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North American Edition
20th November 2024
 
THE HOT STORY
Major global companies boost hiring for professional roles
Global companies have boosted hiring for professional roles towards the end of the year, according to an index from recruiter Robert Walters. The boost was especially evident in retail, technology and healthcare, but demand for financial services recruits was less impressive, the survey showed. Job vacancies for professional roles globally were up nearly 9% month on month in October, compared with a 5% fall in September. "The latest figures . . . [are] a positive hint toward more traditional recruitment cycles returning, whereby October and the final quarter tends to be busy as companies ramp up seasonal hires or look to spend remaining hiring budgets before the close of the year," Robert Walters' CEO Toby Fowlston said.
LEGAL
Settlement reached in ‘no poach' case
Metro Staff, a staffing agency based in Elgin, Illinois, has reached a $1.8m settlement following accusations of unlawfully collaborating with competitors to restrict workers from switching agencies, thereby suppressing wages. Illinois Attorney General Kwame Raoul said: “This settlement prioritises compensation for workers because they are the ones most impacted by these agreements that limit wages and job opportunities.” The case, part of ongoing litigation initiated in 2020, also involved settlements with Elite Staffing and Colony Display LLC. Edward French, president of Metro Staff, defended the company’s actions, claiming it aimed to prevent employees from working overtime without proper pay.
Jobs at risk as rules are tightened
A number of firms have recently let go of staff for seemingly minor infractions, and human resources consultant Suzanne Lucas suggests that this increase in policy enforcement may be a result of companies wanting to rid themselves of staff obtained during a post-pandemic hiring spree, saying: “When you need to cut head count, you tighten up the rules.” It is noted that EY recently dismissed workers who were caught watching multiple training videos at the same time; Meta sacked employees for spending meal allowances on other items; and Target has fired employees who jumped the queue to snap up popular items ahead of customers. The FT also reports on so-called stealth sackings that are being made as companies try to rein in costs and restrict workplace initiatives that do not help profits.
HEALTH & WELLBEING
Empty desks drain teacher morale
Chronic absenteeism among students is significantly affecting teacher morale, according to a recent study published in Education Researcher. Michael Gottfried, a co-author and associate professor at the University of Pennsylvania, explained: “Absenteeism pulls teachers away from that core purpose.” The study analyzed data from the Early Childhood Longitudinal Study, revealing that teachers with higher absenteeism reported lower job satisfaction and feelings of usefulness. With chronic absenteeism rising from 15% before 2020 to 28% in 2023, teachers are feeling the strain. Lindsey Paricio-Moreau, a science teacher, noted that absent students struggle to build relationships, leading to awkwardness upon their return. The ongoing challenges of absenteeism are contributing to a negative perception of the teaching profession, with a survey indicating an average teacher morale score of -13.
DIVERSITY, EQUITY & INCLUSION
Fund managers prove slow to address gender imbalance
Latest global statistics say just 12.5% of portfolio managers — the front line of investment decision-making — are women. More than three-quarters of women working in the investment industry believe it is biased towards men.
CYBERSECURITY
AI training software firm hit by cyberattack
iLearningEngines, a U.S.-based AI training software provider, has reported a cyberattack that resulted in the theft of $250,000. In an 8-K regulatory filing with the Securities and Exchange Commission, the company described the incident as a “cybersecurity incident” where an unnamed hacker accessed its network and misdirected a wire payment. The attack appears to be a business email compromise (BEC) scam, which often target companies that conduct wire transfers. The hacker also deleted several email messages and accessed certain files, although the specifics remain undisclosed. iLearningEngines anticipates that the incident will have a material impact on its operations during the fiscal quarter ending December 31, 2024, following a reported loss of $314m on revenues of $135m in its fiscal second quarter. The company serves over 1,000 enterprise customers and went public in April 2024.
TECHNOLOGY
Bell seeks to revolutionize mobile work
Bell has introduced Teams Phone Mobile, an innovative solution that integrates mobile numbers directly into Microsoft Teams, enhancing communication for Canadian businesses. The service allows users to make and receive calls seamlessly across devices, ensuring a consistent experience regardless of location. Costa Pantazopoulos, VP Product at Bell, said:"Our support of Teams Phone Mobile is a significant milestone in our ongoing collaboration with Microsoft." The offering leverages Bell's robust 5G network and SIP Trunking capabilities, catering to diverse workstyles and boosting productivity. Additionally, it includes advanced features like AI integration through Microsoft 365 Copilot, further enhancing user experience and operational efficiency.
INTERNATIONAL
Insurer slammed for ‘clinically dumb' policies in autism cases
A Hong Kong-based executive at insurance firm Manulife has hit out at his employer for what he described as its “clinically dumb” underwriting policies for people with autism, such as his son. Damien Green, the chairman of Manulife Financial Asia, wrote in a social media post, which tagged Roy Gori, president of Manulife, and Phil Witherington, president of the company's Asia branch: “Desperately sad and frustrated at the treatment of functioning and healthy autistic people, like my own amazing son, by insurance companies including my own employer Manulife Hong Kong and Macau . . . I have tried but the clinically dumb underwriting policies of such companies and their reinsurers are about as relevant as the horse and cart.”  Macy Chong Po-king, the chairwoman of the To Dream Charity Foundation, a support group for people with autism, said it was common for insurers to reject applications at the underwriting stage when risks were evaluated by looking at the applicants' medical history.
Thailand's proposed global income tax raises concerns about expat exodus
Tax experts are calling for clarity over Thailand's proposed amendment to the revenue code which seeks to tax the global income and assets of all Thai residents, including expatriates residing in the kingdom for 180 days or longer. The draft law, which is still to be finalised by the Revenue Department, could negatively affect Thailand's foreign direct investment (FDI) climate and efforts to attract expatriates, including retirees, to work or reside in the South East Asian country, observers say. “This new law would say that if you are a Thai resident, you will be taxed on your worldwide income, even if it is not remitted to Thailand. That would be a big negative change,” said Jonathan Stuart-Smith, a partner at tax consultancy Mazars in Thailand.
Starling staff revolt over office return
London based digital challenger bank Starling Bank is facing significant backlash from staff following new CEO Raman Bhatia's directive requiring employees to work in the office for at least 10 days each month. The policy has led to resignations and complaints about the lack of desk space and disruption to work-life balance. With Starling only having around 900 desks available for its 3,231 employees, an internal email acknowledged that the bank “may not be able to accommodate 10 office working days per month for everyone right now.” Mr Bhatia defended the policy, saying that in-person collaboration is vital for creativity and performance.
Gender pay gap narrows slightly in Australia
Australia's gender pay gap has narrowed marginally, according to a report from the government's Workplace Gender Equality Agency (WGEA). The total gender pay gap dipped by 0.6 percentage points to 21.8% for the year to March 2024 as more than half of employers improved the pay gap between men and women doing the same job. Women employees on average still earned A$28,425 ($18,590) less each year than their male colleagues, the report said.
OTHER
Tropicana's redesign leaves customers sour
Tropicana has faced a significant backlash after changing its iconic orange juice bottle from a clear carafe to a more traditional design, downsizing from 52 ounces to 46 ounces. Sales have plummeted, with a reported drop of 19% by October, and the brand has lost market share to Simply Orange. Customers are frustrated, claiming the new bottle is less ergonomic and accusing Tropicana of "shrinkflation".
 


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