Power shifts at work
On the surface, the job market looks as strong as ever. Beneath the surface, workers are getting a very different message: Their bosses are back in command. Big companies are tightening remote-work policies, shrinking travel budgets and cutting back on benefits. JPMorgan Chase recently told employees that most hybrid workers would have to come back to the office five days a week starting in March. Amazon.com ordered employees back to the office full-time starting this month, and Dell Technologies did the same for its sales team last fall. Companies are slashing perks such as college tuition assistance and time off for a sick pet. For example, knowing that some workers will quit rather than return to the office, some companies are ending remote work as a way of trimming payroll. “Quiet quitting”— workers who slacked off rather than quit — has been replaced by “quiet cutting” — employers who cut jobs without actually announcing job cuts.
(Adapted from “Balance Of Power Shifts Back Toward Bosses,” by Konrad Putzier and Lauren Webers, published on January 12, 2025, from the Wall Street Journal)
Japan’s foreign workers
Japan’s demographic struggles are forcing companies and communities to open up at an unprecedented rate. In 2023, the number of foreign workers hit a record 2.04m, up 12.4pc from 2022, data shows. That inflow is set to continue at a fast pace as Japan seeks more assembly line staff, construction workers, vegetable pickers and caregivers for the elderly. While many of the newcomers meld into the cosmopolitan fabric of big cities, their impact is especially conspicuous in small towns such as Oizumi, about two hours from Tokyo. On any given weekday it isn’t immediately obvious that about a fifth of Oizumi’s roughly 42,000 residents are foreign-born, because most of them are at work. But evidence of their presence is plain to see upon arrival. Signs at the local train station feature directions in Portuguese, Spanish, Chinese, Korean, English and Japanese. Oizumi shows that Japan’s rapidly ageing society, known for its resistance to immigration, can open up to foreign workers to plug its labour shortage.
(Adapted from “Record 2 Million Foreign Workers Are Changing The Face Of Japan,” by Erica Yokoyama, published on February 8, 2024)
Ghost job listings
It’s a common feeling when looking at a job listing online: the title is perfect, the pay is right, and the company seems like a solid place to work. But you also wonder if that job is real. Lots of job seekers have a story about the postings that linger online but never seem to get filled. Those so-called ghost jobs — the roles that companies advertise but have no intention of filling — may account for as much as one in five jobs advertised online. Companies have a number of nefarious and normal reasons for posting not-quite-real jobs. They may want to suggest they’re growing even when they aren’t, or may keep postings up in case they get a candidate who’s too good to pass up. If a listing doesn’t have a clear timestamp or was posted months ago, it is possible that it is a ghost job.
(Adapted from “Fake Job Postings Are Becoming A Real Problem,” by Lynn Cook, published on January 12, 2025, from the Wall Street Journal)
Tariff man
Donald Trump began his first day in office with an unexpected show of restraint: rather than slapping hefty new tariffs on other countries, he instead issued a presidential memorandum calling for a review of unfair trade practices. It seemed a measured start — at least on the protectionist front, if not his wider programme — prompting relief among governments and on trading floors. Foreign currencies and stocks rallied. But by evening he said he was minded to put levies of 25pc on both Canada and Mexico. He threatened hefty tariffs if China blocks a sale of TikTok. And he reiterated a campaign pledge to stamp tariffs of 100pc on members of the BRICS group, which includes Brazil, Russia, China and India. It is a wake-up call for the rest of the world, if one were needed, that the “tariff man” is back in power. This is sure to be a stomach-churning ride for the global economy.
(Adapted from “Donald Trump Issues Fresh Tariff Threats,” by The Economist, published on January 20, 2025)
Published in Dawn, The Business and Finance Weekly, January 27th, 2025
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