Industry Insights
Let’s take a look at the evolving tech, energy, and engineering landscape around the world. From workforce trends to emerging technologies and the regulations shaping them, we cover the latest developments driving change across industries.
What’s happening in engineering, energy, and tech
Back in July, the technology sector experienced a dip in employment, with 9,162 jobs lost. Tech occupations across the board fell by 14,000 positions. However, the unemployment rate for tech workers nudged down to 3.2%, lower than the national average of 4.3%. Despite a hiring slowdown, the demand for tech talent remains with over 471,000 active job postings.
Dresden, Germany is set to become a hub for Europe's semiconductor production with ESMC's groundbreaking ceremony. A monthly output of 40,000 wafers is anticipated from facilities utilising both 28/22nm and 16/12nm FinFET processes. Construction is set to commence this year, bringing a promising future for Silicon Saxony and European semiconductor capabilities.
The Australia-Asia Power Link aims to provide 15% of Singapore's energy needs and is expected to be completed in the early 2030s, generating 6GW of renewable energy. The project is estimated to create 14,300 jobs with hopes of establishing Australia as a leading green energy provider.
Switzerland is reversing its stance on nuclear power. The government plans to lift the ban on new reactors, a policy in place since 2018. Initially aiming to phase out nuclear energy post-Fukushima, the Swiss are now prioritising electricity supply security and climate goals, emphasising the need for all clean energy options.
China's manufacturing activity hits a six-month low in August, with the PMI falling to 49.1, suggesting contraction. Factory gate prices have sharply declined, and the industry faces a lack of orders. Despite manufacturing woes, retail sales exceed expectations, benefitting from a 150 billion yuan subsidy for consumer goods trade-ins.
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Trends shaping tomorrow’s world
The EU’s AI Act is a legal framework for AI usage in organisations. Businesses using AI must figure out if they're 'deployers' or 'providers'—each with different obligations. HR leaders must ensure AI tools comply with EU regulations by involving their legal and compliance teams.
In 2024 alone, there were 124,000 layoffs in the tech industry. Inflation, economic uncertainty, AI, the reversal of pandemic-induced hiring surges, and global workforce competition are among the factors contributing to the job cuts. These layoffs, sometimes handled poorly by companies, are raising questions about the future of work in tech.
Better benefits, upskilling and soft skills, hybrid work, pay transparency, and mental health are the trends being embraced by companies to engage and retain top talent.
Expert perspectives
Recent college graduates and STARs (Skilled Through Alternative Routes) could be the key talent your organisation is looking for.
Dr. Fabi Carino, a top HR and Learning & Development expert, highlights upskilling and reskilling in Asia's evolving job market.
What’s next?
We’ve explored the latest industry news, workforce trends, and how businesses can adapt. Strong leadership and having the right people with the right skills will be key to staying ahead and meeting future challenges.
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