Global HR headlines: From Great Resignation to Great Retirement

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Streaming giant Netflix hires more junior staff as it cuts back on costs.

Statistics Canada data shows signs of The Great Retirement as a record number of Canadians aged 55-64 have reportedly retired in the last 12 months. Meanwhile, a Deloitte survey shows that poor mental health among employees cost organisations around R239 billion. Netflix hires more junior staff as nearly one million subscribers leave the streaming giant, while Cathay Pacific plans to increase flying capacity as Hong Kong lifts quarantine rules.

The Great Retirement

More than a year after the Great Resignation took hold in the US, Canada is grappling with its own, greyer version: The Great Retirement.

Canada’s labour force grew in August, but it fell the previous two months and remains smaller than before the summer as tens of thousands of people simply stopped working, reports Reuters. Much of this can be chalked up to more Canadians than ever retiring, said Statistics Canada.

It is not just the 65-and-over crowd who are opting out of working. A record number of Canadians aged 55-64 are now reporting they retired in the last 12 months, Statscan data shows.

Hong Kong lifts passenger crew quarantine rules

Cathay Pacific Airways plans to gradually increase flying capacity after Hong Kong recently lifted rules requiring passenger crew to quarantine in a hotel for three days on return to the city.

The quarantine rules had made rostering difficult and were a major impediment to the airline returning to more normal operations.

Cathay’s passenger capacity was at just 12.4 percent of pre-pandemic levels in the month of July, although its cargo capacity was at 51 percent in part because cargo crews were no longer required to quarantine, reports Reuters.

Poor mental health costs Indian employers $14 billion

Poor mental health among employees costs Indian employers around $14 billion (R239 billion) annually in absenteeism, lower productivity and attrition, according to Deloitte's Mental Health Survey.

Over the years, mental health issues have seen a steady rise globally, accentuated further by the onset of Covid-19.

According to the World Health Organization (WHO), India accounts for nearly 15 percent of the global mental health burden.

The survey dives into the top stressors from an employee’s perspective, along with an estimate of the yearly economic cost to Indian companies arising from poor employee mental health.

Around 47 percent of professionals surveyed consider workplace-related stress as the biggest factor affecting their mental health, followed by financial and Covid-19 challenges, reports the Deccan Chronicle.

Netflix cuts 400 employees, hires more junior staff

From paring back its real-estate footprint, to limiting corporate swag, to controlling cloud-computing costs and hiring more junior staff, Netflix is taking a range of steps to reduce spending, people familiar with the situation say.

The Wall Street Journal reports that the streaming giant lost nearly one million subscribers in the June quarter, citing heightened competition. The company has laid off more than 400 employees this year.

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