You are right finance can work in factories but factory workers can't work in finance. :bsmilie:
It certainly helps to be more skilled!
Well you can't really compare manufacturing and finance. If you are retrenched you can still work in corporate finance. Not so with factory workers.
Not mentioned different pay package before retrenchment
I was about to said the same.... :think:
Fair points guys, but I think I ought to bring some clarity into the picture.
I can assure you that many factory workers are earning a decent salary. Junior staff can easily earn more than S$2,000 with a reasonable amount of overtime (OT). Folks who are in a berserk mode can easily earn a lot more in a month. The number will surprise you. Of course, it is unlikely to be sustainable, but I am simply pointing out that factory workers aren't exactly that lowly paid. They are several notches above the cleaning and security industry. Then there are also the senior staff, supervisors and the "old birds" who are certainly earning a comfortable salary.
Next, I know many think the finance industry pays well. Undeniably, it does pay well for many. Bright graduates who obtain a place in the coveted jobs in investment banking, sales & trading and private wealth management, management associate programs etc. are well compensated for their time in the financial institutions.
Nonetheless, it must also be noted that they invested a lot more in their education - funding for tertiary education is certainly not cheap. If a young graduate is dealt a blow early in his/her career, he/she may not be able to recover the earlier investment in education, thereby making the "going for university and entering the finance industry" combo a bad choice. (For finance folks, it is simply a negative or low NPV project with a longer payback time).
Moreover, it really is not that easy to find a similar job if the entire industry takes a beating.
The factory worker, however, invested less, and is likely to lose a lot less.
Well, I hope that clears up some misconceptions there. All in all, I think my initial post was to bring out the following points:
1. That the notion of retrenchment is not always a bad thing. People always perceive it negatively, that the first to go is the weakest, or that life will be an immediate downhill following a retrenchment. I think it is truly dependent on the attitude and fortitude of the worker.
a. The first to go may actually be the smartest person - he/she is able to identify a sinking ship and leaves before further damage is done.
b. Retrenchment may mean that you get an honest break for the first time. How one seizes that time will determine his future. Spend some time to relax, take a breather, enjoy what you have around you, before sharpening the saw - meet new people, learn new skills, develop new interests. No one can limit you - You are your own limitation.
2. That all of us must be prepared for financial emergencies.
a. Retrenchments are but one of the many things life with hurl at us. (For the superstitious, you better be touching wood and clutching your lucky charms before reading further). In life, we may encounter accidents, disasters, illness, business failures etc. There are way too many cases where things will go awry - we all ought to prepare some cash as an emergency fund.
b. We should all make hay when the sun still shines. Thus, we ought to enjoy the fruits of our labor. However, just as cash savings are important, we must also understand that we cannot over-leverage ourselves just because we have easy access to credit, because future earnings may not materialize.