Stay Gold Blog

Global Talent Update – December 2020

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“If they want to thrive in the new World of Work, resilient organizations will put a priority on identifying, attracting, and engaging people with the right skills and experience to achieve their goals. Their workforces will embrace many types of workers — permanent, interim, in-person, remote — and will engage partners anywhere in the world. Last but not least, they will encourage continuous learning to support the upskilling needed across the workforce to address looming talent shortages.”

Bert Miller, President and CEO, MRINetwork

Europe, Middle East and Africa

Global pricing and demand for office space will take almost five years to recover from the damage wrought by the pandemic, according to a report by Cushman & Wakefield. Vacancies worldwide are expected to peak at 15.6% in 2022, with about 95.8 million square feet (8.9 million square meters) of space emptying over the next two years. That’s more than during the 2008 financial crisis, when tenants abandoned 85 million square feet of offices, according to the real estate services firm.

It’s anticipated that it will be 2025 before office markets rebound to their pre-COVID levels, when vacancies worldwide averaged 10.9%, according to the report. The pressures and pace of recovery will vary regionally based on the persistence of job losses and remote working reduce space needs in North America and Europe. The report assumes businesses will need common space to foster the innovation, productivity, and teamwork that are hard to sustain when everyone works remotely. Executives of some of the world’s biggest financial and technology companies are campaigning to get employees to return to the office, but so far workers have been reluctant to come back. In the U.K., banks including Goldman Sachs Group Inc. and Citigroup Inc. are telling employees to stay home to help contain a resurgence of the virus. Others have had to send workers home after new infections cropped up.

The share of people working from home is expected to double over the next five years, growing to 10% in Europe, where it’s projected that rents will fall 7.8% next year and 1.7% in 2022 as vacancy rates rise to 10.5% from the current 6.4%. Office-job losses are expected to be approximately 1% this year and 0.4% in 2021 before starting to grow again.

Asia-Pacific

As the world contends with the consequences of the COVID-19 pandemic, the cultural and creative industries are experiencing a rapid digital migration, with increasing digital consumption of culture, digital art production, and streaming. Yet, in this digital transition, women are facing many challenges, according to a report in Business News Asia.

To address these issues, UNESCO recently hosted an online debate that brought together artists, cultural professionals, and digital entrepreneurs from Asia and the Pacific to share their experiences and serve as a source of inspiration for new generations of creative women. Covering the topic of ‘Digital Creativity and Women Entrepreneurship’ were participants from Tajikistan, Vietnam, Nepal, and India.

The program is part of an UNESCO initiative designed to strengthen gender equality within the digital creative industries. It addresses the different needs, aspirations, capacities, and contributions of young women in developing countries,

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