The latest business Intelligence for HR professionals and people managers everywhere
Sign UpOnline Version
APAC Edition
22nd May 2024
Together with

THE HOT STORY
Tech giants pledge not to develop AI threats to humanity
On the opening day of the second AI safety summit in Seoul, 16 companies - including Google, Microsoft, Meta and OpenAI - have signed a charter pledging not to develop or deploy AI systems that pose extreme risks to humanity, such as weapons of mass destruction. The companies have committed to publishing safety frameworks for their models and outlining how they could be misused. They have also agreed not to develop or deploy models or systems if the risks cannot be mitigated. The pledge comes after a landmark scientific report commissioned by the UK highlighted the lack of meaningful protections against the dangers of AI. The agreement is seen as an important step towards establishing international governance for AI safety. UK prime minister Rishi Sunak said: "These commitments ensure the world's leading AI companies will provide transparency and accountability on their plans to develop safe AI. It sets a precedent for global standards on AI safety that will unlock the benefits of this transformative technology."
BACKGROUND SCREENING
Download: How to create the ULTIMATE candidate experience

How important is the candidate experience during the hiring process?

An often-overlooked part of hiring, this guide shows that providing a seamless, informed journey for potential employees can have an incredible impact on your business.

Download this guide today to discover these long-term benefits, and learn that - when you have the right processes put in place - a great candidate experience not only makes talent acquisition easier and less stressful, but also creates better hiring outcomes than ever before..

Get your free copy here!

