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8th September 2022
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THE HOT STORY
Work from home is loved worldwide - or is it?
A research paper published by an international team of economists highlights the global appeal of remote work. Workers say they are more productive at home, would quit their jobs or look elsewhere if they are forced back, and would take a 5% pay cut to keep the option of days at home, the study found. The research is  based on surveys in mid-2021 and early 2022 of people in 27 countries, skewing toward higher-income employees. The shift to remote work “benefits workers,” the researchers for the "Working from Home Around the World" paper wrote. “The reason is simple: Most workers value the opportunity to WFH part of the week, and some value it a lot.” But a new Harris Poll survey shows young people in the U.S. find it difficult to make connections and learn company culture while working from home. More than half of Gen Z survey respondents said remote work makes it difficult to establish connections, and 55% believe they are missing out on an important step into adulthood because of how the pandemic has affected office culture. Young people want some freedom and flexibility, but also need structure and guidance to advance in their roles, the survey suggests.
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WORKFORCE
What is a ‘meaningful’ job?
BBC Worklife reports on the search for 'meaning' at work among employees who increasingly say they want their work to matter. A McKinsey survey from 2020 showed 82% of employees believe it’s important their company has a purpose, and separate 2022 research by the firm showed 70% of employees say their personal sense of purpose is defined by their work, and when that work feels meaningful, they perform better, are much more committed, and are less likely to seek a new job. As such, companies are increasingly recognising that workers are seeking meaning, and trying to provide ways to further workers' experiences and skills. Aaron De Smet, a senior partner at McKinsey, observes: “Companies are becoming very savvy to this and realising, for example, that they need to demonstrate a long-term training commitment toward new recruits. Firms are aware that they need to kind of reassure them: join us and we will take you through a long period of nurturing . . . [Another] way that companies are attracting talent is to say, ‘The work that you're doing will impact the environment, it will impact society around us’.”
U.S. employee engagement has dropped since 2021
New research by Gallup finds that the number of workers who say they are actively disengaged from their jobs — defined as workers who are unhappy about their work and resentful their needs aren’t being met — is on the increase. According to Gallup’s June survey of 15,091 U.S. workers, almost one-third of workers described themselves as engaged, or enthused about work, and just under 20% described themselves as actively disengaged. In the summer of 2020, U.S. worker engagement levels calculated by Gallup hit their highest level ever, at 40%. “What we’re seeing right now is kind of a deterioration of the employee-employer relationship,” observes Jim Harter, chief scientist for Gallup’s workplace management practice. Both Gallup and a survey of more than 32,000 workers around the world published in late April by ADP Research Institute, a division of the payroll processor ADP, identify stress at work as a reason many workers feel disengaged.
Teamsters union launches new division for Amazon employees
The International Brotherhood of Teamsters, which represents 1.2m workers in the U.S., Canada and Puerto Rico, has announced a new division devoted to "uniting" Amazon employees, describing the online retailer as "one of the world's most dangerous employers". "For 120 years, the Teamsters have proudly and ferociously protected transportation, logistics, and delivery workers, and we refuse to allow Amazon to continue to abuse and disrespect the more than 1m Americans it employs", Teamsters General President Sean M. O’Brien said. In the statement, the Teamsters Union said it already services 340,000 UPS workers, many of whom perform similar functions to Amazon workers. Their unionization efforts have prioritized UPS workers’ wages, benefits and retirement security.
WORKPLACE
Is the working world getting ruder?
The Wall Street Journal’s Callum Borchers says he keeps hearing from business people who attest that the working world is getting ruder: more curses, fewer handshakes, quitting on shorter notice and waiting longer to answer emails and texts. The pandemic, a tight labor market, Gen Z and the internet are all being blamed for this supposed decline of business etiquette, notes Borchers. On the upside: LinkedIn reports August enrollment in its two most popular business etiquette courses was up 127% year over year.
HIRING
Businesses worldwide struggle to fill jobs
Vacancy rates are high across the world and countries are easing their immigration rules to attract more workers, reports AFP. Michael Blume, chief executive of Currentsystem23, a software company based in eastern Germany, said he had "a lot of difficulties finding workers . . . Wherever we look, we are lacking qualified workers." Ariane Curtis, a Toronto-based economist at research firm Capital Economics, observed: "Vacancy rates are very high across the world. Surveys and firms are saying it is still very hard to fill positions." Mike Smith, CEO of Netherlands-based international recruiter Randstad Sourceright, said: "The big question is if what we have seen in the last months will cool down or not. From our position we don't believe it is transitory. We think it is a structural change in the way employees are looking to interact with work. Trends continue to point to that. The shift in worker expectations is here to stay."
