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1.5M US BUSINESSES FACE REMOTE WORK CRUNCH POINT IN THE NEXT 12 MONTHS

1.5M US BUSINESSES FACE REMOTE WORK CRUNCH POINT IN THE NEXT 12 MONTHS
PR Newswire
LONDON, Sept. 27, 2022

LONDON, Sept. 27, 2022 /PRNewswire/ — Global employment partner Omnipresent reveals today that businesses face a crunch point in the next 12 …

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1.5M US BUSINESSES FACE REMOTE WORK CRUNCH POINT IN THE NEXT 12 MONTHS

PR Newswire

LONDON, Sept. 27, 2022 /PRNewswire/ -- Global employment partner Omnipresent reveals today that businesses face a crunch point in the next 12 months as the shift to remote and hybrid teams continues to gather pace. Conducted in partnership with YouGov, the survey of 500 US business leaders revealed that 94% of US businesses surveyed who are planning to adopt a remote or hybrid model will do so within the next 12 months. Omnipresent estimates this equates to nearly 1.5M businesses across the country.*

However, when questioned about the execution and delivery of new working models, the research revealed some worrying trends:

  • Only 26% of responding leaders plan to consult internal HR teams, but 50% plan to consult board members and the leadership team.
  • Despite this, the expectation to deliver remote solutions lies exclusively with HR teams for a third (33%) of senior leaders, revealing a disconnect between planning and execution expectations.
  • Only 12% and 11% of respondents are concerned about compliance issues and providing local benefits respectively, therefore opening themselves up to serious risk of fines and employee dissatisfaction.

The survey also revealed the important role technology will play for businesses planning to make the transition to hybrid or remote working models in the next 12 months:

  • 50% of respondents said they will rely on outsourced service providers or technology platforms for the execution and delivery of new working models.
  • This is further supported by nearly 69% surveyed saying they are either very likely (40%) or fairly likely (29%) to invest in new technology and/or software resources to make a smooth transition to remote/ hybrid working.

When questioned why they plan to adopt a hybrid or remote model:

  • 48% of responding executives who currently have or plan to adopt a remote working model said talent priorities are driving their organizations to adopt a fully remote working model (32% and 28% respectively citing "accessing a more specialized talent pool" and "retaining talent" as top reasons).
  • Employee wellbeing is also top of mind for responding executives and organizations: 35% cite this as a top reason for embracing a new working model.

The research comes alongside the launch of The Globalization of Teams, a report written in collaboration with former BBC journalist and economics expert Laurence H Knight. The report hypothesizes that global teams represent the next big globalization, following the rise of the internet in the 1990s and the growth of global capital markets in the 1970s.

This phenomenon will have a profound impact on the global economy and society:

  • It will result in an increased rate of innovation and economic growth through greater cross-cultural knowledge sharing.
  • It will impact the make-up of megacities with a reshuffling of people out of expensive metropoles and into more affordable villages, towns and cities.
  • It will drive the adoption of a new, open, inclusive global team culture and an equalization of salaries.

Co-CEO and Co-founder of Omnipresent Matthew Wilson says, "We've seen how the COVID-19 pandemic accelerated remote work trends. Seemingly every week now, a different company announces its intention to offer its employees the opportunity to work fully remotely or as a hybrid team, from Airbnb to Spotify and many in between. Ambitious companies are realizing that if they hire remotely, they can hire globally too and bring on the smartest people anywhere on the globe. We're now on the cusp of a revolution that will change our world like never before - but leaders must be attuned to the complexities of global hiring, or risk reputational damage."

Notes to Editors

*25% of US businesses stated that they will make a shift to a form of hybrid or remote work this year: 8% are switching to hybrid, 8% fully remote in-country, 10% fully remote anywhere globally. The latest US Census figures show that there are 6.1 million private sector businesses in the US. 25% of this equates to 1,520,000 private businesses in the US. 

Methodology 

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 500 adults. Fieldwork was undertaken between 9th - 16th August 2022. The survey was carried out online. The figures have been weighted and are representative of all All B2B decision makers from the US (aged 18+).

About Omnipresent

Founded by Matthew Wilson and Guenther Eisinger in 2019, global employment partner Omnipresent provides tech-enabled business solutions combined with personalized expertise to support hiring people globally. Businesses can compliantly onboard, pay and provide benefits for employees in over 160 countries through Omnipresent's digital platform. As a fully remote company with no corporate headquarters, Omnipresent has grown from a team of two to more than 400 people distributed throughout 50+ countries since November 2019.

PDF - https://mma.prnewswire.com/media/1907782/Omnipresent_Report.pdf

Press contact:
Jayna Mistry
+44 (0)7496 457647
jayna.mistry@omnipresent.com

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International

Global Wages Take A Hit As Inflation Eats Into Paychecks

Global Wages Take A Hit As Inflation Eats Into Paychecks

The global inflation crisis paired with lackluster economic growth and an outlook…

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Global Wages Take A Hit As Inflation Eats Into Paychecks

The global inflation crisis paired with lackluster economic growth and an outlook clouded by uncertainties have led to a decline in real wages around the world, a new report published by the International Labour Organization (ILO) has found.

