for the sake of our country, MAS should roll out notes 1/4 their current size, make coins smaller & flatter!
DBS started retrenching people today in Singapore and Hong Kong.
quote from zao bao
looking at reason no. 3,
they didnt specifically state what does it means? age? pregnancy? on matinity leave?
other than that, so sad to see the glory of singapore's tri-patied relationship between govt, union and companies breaks down in such early stage of the ecnonmy crisis. perharps prevention is better than cure (no offence to those being chop, i feel ur pain)?
also, since all companies expends, so regardless of this crisis, ultimately, the workforce market is shrinking, but schools are still producing every year, couple with all the heads that has been chopped from reasons of being excess due to companies expansion, i wonder how? this also applies to businesses other than banking and finance.
ot abit here
in such situation, why cutting cost is the utmost priority, does extra skills count for anything?
i have seen companies and organizations coming rules that employees must take up course to upgrade themselves (for some obvious reasons), so they took courses thats totally not related to their work to please the management, and the managements are happy, case closed. so when it comes to crunch time, does it matters?
say i only need to employ machinies to operate my production machines, i go for low wages to keep cost low. what cause do i send my employees to? can think of any with my engineering background and from what my friends told me from their recent interviews, employers dont even want to consider their experience.
photography makes one sees things from all angles.
Fire 900. Result?
Save the pay and bonuses of these 900 especially when Dec and Jan is coming soon.
The rest of company are afraid to ask for leave, raise and willing to accept cuts and overtime to prevent being the next 900. Also the remainder are "grateful" to company for not making them the first 900. The rest now work even harder than before and costs are reduced while productivity is increased. If you cannot perform or not up to par? Just fire u and there are others willing to take your place. Maybe some of the first 900?
Shareholders still get their share, top management still get their high pay and benefits. Cut their pay? Are you mad? Without their guidance, the company might not get out of the crisis. Hence it is important to maintain and maybe increase their benefits to keep them. Afterall another company might poach them.
So end of the day. Firing 900 is the best decision DBS made.
Last edited by aeskywan; 16th November 2008 at 02:04 PM.
If a retrenchment was made in a manner that got rid of underperforming people, it makes sense. In this case, the retrenchment was made to business units where less focus was expected and operational uunits where there were overlaps. It is fine to retrench, but the manner in which it was done does leave a lot to be desired. From what I have heard, people who were loyal or good were not necessarily retained.
The feedback I have received was that it has sent out the wrong message to the people within and outside of the bank, even if this was not the intended purpose.
What's to be desired? What more is there to it?
They had too many people for anticipated needs, they got rid of some.
Loyalty and performance doesn't come into it. If your dept is not needed, it's not needed. If it has too many people for the work anticipated in future, it has to be shrunk.
It's not personal, it's just business. The company owes you nothing other than a paycheck at the end of the month. Similarly, you owe a company nothing other than the work you agreed to do in return for the paycheck.
No one would logically throw out their best and brightest, and I assume DBS did not deliberately tell their best performers to leave. But it's always possible that some average or ok-performers were asked to leave. It's also possible that some people thought they were better than their top managers thought they were.
Who's to say who's right?