Time (December 13)
“Low fertility threatens to undermine South Korea’s economic future by shrinking its workforce and slowing consumption. It also casts a long shadow over national security by reducing the pool of men available to join the military to counter threats from North Korea.” The number of expected babies per woman in South Korea is forecast to fall to 0.72 in 2023 and “will continue to fall through 2025,” when it will likely bottom out at 0.65.
Tags: Economic future, Fertility, Low, National security, North Korea, Shrinking, Slowing consumption, South Korea, Threats, Undermine, Workforce
The Guardian (September 4)
“With the population expected to decline dramatically in the coming decades–leaving a gaping hole in the workforce–Japan is quietly easing restrictions and accepting record numbers of migrants, mostly from Asian countries such as Vietnam, China, Indonesia and the Philippines.” Recent data shows “a jump in overseas-born residents, to an all-time high of around 3 million, almost 50% up on a decade ago.”
Tags: China, Decline, Dramatically, Easing, Indonesia, Japan, Migrants, Philippines, Population, Record numbers, Restrictions, Vietnam, Workforce
Financial Times (January 21)
“In a country where companies have resisted raising pay and the workforce has refrained from aggressive salary demands for most of the past three decades, Fast Retailing’s move is a watershed for the government and the Bank of Japan’s battle to lift the economy out of deflation.” Should the approach gain momentum, “the ramifications could be far-reaching,” potentially leading to “a virtuous cycle of rising wages, consumption and prices” that “would allow Japan to finally move away from the negative interest rates and ultra-loose monetary policies.”
Tags: BOJ, Consumption, Deflation, Demands, Economy, Fast Retailing, Interest rates, Japan, Prices, Raising pay, Rising wages, Salary, Ultra-loose, Virtuous cycle, Watershed, Workforce
Washington Post (January 19)
“The nation is in the midst of one of the biggest workforce shifts in generations.” Many prefer working at home or at least “want a ‘hybrid’ situation of working two or three days remotely. Cities must adapt to this new reality or risk a downward spiral of falling commercial property values, lower taxes on those buildings and ghost downtowns that could lead to increased crime and homelessness.”
Tags: Adapt, Buildings, Cities, Commercial property values, Crime, Downward spiral, Home, Homelessness, Hybrid, Lower taxes, Reality, Remotely, Risk, Shifts, Workforce
New York Times (August 28)
“Each pandemic fall has brought with it employers’ hopes of a broad-scale return to the office.” Delta scrapped last year’s plans, “but this time, business leaders are adamant that they won’t change course.” Over a third of the workforce is adamant about staying remote, “It’s either the end of the era of flexibility around where work takes place — or the beginning of outright rebellion.”
Tags: Adamant, Business leaders, Delta, Employers, Fall, Flexibility, Office, Outright, Pandemic, Plans, Remote, Return, Workforce
Financial Times (February 17)
“For a generation of Japanese entering the workforce this year, their entire lives have been spent with three things stuck at zero: inflation, interest rates and the chances of the shunto ‘spring offensive’ of wage demands being anything other than a crushing disappointment.” It remains unclear if 2022 will be the year something changes. “Real wages have risen just 0.39 per cent since 2000 and South Korea now outstrips Japan in average pay.”
Tags: Average pay, Inflation, Interest rates, Japan, Shunto, South Korea, Wage demands, Workforce, Zero
Fortune (June 13)
“Before the pandemic, Japan’s workforce faced longstanding problems, like chronic overwork, low productivity, and too few women. Letting employees work from home may have helped ease all three, in addition to preventing the spread of COVID. But Japan’s failure to more fully adapt means it will likely miss out on the carry-on benefits of remote work that some corporations elsewhere are warming to.”
Tags: Adapt, Benefits, Covid, Employees, Failure, Home, Japan, Longstanding, Overwork, Pandemic, Productivity, Remote work, Women, Work, Workforce
MarketWatch (November 27)
The plan to close plants and slash workforce “is good for GM—and it could shake up things at Tesla and Ford too.” Despite coming under political fire, GM’s “newly announced cost-cutting plan has drawn praise on Wall Street, with analysts applauding the car maker for sharpening its focus on higher-growth areas such as driverless and electric vehicles and forestalling a slowdown in its business.”
Tags: Analysts, Cost cutting, Driverless, EVs, Ford, GM, Plants, Slowdown, Tesla, Wall Street, Workforce
Time (June 28)
Women currently “account for 22% of the Saudi workforce, according to government statistics. Bin Salman’s goal is to get that figure up to 30% by 2030. Not only will having women behind the wheel improve participation in the workforce, it will help the economy. According to Bloomberg, the lifting of the ban could add as much as $90 billion to economic output by 2030.”
Tags: Ban, Driving, Economy, MBS, Output, Participation, Saudi Arabia, Women, Workforce
Financial Times (April 11)
“For decades, Japan has struggled to remove barriers to the growth of technology start-ups,” but risk aversion and social pressure caused job seekers to focus on established companies. “That may be changing” as economic stagnation “threatens lifetime employment at big companies. More young people are joining start-ups or even going freelance to enjoy flexibility in their working life. Part-time or contract workers now account for about 40 per cent of Japan’s workforce.”
Tags: Barriers, Contract, Established, Freelance, Japan, Jobs, Lifetime employment, Part-time, Risk, Start-ups, Technology, Workforce
