Great Resignation Wave - Brilliant ways local companies are dealing with it

[Rickster]

With the recent news articles that's been running for the past 2 months, there is even a term for it - The Great Resignation Wave 2022.

And one large local company have taken notice.

Sharing how such a company executed a brilliant money saving move to counter the resignation wave:

1. Sent out email in mid Dec 2021 on the exact date for bonus full payout in XX Jan 2022.
2. Just 1 week before XX Jan 2022 bonus payout, company issue an email to say bonus will be split into 2 parts.
   • 1st part is given in XX Jan 2022 (no change),
   • 2nd part will be given in 2nd week of Feb.
   • Bonus letter (indicating the total bonus to be received) will also be withheld till AFTER (no date given) the 1st part of the bonus is given in XX Jan 2022
3. In the email, it is specifically highlighted that those who are on notice period before the payout of the 2nd part of the bonus, are not entitled to the 2nd part of the bonus.
4. Primary reason for the delay in bonus is because they have yet to finalise the accounting with the group finance of the mother company (a large public listed conglomerate in Singapore).

Simply brilliant move.

This will totally derail plans for those who are planning to leave the company and help save the company tonnes of bonuses.  

[Jman888]

didn't know pandemic period is the best time to job hop, hiring is a nightmare for many companies now, employees can anyhow name their price

 

[Starry]

1 hour ago, Rickster said:

With the recent news articles that's been running for the past 2 months, there is even a term for it - The Great Resignation Wave 2022.

And one large local company have taken notice.

Sharing how such a company executed a brilliant money saving move to counter the resignation wave:

1. Sent out email in mid Dec 2021 on the exact date for bonus full payout in XX Jan 2022.
2. Just 1 week before XX Jan 2022 bonus payout, company issue an email to say bonus will be split into 2 parts.
   • 1st part is given in XX Jan 2022 (no change),
   • 2nd part will be given in 2nd week of Feb.
   • Bonus letter (indicating the total bonus to be received) will also be withheld till AFTER (no date given) the 1st part of the bonus is given in XX Jan 2022
3. In the email, it is specifically highlighted that those who are on notice period before the payout of the 2nd part of the bonus, are not entitled to the 2nd part of the bonus.
4. Primary reason for the delay in bonus is because they have yet to finalise the accounting with the group finance of the mother company (a large public listed conglomerate in Singapore).

Simply brilliant move.

This will totally derail plans for those who are planning to leave the company and help save the company tonnes of bonuses.  

I would think otherwise. This is the kind of move that may create mistrust with staff because they expect bonus before CNY but only able to get the other half after CNY.

People can still leave after Feb 2022 if they really want to.

Bottomline  is if the company culture is good, nobody would be bothered with what Great Resignation. If the culture is bad, no matter how they split bonus, pple will still leave.

Edited January 24, 2022 by Starry

[yishunite]

I found it funny that same day ST and CNA both put up long stories about young lawyers resigning...

https://www.straitstimes.com/singapore/young-ex-lawyers-left-to-pursue-passions-in-an-exodus-that-worries-legal-profession

https://www.channelnewsasia.com/singapore/lawyers-singapore-burn-out-great-resignation-wave-2453276

Everything i ever heard about law sector sounds like toxic bullying culture... i think great resignation wave was overdue for them

[yishunite]

2 minutes ago, Starry said:

I would think otherwise. This is the kind of move that creates mistrust with staff because they expect bonus before CNY and the company decides to hold back half and give them after CNY?

People can still leave after Feb 2022.

Bottomline  is if the company culture is good, nobody would be bothered with what Great Resignation. If the culture is bad, no matter how they split bonus, pple will still leave.

Yes but the definition of "good" and "bad" may have changed during the pandemic

[Starry]

3 minutes ago, yishunite said:

Yes but the definition of "good" and "bad" may have changed during the pandemic

Bad ===> A culture that lacks empathy and compassion for staff needs.

Pandemic or not, the above will always be true.

Edited January 24, 2022 by Starry

[Scion]

53 minutes ago, Rickster said:

With the recent news articles that's been running for the past 2 months, there is even a term for it - The Great Resignation Wave 2022.

And one large local company have taken notice.

Sharing how such a company executed a brilliant money saving move to counter the resignation wave:

1. Sent out email in mid Dec 2021 on the exact date for bonus full payout in XX Jan 2022.
2. Just 1 week before XX Jan 2022 bonus payout, company issue an email to say bonus will be split into 2 parts.
   • 1st part is given in XX Jan 2022 (no change),
   • 2nd part will be given in 2nd week of Feb.
   • Bonus letter (indicating the total bonus to be received) will also be withheld till AFTER (no date given) the 1st part of the bonus is given in XX Jan 2022
3. In the email, it is specifically highlighted that those who are on notice period before the payout of the 2nd part of the bonus, are not entitled to the 2nd part of the bonus.
4. Primary reason for the delay in bonus is because they have yet to finalise the accounting with the group finance of the mother company (a large public listed conglomerate in Singapore).

