Job Cuts Research Articles

СУЧАСНІ НАУКОВІ ТРАКТУВАННЯ ДЕФІНІЦІЇ «ЕКОНОМІЧНА БЕЗПЕКА ПІДПРИЄМСТВА» ТА ЇХ ПОРІВНЯЛЬНИЙ АНАЛІЗ

The acceleration of globalization, the coronavirus crisis, and unstable socio-economic situation in the country have recently negatively affected the conditions for the functioning of enterprises and reduced their economic security. The consequences of the loss of economic security of the enterprise are: falling production, job cuts, deteriorating competitiveness of companies, bankruptcy, rising prices, declining welfare, reduced budget revenues, etc. That is why ensuring economic security is a key task of managers of enterprises and public authority. The purpose of the scientific article is to substantiate the author's position on the essence of the category "economic security of the enterprise" on the basis of research and systematization of scientific approaches that reveal the content and characteristics of this category. Method or methodology of the work. The methodological basis of the study was the scientific works of domestic and foreign authors devoted to the disclosure of problematic aspects of economic security in enterprises. The method of comparative analysis and the method of content analysis of scientists' works were used in the study. Results of the study. In the study, scientific approaches to the definition of "economic security of an enterprise" were analyzed and systematized, their characteristic features and shortcomings were highlighted. Based on the results of the study, the authors proposed their own interpretation of the definition of "economic security of an enterprise" on the basis of an integrated approach. Scope of practical application of the results. The obtained scientific results are of theoretical value and can be used for further study of issues related to the economic security of the enterprise, as well as to improve the company's development strategy. Conclusions. The authors conclude that economic security of the enterprise is an important factor in economic growth not only of the enterprise but also of the economy as a whole. But, according to the study, the concept of "economic security of the enterprise" is multifaceted and complex and it requires consideration of its economic component.

Recapitalization and Personnel Integration among Selected Banks in Ibadan Metropolis

Mergers and Acquisitions though a recent phenomenon in the Nigerian Banking sector has come stay as more mergers and acquisitions are in the making. The reason for the action of the mergers in the industry includes need for bigger banks with strong capital and the need for larger size that is a pre-requisite for competition in the global market. However, as consolidation proves beneficial to organizations the same cannot be said for employees, who can be regarded as instruments in achieving synergy in a Merger/Acquisition. These employees are the ones who bear the brunt of consolidation much more than benefits. They are made to become cost cutting variables in the event of a merger or an acquisition, through job cuts and retrenchment. This study examined the impact and effect of mergers and acquisition on bankers as well as their remuneration, work schedule and job security prior and after mergers and acquisition. Secondly, the study `examined the difference in working time before and after mergers and acquisition. Thirdly, the study examined sense of belonging among workers and their attitude to work. Herzberg’s two-factor model was used in the theoretical explanation of this study, which identified two sets of factors. The first preventing an employee from dissatisfaction, but not necessarily leading to motivation. The second, which enhances employees’ satisfaction from within (intrinsic), that is content factors, which is prerequisite for motivation, stimulating a worker for better performance and higher productivity. The research was carried out in five selected banks in Ibadan metropolis. The Purposive method was utilized in the study. Data was gathered using the questionnaire, total of 200 questionnaires were distributed, after which data was coded and analyzed using the Statistical Package for the Social Sciences (SPSS). Findings from the study indicate that, there is no significant difference in the quality of working conditions of bankers with values at (P>0.05) as such workers are not favored by the working conditions available to them after merger and acquisition. Findings also indicate that working time of bankers after the merger and acquisition exercise has increased, with values at (P>0.05) indicating longer working hours for bankers. The finding also revealed that sense of belonging among bank workers is low, with values at (P>0.05) indicating a gap in between workers and management in working relationship. The study suggests that adequate compensation should be prepared for bank employees that will be laid off in the event of future mergers and acquisition. Human resources issues should begiven equal consideration like financial and legal aspects of consolidation. As it is important for integration of banking operations in the event of merger or acquisition.

