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APAC Edition
13th May 2024
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THE HOT STORY
Shein suppliers work 75-hour week
An investigation by advocacy group Public Eye shows that staff working for some suppliers of Shein are working 75 hours a week, despite the Chinese fast fashion firm promising to improve conditions. The probe, which followed up on an initial investigation from 2021, reveals that excessive overtime is still common for many workers. Interviewees, who were aged between 23 and 60, were quizzed last summer and said they worked 12-hour days on average, which did not include meal breaks, and often work six to seven days a week. Shein said long working hours in the sector were a "common challenge that brands, manufacturers, and other ecosystem players must work together to address", adding that it is “committed to playing our part to improve the situation in our own supply chain". In other news, the company is stepping up preparations for a London listing after its attempt to float itself in New York faced regulatory hurdles and pushback from US lawmakers. Reuters reports that the company, which was valued at $66bn in a fundraising last year,  started engaging with the London-based teams of its financial and legal advisors to explore a listing on the LSE early this year.
PREVENTING WORKPLACE HARASSMENT
Beyond Borders: Global Anti-Harassment Laws Explained

To shape employee behavior and reduce the risk of claims and regulatory penalties, employers with workers outside the US must understand the anti-harassment laws and requirements in the countries where they operate. That’s where we can help.

Join attorney Elissa Rossi, Vice President of Compliance Services at Traliant, for a webinar “Beyond Borders: Global Anti-Harassment Laws Explained” on May 22 at 2-3 pm ET. We will examine international anti-harassment laws and discuss where prevention training is required of employers to build a respectful and compliant work environment worldwide.

The webinar will address:
  • Canada’s anti-harassment and workplace violence laws
  • Australia’s federal, state and territory anti-harassment laws
  • The UK’s Equality Act, 2010
  • India’s Prevention of Sexual Harassment (POSH) Act
  • International sexual harassment protections for women and men
  • Legal protections against workplace bullying

