Companies Brace for Reality of Hybrid Work

"After months of discussions, big employers from Humana Inc. in Louisville, Ky., to Nike Inc. near Portland, Ore., said they are cementing plans to return to corporate complexes after Labor Day -- in some cases relaxing capacity restrictions -- while promising employees some measure of flexibility in where they work.

Covid-19 isn't the only factor weighing on workplaces. Many managers now worry about a brain drain from their ranks. Some companies that are hiring said they can't find knowledge workers willing to come into an office five days a week, according to chief executives, human-resource chiefs and recruiters.

OnSolve LLC, a software company in Alpharetta, Ga., is hiring for about 90 new positions this year. CEO Mark Herrington said he is eager for office life to return to normal, but a number of applicants, particularly in technical and engineering roles, insisted on having the option to work from home at least some of the time.

"It's become really sort of a requirement if you're looking for top talent," Mr. Herrington said. "Those folks are pretty much saying, 'Hey, if I can't have a bit of a hybrid work environment, then I'm probably not going to be interested.' "

Research has shown most employees prefer some form of flexibility in where they work. A coming survey of 9,000 workers by Accenture PLC found 83% of respondents viewed a hybrid workplace as optimal, which means companies need to figure out the new mores of work, and fast.

Sabre Corp., the travel-technology company that powers major hotel and airline booking systems, has slimmed down to one building from a four-building campus in a suburb of Dallas. Sabre said it plans to bring about 25% of office workers back on site at least three days a week.

The company surveyed its thousands of workers about their preferences and talked extensively with leaders about what worked -- and what didn't -- over the past year. The result: About 25% of Sabre's 7,500-person staff will likely resume a standard office workweek, said Shawn Williams, Sabre's chief people officer. About 30%, or 2,250 people, will stay remote, and the remaining 45% will come into the office to collaborate with peers one or two days a week.

Sorting out who falls into each category takes some work, Mr. Williams said, adding who stays home and who comes in -- and when -- depends on job function and manager approval. Even Sabre executives who had assumed workers would be more engaged in an office setting came to conclude that a flexible approach better suits the new realities of employees, many of whom care for children or elderly parents, or have found a lower cost of living farther from Sabre's headquarters.

Jon Stross, a co-founder of Greenhouse Software Inc., predicts most companies will find hybrid work difficult to navigate. Several years ago, the recruiting-software provider split some of its engineering teams between a New York office and remote locations.

"It didn't work nearly as well" as when everybody was all remote or working together in the office, he said, adding distributed workers complained of feeling left out while people who could meet easily in the office or for happy hour appeared to solve problems with each other in person. Greenhouse opted to run teams either fully remote or fully in offices in cities such as New York or San Francisco.

The company said it is impossible for everybody to be in the same room all the time, so it developed norms for meetings, making sure in-office colleagues don't have side conversations that those dialing in can't hear, Mr. Stross said.

"There's going to be a bunch of unintended consequences that we'll be grappling with," he said of the new era of hybrid work. "It's going to be a mess."" [1]

1. Companies Brace for Reality of Hybrid Work
Cutter, Chip. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]26 May 2021: A.1

ES ginčijasi dėl klimato apsaugos naštos

Mano brangieji tautiečiai, kol jūs džiaugėtės bausmėmis Lukašenkai už laikinai sulaikytą lėktuvą ir buvusioje Komjaunimo tiesoje (dabar Lietuvos rytas) guviai balsavote už didesnes ir sunkesnes sankcijas Baltarusijai, iš jūsų atėmė jūsų mylimiausią dyzeliuką su jo skleidžiamais taip mielais širdžiai juodais dūmais:

 "ES siekia dviejų būdų, kaip sumažinti klimatą žalojančių dujų išmetimą. Pirma, yra išmetamųjų teršalų prekybos sistema, pagal kurią pramonės įmonės turi pirkti teises į taršą, jei nori išpūsti anglies dioksidą į atmosferą. Komisija sumažins šiuos sertifikatus ir svarsto apie panašią automobilių eismo ir šildymo sistemą, kuri būtų našta vartotojams - galbūt per didelė, kaip bijo Rytų Europos vyriausybės. Todėl aukščiausiojo lygio susitikimo išvadose nurodoma Komisijai pateikti savo teisės aktų paketą kartu su išsamiu „ekonominio ir socialinio poveiki tyrimu“. 

Ekonomikos sektoriuose, kuriems dar netaikoma prekybos apyvartiniais taršos leidimais sistema, ES taiko kitą principą: ji nustato nacionalinius šiltnamio efektą sukeliančių dujų išmetimo tikslus ir šie tikslai paskirstomi valstybėms narėms taip, kad turtingos šalys turėtų dirbti sunkiau, nei vargšai. Ši koncepcija vadinama dalijimusi našta. Rytų ir Pietų Europos vyriausybės gina šį jiems naudingą skaičiavimo metodą, tačiau turtingesnės šalys, tokios, kaip Nyderlandai ir Danija, reikalauja reformų, jei šie taupymo tikslai dabar yra drastiškai iškelti “. 

