COVID-19: Retrenchments

[ToyotaShuttle]

4 minutes ago, Wt_know said:

hmm ... how come?

there is a paygrade structure in any organisation

how can a supervisor salary higher than a manager?

how can a manager (older) salary higher than a senior manager (younger)?

the older guy can be 40 but the younger guy 35 could be smarter and has higher potential ... new hired

 

Manager work and technical work are 2 entirely different skill sets.

A senior engineer or developer can be worth more than a manager - why not? Good engineer might not make a good manager. Good manager might not be a good engineer.

[Sdf4786k]

1 hour ago, Enye said:

usual is 24 years cap but low level worker like me no stock options one

15 years considered low already....i have some colleagues in Asia 30+ years.

recently got see news 1 guy located in amdk country retired on 50 years of service

😅

Amdk land got 401k n the retirement benefits are not like ours cpf 2000 dollars a month type

back in the early days before start up was rampant, if you join the right MNC, you almost guaranteed a millionaire when you retire even if you only have o or A levels. 
 

If however you join a good mnc rather than the right mnc, you get a head start in life but can only guaranteed a million hairs 

Edited July 15, 2020 by Sdf4786k

[Wt_know]

12 minutes ago, RadX said:

Possible

 

due to seniority and age, etc

 

unless they normalize the wage bands

 

younger guy will catch up at some point due to higher CEP

that's why company always axe lao lang first ...  

[Wt_know]

13 minutes ago, ToyotaShuttle said:

Manager work and technical work are 2 entirely different skill sets.

A senior engineer or developer can be worth more than a manager - why not? Good engineer might not make a good manager. Good manager might not be a good engineer.

good point. but i am referring for same position or same dept hierarchy

Edited July 15, 2020 by Wt_know

[ToyotaShuttle]

28 minutes ago, Wt_know said:

good point. but i am referring for same position or same dept hierarchy

I am also referring to the same dept. Manager of a senior engineer doesn't mean he brings as much to the table for the company.

Don't need to put management role on a pedestal - there are many companies out there who have already separated the 2 tracks (or are in the midst of).

Edited July 15, 2020 by ToyotaShuttle

[Wt_know]

59 minutes ago, ToyotaShuttle said:

I am also referring to the same dept. Manager of a senior engineer doesn't mean he brings as much to the table for the company.

Don't need to put management role on a pedestal - there are many companies out there who have already separated the 2 tracks (or are in the midst of).

good

i also hope company can pay more for engineer rolled up sleeves get dirty vs manager sit in aircon room TCSS ... 

Edited July 15, 2020 by Wt_know

[Icedbs]

9 hours ago, Wt_know said:

GE over ... the "R" word lai liao ... fast and furious?  

who is the new NTUC Sec Gen? hehe ... 

They didn't say how many staff were retrench. 

Why so secretive?  News should be transparent. 

[Dinosaur33]

On 6/15/2020 at 11:46 AM, Watwheels said:

Yeah, my first thought was he will go try teaching. I was like whoa, even that has no vacancies. I mean it's like ppl have LL taken the last option.

I think we have read about many ppl who worked in finance/banking sector but quit to become pastry chef or become hawker blah blah blah. They no doubt have relevant studies but still chose to leave the industry. It's not for everyone. 

The govt minitries are very choosy now. Even the military dont take in delinquents and chao ah bengs. 

Sometime, we have to ask ourselves why does the people around us starts to "leave" and "distanced" us? Is it because we have become irrelevant? Or is it because the society has changed by we have not changed? Or is it because no one wants to be associated with you? 

The same applies to govt and ministries as well, if our country has given these delinquents and chao ah bengs's parent a good and professional job, do you think they will want to be delinquents and ah beng in the first place? They would be expose to a different environment, where their parent would be talking about aritificial intelligence technology, green technology and law stuff. Would they choose to ah beng or delinquents of they have a choice? I don't think so, if they are respected as an individual in the society, they would treated the society with respect too! 

