It is three years since large tracts of the world went into pandemic-driven lockdown, uprooting many long-held conventions about how, where and when we work.
Given the generational disruption to working lives the Covid-19 crisis set in motion, it is not surprising that the discussion about the future of work seems to intensify with every passing week. Certainly most of us think, act and work differently to how we did only three years ago.
A new talent trends report called this process a “fundamental change in people’s values that is underpinning a structural shift in the labour market”.
Radically different ideas on work have also recently been advanced. But where will it end?
In the past few days, we have seen several sides of the future of work debate.
On one side is the campaign for the four-day week to be more widely adopted. It is argued that compressing and shortening the working week to 32 hours without reducing pay would be a boon for well-being and productivity.
A recent large-scale UK pilot study, the largest of its type in the world, generally found that employees who followed the reduced hours week were happier, healthier, less absent and that staff retention improved in those companies that switched to the format.
On the other end of that scale were discussions this month in South Korea that would have allowed people to work for up to 69 hours a week, up from the current 52-hour week in the country, which would have included up to 29 hours of overtime in the upper limit of hours.
The logic for this South Korean government measure was that it would enable workers to earn time off in lieu if they banked overtime hours, meaning they could take extended breaks from service in the future to use for family or caregiver duties.
The proposal has now been sent back for revision after opposition from younger workers and labour unions, who said it unfairly disrupted the potential for meaningful work-life balance. This was, you could say, the contrary force of "work harder and longer" to the "smarter and shorter" principle of the four-day week.
Hybrid working was meant to challenge the idea of the city you work in being the place you live in, but that has not happened
Somewhere in the middle, of course, is remote or hybrid working, where you may still be working longer hours than you should or are used to, but at least you are spending some of the time at home while you do so, cutting out tiresome hours of commuting to workplaces, for instance, or reducing the burdens of conforming to office culture.
The UAE Government this week mandated partial remote working for federal government offices on Fridays during Ramadan, which begins next week. The most important part of that policy is to effectively articulate expectations and boundaries, which say that 70 per cent can work remotely, while 30 per cent are required to be in the office.
Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working Applications, said this week that the country must “move from using the methods of remote work as a trend to using them as a competitive advantage that improves the quality of life of residents and visitors to the UAE".
It is estimated about 40 per cent of workers in the UAE work remotely for some of the week, which chimes with the report on fundamental changes to employment practices cited at the top of this piece, which found that flexible working remains a key priority for workers in 2023.
Whether hybrid working sits comfortably with a shorter working week and genuine and deep collaboration among workforces globally are the partially unanswered questions three years on from when those shelter-at-home instructions became a lived reality.
Hybrid working was also meant to challenge the idea of the city you work in being the place you live in, but that has not happened.
We may say we like the idea of working anywhere and anytime, but people also still want some tethers and a sense of place, and anyway, the global regulatory and tax framework around extreme remote working will, in all probability, take years to catch up.
As such, great cities are still beacons for talent and ambition. People still want to work in towns and places that offer opportunity, convenience and choice in the hours when they are not working. That’s why the annual Arab Youth Survey has consistently found that young people from around the region – generally around two-thirds of respondents – want and see their future in the UAE because of its economic opportunities, safety and culture.
And what does that talent want most? Community and connection within easy reach. No wonder that the ideas of a 32-hour week and the rising trend of the 15-minute city are more than loosely entwined.
This week also saw the launch of the Expo City Dubai’s new residences wrapped within that 15-minute city principle of being a centre of economic activity and also a place with facilities on the doorsteps of residents. One potential buyer told The National that “this is how I see the future of all cities … It is the beginning of something new”.
Perhaps the shift in working practices is transforming time – or our increasing unwillingness to waste it – into the great commodity of our post-pandemic era. People also still crave connection, collaboration and communities. How long they spend at work and where they undertake those tasks remain in flux.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
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%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."