EU argues about the burdens of climate protection

 My dear compatriots, while you enjoyed the punishment of Lukashenko for the temporarily detained airplane and voted in droves for greater and heavier sanctions on Belarus in the newspaper formerly called Truth of the Komsomol (now Lithuanian Morning), the EU deprived you of your favorite diesel with its so-beloved black smoke:

 "The EU is pursuing two approaches to reduce emissions of climate-damaging gases. 

Firstly, there is an emissions trading system under which industrial companies have to buy pollution rights if they want to blow carbon dioxide into the atmosphere. The Commission will reduce these certificates and it is considering a similar system for car traffic and heating, which would put a burden on consumers - perhaps too much, as Eastern European governments fear. Therefore, the Summit Conclusions direct the Commission to present its legislative package together with a detailed study of the "economic and social impact". 

In economic sectors that have not yet been covered by the emissions trading system, the EU uses a different principle: It sets national savings targets for greenhouse gas emissions, and these targets are distributed among the member states in such a way that rich countries have to work harder than poor ones. This concept is called burden sharing. The governments in Eastern and Southern Europe defend this method of calculation, which is advantageous for them, but wealthier countries such as the Netherlands and Denmark demand reforms if these savings targets are now drastically raised." 

Lithuania is the most run down poor country in the European Union

  We have long been a prosperity state. For the rich in Lithuania - all the prosperity of Lithuania, and for the majority in Lithuania - all the poverty of Lithuania.

 "Germany is second in EU by inequality behind the European champion of inequality Lithuania. The so-called Gini coefficient, which is the measure of inequality in a number between 0 (everyone has the same amount) and 1 (only one person owns everything) is 0.79 in Lithuania, 0, 59 in Poland, 0.76 in Germany.  

The first German comes in at 38th place in the constantly updated billionaires list of the Bloomberg news agency: It is Klaus-Michael Kühne, majority owner of the international logistics service provider Kuehne + Nagel. With a net worth of 28 billion euros, he is still 27.999953 billion richer than the average German. The average net worth in Germany is just 47,000 euros."

 There is no chance in Lithuania for a normal person who has no relatives among the rich. Gini coefficient does not promise anything good.

 

Lietuva yra labiausiai nuskurdinta šalis Europos Sąjungoje

 Mes esame jau seniai gerovės valstybė. Turtingiesiems Lietuvoje - visa Lietuvos gerovė, o daugumai Lietuvoje - visas Lietuvos skurdas.

"Vokietija yra antroji po Europos nelygybės čempionės Lietuvos. Vadinamasis Gini koeficientas, kuris yra nelygybės matas skaičiais nuo 0 (visi turi tiek pat) ir 1 (viską turi tik vienas žmogus), yra 0,79 Lietuvoje, 0, 59 Lenkijoje, 0,76 Vokietijoje.  

Pirmasis turtais vokietis užima 38 vietą nuolat atnaujinamame naujienų agentūros „Bloomberg“ milijardierių sąraše: tai Klausas-Michaelas Kühne'as, tarptautinės logistikos paslaugų teikėjo „Kuehne + Nagel“ savininkas. Turėdamas 28 milijardus eurų grynosios vertės, jis vis dar yra 27,999953 milijardais turtingesnis, nei vidutinis vokietis. Vidutinė grynoji vieno žmogaus turima vertė Vokietijoje yra tik    47 000 eurų“. 

Normaliam žmogui, neturinčiams giminių tarp turtingųjų, Lietuvoje nėra jokių šansų. Gini koeficientas netraukia.

Pasaulinis minimalus mokestis gali turėti įtakos rinkoms

 "JAV iždo departamentas nori, kad būtų nustatytas minimalus 15% pelno mokesčio tarifas, sumažintas prašymas nuo anksčiau pasiūlyto 21% lygio. Jei tokia politika kada nors išsipildys, tai vis tiek gali turėti reikšmingą poveikį tarptautinėms rinkoms. 

Remiantis 15 proc. mokesčiu, kelios valstybės, kurios paprastai nėra laikomos mokesčių rojais, - pavyzdžiui, Tailandas, JK ir Vietnamas - persikeltų į saugią linijos pusę. Honkonge ir Singapūre pagrindiniai pelno mokesčio tarifai yra nuo 15% iki 21%. Tačiau iš tikrųjų, kaip pažymėjo Azijos ekonomistai „Citi“, jų faktinius mokesčių tarifus gerokai sumažina įvairios paramos ir paskatos, o 15 proc. lygis vis tiek gali sukelti problemų. Airija ir Makao, kurių pelno mokesčio tarifai yra atitinkamai 12,5% ir 12%, būtų sugauti, net nesvarstydami jokių paramų ar paskatų. 

