 24.1 trillion won, as major companies like Samsung Electronics reduced performance-based payments and incentives for employees. In February alone, tax revenue grew by 6.4% to 12.1 trillion won. Last year, total revenue in Korea fell to 497 trillion won, mainly due to poor corporate performance and a property market slump. The Ministry of Economy and Finance expects no such shortfall in 2024.
INTERNATIONAL
New legislation on flexible working has become law in the UK
New UK legislation has come into force that is designed to encourage more discussion about the possibility of flexible working between employers and their respective employees. Under the terms of the new Flexible Working bill, staff can request flexible arrangements from their very first day on the job – and research conducted among 1,000 UK desk workers by AI-powered platform for work, Slack, indicates that more than half (55%) of the UK workforce will request flexible working hours when the new laws come into effect. Businesses are being advised to prepare themselves for an influx of requests. Chris Mills, Global Head of Customer Success at Slack, said: “The way we work, and employees’ expectations about work, have fundamentally changed over the past few years and flexibility is a key part of that. The research shows it’s an important consideration for people today, and the Flexible Working Bill has brought it back into focus for employees and management.”
Argentina cuts 15,000 state jobs
Argentina has cut 15,000 state jobs as part of President Javier Milei's efforts to reduce spending. The move has sparked protests and drawn criticism from trade unions. The job cuts are seen as a key step in Milei's plan to overhaul Argentina's bloated public sector. Despite the backlash, the government says it remains determined to balance the budget and has implemented various austerity measures, including slashing subsidies, cutting payments to provincial governments, and devaluing the peso. However, these measures have led to increased inflation and made it more difficult for struggling Argentines to make ends meet. The trade unions have threatened a mass general strike, while the fired workers have vowed to continue fighting for their jobs. The government has warned that those who disrupt public buildings will face consequences.
OTHER
Forbes’ 2024 World’s Billionaires list
The record 2,781 members of Forbes’ 2024 World’s Billionaires list hail from 78 countries or territories around the world. The Asia-Pacific region has the most billionaire citizens, with 1,000 on the ranks, followed by the Americas (993), Europe (690) and the Middle East & Africa (98). The United States has the most billionaires overall, a record 813, the richest being Elon Musk (worth an estimated $195bn). China (including Hong Kong) has the second-most billionaires, with 473, followed by India, with 200. France has the richest citizen on the list, LVMH owner Bernard Arnault, who retained his No. 1 spot as his net worth increased to an estimated $233bn.
 


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