Simply brilliant move.

This will totally derail plans for those who are planning to leave the company and help save the company tonnes of bonuses.  

 

can like that one meh, then this company quite bo sei

might as well cancel the bonus one day before the payout because of anyhow reason such as the shares of company have recently dropped a lot

[Voodooman]

Why are people leaving their jobs during a pandemic? Market is obviously tight but did 2 years of reduced interaction and WFH made people care less about the opinions and expectations of others. Less stickiness to leave the herd? 

This shows that we don't just work for money. 

[Karoon]

54 minutes ago, Rickster said:

With the recent news articles that's been running for the past 2 months, there is even a term for it - The Great Resignation Wave 2022.

And one large local company have taken notice.

Sharing how such a company executed a brilliant money saving move to counter the resignation wave:

1. Sent out email in mid Dec 2021 on the exact date for bonus full payout in XX Jan 2022.
2. Just 1 week before XX Jan 2022 bonus payout, company issue an email to say bonus will be split into 2 parts.
   • 1st part is given in XX Jan 2022 (no change),
   • 2nd part will be given in 2nd week of Feb.
   • Bonus letter (indicating the total bonus to be received) will also be withheld till AFTER (no date given) the 1st part of the bonus is given in XX Jan 2022
3. In the email, it is specifically highlighted that those who are on notice period before the payout of the 2nd part of the bonus, are not entitled to the 2nd part of the bonus.
4. Primary reason for the delay in bonus is because they have yet to finalise the accounting with the group finance of the mother company (a large public listed conglomerate in Singapore).

Simply brilliant move.

This will totally derail plans for those who are planning to leave the company and help save the company tonnes of bonuses.  

Thats quite generous. Many companies pay bonus in March. Any resignations received before that means dont qualify. 1 year work no bonus. Sg dont get no 1 investor friendly status by being kind to workers.

[Starry]

1 minute ago, Voodooman said:

Why are people leaving their jobs during a pandemic? Market is obviously tight but did 2 years of reduced interaction and WFH made people care less about the opinions and expectations of others. Less stickiness to leave the herd? 

This shows that we don't just work for money. 

Maybe many made money from stocks and crypto over the last 2 years.......can rest for awhile. Furthermore, if one is willing to spend time online, get a few courses and re-skill, there are plenty of in-demand jobs waiting.

[Scion]

other than making money in trading and crypto, some also switched to being a Youtuber or Tiktok? 😁

i read Youtubers with 100k subscribers avg earn USD3k+

imagine those with more than 1m subscribers and millions of views for their videos

but of cos need excellent attractive contents and long time to build up the following

[Soya]

6 minutes ago, Voodooman said:

Why are people leaving their jobs during a pandemic? Market is obviously tight but did 2 years of reduced interaction and WFH made people care less about the opinions and expectations of others. Less stickiness to leave the herd? 

This shows that we don't just work for money. 

Tink many hv gotten so used to WFH for the past 2 years so maciam oredi resign from office. And now can't imagine being asked to go back to the daily grind....

 

[Sosaria]

Pandemic and wfh created a large pocket of "free time" - despite people complaining overworked during pandemic period, but hey, we know that wfh is *ahem* - lots of free time to ponder and think and get upset - for some people, because lack of positive encouragement and reinforcement from peers in an office setting.

Lots of free time to look for new job, apply for new job, tidy up resume and linkedin, etc.

To handle the great resignation wave, companies should strive to bring back the on-site office work setting, so staff can resume the camaraderie with each other, social interaction, and more importantly, less free time for staff to ponder about meaning of life and look for new job!

[Rickster]

@Scion ya, this is probably the first time the company did this. Somemore the management from the company and even the mother company hasn't changed for the past few years. 

That's y I have a hunch our media's recent campaign on job switching in 2022 has a hand in it.

[Rickster]

14 minutes ago, Karoon said:

Thats quite generous. Many companies pay bonus in March. Any resignations received before that means dont qualify. 1 year work no bonus. Sg dont get no 1 investor friendly status by being kind to workers.

Different companies have different bonus pay date. Some in Jan, some in Feb, some in march, some in Jul etc.

But the crux of the issue is that the company and already committed to a bonus payout date and then last minute changed it. And looking at the terms, especially withholding the bonus letter, it's hard not to think that it's a move to counter the hundreds that are looking to leave the company. Imagine the amount of bonuses they can save!

[badlammy]

The bonus thing is just left to right pocket, and has normalised. You save on people leaving regardless, but pay for sign-on bonus of new joiners whom are giving up their bonuses.

[Etnt]

Many of those that I see are with "backing" one. In their 20s, 30s and family doesn't depend on the paycheck.

 

[Voodooman]

26 minutes ago, Soya said:

Tink many hv gotten so used to WFH for the past 2 years so maciam oredi resign from office. And now can't imagine being asked to go back to the daily grind....

 

I agree somewhat, getting people to go back office is going to be hard. They have to start with a hybrid.