Latest news with #Workforce
ABC News
09-06-2025
- Business
- ABC News
Indigenous employment rules dropped from two-thirds of Commonwealth contracts
Indigenous employment rules have been dropped in two-thirds of Commonwealth contracts, meaning $70 billion worth of contracts did not have to hire a minimum number of Indigenous people or use Indigenous businesses. The Audit Office found departments had exempted two-thirds of recorded contracts since 2016, or about 1,475 contracts, from requirements for at least 3 per cent of the workforce to be Indigenous, or that amount of components sourced from Indigenous-owned businesses. Auditors said the exemptions were given "often for reasons that [were] unclear". But even among the contracts that were subject to Indigenous participation rules, just a fifth were actually assessed for compliance — with more than a quarter found to be non-compliant. Commonwealth contracts are subject to Indigenous participation rules if they exceed $7.5 million in value and more than half of that value is spent in a nominated industry in Australia — such as in construction, healthcare, industrial cleaning or wildlife management. Auditors said contract exemptions were rising, and while some were legitimate exemptions, others were given with little explanation. "The inappropriate use of exemptions impedes achievement of the Indigenous Procurement Policy's objectives," auditors said. "Systems have been set up to allow potentially invalid exemptions." Of those contracts that were exempted from Indigenous participation rules, a third listed their reason for exemption under the category "other". Auditors were told by the responsible agency, the National Indigenous Australians Agency, that contracts were sometimes exempted simply because they were "in practice non-compliant" with the rules. For example, between July 2016 and September last year $35 billion worth of Defence Department contracts were exempted — with more than half of those contracts listed as "other" as the reason for exemption. But even among the 870 contracts where Indigenous participation rules were applied, the NIAA only assessed compliance of a fifth of those. Of those assessed, 28 per cent, or 45 contracts, were found not to have complied. The agency had also not updated its guidance to contractors on navigating Indigenous participation rules since July 2020, despite reporting requirements changing in that time. "A commitment to publish guidance tailored for Indigenous businesses was not met," the auditors found. In a response to auditors, the National Indigenous Australians Agency said prior to the introduction of minimum requirements a decade ago, Indigenous businesses secured limited business from the Commonwealth, and the policy had "significantly" increased the rate of purchasing from Indigenous businesses. The agency agreed to review its use of the "other" category for allowing exemptions, but argued it was the responsibility of Commonwealth departments to ensure each met their own obligations.
CBC
22-05-2025
- Business
- CBC
WSIB workers in Windsor, Ont., join province-wide strike
WSIB workers lined Tecumseh Road in Windsor Thursday as part of a province-wide strike following a breakdown in talks with their employer.
Arabian Business
20-05-2025
- Business
- Arabian Business
Dubai Science Park
With such a solid foundation already, there are two areas in which we must continue to focus: upskilling talent and innovation
Yahoo
19-05-2025
- Business
- Yahoo
Employees struggle financially making it paycheck to paycheck, while employers fall short in meeting expectations for support
New Prudential Benefits & Beyond study reveals everyday financial stresses as top employee concerns, yet only about one-third of employers believe their workplace benefits ease daily money pressures, focusing instead on retirement benefits NEWARK, N.J., May 12, 2025--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE: PRU) released today its annual Benefits & Beyond study that reveals day-to-day financial stress is a leading concern for employees. Employees are raising their expectations for robust workplace benefits and believe their employers should play a larger role in helping them alleviate that stress. Employers agree, yet many aren't keeping up with those demands, instead focusing more on longer-term financial support. Key findings from the first installment of Prudential's 2025 Benefits & Beyond study, "New Workforce Expectations: How evolving needs are reshaping the workplace," include: Many employers recognize that workplace benefits aren't adequately addressing employees' day-to-day stress. While 75% of employers believe their benefits help with retirement savings, only 35% believe they help with immediate financial stresses like everyday expenses. Employees' top challenges are saving for retirement (45%), cost of everyday goods (44%), cost of housing (29%) and making it paycheck to paycheck (26%). The study's findings are clear: When it comes to workplace benefits, there is a disconnect on what companies offer and what employees actually need — now and in the future. The study finds that 86% of employers think their benefits are modern, while only 59% of employees agree. With a backdrop of economic uncertainty, shifting expectations and evolving social norms, today's employees expect holistic support from employers to help solve the challenges they face. They seek modern benefits that offer flexibility and financial support, and prioritize their overall well-being, according to Michael Estep, president of Prudential Group Insurance. Beyond pay, employees want their employers to provide modern benefits that reflect the real needs people are facing today. That includes benefits that help people balance their personal lives and address what happens outside of work, with employees considering flexible benefits like a four-day workweek (41%) and "pawternity" leave (23%) as optimal. "Employees want benefits that go beyond traditional coverage and more completely address how they live and work," said Estep. "The workplace is at a tipping point, and there's so much at stake for employers. When benefits are aligned with your company's values and workforce needs, they become a powerful driver of culture, business performance and long-term growth." The study shows there's a gap between employers' perceptions and the reality of how employees view modern benefits. While almost all employers (97%) say well-being is a priority, only 7 out of 10 employees (69%) agree their employers feel this way. The research identifies opportunities for employers to help solve employee challenges, including retirement savings, making it paycheck to paycheck, job security and flexible work arrangements. "Effective communication and awareness are needed to better demonstrate commitment to employee well-being and highlight how benefits can meet each person's unique needs," Estep added. Click here to view and download the study. The research was conducted