Rising Concerns over Rising Retrenchment Numbers
Testimonial articles by Singaporean workers on their worries and anxiety with regards to their job security, or even the frustration of the retrenched have been surfacing more frequently on multiple news sources.
The frequency of articles about Singaporean who have expressed their worries concerning their lack of job security, or the frustrations of the retrenched from multiple news sources is a sad but realistic reflection of the current employment market.
This, however, should not come as a shock, but as an inevitable consequence of the rising number of retrenchments in Singapore.
Reports from MOM Show that Retrenchment in Singapore is as follows:
- From 2014 to 2015, retrenchment has risen by a whooping 23%, with a total of 13,440 workers
- In 2015, 2,512 retrenched workers were unionized workers
- Within the first 3 quarters of 2016, accumulated retrenchment numbers have exceeded the total number from 2014.
What Makes it All Worse?
- Singaporeans can expect retrenchment numbers to keep rising because of the economic slowdown
- The ‘Robot Revolution’ is knocking on our doors, predicting to take over 35% of jobs in the next 20 years.
Moreover, due to the rising number of reported cases of retrenchment conducted in a unprofessionally manner, the Singapore Government has even made a statement to further investigate this issue.
What are the indicators of Retrenchment Exercises being done professionally?
In most cases, a professionally done retrenchment ensures the following:
- Morale and productivity of remaining workers are maintained at a high level
- Organizations retain the reputation as an employer of choice
- Outplacement services are provided whilst maintaining goodwill
Backed by years of experience and working alongside various multinational corporations (MNCs) through their myriad of resourcing concerns, Calent3 is your best partner in outplacement and career management services. Our customized retrenchment/ rightsizing initiatives for each organization are designed and conducted with a high level of professionalism and sensitivity which results in an incident free exercise whilst maintaining goodwill with all stakeholders.
Click here to find out more on our Outplacement and Career Management Services.