The latest business Intelligence for HR professionals and people managers everywhere
Sign UpOnline Version
APAC Edition
29th May 2024
 
THE HOT STORY
Chinese President Xi Jinping pledges to prioritise youth employment
Chinese President Xi Jinping has pledged to prioritise youth employment and direct more resources to job creation. This announcement comes as young people in China have struggled to find jobs amid an economic slowdown. Xi emphasized that full employment should become a priority goal for social and economic development, with a particular focus on employment for college graduates. He also highlighted the need to support industries and enterprises with strong employment capacity and to adjust higher education courses to meet the needs of new technologies and industries. Xi's pledge aligns with recent calls for reform breakthroughs in areas such as property, employment, and childcare. Experts expect the government to pursue policies that subsidise employment by increasing monetary incentives for companies and universities to provide more placements for recent graduates.
WORKFORCE
ILO report says Asia-Pacific economies must invest in workers for social equity
A report from the International Labor Organization (ILO) highlights the need for Asia-Pacific economies to prioritise workers' education, training, and social safety nets to ensure social equity and raise incomes. The ILO report emphasizes the importance of improving productivity to boost incomes and preparation for an aging workforce. It also addresses challenges such as unemployment among young people, the impact of automation on jobs, and the mismatch between skills and job requirements. The report notes that the region still has significant potential for upskilling and productivity improvements. Additionally, it highlights the high number of workers with low educational levels and the need for long-term care workers. The aging population in the region poses a significant challenge, with the ratio of people in Asia aged older than 65 to those 15–64 years old projected to double to nearly a third by 2050 from about 15% in 2023, 
Half of Hong Kong workers threaten to quit if flexible work arrangements not offered
Half of Hong Kong workers say they are ready to quit their jobs if employers do not offer flexible work arrangements, according to a survey by Randstad Hong Kong. The survey, which included 751 employees and jobseekers, found that 51% of respondents wanted the choice to work from home and considered it "non-negotiable". This figure was 14 percentage points higher than the global average. The survey also revealed that older workers prioritized work-life balance more than younger ones. Overall, the survey sampled 27,000 respondents from over 30 countries. Benjamin Elms, managing director of Randstad Hong Kong, emphasized the importance of offering flexibility to attract top talent. The survey also highlighted the significance of factors such as gender equality in salaries, a diverse workforce, and family leave in creating a friendly workplace. Two in five jobseekers said they would reject a job if the hirer's position on social and environmental issues did not align with their values.
Indian government wants to establish dormitories for workers in manufacturing clusters
The Indian government plans to ask states to establish dormitories for workers close to manufacturing clusters, with a specific focus on textile parks, logistics, and other manufacturing units. The objective is to retain workers at manufacturing units for longer periods, ensuring steady production levels. A stakeholder consultation involving states and other partners is planned to develop a roadmap for the initiative. The goal is to raise awareness and foster collaboration between states and industries to enhance living conditions for workers across the country.
WORKPLACE
London is the biggest draw for foreign workers, survey finds
London is ranked first (9%) as the most popular city for highly skilled foreign workers to relocate to, according to the Decoding Global Talent Report 2024, conducted by Boston Consulting Group (BCG) in partnership with The Network and The Stepstone Group. The "Top 10 Cities Where Foreign Workers Most Want to Relocate for Work in 2024" report, which is based on a survey of over 150,000 people across 188 countries worldwide, sees the UK capital followed by Amsterdam (8%) and Dubai (7%). Abu Dhabi and New York ranked fourth (7%) and fifth (6%) respectively. Nine cities from the Asia-Pacific region make it into the top 30 globally. Cities from this region that made the list include Singapore (7th), Tokyo (9th), Sydney (10th), Melbourne (14th), Auckland (16th), Bangkok (17th) Beijing (25th), Kuala Lumpur (26th) and Osaka (30th). The report says that the proportion of people seeking jobs overseas is steadily increasing: the number of individuals relocating to work abroad grew to 23% in 2023, up from 21% in 2020. London is said to be an attractive destination for highly skilled workers because it is an English-speaking city where Londoners welcome them and are culturally diverse, and the city provides easy access to other hubs in Europe and the United States.
LEGAL
Rio Tinto faces class action lawsuit over alleged sexual harassment and discrimination
Mining giant Rio Tinto is facing a class action lawsuit brought by workers and contractors over alleged sexual harassment and discrimination at its mine sites. The investigation aims to determine whether Rio failed to take adequate steps to eliminate discrimination and sexual harassment in its workplaces. This comes after a damning report commissioned by Rio Tinto found disturbing findings of bullying, sexual harassment, racism, and other forms of discrimination within the company. Shine Lawyers, leading the class action, argues that an employer can be held liable for harassment by employees if they did not take all reasonable steps to prevent it. The lawsuit follows a landmark study and parliamentary inquiry into sexual misconduct among West Australia's fly-in, fly-out workforce.
Chinese employee accused of stealing SK hynix chip technology for Huawei
A Chinese national who worked for SK hynix is on trial for allegedly stealing key semiconductor technology from the Korean chipmaker for Chinese IT firm Huawei. The former SK hynix employee, who was hired in 2013, allegedly printed out more than 3,000 sheets of documents related to front-end semiconductor manufacturing technology before leaving the company. SK hynix reported the incident to the police, who arrested the Chinese national when she entered the country. SK hynix is cooperating with the investigation.
HEALTH & WELLBEING
Seminar explored creating a productive and healthy work environment for Thais
In an era where employee engagement and well-being are intrinsically linked to organisational success, the Royal Danish Embassy and Novo Nordisk Pharma (Thailand) Ltd. hosted a thought-provoking seminar on creating a working environment that contributes to high productivity and employee wellbeing. The event gathered HR professionals, executives, and experts from leading industries to share best practices and discuss innovative HR tools and products. The seminar, which took place at the Embassy of Denmark in Thailand, highlighted the importance of employee engagement and regular exercise in increasing productivity.
