Wave of Retrenchment
4 weeks ago JCprojectfreedom 0
Life is tough as an employee in this age of disruption. I am currently working in an industry which is disrupted by shale gas. I remember I was made redundant 2017 Christmas eve. It took me close to four months before I found a job.
Yesterday, there was an urgent meeting in the afternoon to announce to the marine team that there would be a reduction in headcount. Today at about 4 pm in the afternoon, one of the technical superintendent came in and bid us farewell.He is quite positive and he explained to us that when one door closes, another opens. In the next few moment, 2 other technical superintendents left. I did not even have time to say goodbye to them.
Then I heard two of the marketing ladies who have worked for a decade in the company were retrenched. The IT manager who worked for a decade was given the golden handshake as well. I almost teared when I helped one of the ladies to shift their boxes downstairs. They have accumulated a lot of belongings in the office over the years and the news was so sudden that they do not have time to pack all their belongings. This reminded me the harsh realities of downsizing when the company is not doing well and when the company is doing well, they will want to keep their profits as retained earnings instead of paying out bonus. If they give you pay increment, do not rejoice too fast, when the time comes to reduction in SG&A, the most costly ones will be let go. They will also let go of older works as the young ones are cheaper, have more energy and less family commitment.
How about the survivors? In the marketing department, there is one lady left with the commercial director. However, she will need to pick up additional work load with 2 lesser headcount.
As employees, we are exchanging time for money and in return we are been leveraged by employers.
This is just the start with more retrenchment to come. Maybe it will be my department soon?