23. September 2019 Latest economy and HR news
178-year-old holiday firm Thomas cook has collapsed
One of the world´s best-known holiday brands “Thomas Cook” has collapsed after last-minute negotiations to save the firm failed. “The company’s large debts and High Street-focused business made it a poor candidate for survival”, as BBC reports. The holiday company spent all Sunday in talks with lenders to save the company, but they were not successful. Thomas Cook give several reasons for its failure such as the political unrest in holiday destinations (Turkey), last summer’s prolonged heatwave and customers delaying booking holidays because of Brexit. About 150,000 Britons and 350,000 to 450,000 customers abroad are affected by Thomas Cook´s collapse. Also 22,000 jobs are at risk worldwide.
Germany´s $ 59 billion climate change package is being criticized
Germany reveals a $ 59 billion climate change package ahead of the climate summit in New York this week. The package aims to show “a commitment to greener policies while also offering a boost to a flagging German economy”. Including extra spending and tax subsidies totalling 54 billion dollars between 2020 and 2023 the climate package isn’t enough, according to CNBC. The German government “is already being criticized for not being ambitious enough”. Although 54 billion dollars seems to be a big amount, divided up over the next years it is a very small package. On the short term the climate package won’t change too much since it takes time until the package will have an impact due to lengthy planning procedures and severe lack of skilled workers. On the long-term there could be a helpful impact.
LinkedIn´s new assessment tool
Since the job market has evolved over the past years, also the skills required of seekers have changed. According to the senior director of product management at LinkedIn Learning “there is an evolving labor market and much more sophistication in how recruiters and hiring managers look for skills“. As the Forbes Magazine reports, LinkedIn is now trying to help making recruiting easier. There will be a “Skills Assessment” tool on the platform, which gives users the opportunity to test their knowledge. If you pass the test, you have the opportunity “to display a badge that reads “passed” next to the skill on their profile pages, a validation of sorts that LinkedIn hopes will encourage skills development among its users and help better match potential employees with the right employers”. Although the hard skills that members can put to the test trough LinkedIn´s new tool are very relevant, the soft skills should be equally as important.
Strategies to support young women as their career starts
Although girls outperform boys academically, this is not reflected in the workplace. The Forbes Magazine names three key areas in which organizations can support young women as they begin their careers. Thereby organizations should encourage growth mind-set, showcasing achievements and encouraging them to express themselves. By embracing a growth mindset individuals learn to not only focus on the end results but also to see all situations as learning opportunities and experimenting with different strategies. It is also from importance “to encourage young women to be proud of their achievements and showcase them is crucial “. One way to facilitate this is by creating a mentoring program, where someone other than their manager mentors women. Last but not least it is important for women to express themselves and be self-confident. Managers should encourage them to speak up in meetings and to be assertive with colleagues. A combination of growth mindest, mentoring programmes and encouragement of confidence will help organizations to work with their young female employees and to ensure that they are not holding themselves back.
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Your Glasford International Deutschland Research and Analytics Team