China’s businesses are having to re-think their HR practices to be more responsive to 366 million Chinese – or 405 of the workforce – who are classified as part of ‘Generation Y’ – people born between 1980 and 1997.
According to a report in the Wall Street Journal, Gen Ys have emerged as well-educated, highly opinionated and fickle members of the workforce. New research indicates that the turnover rate in jobs for Gen Ys is higher than the national average of just under 20% in 2012.
Priorities for this generation include career development and work-life balance, according to the research, and they want to participate in decision making.
A number of companies have already started changing their hiring and HR practices. The WSJ says Bank-card company China UnionPay has revamped its employee training platform to make it more interactive and social-media-based. Training modules can be accessed from electronic mobile devices and are designed to be more fun for employees.
Syndicates led by Pepper Australia and Macquarie Group, respectively, have submitted competing bids for the Lloyds Banking Group’s assets in Australia, according to a Reuters report carried in Banking Day. Westpac is also expected to be a contender for the assets, at the right price.
Lloyds is selling its BOS International corporate loans business and its Capital Finance motor and equipment finance business in Australia. These have a combined face value of A$8.5 billion (US$7.95 billion) and an estimated net book value of A$1 billion.
Failure to integrate women fully into the workforce is costing the Asia-Pacific region about US$89 billion a year in unrealised output, according to data from United Nations, and quoted in a report in Bloomberg.
Only 1% of Asia’s working women run businesses that employ staff — less than half the rate for men — as a lack of government support, financial illiteracy and social traditions mean they are mostly confined to lower-paid factory and service jobs, or the family farm.
Finance Asia says the new Shanghai Pilot Free Trade Zone has met with a mixed response and some confusion. Aimed at testing China’s move towards a more liberalised economy, the authorities have said that it will allow for the yuan convertibility and more relaxed interest rates.
But a note out from HSBC says that while the measures are exciting, financial services companies should temper their enthusiasm until more details around the timeline for the yuan and interest rate programmes are revealed.
Bankers at Mizuho Bank, a core unit of Japan’s second-largest lender, in in serious trouble with the regulator, which said last week that the bank had loaned money to crime-syndicate members for more than two years without cutting them off or alerting the authorities.
Dealings with criminal groups in Japan are prohibited under a special anti-crime-syndicate law, and the way Mizuho handled matters showed “serious problems” with its compliance systems, the Financial Services Agency said.