REGISTER FOR WEBINAR


 
WORKFORCE
Indians top Kuwait workforce with 25% of overall employees
The number of Indian workers in Kuwait reached 535,083 last December, accounting for 25% of the overall workforce in the country. Despite a drop in their numbers, Egyptian expatriates came second with 476,866 workers. Kuwaitis ranked third with 454,038 workers. The latest figures also showed an increase in the number of Bangladeshis by around 18,000, reaching 179,800, followed by Pakistani workers whose number rose to 80,313. Nepalese nationals showed a 27% rise compared to 2022, reaching 803,313 workers. Kuwait's workforce last December totalled 2.13m, with expatriates constituting 78.7% of the overall workforce. Kuwait has an overall population of 4.8m people, including around 3.3m foreigners. The country is aiming to replace foreign workers with its citizens as part of its 'Kuwaitisation' policy. Calls have grown in Kuwait for curbing foreigners' employment amid accusations of strain on the country's infrastructure facilities due to the COVID-19 pandemic.
Taiwanese workers call for action on stagnant wages and soaring housing prices
Taiwanese workers are calling on the new government to address the issues of stagnant wages and soaring housing prices. A recent poll showed that 90.4% of respondents were dissatisfied with their salaries, the highest level in six years. The ratio of house price to annual income in Taipei has nearly doubled since 1993, making it much harder for young people to afford a home. The widening wealth gap in Taiwan is largely attributed to housing inequality, with low interest rates contributing to skyrocketing property prices. The government has released a report showing that the richest 20% of households hold 66.9 times more wealth than the bottom 20%. The new government has pledged to boost the economy and address these issues by promoting investment, raising property taxes for multiple homeowners, and building more social housing units.
INVESTMENT
Companies turn to Southeast Asia and Europe as China's appeal fades
China is losing its appeal as a top investment destination for companies, with firms turning to Southeast Asia and Europe to avoid geopolitical risks, according to a survey by the European Union Chamber of Commerce in China. The survey revealed that only 13% of firms considered China a top investment destination, the lowest level since 2010. Firms are shifting investments to mitigate the impact of "decoupling" between China and other countries and to find opportunities elsewhere. The survey also highlighted the challenges faced by foreign firms in China, including difficult business conditions and overcapacity across industries. As China's appeal fades, Southeast Asia, Europe, India, and North America have emerged as the main beneficiaries of redirected investments, the survey suggests.
HIRING
China to recruit 34,400 college graduates for various fields
China will assist in the recruitment of 34,400 college graduates in 2024 to work in a variety of disciplines, including education, agriculture, medical care, and rural rejuvenation at the community level. The service period for these posts will be two years. The Ministry of Human Resources and Social Security, along with the Ministry of Finance, has issued a circular requiring localities to guarantee funding for these posts and ensure the allocation of payments for work and living, settling-in, social insurance premiums, and allowances. Efforts will be made to strengthen education and training for the employed individuals and provide employment services for those who have completed their terms. "We are committed to providing opportunities for young graduates to contribute to the development of our country," said Minister of Human Resources and Social Security. This recruitment drive aims to address the needs of various sectors and promote employment in rural areas.
LG CEO seeks to recruit foreign talent on US business trip
LG Electronics CEO, William Cho, has embarked on a business trip to the US to recruit foreign talent and seek a reevaluation of the company in the face of the AI era. Cho held a recruiting program in Silicon Valley, inviting 50 researchers with AI expertise to discuss the company's future vision and R&D strategy. He plans to meet institutional investors in San Francisco to emphasise the importance of having an actual point of contact with consumers. LG Electronics, known for selling 100m products annually, believes its global point of contact with consumers is its biggest strength in deploying AI. Cho is also participating in the Microsoft CEO summit in Seattle.
TALENT MANAGEMENT
Deloitte and KPMG increase salaries to attract talent
Deloitte and KPMG are increasing salaries for employees in Singapore to attract more talent to the accounting sector. Deloitte will raise the starting pay by up to 20% for graduates joining as first-year audit associates, with a starting salary of $4,500 a month for those joining under its accelerated audit career programme. KPMG is committing $30m to raising salaries for eligible employees across the audit, tax, and enterprise risk services. The changes come after a report by the Accountancy Workforce Review Committee, which addressed ways to increase the supply of high-quality accounting talent. KPMG and Deloitte are also investing in training, upskilling, and technological advancements to support their employees. Other accounting firms, including EY and RSM, have also committed to aligning their policies with the recommendations outlined in the report. A fresh graduate from the Singapore Management University highlighted the impact of higher starting salaries, stating that it reflects the effort put in by accountants and the need to future-proof their abilities.
FLEXIBLE WORKING
Global move towards flexible working revealed in new data
A survey conducted by the World Employment Confederation (WEC) reveals a global move towards flexible working models. The survey, which included 715 senior executives from around the world, found that 92% of respondents believe they will need a more flexible workforce in the next two years. This is to fill labour market gaps, keep up with developments, and protect permanent employees from volatile workload shifts. The study also highlights the challenges faced by organisations in managing talent and the need for governments to support changing employment dynamics. The survey shows that businesses are struggling with skills gaps, particularly in digital expertise, and are increasingly relying on agency workers. The data also reveals that employees now value flexibility as much as compensation. The survey is part of the WEC's ground-breaking campaign, "The Work We Want," which aims to shed light on the challenges and opportunities in the age of Artificial Intelligence.
CORPORATE
Alibaba expands e-commerce operations in Mongolia
Alibaba is expanding its business foothold in Mongolia, with its wholesale marketplace 1688.com partnering with local technology group Intelmind to launch a new platform called ShoppyHub.mn. The online marketplace aims to offer millions of products sourced from 1688.com's merchant network, providing Mongolian consumers and business clients with products from Chinese manufacturers.
INTERNATIONAL
UK workers opt for job stability
A new study suggests that workers in the UK are increasingly likely to stay in their current roles as they prioritise job stability amid an uncertain economic outlook. The CIPD's labour force survey reveals lower staff attrition and fewer job moves this year. The quarterly survey, which quizzed more than 2,000 businesses, shows that just 30% expected to increase their staff numbers over the summer, the smallest proportion since early 2021. The report also shows that public sector employers are twice as likely as private companies to cut jobs over the next three months. It was found that 55% want to maintain their headcount at existing levels, the highest proportion since the winter of 2016. Recruiters believe that the lucrative pay offers seen during the pandemic's highly-competitive jobs market have decreased, with 5% pay rises now considered more realistic. Noting that the hiring market is returning to pre-pandemic levels, James Cockett, labour market economist at the CIPD, said: "The so-called Great Resignation is well and truly over and has been replaced by the Big Stay, with more people opting for job stability."
 


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