Transformation of the financial services industry under the influence of fintech: global and regional dimensions

The article defines the concept of fintech as an innovative industry and as a financial product. The processes and possibilities of using innovative technologies, in particular blockchain, artificial intelligence, Big Data, cloud technologies, artificial neural networks, and machine learning technologies for the financial services industry are generalized. The author notes the promise of the application of such innovative technologies for the expansion of crediting, reduction of credit, investment and other risks, personalization of financial offers for the client, trading, money transfers, insurance business, etc. The world investments in fintech in the period from 2013 to 2019 are analyzed. The author points out the increase in total investment and average value of one transaction over the past two years. Analyzed the application of fintech for local markets and in various areas of the financial services industry, in particular investments in InsurTech. The author shows the opportunities of the introduction of fintech in the regional section. It is concluded that the coverage of the population with fintech services is higher in the countries where the market of traditional financial services is less developed. Countries with developed financial markets have a conservative approach and a certain lag in the introduction of financial technologies. At the same time, the author points out a high level of concentration of investments in developed markets. It is concluded that digitalization in the financial and other sectors in Ukraine is promising; in particular, it concerns non-cash payments of insurance companies, remittances and services related to RegTech. Highlighted the priorities for fintech in Ukraine in terms of improving digital literacy, cash economy, and development of fintech ecosystems. The positive and negative effects of the introduction of fintech are considered. It is emphasized that the problems that need to be addressed relate to the risks associated with personal security, privacy, loss of personal data, cybersecurity, job cuts, and various other aspects.

Digitalization: potential risks for civil society

Transition to the digital economy involves the restructuring of industries, transport and agriculture and gives new opportunities for work with Big Data and optimization the processes in the economy via smart environments, cryptocurrencies and hybrid forms of interaction between human beings and artificial intelligence. Such global transformations could not but cause a massive change in both consciousness at the socio-anthropological level and traditional forms of management at the civilizational level. Speaking about the civil society in the era of digitalization, it should be understood that this is, first of all, a network society, and without understanding this type of society it is pointless to talk about new forms of civil society. The network society was considered a well-studied object of research by the early 2000s, however today the radical acceleration of ICT and other processes are connected with digital information-network revolution involving artificial intelligence, the possibility of which was not even thought about 20 years ago. Therefore, the main purpose of our paper is an attempt to conceptualize potential risks for civil society connected with the development, testing and implementation of digital services and technologies in the global economy. To achieve this, we used system and synergistic philosophical and methodological approaches developed by the modern post-non-classical science and applied for self-developing systems. To reveal the global trends in the economy and related social problems, we undertook comparative and interdisciplinary analyses based on sources available. Sociological, philosophical and methodological reflections about radical changes in the anthropotechnosphere during the COVID-19 pandemic have revealed a number of serious problems that threaten the well-being of civil society, such as the aggravation of economic inequality, the collapse of many small businesses due to the quarantine and the introduction of remote forms of work, mass layoffs of qualified specialists, job cuts including the area of intellectual work, transport and service, as well as a significant decrease in the income of the population, decline in the quality of education, a sharp reduction in tourist flows, the ban on mass demonstrations and gatherings, which is an integral basis of the life of civil society. Thus, during the period of pandemic lockdowns, there is a significant change in the economic and socio-cultural environment of modern civilization. At the same time, the crisis situation provides means not only for the development of civil society, but also for the maintenance of enforcing and regulating functions of the state, which can upset the harmonious balance of interaction between society and any state (capitalist, socialist) or the global state of TNCs. An analysis of the world economic development in the 21st century has revealed some signs of a systemic crisis of civilization, along with the processes of digitalization as a catalyst for the shift of the paradigm of civilizational development and a catalyst for civil movements. The most striking Umwelts («perceptual environment») of civil society emerging in the digital realm are described in the paper.