with 2,946 full-time employees and 750 employers in the U.S. via national online surveys in January and February 2025. Visit for more information on Prudential Group Insurance's portfolio of workplace benefits, absence management and risk mitigation solutions. ABOUT PRUDENTIAL Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.5 trillion in assets under management as of Dec. 31, 2024, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for 150 years. For more information, please visit Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability, and corporate and trust-owned life insurance in the U.S. to institutional clients primarily for use within employee and membership benefits plans. The business also sells critical illness, accidental death and dismemberment, and other ancillary coverages. In addition, the business provides plan administrative services in connection with its insurance coverages, and administrative services for employee-paid and unpaid leave including FMLA, ADA and PFL. 1086500-00001-00 View source version on Contacts MEDIA Marisa Amador 973-802-8969 Sign in to access your portfolio
Fast Company
06-05-2025
- Business
- Fast Company
Skills over degrees
The Fast Company Impact Council is an invitation-only membership community of leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual dues for access to peer learning, thought leadership opportunities, events and more. There's a seismic shift reshaping the labor market, with tremors across government and business. The latest signal of this transformation is the announcement of the Skills-First Workforce Initiative, a collaboration of top employers aimed at making the skills needed for jobs more transparent. It follows an announcement from California Governor Gavin Newsom, who on April 2nd unveiled his Master Plan for Career Education, furthering California's efforts on skills-based education and hiring. That means candidates are encouraged to apply for roles based on their skills and previous experience, rather than what can be an arbitrary marker of capability: the college degree. The Skills-First Workforce Initiative and Newsom's plan build on the momentum of many other states, like Colorado and Arkansas, and the federal government's Chance to Compete Act, which makes skill-based hiring a requirement for federal agencies. All together, these initiatives and announcements send a clear message: The future of work has arrived. It's a future that requires a new strategic imperative for workers and organizational leaders—the need for continuous upskilling. Skills are the new currency A growing number of companies and other state governments are already reaping the benefits of skills-based hiring by focusing on talent and potential rather than formal education. These leaders understand the potential of skills-based hiring to diversify the talent pool, foster innovation, and prepare organizations for the complexities of the future. According to the National Governors Association's recent findings, over half of U.S. state governments have policies that encourage skill-based hiring, and states that adopted these policies have seen faster growth in job postings that don't have degree requirements. With more organizations adopting skills-based hiring approaches, and even leveraging skill assessments to promote internally, skills are becoming the currency of the modern workforce. Adapting to this new era of skills requires an essential mindset and strategy shift for employees and organizations. Employees need to embrace a mindset of continuous upskilling, while organizations need to give their employees the time and resources to sharpen those new skills. For those at the cutting edge, this means starting the journey to becoming a skills-based organization. Become a skills-based organization A skills-based organization prioritizes the skills and capabilities of candidates and employees over their formal educational background. According to our research at Udemy, over 80% of employees report that their companies are beginning to consider implementing skills-based approaches (such as skills-based hiring), and 75% of organizations have already made changes to support this transition. The key steps to becoming a skills-based organization extend beyond hiring practices. To become skills-based organizations, companies need to create structured skill taxonomies. These are frameworks that identify and categorize the skills necessary for various roles within the organization. At Udemy, we are developing a skills taxonomy to map the competencies essential for different career paths, enabling targeted learning and development. Focusing on skills instead of traditional credentials like degrees or job titles has been proven to cultivate a workforce that is both more agile and diverse. According to Deloitte, nearly two-thirds of companies implementing skills-based strategies experience enhanced outcomes compared to those that don't. Such organizations benefit from greater workforce flexibility, facilitating quick and adaptive reactions to unexpected market shifts. When skills development and acquisition are prioritized, employees become versatile, readily transitioning to new tasks or roles as needs arise, without being limited by predefined job titles or descriptions. This agility enables organizations to swiftly address emerging challenges by strategically reallocating talent where it's most needed. AI supercharges the change These shifts—transitioning to a skills-based organization and adopting new mindsets—won't happen overnight. However, AI can significantly accelerate the process, and it is becoming even more critical as companies feel pressure to reskill their workforces. We are entering an era where AI integrates into every facet of learning, simplifying, and accelerating skill acquisition. One way that AI can transform workplace training is by enabling adaptive learning systems that customize educational content based on learner progress. This personalized approach can enhance learning efficiency and engagement, allowing learners to access the knowledge they need more effectively. AI-enabled learning systems have the power to bridge gaps between current employee knowledge and needed skills, making them a dominant force in the future of education. Our role as leaders The movement towards a skills-based economy is not just a fleeting moment. It's the dawn of a new era in workforce development. Announcements like Newsom's signal a move toward a more equitable and efficient labor market. As leaders, we must champion these changes within our organizations, ensuring that we create an environment where continuous learning and skills development take center stage. By prioritizing skills over degrees, we're opening doors to a broader range of individuals, enriching our organizations with diverse perspectives and experiences. Together, we can build a more inclusive and dynamic workforce equipped for the challenges and opportunities that lie ahead.