Michaels to hire 15K employees for holiday season
Arts and crafts retailer Michaels is planning to hire 15,000 workers for this year's holiday shopping season. The Texas company, which was taken private by Apollo Global Management in 2021, will host a hiring event at all U.S. and Canadian stores on Saturday, September 17th, with candidates also allowed to apply online in advance. The company said last year it converted more than 50% of its seasonal positions into regular roles. Chief operating officer Joe Venezia says the company deliberately decreased the number of seasonal hires this year in order to increase the number of hours available for seasonal employees. This "means more earning potential for those hires", he added.
LEGAL
Starbucks to reinstate Memphis workers after losing appeal
Starbucks will reinstate seven employees who were fired in February after leading an effort to unionize their Memphis store. Starbucks said the employees violated company policy by reopening the store after closing time and inviting non-employees, including a television crew, to come inside. But the National Labor Relations Board disagreed with Starbucks’ action, saying it was interfering with workers’ right to organize, and it asked a federal court in Memphis to intervene. Last month, a federal judge ordered Starbucks to reinstate the workers within five days while the court considered the labor board’s lawsuit; Starbucks appealed, but a three-judge panel for the 6th U.S. Circuit Court of Appeals sided with the lower court, ruling that Starbucks “did not show a likelihood of success” in challenging the lower court’s ruling. In other Starbucks news, outgoing chief executive Howard Schultz has vowed never to return to the top job again, after returning for his third stint as leader in April after Kevin Johnson retired. Laxman Narasimhan, who is currently CEO of Lysol owner Reckitt, will join the coffee company in October and take the reins in April. Schultz will remain on Starbucks’ board after Narasimhan succeeds him and act as an advisor.
MANAGEMENT
Target's Brian Cornell to stay on as CEO for three more years
Target chief executive Brian Cornell has agreed to stay on in his role for about three more years, as the retailer announced Wednesday that it’s scrapping its retirement age of 65, to provide stability at a time of upheaval in the retail industry. "In discussions about the company's longer term plans, it was important to us as a board to assure our stakeholders that Brian intends to stay in his role beyond the traditional retirement age of 65", Monica Lozano, lead independent director of Target's board of directors, said in a statement. Since Mr Cornell became CEO in the summer of 2014, Target's annual revenue has grown from around $73bn to $106bn. During the pandemic, Target generated record profits as more people shopped for necessities as well as discretionary items to improve time spent at home. Target also announced that Arthur Valdez, chief supply chain and logistics officer, is to retire. He will be succeeded by Gretchen McCarthy, an 18-year Target veteran who is currently senior vice president of global inventory management. She will report to Target’s COO, John Mulligan, effective immediately, with Mr Valdez serving in an advisory role through April.
TAX
Widespread distrust among tax officials of Big Four, says OECD survey
An OECD study has found that a majority of tax officials believe the Big Four accounting firms try to exploit loopholes in laws to help clients at least some of the time. The OECD’s ‘Building Trust between Tax Administrations and Large Businesses’ report sets out a range of approaches to help build trust, improve communications, and build more effective relationships between Multinational Enterprises (MNEs) and tax administrations.
INTERNATIONAL
Ireland to turn heat down in public buildings
Ireland is to turn the heating down in public buildings and will ask public sector office staff to work on the same floor as part of energy-saving measures.  Public buildings – except social institutions such as hospitals - are to be heated to a maximum of 19 degrees Celsius (66°F). "It is critical that we reduce our use to help save money. It's very practical and we will lead off in the public sector. Not that we go short, but be careful how we heat our spaces," Energy Minister Eamon Ryan told national broadcaster RTE. Germany introduced similar measures last week.
OTHER
Peloton to face federal fines linked to its treadmill recall
Peloton was warned last month that federal safety regulators plan to seek fines against the company over alleged failures related to the recall of its treadmills last year. Peloton disclosed in a securities filing Wednesday that the Consumer Product Safety Commission notified the company in August that it believes the company failed to meet its obligations under the Consumer Product Safety Act in connection with its Tread+ treadmill model. Last year, a Peloton treadmill caused the death of a six year-old child who was pulled under the machine. Dozens of other customers reported that they or their children were injured by the machines. The agency is continuing its investigation into the exercise equipment and Peloton’s handling of the matter, according to the filing. The amount of a possible fine was not disclosed.
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