COVID 19 - CHALLENGES, ECONOMIC PROBLEMS

The article is focused on problems in the Georgian economy caused by the new coronavirus epidemic. The current implementation of the state budget of Georgia for 2020 has been analyzed, attention has been drawn to the difficulties of both tax and total revenue performance. The main focus is on the effectiveness of business support measures and the transparency and legality of spending money. Measures have been taken on the operative elaboration and implementation of the relevant micro-fiscal policy, in response to the shocks in demand-supply. Coronavirus has caused many problems in the world economy. The world economy fell by 7.5% in the United States on March 9, which has not happened on Wall Street since 2008 global economic crisis. Of course, the influence of Coronavirus on the Georgia’s economy is severe, and the country is trying to deal with it in every possible way. If we analyze the current state budget execution this year, it can be seen that the current state budget for 2020 has been implemented in the first quarter. However, we should not expect the second quarter of the state budget for the same year, as this trend is already visible in April and May. The problems will be reflected in May, both in terms of tax revenues and total revenues as well, which is expected to double the state budget deficit of 2.5%, which means a complete failure of the two quarters. It can be said that the shock of the economy that accompanies coronavirus is quite strange and it affects to the supply and demand at the same time. We see negative risks on the supply side, which is reflected in the high cost of doing business, the demand will decrease as for increased uncertainty, tighter security measures and restrictions on free movement, as a result, the ability of consumers to spend their own money will be reduced. Experience has shown that 1/3 of the economic losses will be caused by direct losses: job cuts, quarantine and etc. 2/3 of economic losses will be indirect - which will be related to the decrease in consumer confidence, changes in the behavior of business entities, as well as the tightening of access to credit resources. It can be said that the global financial market is now more stable than it was before the 2008 crisis, but the main challenge in the current situation is still to manage uncertainty. In such a situation, it is inevitable that the funds from the budget will be prioritized for health care, so that the health care of the citizens not to be hindered. It seems inevitable for us to resolve the demand – to develop appropriate microfiscal policies in response to the shocks in supply. It is welcome that the European Investment Bank supports Georgia in the fight against the new coronavirus, which is to support Georgian business, support the health care system and accelerate the implementation of existing projects. The World Bank provided $ 15 billion quick and instant assistance to address the first challenges of COVID-19, this was mainly in the field of health and social care. The World Bank is currently working on three financial assistance packages: 1. To assist the government in responding to health and social protection challenges, 2. Substantiation will be provided to the state budget to reduce the expected deficit, 3. The World Bank intends to help small and medium-sized businesses to restore jobs and develop the economy, with a particular focus on affected sectors such as tourism, the first phase shall be completed by the end of April, which will be followed consistently. The World Bank has highlighted such an important circumstance as the inevitability of a zoological recession, which will be followed by a slowdown in economic growth, which in the case of Georgia will be 4% (which is significant to consider). According to the government›s decision, 2 billion GEL has been allocated for direct assistance to the economy, in order to provide emergency financial and material assistance to a number of different categories of affected citizens. Particular attention is paid to operative execution and control of measures envisaged in the concrete plan of economic stimulus and the anti-crisis plan of the government.

Manufacturing Excellence Model To Solve Operational Risks Due To Product Demand Variations

The dynamic product demand impacts the manufacturing supply cycle by creating some operational risks like high inventories, excess manpower, and underutilization of machines, etc. Business firms or companies get impacted financially due to the dynamic product demand with issues like rising finish goods, raw material, and in-process stocks or inventories, inefficient usage of resources like machines, water, and people, and excess or less manpower or job cuts. We studied the lean manufacturing principle in a literature survey to understand the concept of the manufacturing excellence at the product manufacturing and its deployment to solve the above-listed issues due to product demand variations. Further, in research methodology, we considered the independent variable as dynamic product demand and the dependent variable as operational risks like high inventories, excess manpower, and underutilization of machines. We plotted the value stream map for the selected product manufacturing with daily demand 25 and 40 numbers to understand the operation risks that occur after changing the demands. We proposed consolidated manufacturing excellence models for solving the operational risks and after deployment of them; we again plotted the value stream map for the selected product manufacturing with daily demand 25 and 40 numbers. We got gain of in the case of the daily 25 demand, total lead time reduced from 14.6 to 7.82 days that is 46.44% for in-house product manufacturing and in the case of the daily 40 demand, total lead time reduced from 26.18 to 15.18 days that is 42.01%. Total lead time in both cases is reduced by +40% that helped product manufacturing. We conclude this research study as our manufacturing excellence models are successful in delivering the expected results at our selected product manufacturing.

