WEEKLY RECAP CEO BANKING FLEXIBLE WORKING REDUNDANCIES UNFAIR DISMISSAL
Asia – Global CEOs are no longer seeing the world through rose-tinted glasses as many prepare for a turbulent year ahead, while Asian bankers face salary cuts.
According to a worldwide survey by PricewaterhouseCoopers, nearly half of 1,258 CEOs believe the downturn will last throughout the year, far more than the 15% who are confident things will pick up.
“The optimism that had been building cautiously since 2008 has begun to recede,” Dennis Nally, chairman of PwC International, said. The report also found CEOs are concerned about the talent crunch.
Less than a third of them are positive they will be able to hire the talent needed to aid in business growth, and 18% are expecting to cut their workforce numbers. Almost half of the respondents also said it is now more challenging to hire, but the other half said they will be adding to their headcount this year.
Meanwhile, more specific to Asia, bankers in the region are bracing themselves for a salary cut this year as Asian capital markets hit a snag. Rob Sivitilli, J.P. Morgan Chase & Co.'s Singapore-based head of corporate finance and mergers and acquisitions (M&A) for Southeast Asia, said while Asia has been perceived as the economic powerhouse of the world, this has resulted in banks being “more disciplined” in their hiring processes.
“We are not seeing banks offer large multiyear deals as they did before the financial crisis. In fact, most guarantees were for one year, although a bank breaking into Asia in need of ‘game changers’ might have offered ‘rare and reserved’ two-year guarantees,” Paul Aldrich, managing partner at recruiter CTPartners in Hong Kong, said.
However, Aldrich said Asia will remain a desirable location for bankers. "Firms tend to look for someone who has done their undergraduate degree in the local market and their M.B.A. in the U.S. or Europe and worked for an international bank in the region," Aldrich added.
Locally in Singapore, more frontline staff are enjoying the benefits of flexible working, as companies push for better work-life balance. “You could ask to be placed on permanent first or second shift. But the success of these arrangements depends a lot of times on the supervisor,” David Ang, executive director at the Singapore Human Resource Institute, told TODAY Online.
A survey by global research company Ipos found workplace flexibility such as telecommuting is primarily practiced in emerging markets such as the Middle East and Africa Latin America and Asia Pacific.
The report added a majority of the 11,383 online connected employees polled agreed it will keep talented women in the workforce and lighten their stress levels. However, 60% said that not seeing their colleagues face to face everyday makes them feel socially isolated.
But while frontline employees in Singapore are reaping in the benefits of flexible working, Australia’s Toyota staff are struggling as the car manufacturers implement the country’s first forced redundancies since 2008.
Toyota Australia said the high Australian dollar, declining sales and increased cost pressures resulted in the decision to cut 350 jobs at the company’s Altona plant.
“I know that Toyota looked at every option to avoid redundancy of skilled workers, but the harsh reality of the continuing strong Australian dollar means Toyota's export markets are under severe pressure and they are struggling to sell enough cars to keep the Altona line at full capacity,” Manufacturing Minister Kim Carr said.
“The reality is that our volumes are down,” Max Yasuda, Toyota’s Australian president and chief executive, said. “What we assumed was a temporary circumstance has turned into a permanent situation. This drop of 36% in just four years shows the scale of our challenges.”
Carr said the governments have measures in place to help those affected by the cuts, including the Automotive Industry Structural Adjustment Programme, which will be used to assist workers in retraining and help in finding alternative employment.
And in this week’s Bizarre HR, a receptionist in the US has been fired for deciding to work through lunch. Sharon Smiley, who has been working with Equity Lifestyle Properties for over a decade, had stayed at her desk during her lunch hour to complete a project assigned by a manager. However, that meant she failed to comply with the company’s policy which states that all hourly non-exempt employees are required to take a 30-minute lunch break.
"I knew you couldn't eat lunch at your desk,” Smiley said in an interview with ABC News. “I was under the impression that because I was punched out and I could do what I want.”
She failed a report with the Illinois Department of Employment Security's board of review after her application for unemployment benefits were dismissed. However, after a review, the board found that Smiley was not fired for gross misconduct and awarded her the benefits.
After nine months of unemployment, Smiley has found a similar job at another company – this time with a more flexible lunch arrangement.
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