As Statista's Felix Richter reports, according to the 2022-23 Global Wage Report, global real monthly wages fell 0.9 percent this year on average, marking the first decline in real earnings at a global scale in the 21st century.

You will find more infographics at Statista

The multiple global crises we are facing have led to a decline in real wages.

"It has placed tens of millions of workers in a dire situation as they face increasing uncertainties,” ILO Director-General Gilbert F. Houngbo said in a statement, adding that “income inequality and poverty will rise if the purchasing power of the lowest paid is not maintained.”

While inflation rose faster in high-income countries, leading to above-average real wage declines in North America (minus 3.2 percent) and the European Union (minus 2.4 percent), the ILO finds that low-income earners are disproportionately affected by rising inflation. As lower-wage earners spend a larger share of their disposable income on essential goods and services, which generally see greater price increases than non-essential items, those who can least afford it suffer the biggest cost-of-living impact of rising prices.

“We must place particular attention to workers at the middle and lower end of the pay scale,” Rosalia Vazquez-Alvarez, one of the report’s authors said.

“Fighting against the deterioration of real wages can help maintain economic growth, which in turn can help to recover the employment levels observed before the pandemic. This can be an effective way to lessen the probability or depth of recessions in all countries and regions,” she said.

Tyler Durden Mon, 12/05/2022 - 20:00

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Metaverse comes in second place as Oxford’s word of the year

The term describing an internet-enabled virtual world lost to "goblin mode" in 2022 — "a type of behavior which is unapologetically self-indulgent, lazy,…

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The term describing an internet-enabled virtual world lost to "goblin mode" in 2022 — "a type of behavior which is unapologetically self-indulgent, lazy, slovenly, or greedy."

“Metaverse” has come in second to “goblin mode” as the Oxford University Press’ 2022 word of the year after the process was opened up to voters for the first time ever.

In a Dec. 4 announcement, Oxford Languages said the viral term “goblin mode” beat out “metaverse” and #IStandWith to become its 2022 word of the year. According to Oxford’s research, usage of the term metaverse “increased almost fourfold from the previous year in the Oxford Corpus,” driven in part by Facebook’s rebranding to Meta in October 2021.

Metaverse lost to goblin mode, which went viral in February, as it seemingly “captured the prevailing mood of individuals who rejected the idea of returning to ‘normal life’” following COVID-19 lockdowns being lifted in many areas. #IStandWith took third place in the contest, driven by social media hashtags including #IStandWithUkraine following Russia’s invasion of the country in February.

“As we grapple with relatively new concepts like hybrid working in the virtual reality space, metaverse is particularly pertinent to debates about the ethics and feasibility of an entirely online future," said Oxford Languages. "A worthy opponent to ‘goblin mode’, ‘metaverse’ gained voting traction with crypto communities and publications. We see the term continue to grow in use as more voices join the debate about the sustainability and viability of its future."

In the video pitch for ‘metaverse’ released in November, Oxford said the term dated back to “the science fiction novel Snow Crash by Neil Stephenson,” released in 1992.

More than 300,000 people cast votes between the three terms shortlisted by Oxford Languages.

Related: The metaverse is happening without Meta's permission

“NFT,” or nonfungible token, won Collins Dictionary’s contest for the word of 2021, while “vax” took first place as Oxford’s chosen word that the same year. The latest results seemingly represent a change in social media fervor around the crypto-related terms, which was reportedly falling in the first quarter of 2022.

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United Airlines stock has a 50% upside from here: Morgan Stanley

United Airlines Holdings Inc (NASDAQ: UAL) is keeping in the green on Monday in an otherwise down market after a Morgan Stanley analyst said 2023 could…

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United Airlines Holdings Inc (NASDAQ: UAL) is keeping in the green on Monday in an otherwise down market after a Morgan Stanley analyst said 2023 could be a “goldilocks” year for the air carrier.

United Airlines stock has upside to $67

Ravi Shanker sees upside in the airline holding company to $67 that translates to a near 50% premium on its current stock price.

He upgraded United Airlines stock to “overweight” this morning because he’s convinced that international travel will recover swiftly in 2023.

Earnings recovery post pandemic has kept pace with, if not led, peers and messaging has been very confident. We expect more normalised, just right conditions in 2023, stabilizing at level more favourable to earnings that market is pricing in.

Shanker expects continued leisure demand next year while business travel, he wrote, could exceed levels last seen before the COVID pandemic.

UAL has outperformed peers year-to-date

According to the Morgan Stanley analyst, prices will ease in 2023 as capacity returns. CASMxF trajectory was among other reasons cited for the bullish call.

United Airlines stock is roughly flat for the year at writing versus other major airline stocks in the red. Still, Shanker continues to see its current valuation as attractive. His note reads:

United Airlines Holdings Inc seems on track to exceed its 2023 guidance and to hit its 2026 guide issued eighteen months ago – something even the biggest UAL bulls may have considered difficult at the time.

In October, the Chicago-headquartered air carrier reported its financial results for the third quarter that handily topped Street estimates.

The post United Airlines stock has a 50% upside from here: Morgan Stanley appeared first on Invezz.

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