Recessionary Fears

Retrenchment has been ongoing eversince the world slumps into crisis. Every other week, we hear companies retrenching their staff to cut down on their overheads. The most recent one was Parkway Holdings. Even the medical sector is not spared. It started with DBS laying off followed by many other sectors. People nowsaday feel unsecure about their job. All have the same question in mind, will i be the next one to go?

Eversince the last crisis, some companies changed their employment policies. Staff are recruited on contract basis. That also means once the contract expire, the company can choose not to renew and you are free to go. Well, i guess during recession time like this, it has become a useful tool. Regardless of your previous contribution, when time is up, goodbye to you. No compensation, nothing, it is just end of contract. It is an intelligent way of saving cost.

Many are intimidated by all the recent bad news on the economy. I wonder how long the crisis will last. During the last one, it took about a year or so to recover. Next year will be a tough year. It is not like other years when everyone enjoys huge bonuses. I still remember inflation was high after April, thanks to the oil price hike. However, things got worse when the collaspe of Lehman Brothers and US subprime loan crisis sank in.

Personally, i am taking step at a time. I am not sure what is going to happen the next few months. One thing for sure, as a company streamline, those who are still in the job will have more work. If you are not happy, one is always free to go. To get a job these days isnt easy. I guess we will have to bear with all the cost cutting measures. Let's pray hard that the economy will recover soon, bringing better security for everyone!