Rising energy costs are likely to lead to massive jobs cuts in Italy.
A recent Catalyst report, “Words Aren’t Enough: The Risks of Performative Policies”, has found that 75 percent of employees from four white-majority countries believe their organisations’ racial equity policies are not genuine. Czech and Italian companies are planning job cuts as rising costs and high energy prices bite, and banker Credit Suisse expected to slash 5,000 jobs in its “transition” year.
Credit Suisse reportedly cutting 5,000 jobs
Credit Suisse is considering cutting around 5,000 jobs, a source with direct knowledge of the matter told Reuters.
The reported job cuts are believed to be linked to a cost reduction drive at Switzerland’s second-biggest bank as the financial services provider aims to recover from a string of scandals.
The bank, which has named 2022 as a “transition” year, declined to comment beyond repeating that it would give an update on its strategy review with its third-quarter earnings, saying that any reporting on outcomes was speculative.
Almost 20 percent of Czech companies plan staff cuts
Almost one in five Czech companies will look at cutting staff this year as they struggle with rising costs and high energy prices, according to the Chamber of Commerce.
“By the end of the year, almost a fifth of companies will cut their employee levels… driven by rising prices and especially high energy prices,” the chamber said.
Firms have been demanding help as high energy prices cut into their business, with some producers already reporting operations are becoming loss-making, reports Reuters.
Czech unemployment is the lowest in the European Union.
Racial equity policies in the spotlight
The report, “Words Aren’t Enough: The Risks of Performative Policies”, has found that 75 percent of employees from four white-majority countries believe their organisations’ racial equity policies are not genuine.
The Catalyst report states that performative policies can cause harm to an organisation, contributing to turnover, lack of trust, poor performance, and reduced productivity.
“It’s a wake-up call for leaders that you can’t just make a statement and step into the movement,” says Tara Van Bommel, co-author of the report and director and statistician in the research department at Catalyst, a global nonprofit that focuses on workplace inclusion. “It’s not just making the statement and then saying, ‘Okay, I’ve checked the box.’ Employees are savvy. They want to see action behind it.”
Energy costs expected to lead to job losses in Italy
Surging energy costs could result in about 120,000 Italian service sector firms going out of business over the next 10 months. This is according to business lobby Confcommercio.
This year, Italian service firms are expected to spend three times as much on energy bills as they did last year, the group said.
There have been calls for the Italian government to extend tax relief to help firms tackle the energy crunch, for bills that can be paid in smaller instalments, as well as cuts in excise duties and value added tax on fuel.
