At just 3 per cent, South Korea’s jobless rate should be the envy of many advanced countries suffering from high unemployment in the global economic slowdown. But many young South Koreans find the job market tough to crack, while the country’s rapidly ageing population presents a headache to policy makers keen to maintain high rates of economic growth. Continue reading »
In another sign that the benefits of faster economic growth in the Philippines have yet to trickle down, the country’s jobless rate in April rose to 7.5 per cent, the highest in almost four years, the government statistics office said Tuesday.
That is roughly in the same quarter that GDP surged 7.8 per cent, the highest in more than two years. Asia’s fastest growing economy also has one of the region’s biggest unemployment problems. Continue reading »
While Generation Y is notoriously disloyal when it comes to employment, new Indonesian university graduates stand out. Sixty per cent switch jobs in their first three years of employment and more than a third change company at least twice, according to new research from Boston Consulting Group.
Old timers may view this new generation as fickle but BCG, a management consultancy, says its finding is symptomatic of a severe talent shortage in Indonesia that threatens to undermine the much-hyped growth prospects of southeast Asia’s biggest nation. Continue reading »
and so 1990s
While many Chinese of a certain age are reliving their college days through the movie “So Young”, the country’s students of today are facing the fiercest ever competition for jobs, with a record high number of nearly 7m graduates this year.
“So Young” – a nostalgic look at student lives and loves of the 1990s from actress-turned-director Zhao Wei – has successfully captured the collective memories of those who left campus all those years ago. But when they look at the pressures facing today’s graduates, they may be glad their own student days are in the distant past. Continue reading »
A visitor recently put it succinctly: “Why does everyone here want to be an engineer?”
It was an unwittingly incisive observation. Engineering is traditionally considered a “respectable” degree in India – a route out of poverty and into a well-paid job. But there may be fewer of those jobs to go round. Continue reading »
Gulf states are intensifying their efforts to create jobs for nationals at the expense of expatriate workers as they face youth unemployment and pressure to prepare for a future less reliant on crude exports, writes Camilla Hall.
Kuwait has said it will reduce foreign workers by 100,000 a year, while hundreds of thousands of companies in Saudi Arabia faced a deadline last month to meet the proscribed quota of Saudi employees or risk having their licences removed. Continue reading »
By David Mitchell of BDO
Africa is experiencing rapid economic growth and infrastructure development. In addition to the huge investment programmes, there is a strong pipeline of M&A activity and an increasingly sophisticated and growing financial and professional services industry.
With a strong demand for more British and international lawyers to go and work in Africa to help facilitate this, the opportunity for lawyers and accountants at any stage in their careers, whether newly qualified or senior partners, has never been better. Continue reading »
You thought you did well getting your job, batting away stiff competition in the midst of a global recession? Get some perspective.
The State Bank of India (SBI) has received 1.7m applications for 1,500 entry-level bank positions – that’s more than 1,100 people per place. Continue reading »
The latest official figures show that unemployment in Egypt has risen to 13 per cent in the last quarter of 2012, up from 12.5 per cent in the third quarter, writes Heba Saleh.
This translates into a loss of 162,000 jobs across the economy. In comparison, unemployment on the eve of the 2011 revolt, which toppled Hosni Mubarak as president, was 8.9 per cent according to the government statistics agency.
But the official figures tell only part of the story. Continue reading »
Both pessimists and optimists have something to chew on in the latest data release on the Polish economy.
Retail sales performed better than expected, but unemployment rose to levels last seen six years ago. Continue reading »
It is the second day of a bandh, a general strike in India triggered by rising prices and economic reforms that are seen as “anti-labour”.
And in the middle of all this, new data has been released predicting that wage growth in 2013 will be the slowest India has seen in a decade – excluding 2009, the height of the sub-prime crisis. Continue reading »
Foxconn, the world’s largest contract electronics manufacturer, has imposed a recruitment freeze across almost all of its factories in China as it is cutting production of the iPhone 5.
The suspension in hiring by China’s largest private sector employer and the biggest assembler of Apple products is the first such countrywide move since the 2009 downturn induced by the financial crisis. It underscores the weakening demand for some Apple products, which has put pressure on the American company’s battered share price.
Continue reading »
Latin America has just got three more reasons to beat its chest. Unemployment has fallen to new or near-record lows in Brazil (4.6 per cent), Chile (6 per cent) and Colombia (10 per cent). No wonder the region’s domestic economies are powering along: have job, will spend. No wonder, also, that so many Europeans are beating a path to the new world in search of a job. Unemployment levels in Spain and Portugal are 26 per cent and 16 per cent respectively. Eat your heart out former “colonial masters”! Continue reading »
Forget IQ. And while you’re at it: forget EQ as well. If you’re looking for an executive to lead your emerging market operations in 2013 and beyond, it’s all about CQ – the cultural quotient. Or so says Kevin Kelly, CEO of executive search firm Heidrick & Struggles. He spoke to beyondbrics before heading to the World Economic Forum in Davos this week, where the issue of how to capitalise on the relative strength of emerging markets over developed ones will be a major theme. Continue reading »
By NV ‘Tiger’ Tyagarajan of Genpact
The core of a business is the talent underpinning it. As the global landscape changes, emerging as well as advanced economies are faced with a scarcity of employable talent. Lack of such talent can impact businesses and pose grave challenges to every industry, but particularly for those in fast-growth economies. Continue reading »