STRATEGY
HSBC aims to strengthen ties between its Hong Kong and Singapore wealth management teams
HSBC plans to strengthen the ties between its wealth management teams in Hong Kong and Singapore to focus on winning more high-net-worth clients and family offices. The bank aims to boost synergies through talent exchanges and client referrals in the coming years. Hong Kong and Singapore are seen as complementary rather than competitors, with many customers setting up family offices in both cities. HSBC's wealth management unit in Asia saw a 51% surge in pre-tax profit last year. The bank discontinued its Independent Asset Management channel in Hong Kong and Singapore to streamline resources and is now using relationship managers to serve family offices. HSBC's total assets under management in Hong Kong and Singapore are US$3.9 trillion and US$3.7 trillion respectively. HSBC's Singapore-based head of wealth and personal banking for South Asia has highlighted the attractiveness of Asia for international investors due to its young population and rising middle class.
ECONOMY
India's economy likely to grow at slowest pace in a year, suggests Reuters poll
India's economy is expected to have grown at its slowest pace in a year in the January-March quarter, according to a Reuters poll of economists. The country's GDP growth is likely to have slowed to 6.7%, in line with the long-term growth rate. Economists attribute the slowdown to moderation in the manufacturing and services sectors, as well as a muted contribution from agriculture. The data is due to be released just days before the general election results, with Prime Minister Narendra Modi expected to win a rare third term in power. However, experts believe that consistent 8% growth, which is needed to generate adequate job growth, is still some distance away for India's economy. Some economists suggest that a potential growth rate of 5%-6% is more reasonable.
RISK
China's Politburo reviews plan for financial risk control
China's Politburo has reviewed a plan for financial risk control, aiming to ensure accountability among officials and regulators. The blueprint comes as Beijing addresses hazards in the financial system and the crisis-plagued property sector. The emphasis on risk management aligns with Beijing's proclaimed pro-business drive to create and optimise the business environment. China has made changes to its financial regulatory structure to address threats to financial stability, including distress in the property sector and mounting debts. The country is also promoting the overseas use of the yuan and developing independent financial infrastructure. Premier Li Qiang emphasized the need for local governments to reform their management systems and keep systemic financial risks in mind. 
INTERNATIONAL
US company settles discrimination lawsuit over 'whites only' job ad
A job listing by a Virginia-headquartered IT staffing firm inviting only White people and people born in the US to apply for a position has resulted in settlement agreements between the company, Arthur Grand Technologies, and the US government. The job advertisement last year restricted eligible candidates to "only US Born Citizens [white]" and those living within 60 miles of Dallas, Texas, observed the US Department of Justice, which determined that the company's discriminatory listing violated the Immigration and Nationality Act. A recruiter who worked for an Arthur Grand subsidiary in India posted the ad on job site Indeed in March and April last year for a business analyst position with the company's sales and insurance claims team. The ad was widely circulated on social media and generated multiple news stories. "It is shameful that in the 21st century, we continue to see employers using 'whites only' and 'only US born' job postings to lock out otherwise eligible job candidates of colour," Kristen Clarke, assistant attorney general with the department's civil rights division, said. "I share the public's outrage at Arthur Grand's appalling and discriminatory ban on job candidates based on citizenship status, national origin, colour and race."
UK workers take more sick days than foreign-born staff, says care home boss
Geoff Butcher, the CEO of care company Blackadder Corporation, which runs six care homes in the Midlands region of the UK and employs 300 staff, says British workers take more sick leave compared to their foreign-born counterparts. Butcher said there is a "material problem" with younger British workers repeatedly taking sick days or being signed off, and the contrast with overseas employees is "significant." He said: "It's not unusual ahead or after a weekend that we will get people dropping off a shift. Unfortunately, social media quite often provides evidence of why they are allegedly sick - they've gone away for a long weekend or they were out at the pub the previous night. It is certainly not infrequent." He added that it is evident that many are "gaming the system," and observed that "It is just very interesting that quite a lot of our overseas employees seem to manage to work nearly twice as many hours as some of our own."
French court upholds life sentence for 'HR killer'
A French court has upheld a life sentence for so-called 'HR killer' Gabriel Fortin, an unemployed engineer who fatally shot three women and attempted to kill another in 2021. Fortin blamed the victims for ruining his career and claimed to be a victim of spying and conspiracies. The court found that his judgement had been impaired at the time of the crimes but decided not to reduce his sentence. Fortin's lawyer argued that he was "ill" and "haunted by his errors of judgement." The prosecutor described him as "extremely dangerous" and lacking empathy towards his victims. The sole survivor of the attacks asked for Fortin to be permanently excluded from society. Investigators suspect that Fortin may have targeted more people if he had not been arrested. The victims were associated with his dismissals or inability to find another job. Fortin's life sentence has been upheld, and he did not attend the ruling.
OTHER
WeChat Pay expands coverage to the Maldives
Tencent Holdings’ WeChat Pay can now be used by mainland Chinese tourists in the Maldives, as the expanded coverage of the firm’s popular digital wallet rides on the recovery of China’s outbound travel. WeChat Pay has been available under a pilot phase at some popular shops, restaurants and tourist sites in the Maldives, including at the airport’s tax-free stores and luxury resorts such as Banyan Tree Vabbinfaru and Velaa Private Island. WeChat Pay’s expansion to the Maldives reflects the opportunities in the gradual rebound of Chinese holidaymakers heading overseas amid Beijing’s new visa policies and increased international flights.
 


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