 
TRAINING & DEVELOPMENT
TCS is building one of the world's largest AI-ready workforces, CEO says
The Times of India reports on how Tata Consultancy Services (TCS) CEO K Krithivasan has highlighted the company's achievement of building one of the largest and most artificial-intelligence-ready workforces in the world. The average learning hours per employee at TCS increased to 87.1 hours in FY24, with even senior employees seeing an increase in learning hours. TCS employees have clocked 51 million learning hours and acquired 5 million competencies in FY24. The company says it prioritises internal talent development and achieved 33% of job placements through upskilling and cross-skilling existing employees.
HIRING
JPMorgan says each of its new hires will get training for AI
JPMorgan Chase is providing artificial intelligence training to all new banking employees, recognizing its potential impact on the industry. Mary Erdoes, who heads the bank's asset- and wealth-management unit, stated that AI is helping to save time and drive revenue growth. The technology allows bankers to access information during client calls, reducing the need for time-consuming searches. It also eliminates repetitive tasks, saving analysts several hours each day. JPMorgan estimates the value of AI to be between $1bn and $1.5bn, JPMorgan President Daniel Pinto said, adding that AI will have a “very, very” large impact for the firm's 60,000 developers and 80,000 operations and call-centre employees — almost half the company.
TECHNOLOGY
Huawei launches Arabic LLM and cloud service in Egypt
Huawei Technologies has launched an Arabic large language model (LLM) and Egypt's first public cloud service in Cairo. The LLM, based on Huawei's self-developed Pangu, has been trained with local data to ensure understanding of the local culture and knowledge of the Arab world. The model can enable enterprises to build their own AI model catering to different local languages in the Arabic speaking world. Huawei's LLM has an accuracy rate of 96%, covering over 20 Arabic-speaking countries. The company's expansion in cloud computing is part of its efforts to diversify revenue streams. Last year, Huawei's cloud computing business expanded by 21.9%. Huawei is the second-largest cloud services provider in China and has been steadily expanding its global footprint. In Egypt, Huawei plans to invest $300m over the next five years to build its public cloud service in the region.
Microsoft's Nadella says AI is a tool, and not human-like
Microsoft CEO Satya Nadella believes that AI should be seen as a tool rather than something human-like. He expressed his view in an interview, stating that he doesn't like anthropomorphising AI and believes it's important to remember that AI is not the same as human intelligence. Nadella's remarks reflect an ongoing debate in the tech industry about how much to humanise AI services. OpenAI, on the other hand, has taken a different approach by developing a voice assistant that can understand emotions and express its own feelings.
DIVERSITY, EQUITY & INCLUSION
Apple hires new diversity chief
Apple has hired Cynthia Bowman as its new diversity chief, making her the fourth person to hold the position in recent years. Bowman, a banking veteran, will take over from Barbara Whye and become vice president of inclusion and diversity. Apple has been working to improve diversity within its workforce, but results have been mixed. The company has made progress in increasing the percentage of Black employees and the number of Asian and Latino workers, as well as the representation of women. However, the broader push for diversity, equity, and inclusion (DEI) has faced backlash in corporate America, with the proportion of companies funding a DEI function set to drop.
STRATEGY
Canada's Power Corp shuts China investment unit, lays off staff
Power Corporation of Canada (Power Corp) has shut down its China investment unit, Power Sustainable, and laid off all staff. The closure comes amid the company's change in strategy and the economic challenges in China. Power Sustainable managed $4.5bn of assets globally and invested in public equities in China. The closure adds to the list of Western financial firms that have scaled back their operations in China due to the country's economic slowdown. Power Corp will continue to invest in China through its Qualified Foreign Institutional Investor (QFII) license. Other global financial firms, such as Fidelity International, Morgan Stanley, and Legal & General, have also cut back their China business presence recently.
TikTok to lay off 1,000 employees globally
TikTok is reportedly planning to layoff about 1,000 employees globally. The company plans to disband its global user operations team and reassign the remaining staff to other departments. The layoffs could be a ca result of the potential sale of TikTok's US operations. The impact on user experience is yet to be determined, but longer wait times for customer service inquiries are possible. TikTok had 7,000 employees in the US in 2023 and generated $20bn in revenue, with 80% coming from the US.
INVESTMENT
Investment scams surge in Japan
Japan has seen a sevenfold increase in money lost to investment scams in the first quarter of this year, compared to the same period last year, according to the country's National Police Agency. The rise in scams can be attributed to the increasing number of financially inexperienced individuals turning to investing, driven by rising consumer prices and government encouragement. The return of inflation and the government's efforts to entice people to invest in Japanese stocks have created an environment for fraud to flourish. Japanese households have rapidly increased their stock investments, although cash savings still make up more than half of household assets. Prime Minister Fumio Kishida has announced that measures will be introduced in June to counter the rise of investment scams, with a focus on arresting criminals.
CORPORATE
Mid-tier Indian IT firms gain market share from industry giants
Mid-tier firms in India's IT sector have gained market share from larger rivals due to clients cutting discretionary spending. Unlike larger companies, mid-tier firms focus on short-term cost-cutting deals, which has paid off in a slowing demand environment. Companies such as LTIMindtree, Coforge, Mphasis, and Persistent Systems are increasingly seen as challengers in winning Fortune 500 accounts. Analysts predict that mid-tier firms could outperform larger rivals once discretionary spending improves. The market share of India's top five IT firms fell in 2023, reflecting the success of mid-tier firms. Share prices of Mphasis and Persistent Systems have also outperformed the broader Nifty IT Index.
Vietnamese officials urge Foxconn to cut power use by 30%
Vietnamese officials have called on Apple supplier Foxconn to voluntarily reduce power use by 30% at its assembly plants in the north of the country where there were electricity outages last year. The request for energy-saving measures, which was sent to multiple manufacturers, aims to prevent a repeat of last summer's power shortage that led to over a billion dollars in lost output. The request to Foxconn is not mandatory and has not affected production. Vietnam is attracting multinational companies, including Apple, and relies on foreign investment for economic growth. The country experienced a power shortage last year due to a heat wave, causing significant economic losses.
INTERNATIONAL
Wall Street firms consider mandating daily commute for staff
Some Wall Street firms have started warning staff that new rule changes for remote work from the Financial Industry Regulatory Authority (Finra) are likely to take effect in the coming weeks. As such, they are considering whether to require workers to commute to company offices five days a week. The talks towards a more stringent in-person mandate are advanced enough that some Wall Street managers have already started warning employees to prepare for a daily commute. Finra's new rules include requiring brokerages to list home offices in regulatory records and setting up regimes for periodic workplace inspections. A survey showed that only 20% of financial services companies required full-time office attendance in early 2023, but the trend has been toward tightening rules. Truist Financial Corp. recently told its investment banking staff that they must work from the office every weekday starting in June. The bank will require most of its workforce to go into the office four days a week later this year. "Our best work comes from being together," said a spokesperson for the company.
AI boom could leave Israel behind due to shortage of funds and talent, report warns
Israel is falling behind the US and Europe in attracting investments for AI startups and is facing a shortage of skilled workers, according to a report by RISE Israel and Google. The report highlights that while Israel ranks among the top 10 ecosystems for AI, it is not unlocking the full potential of the technology. The scope of AI investments in the US and Europe has continued to soar, while in Israel it dropped to a level last seen in 2018. The report emphasizes the need for Israel to implement a long-term strategy to boost education, research, and infrastructure in order to maintain its competitiveness in the global AI race.
OTHER
Bird-watching grows in popularity in China
Bird-watching has become increasingly popular in China, with a significant growth in the number of enthusiasts. According to the 2023 Census on Bird-watching Enthusiasts and Organizations on the Chinese Mainland, there are now 340,000 bird-watchers, compared to 140,000 in 2018. Bird-watching organisations have also seen rapid development, spreading across 28 provincial-level administrative regions. Birdwatchers have become an important force in the observation, monitoring, and conservation of natural ecosystems in the country.
 


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 TwitterFollow us on Linkedin

This e-mail has been sent to [[EMAIL_TO]]

Click here to unsubscribe