Влияние конвергентных технологий на изменение рынка труда

The article analyzes the problems of the development of convergent technologies, which, on the one hand, make it possible to overcome the natural limitations of man and expand his capabilities, on the other hand, threaten humanity. The author identifies various research positions in assessing the prospects for NBIC convergence - from overtly alarmist to overly enthusiastic. A classification of possible results of technological innovations is proposed, in which changes in the natural world, the technical environment and the transformation of social relations and spiritual and moral values are highlighted. Trends in the labor market are noted such as job cuts due to automation, the polarization of the labor market for highly paid intellectual workers and cheap physical strength, the emergence of new professions that require special education in several areas, changes in the organization of labor by the type of network interaction, the emergence of new forms of employment - temporary, deprived of guarantees and infringing on social rights. The future labor market is characterized as fragmented and isolated. The conclusion is drawn about the need for a humanistic approach in assessing the prospects of technological development.

Unemployment will rise, but not as much as many predict

▀ Our forecast sees the UK unemployment rate climbing to 6.5% by the end of the year. This would represent the fastest rise in joblessness since records began. But the consensus view of a much bigger jump looks too pessimistic. ▀ Labour Force Survey data for H1 2020 puzzled, with employment rising and unemployment flat. But other metrics have been far weaker, suggesting a strong chance that the LFS numbers will ultimately regress. And the end of the furlough scheme is likely to trigger job cuts. ▀ On the upside, Office for National Statistics surveys suggest that a majority of furloughed employees have returned to work. And past recessions suggest that this year's scale of job losses some predict are implausibly high.

Трансформація індустрії фінансових послуг під впливом фінтеху: глобальний та регіональний виміри

The article defines the concept of fintech as an innovative industry and as a financial product. The processes and possibilities of using innovative technologies, in particular blockchain, artificial intelligence, Big Data, cloud technologies, artificial neural networks, and machine learning technologies for the financial services industry are generalized. The author notes the promise of the application of such innovative technologies for the expansion of crediting, reduction of credit, investment and other risks, personalization of financial offers for the client, trading, money transfers, insurance business, etc. The world investments in fintech in the period from 2013 to 2019 are analyzed. The author points out the increase in total investment and average value of one transaction over the past two years. Analyzed the application of fintech for local markets and in various areas of the financial services industry, in particular investments in InsurTech. The author shows the opportunities of the introduction of fintech in the regional section. It is concluded that the coverage of the population with fintech services is higher in the countries where the market of traditional financial services is less developed. Countries with developed financial markets have a conservative approach and a certain lag in the introduction of financial technologies. At the same time, the author points out a high level of concentration of investments in developed markets. It is concluded that digitalization in the financial and other sectors in Ukraine is promising; in particular, it concerns non-cash payments of insurance companies, remittances and services related to RegTech. Highlighted the priorities for fintech in Ukraine in terms of improving digital literacy, cash economy, and development of fintech ecosystems. The positive and negative effects of the introduction of fintech are considered. It is emphasized that the problems that need to be addressed relate to the risks associated with personal security, privacy, loss of personal data, cybersecurity, job cuts, and various other aspects.

