Fri. Dec 3rd, 2021

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The Covid pandemic is changing labor markets around the world, but not always in the same way. It also changes attitudes towards work among employees – with implications for bosses.

Developed countries across Europe and the US have been hit by labor shortages, but the reasons underlying the imbalance between supply and demand are diverse and complex, as this Great Reading Piece explain.

The “big resignation”, where people retire early or quit their jobs for a better work-life balance, is a big issue in the US and the UK. However, the EU saw a wave of early retirement during the pandemic, as in many countries it was already the norm.

Bar graph of Labor Force Participation Rate (%) showing that the US labor market has not recovered from the impact of Covid

Labor shortages were both sector and job specific, and they are not just caused by the pandemic. This piece emphasizes concerns about a lack of mechanics that electric vehicles can understand, skills needed when people switch to greener transportation methods.

Those at the top of organizations have previously benefited in part from a perception that their skills are in short supply. However, the remuneration of CEOs in the UK fell by an average of 10 per cent during the pandemic, as companies kept financial rewards under pressure from investors, according to research by PwC.

Latest news

For the latest news updates, visit our live blog

Must know: the economy

Joe Biden it Jay Powell nominated for a second term as chairman of the Federal Reserve, choose continuity at a delicate time for the U.S. economy with rising inflation and a lapping recovery in the labor market.

Lael Brainard, who is considered Powell’s fiercest competitor for the top job, has been nominated for the role of vice president, a position currently held by Richard Clarida. Biden said Powell and Brainard helped “steer us through the worst downturn in modern American history and put us on the road to recovery.”

Latest for UK / Europe

European equities dropped today, after closing lower in the previous session, as increasing Covid-19 cases led several countries in the bloc to reinstate pandemic restrictions.

Demonstrations it broke out in Austria, Italy and Belgium among other European countries over the weekend, after governments tightened virus restrictions in response to larger numbers of infections.

Legal aid cuts in the UK leave tenants with arrears of rent exposed to eviction, according to legal professionals.

The head of the UK’s HM Revenue & Customs said it will struggle to recover more than half of the estimated £ 5.8 billion it accidentally or fraudulently paid out from three Covid-19 state aid schemes it administered.

Worldwide latest

World trade in goods is doing quite well, and there is still little sign of Covid fundamentally changing supply chains, According to the Financial Times’ senior trade writer Alan Beattie.

Must know: business

Bulb, Britain’s seventh largest electricity and gas supplier, has become the latest casualty of the UK’s rapid energy price rises, which are entering a special administration process that will allow it to be carried out temporarily while regulators try to find alternative suppliers to take on its customers.

Bookstores fared better than expected from the pandemic, as restrictions discouraged people from seeking refuge in reading and rediscovering the joy of shopping in person for a tome. However, leading players in this market, such as Daunt Books, are now warning of a shortage of supply in the run-up to Christmas, as the industry is struggling from paper shortages to port blockages, as this news analysis piece explain.

Online grocery shopping has been transformed by the constraints created by pandemic constraints. Uber has taken the process a step further cannabis addition to the list of items that can be ordered through its application, although for the time being it will only be picked up, and only for customers in Ontario, Canada. As of today, users in the province can purchase the drug via a new marijuana category in the Uber Eats app, to be picked up within an hour.

The World of Work

One of the challenges for employers was to encourage staff to return to the workplace.

Boris Johnson weighed in the debate today, uses his speech at the CBI annual conference to encourage people to return to the workplace for “healthy evolutionary reasons”.

The unwillingness of workers to heed such advice is particularly important concern for office owners. But the issue extends to any business with an interest in getting people back to a corporate workplace as this column by jobs and careers editor Isabel Berwick explained. You can also listen to a discussion on the topic on Isabel’s Working It podcast.

Covid cases and vaccinations

Total global cases: 257.1m

Get the latest global picture with us vaccine tracker

And finally …

The much-announced launch of the re-master Get Back film tapes this week beat Beatlemania for the Spotify and streaming generation. Helen Barrett looks at how the Fab Four not only changed music, but British clothing.

The Beatles play on the roof of their offices in Savile Row, London, as part of the filming of Get Back © Ethan A Russell / Apple Corps Ltd.

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