Remiantis „Goldman Sachs“ analize, nemažai didžiųjų amerikiečių kompanijų uždirba daugiau nei 50% savo pajamų tarptautiniu mastu, o jų faktiniai užsienio mokesčių tarifai mažesni yra mažesni nei 15%. Tame sąraše yra „Nvidia Corp.“, „Broadcom Inc.“, „Las Vegas Sands Corp.“ ir „Microchip Technology Inc.“ Analitikai mato mažiau poveikio Europoje, kur dauguma įmonių jau moka daugiau nei 21 proc. Paradoksalu, bet kuo mažesnis siūlomas minimumas, tuo didesnė grėsmė akivaizdžiausiems rojams, tokiems kaip Džersis, Kaimanų salos ir Britanijos Mergelių salos. Kadangi šiose teritorijose yra 0% pelno mokesčio tarifai, joms bus taikomas bet kokio lygio susitarimas, o mažesnis pasiūlymas greičiausiai sulauks plačios tarptautinės paramos. 

Palyginti mažiau apmokestinti akcijų rinkos sektoriai nuo pasaulinės finansų krizės gerokai paaugo, o tai politikai greitai pastebėjo. Net jei pasaulinio minimalaus mokesčio idėją paliksime nuošalyje, Bideno administracija planuoja padvigubinti iš užsienio repatrijuotų pasaulinių nematerialių mažų mokesčių pajamų, vadinamų „Gilti“, mokestį. 

Viena iš įdomių „Danske Bank“ kredito analitikų iškeltų galimybių yra ta, kad pasaulinis minimalus mokestis - ir apskritai aukštesni tarifai - gali padidinti įmonių skolos dydį, padidindamas tendenciją skolų finansavimui, kuris jau įtvirtintas daugumoje mokesčių sistemų. Įmonės, kurios moka labai mažus pelno mokesčius, ir jų investuotojai turėtų atkreipti dėmesį. "[1]

Lietuvoje pelno mokestis jau dabar yra 15 proc. Jei visur bus toks pat, tai Lietuva praras šį konkurecinį pranašumą. Jau dabr esame pasaulio užkampis, būsime dar tamsesnis užkampis.

1. Global Minimum Tax Could Affect Markets
Bird, Mike. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]25 May 2021: B.12.

Global Minimum Tax Could Affect Markets

"The U.S. Treasury Department wants a global minimum corporate tax rate of 15%, a reduced ask from the 21% level it previously suggested. If the policy ever came to pass, that could still have a marked impact on international markets.

On a headline basis, the 15% tax would move several countries not typically considered tax havens -- Thailand, the U.K. and Vietnam, for example -- onto the safe side of the line.

In both Hong Kong and Singapore, headline corporate tax rates sit between 15% and 21%. But in reality, as noted by Asia economists at Citi, their effective tax rates are made considerably lower by various breaks and incentives and a 15% level would likely still cause issues. Ireland and Macau, with corporate tax rates at 12.5% and 12%, respectively, would both be caught even without considering any breaks or incentives.

A number of major American companies make more than 50% of their income internationally, and have both foreign effective tax rates and consensus 2022 effective tax rates below 15%, according to an analysis by Goldman Sachs. That list includes Nvidia Corp., Broadcom Inc., Las Vegas Sands Corp. and Microchip Technology Inc. The analysts see fewer impacts in Europe, where most companies already pay above 21% as it is.

Paradoxically, the lower the minimum proposed, the greater the threat to the most obvious havens such as Jersey, the Cayman Islands and the British Virgin Islands. Since those territories have 0% corporation tax rates, they will be hit under an agreement on any level and a lower proposal is more likely to garner broad international support.

Relatively less-taxed sectors of the equity market have outperformed considerably since the global financial crisis, something which hasn't been unnoticed by policy makers. Even if we leave the idea of a global minimum tax aside, the Biden administration plans to double the tax on global intangible low-tax income repatriated from abroad, known as Gilti.

One interesting possibility raised by credit analysts at Danske Bank is that a global minimum tax -- and higher rates in general -- could increase corporate debt levels at the margin by exacerbating the bias toward debt financing that is already embedded in most tax systems.

While it is still unclear whether a global minimum tax will ever come to pass, the worm seems to have turned on corporate tax levels generally. Companies that pay very low corporate taxes -- and their investors -- should brace for impact." [1]

 In Lithuania, the corporate income tax is already 15 percent. If it is the same everywhere, Lithuania will lose this competitive advantage. We are already a dark corner of the world, we will be an even darker corner.

1. Global Minimum Tax Could Affect Markets
Bird, Mike. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]25 May 2021: B.12.