Research on the Development of China's Marine Economy from the Perspective of the Operational Efficiency of Shipping Enterprises

Luo, J.; Meng, B.; Wang, S., and Kuang, H., 2020. Research on the development of China's marine economy from the perspective of the operational efficiency of shipping enterprises. In: Yang, D.F. and Wang, H. (eds.), Recent Advances in Marine Geology and Environmental Oceanography. Journal of Coastal Research, Special Issue No. 108, pp. 12–15. Coconut Creek (Florida), ISSN 0749-0208.Developing the marine economy is a recent trend in China's development strategy. A more in-depth exploration into the marine economy is of great theoretical and practical importance. Still, there have not been adequate studies that focus on the efficiency of shipping enterprises. The global financial crisis of 2009 had tremendous impacts on the shipping industry. At one point, the Baltic Dry Index (BDI) dropped sharply to 445, leading most Chinese companies to undertake business volume reduction and financial loss. As a result, problems such as asset reorganization, job cuts, and asset selling occurred. This imposed huge pressure on the systems related to the marine economy. In this paper, the dynamic stochastic frontier analysis (SFA) method was used to select listed shipping companies as the case studies and collect their financial data over the past 6 years. The results show that the efficiency level of the listed companies in the shipping industry is quite different, which means that there are vast differences in the management and resource allocation capabilities of these sample companies. As globalization advances forward, increasing international competition in the shipping industry has caused enormous challenges to shipping companies. The empirical results show that the operational efficiency of China's shipping industry is of considerable significance to enhance the ability of risk identification, increase scientific and technological support, and address other challenges to improve China's overall marine economic strength and optimize the industrial structure of the marine economy.

Unwanted Attention: Swiss Multinationals and the Creation of International Corporate Guidelines in the 1970s

AbstractDuring the last decade, we have seen an increased opposition to globalization. Within this wave of criticism, firms and more specifically multinational corporations have been major targets, accused of multiple wrongdoings, such as social dumping, fiscal evasion, job cuts, trade deficits, abuses of power, and environmental damages. In many respects, this debate echoes the one that took place during the 1970s with respect to oil shocks, de-industrialization, and imperialism. At that time, several international organizations, such as the OECD, ECOSOC, ILO, and the European Community started to address the issue of multinationals and international investments, and advocated for the creation of guidelines to regulate their activities. The following paper explores the reactions of Swiss multinationals to these attempts, as well as their strategies for protecting their latitude in conducting business. Relying on archival material of the Swiss Union of Commerce and Industry and of the Federal Archives, this paper shows how the biggest companies in the pharmaceutical, machine, and food processing industries—all of them still being global players —decided to create a task force to deal with these emerging regulations at the international level.

The influence of the investment factor on the transformation of the global energy market

The object of the study is the transformation of the world energy market under the influence of investment. The study of the impact of investments on the transformation of the world energy market was carried out in terms of market, structural, and organizational parameters in the following areas:– the growing role of renewable sources in the world energy balance;– liberalization of sectoral energy markets;– wide application of information technologies, including the introduction of Smart Grid at various levels.The main disadvantages are the inability to analyze the transformation processes in all sectors of energy at the global level.Such general scientific and special methods as methods of analysis and synthesis, method of comparative analysis, graphic and statistical methods were used in the research.The paper shows that at the present stage the main prerequisite for investment has been the COVD-19 pandemic and pre-crisis expectations. This has led to a sharp decline in global investment in all energy sectors (both in aggregate energy supply and in end-use) and in research and development. In terms of industry, investments in oil and oil products (by all organizational forms of companies) and coal decreased the most. Investment in electricity and electricity networks exceeds investment in mining and processing of fossil fuels. The main factors holding back international investment in renewable energy are:– relatively lower economic and energy return on investment (EROI);– the high cost of connection to power systems;– local component requirements and other protectionist requirements;– discrediting by global oil and gas corporations about the danger of economic downturn and job cuts, etc.In the regional structure, the largest volumes of global investment are in the Asia-Pacific region, North America, and Europe.Insufficient investment in the accelerated transformation of the world energy market on the basis of sustainable development has been stated in all areas. The targeted efforts of both national governments and the international community are needed to ensure the desired transformation of the global energy market.

Travail multitâche, sécurité des soins et bien-être au travail

Multi-tasking, patient safety and wellbeing in the workplace. Nurses consider their workload to be a major factor of discontent in their practice. Between job cuts and unreplaced absences, patients' needs and the constraints of the care organisation, they are often overstretched, interrupted and forced to multitask. Neuroscience proposes potential ways for coping with these stressful situations while maintaining patient safety and quality of work life.

