Morgan Stanley to offer paid sabbaticals to retain Vice-Presidents
Morgan Stanley is wooing its investment bankers by introducing paid sabbaticals for newly-promoted vice-presidents and making earlier job offers to those at the start of their careers. The initiatives come as banks explore more creative ways to discourage talented staff from defecting to more fashionable industries. A Morgan Stanley banker said the sabbatical scheme would be monitored to make sure staff did not think that they would be perceived as “weak” for taking time out. Other banks’ schemes to improve retention include global mobility programmes, such as that offered by Deutsche Bank, and volunteer opportunities, in evidence at Citigroup. In an effort to improve work-life balance UBS has asked junior bankers to take two hours off a week to attend to “personal matters”, and Credit Suisse has banned staff from working Friday nights. (Financial Times*)
Gender pay gap emerges in UK children’s pocket money
A gender pay gap is emerging in the amount of pocket money UK parents give their children. Boys under the age of 15 receive significantly more than girls, according to the annual survey by retail bank Halifax. Boys received an average of £6.93 per week whilst girls receive an average of £6.16. Despite receiving significantly more, 44 per cent of the boys were more likely to complain that they were not receiving enough money, compared to 39 per cent of girls. “Just like in the modern workplace, I suspect there is an element of ‘if you don’t ask, you don’t get’ as some little girls are probably too nice to ask for more,” said Lindsay Cook, co-founder of consumer website Money Fight Club. “In my experience, a large proportion of employees never ask for a raise, but wait until they are given one.” (Financial Times*)
Energy
Chile has so much solar energy it’s giving it away for free
Chile’s solar spot prices reached zero in parts of the country on 113 days this year through April, according to Chile’s central grid operator. The country’s increasing energy demand has helped spur development of 29 solar farms supplying the central grid, with even more in the mining district in the north. But now, slowing copper output means energy prices are slumping. A key issue is that Chile has two main power networks which aren’t connected to each other. Power plants are oversupplying regions that lack transmission lines to distribute the electricity elsewhere. “Michelle Bachelet’s government has set the energy sector as a priority,” said Carlos Finat, president of the country’s renewable association, Acera. “But planning has been focused in the short term when it is necessary to have long term plans to solve these type of issues.” (Bloomberg)
Nissan powers up solar farm to fuel UK car production
A new 4.75MW solar array at Nissan’s Sunderland plant will deliver zero-emission energy to power production of the company’s all-electric Nissan LEAF. The solar installation joins an existing plan of 10 wind turbines, taking the total renewable energy capacity at the site to 11.35MW. This is enough to meet around seven per cent of the plant’s electricity requirements, enough to build the equivalent of 31,374 vehicles, Nissan said. The plan comes as Nissan seeks to gain a foothold in the energy storage market. Last month it unveiled a home energy storage system using old Nissan LEAF batteries, which is due to hit the market later this year. (Business Green)
Environment
Fish eat plastic like teens eat fast food, researchers say
Young fish become hooked on eating plastic in the seas in the same way that teenagers prefer unhealthy fast food, Swedish researchers have said. The study found exposure to high concentrations of polystyrene makes perch larvae favour the particles over more natural foods. As a result of exposure to plastic, the young perch are smaller, slower and more susceptible to predators. “They all had access to zooplankton and yet they decided to just eat plastic in that treatment. It seems to be a chemical or physical cue that the plastic has, that triggers a feeding response in fish,” said Dr Oona Lonnstedt. The researchers argue that if plastics are impacting young fish across species, it could have “profound effects” on ecosystems. (BBC)
Image source: Photovoltaic by Blickpixel / Public Domain
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