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Recent Editions
Human Times
North America
Samsung has said that 739 roles in Englewood Cliffs, New Jersey, have been affected by plans by Samsung Electronics America (SEA) - the South Korean tech giant's U.S. display, phone and other consumer electronics unit which does not include semiconductors - to move its headquarters to Texas. At SEA's office in Plano, Texas, around 100 workers, including in its mobile division, have been let go. Reuters says that the decision to shift SEA's headquarters is notable because staff in New Jersey only moved to new offices with much fanfare less than a year ago. Most people affected have received relocation offers, but others were let go, SEA said.
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Human Times
UK
UK financial firms are sharpening their scrutiny of employee conduct ahead of new rules from the Financial Conduct Authority (FCA) that are set to take effect on September 1. The changes, which will amend conduct rules and fitness-for-office tests to add serious, work-related bullying, harassment and violence against colleagues, clarify how firms should take non-financial misconduct into account when assessing employees' fitness and propriety. The new regime puts the onus on managers, rather than human resources departments, to identify, investigate and report potentially serious cases. Lawyers report that some companies are dismissing staff suspected of misconduct before the rules increase accountability. Wendy Saunders, a partner at law firm Lewis Silkin, says she has seen two or three instances where firms appeared to "dress up a minor conduct issue as non-financial misconduct" to dismiss an underperformer.
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Human Times
Europe
UK financial firms are sharpening their scrutiny of employee conduct ahead of new rules from the Financial Conduct Authority (FCA) that are set to take effect on September 1. The changes, which will amend conduct rules and fitness-for-office tests to add serious, work-related bullying, harassment and violence against colleagues, clarify how firms should take non-financial misconduct into account when assessing employees' fitness and propriety. The new regime puts the onus on managers, rather than human resources departments, to identify, investigate and report potentially serious cases. Lawyers report that some companies are dismissing staff suspected of misconduct before the rules increase accountability. Wendy Saunders, a partner at law firm Lewis Silkin, says she has seen two or three instances where firms appeared to "dress up a minor conduct issue as non-financial misconduct" to dismiss an underperformer.
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Human Times
Middle East
Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), has highlighted the strong capital and liquidity buffers of UAE banks following an IMF staff visit. The IMF team praised the UAE economy's resilience amid geopolitical tensions, attributing it to sound fundamentals and timely support measures. Said Bakhache, head of the IMF staff team, noted: "The UAE economy has demonstrated significant resilience amid the geopolitical conflict in the Middle East."
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