Johnson Matthey, Toray plan job cuts

We develop a revealed preference approach to elicit science and engineering PhDs’ preferences over employment outcomes, exploiting cohort size variations. Depending on whether pecuniary and non-pecuniary rewards are sticky or not, increments in the PhDs’ cohort size decrease either the availability of their ideal employment categories or the related compensations. In both cases, the PhDs’ preferred employment categories are revealed to be the ones that are relatively less chosen when the PhDs’ cohort is large and relatively more so when it is small. Examining two major European universities, we find that PhDs equally value employment in highly-ranked universities and R&D-intensive companies. Moreover, these employment categories are preferred to low-ranked universities, non-R&D-intensive firms, and public administration. There is preference heterogeneity across PhDs depending on their research field.

Brand Sustainability During Crisis

SARS-Cov-2 virus, popularly known as Covid-19 pandemic has spread farther, wider and faster than any wild fire has ever spread in the history of human kind. Covid-19 is a deadly virus that has infected more than a million in India and more than 10 million across the world. Caused over 28,000 deaths in India and over hal a million deaths across the world and continues to cause deaths on a daily basis with no respite. The virus spreads human to huma via droplets and also spreads airborne as confirmed by world’s renowned scientists and WHO. There have been series of lockdowns across the world where all businesses are shut. All industries are shut down affecting all sectors of businesses. In India, lockdown wa announced on March 22nd. Lockdown has all the public transport, malls, cinemas, airports, retail, sabzi mandis and markets wer shut. No public gathering of any sort allowed during lockdowns. Except the essentials like chemists and hospitals, basic groceries fruits and vegetables vendors. And no individual is allowed to step out of the house. This certainly has economic impact in terms o consumer spending and government spending besides several job cuts, pay cuts. Even though the lockdown is being implemented intermittently by the authorities, essentially the markets and the human lives are largely in statue mode. This paper focuses up on how brands sustain such statue mode. How brands survive such a crisis. What brands must do to move across the silent lanes and bylanes of human entitlements and lives. Come out successfully out of the crisis and continue to succeed even long after the crisis is over. As covid-19 pandemic crisis is the first of its kind, this paper presents some little research done in relation to a crisis like this and lays down the approach the brands should adopt in order to overcome such crisis successfully.

Formation and implementation of state youth employment policy at regional level in Ukraine (1991 – 2020)

Formation and implementation of state youth employment policy at regional level in Ukraine (1991 – 2020)

How to Be a Positive Radiology Leader in Times of Crisis

How to Be a Positive Radiology Leader in Times of Crisis

Business Roundup

BUSINESS Business Roundup ShareShare onFacebookTwitterWechatLinked InRedditEmail C&EN, 2020, 98 (23), p 14June 15, 2020Cite this:C&EN 98, 23, 14AbstractPPG Industries plans to save $160 million per year through job cuts and other measures. The paint maker says its sales in April were down 35% compared with April 2019. It points to weak demand for new cars and airplanes among the soft spots in coatings demand. Indorama Ventures has acquired the Brazilian plastics recycler AG Resinas for an undisclosed sum. Resinas operates a plant in Juiz de Fora, Brazil, that recycles 9,000 metric tons per year of post-consumer polyethylene terephthalate. Dow and Johnson Matthey are licensing LP Oxo, their isononyl alcohol production technology, to Zibo Qixiang Tengda Chemical. The firm will build a plant in Zibo City, China, that can make 200,000 metric tons per year of the plasticizer precursor. Toyota will join Beijing SinoHytec and four other Chinese firms to form United Fuel Cell System R&D to develop hydrogen-fuel vehicles in China. The venture will launch with $46View: PDF | Full Text HTML

Johnson Matthey, Toray plan job cuts

Johnson Matthey, a specialty chemical firm that makes auto emissions catalysts, plans to eliminate 2,500 jobs worldwide—about 17% of its staff—because of COVID-19. The firm expects the cuts to save...

E&P Notes (June 2020)

E&P Notes (June 2020)