This month’s Global Talent Update discusses a four-day week as an upcoming workplace trend; economies in Asia-Pacific may dominate global growth in the upcoming year; analysis of five leading business trends that promise to shape Latin America in the next half-decade.
A bit more time in bed, or to exercise, to go on the school run or maybe just enjoy a coffee without having to rush. What would you do with an extra free day each week? For 2,600 people working at 100 companies in the UK, that question is no longer wishful thinking, but a reality as their employers have signed up for a permanent four-day week, with no loss of pay, reports The Guardian. The 4 Day Week Campaign, which is running a pilot scheme for companies in the UK, says employers are reporting no loss of productivity, but huge gains in terms of staff retention and wellbeing.
Lynda Gratton, a professor of Management Practice at London Business School and an expert on the future of work, says a four-day week is just one of the work trends we could see developing in the coming months, as part of a wider trend around greater flexibility with time. In addition, she predicts several other workplace trends for 2023:
- More people joining the workforce
- A shifting of the balance of power in the war for talent
- People wanting more autonomy
- Going back to the office for friendships
Gratton’s latest book is Redesigning Work: How To Transform Your Organization and Make Hybrid Work for Everyone.
Economies in Asia-Pacific will dominate global growth in the upcoming year, according to S&P Global Market Intelligence and reported by CNBC. S&P predicts the region will achieve real growth of roughly 3.5% in 2023, while Europe and the U.S. will likely face recession.
“Asia Pacific, which produces 35% of world GDP, will dominate global growth in 2023, supported by regional free-trade agreements, efficient supply chains, and competitive costs,” said S&P. The firm trimmed its growth forecast for global real GDP by 0.6 percentage point from last month’s forecast of 2% — and now expects to see 1.4% growth in 2023. That’s a steep decline from 5.9% global growth in 2021 and even slower than the 2.8% growth S&P expects for 2022.
While a negative outlook outside Asia-Pacific casts a shadow on the overall global economy, S&P forecasts the world will likely be able to avoid an outright recession. “With moderate growth in Asia-Pacific, the Middle East, and Africa, the world economy can avoid a downturn, but growth will be minimal,” said Sara Johnson, executive director of economic research, S&P Global Market Intelligence. The firm added that Southeast Asia and India would benefit from diversifying its trade “away from mainland China.”
Americas Market Intelligence (AMI) has published its 2023 Forecast for Latin America. This eco-political outlook also includes an analysis of five leading business trends that promise to shape Latin America in the next half-decade — trends that are predicted to disrupt the region, create new opportunities and affect many industries in unsuspected ways.
In addition to these trends, other key issues covered are:
- How LatAm commodity exporters (energy, food, metals) will benefit from inflationary policies and the war in Ukraine
- Which countries will see a rebound on their imports, versus those that will not
- How LatAm central banks had the foresight to aggressively raise rates, defending several regional currencies
- AMI’s Latin America 2023 SWOT (strengths, weaknesses, opportunities and threats) analysis
- Which sectors are most disrupted today — especially legacy players — and why
- The new business models emerging in Latin America for payments, logistics, consumer retail and other sectors
The 2023 Forecast for Latin America is available as a free download on AMI’s website.