Edited July 15, 2020 by Dinosaur33

[Scion]

15 hours ago, Sdf4786k said:

have to check if there is a cap on the number of years of service.

Back in the old days, no one move because if the company make money, there is profit sharing and stock options.

Heck even SCB gave stock options to junior managers.

But now with the changes in the work space, they now insist on a cap. I understand one of the American MNC that use to produce Scope and started in a garage has recently retrench and cap at 10 years of service.

15 years of service seems to indicate you hung it out thru thick and thin.

i heard in recent years, even stable GLC like ST Engg also remove their stock options liao

[Dinosaur33]

On 6/15/2020 at 11:53 AM, Mockngbrd said:

Gahmen jobs also attract top ppls to apply one. Dunch play play.

Govt attract the a wide range of individual with diverse skills and background. The correct way, you should apply for a role that you are interested and happy to work in it, and also to stretch yourself both intellectually and allow you to show off your capabilities. 

Edited July 16, 2020 by Dinosaur33

[Scion]

13 hours ago, Wt_know said:

good point. but i am referring for same position or same dept hierarchy

i witnessed before

cos in recent years, fresh grads' starting pays got bumped up

without experience and knowledge, their pays could be on par or just a little lesser than the ones who had worked in the companies for many years

eg fresh engineering grads could get 3.5 - 3.7k

naturally this caused many unhappiness among the staff

 

[Windwaver]

16 hours ago, Throttle2 said:

Retrenchment is part and parcel of a person life stages, just as employment is as well.

nothing to be fearful about.

everything to be prepared for

As i mentioned some years ago, there is no such thing as job for life.  Working for a single company, your whole life just doesnt cut it anymore.

in fact, look to move every 5 years or so.  Doing that 5 times in your whole life would cover about 30yrs of action in between. You would also hv a well rounded experience in various organisations and accumulated a decent network of professional contacts.

my biggest mistake was overstaying  in one company. 

 

Yeah, FI's landscape have changed so much over the years.

I remember when I first started in retail banking, I can count the number of products with my hands.

These days fresh grads barely stay more than 2 to 3 years, I've seen young people jump every few months and 1 to 2 years is considered the new 'long'.

And yes, you're right, don't overstay more than 5 years, especially in an FI. If old school hiring managers ask you why the job hop, tell them the new 'long' thingy.

 

[Ody_2004]

8 hours ago, Icedbs said:

They didn't say how many staff were retrench. 

Why so secretive?  News should be transparent. 

Err.. if they are not listed in SGX they don even need to report loh..

Retrenchment normally is a silent affair.. many years back the company i work wanna retrench most in one shot.. but somehow not allow to but gradually release over 6 months.. the feeling sucks.. 

[Volvobrick]

8 hours ago, Icedbs said:

They didn't say how many staff were retrench. 

Why so secretive?  News should be transparent. 

Some said half.... Won't be surprised if visitors drop 60% or more. 

[Kopites]

16 hours ago, RadX said:

Yes

 

i moved a bit too, 5 but 3 -5 yrs each and taking a track record

 

now in this co for 14 yrs until retirement 

Joined 2001.

Now 19 years. 🤣

No Rolex though. Hahaha

[Kopites]

39 minutes ago, Volvobrick said:

Some said half.... Won't be surprised if visitors drop 60% or more. 

Unconfirmed 2000 plus out of 7k? 

What I read from straits times.

[Throttle2]

7 minutes ago, Kopites said:

Joined 2001.

Now 19 years. 🤣

No Rolex though. Hahaha

Time to move

[Throttle2]

1 hour ago, Dinosaur33 said:

Govt attract the a wide range of individual with diverse skills and background. The correct way, you should apply for a role that you are interested and happy to work in it, and also to stretch yourself both intellectually and allow you to show off your capabilities. 

Got such job meh?

muayhahaha