Retrenchments doubled last year; here’s how to prepare for 2024 layoffs in Singapore

[Franjipani]

Retrenchments doubled last year; here’s how to prepare for 2024 layoffs in Singapore​

ByAnna Maria Romero​

MARCH 25, 2024

SINGAPORE: A recent report from the Ministry of Manpower (MOM) says that the number of layoffs more than doubled in 2023 and are now similar to pre-pandemic levels.

The Labour Market Report for the fourth quarter of 2023 showed that despite showing resilience throughout the year, the incidence of retrenchment in 2023 (6.7 per 1,000 employees) grew to more than double the low figure observed in 2022 (3.1 per 1,000 employees).

“The number of retrenchments rose in 2023 after a record-low in 2022, largely a result of re-organisation or restructuring within firms,” MOM said.

A March 24 dollarsandsense.sg report listed three reasons for Singaporeans to be ready for retrenchment at any time.

Firstly, businesses see layoffs as a “path to sustainability.”

On a local level, Lazada made headlines just as 2024 rolled around with a series of “sweeping” layoffs, while tech giants such as Amazon, Pixar, Google, Microsoft, and TikTok have all laid off staff worldwide.

Secondly, as mentioned earlier, layoffs in Singapore have gone up. However, job vacancies decreased throughout 2023, except in December.

Lastly, DollarsAndSense cited the following global trends that have contributed to retrenchments: higher interest rates, the rise of AI, and the slowdown of e-commerce.

“An environment of higher interest rates will inevitably affect global growth – including in Singapore.

With a signal that interest rates may stay elevated for longer in 2024, investment sentiments may dampen on the back of higher borrowing costs,” DollarsAndSense wrote.

What to do to be ready:​

1. Check your company’s health, which can be as simple as asking whether financial goals are met during meetings. This will eliminate surprises and provide you with an early warning device if things are beginning to go wrong.
2. Ensure you have enough emergency savings to last at least three months. This is one of the first things that anyone employed should do. Remember to account for inflation.
3. Keep tabs on the jobs in your field, and ensure your résumé and cover letter are updated regularly. You never know when you’ll need them.
4. Network, network and network. Go to events; you never know who you might meet. Say goodbye to your inner introvert, for now at least, and put yourself out there. As the saying goes, “it’s not what you know, it’s whom you know.” /TISG

 

[Scrooball (clone)]

Check your company’s health, which can be as simple as asking whether financial goals are met during meetings. This will eliminate surprises and provide you with an early warning device if things are beginning to go wrong.

Lol... yeah as if you are some big shot in the company and they will tell u all the nasty behind the scenes stuff.

 

[millim6868]

Lol, layoff can happen any where any time,planning useless unless can live without the pay , prep for wat, unless u pap MPs iron rice bowl ,u cock up u still employ by the 70% voters, the one get charge is a sacrifice to show 70% that zhe party are fair,lol

 

[millim6868]

The guy charged must be damn tulan,having served for donkeys years, every company slso gifted n treat customer staff zo meal , bak gua, cakes ,etc,lol, n even ktv n drinks,lol

 

[birdie69]

The guy charged must be damn tulan,having served for donkeys years, every company slso gifted n treat customer staff zo meal , bak gua, cakes ,etc,lol, n even ktv n drinks,lol

But why no real cash money offered to him, only cheap duty free whisky, bicycle..?

 

[Dr Christopher Cheok C S]

Retrenchment did not slow down, yet this article claimed retrenchment slowed for the second straight quarter.

https://www.straitstimes.com/singap...cond-straight-quarter-employment-growth-cools

 

[Dr Christopher Cheok C S]

Retrenchment did not slow down, yet this article claims retrenchment slowed for the second straight quarter.

https://www.straitstimes.com/singap...cond-straight-quarter-employment-growth-cools

Just in: Ninja Van sacks white collar workers
https://www.businesstimes.com.sg/st...an-axes-more-20-employees-tech-team-singapore

 

[Pinkieslut]

Leetrenched the useless sinkies, hire foreign talents.

 

[shock888]

Retrenchments doubled last year; here’s how to prepare for 2024 layoffs in Singapore​

ByAnna Maria Romero​

MARCH 25, 2024

SINGAPORE: A recent report from the Ministry of Manpower (MOM) says that the number of layoffs more than doubled in 2023 and are now similar to pre-pandemic levels.

The Labour Market Report for the fourth quarter of 2023 showed that despite showing resilience throughout the year, the incidence of retrenchment in 2023 (6.7 per 1,000 employees) grew to more than double the low figure observed in 2022 (3.1 per 1,000 employees).

“The number of retrenchments rose in 2023 after a record-low in 2022, largely a result of re-organisation or restructuring within firms,” MOM said.

A March 24 dollarsandsense.sg report listed three reasons for Singaporeans to be ready for retrenchment at any time.

Firstly, businesses see layoffs as a “path to sustainability.”

On a local level, Lazada made headlines just as 2024 rolled around with a series of “sweeping” layoffs, while tech giants such as Amazon, Pixar, Google, Microsoft, and TikTok have all laid off staff worldwide.

Secondly, as mentioned earlier, layoffs in Singapore have gone up. However, job vacancies decreased throughout 2023, except in December.

Lastly, DollarsAndSense cited the following global trends that have contributed to retrenchments: higher interest rates, the rise of AI, and the slowdown of e-commerce.

“An environment of higher interest rates will inevitably affect global growth – including in Singapore.

With a signal that interest rates may stay elevated for longer in 2024, investment sentiments may dampen on the back of higher borrowing costs,” DollarsAndSense wrote.

What to do to be ready:​

1. Check your company’s health, which can be as simple as asking whether financial goals are met during meetings. This will eliminate surprises and provide you with an early warning device if things are beginning to go wrong.
2. Ensure you have enough emergency savings to last at least three months. This is one of the first things that anyone employed should do. Remember to account for inflation.
3. Keep tabs on the jobs in your field, and ensure your résumé and cover letter are updated regularly. You never know when you’ll need them.
4. Network, network and network. Go to events; you never know who you might meet. Say goodbye to your inner introvert, for now at least, and put yourself out there. As the saying goes, “it’s not what you know, it’s whom you know.” /TISG

AI is coming.. more retrenchments coming and most Singaporeans don’t have a clue.

 

[mojito]

Excellent time for electricians.

 

[Likemeat]

70% will say those retrenched were Fts and non Sporeans.

 

[Dr Christopher Cheok C S]

Peak Salary

Singapore dollar is too strong. Sony shut their IT department in Singapore last month, everyone, from IT engineers to project managers all retrenched. They probably went back to hire the Japanese whose yen depreciated almost 50% against us since the beginning of COVID in Nov 2019. Our private sector continues to retrench, and it is not slowing down in 2H24, those who lost jobs got to settle for lower wages despite higher cost of living.

 

[yubenOh]

Lovely.

 

[ftan42]

AI万岁

 

[Dr Christopher Cheok C S]

Update: More manufacturers announce retrenchment as Singapore poses to increase Carbon tax by 10 times, not 10% within six years. Chemical plants in Jurong islands are also unwinding.

 

[Scrooball (clone)]

Update: More manufacturers announce retrenchment as Singapore poses to increase Carbon tax by 10 times, not 10% within six years. Chemical plants in Jurong islands are also unwinding.

Changi Business Park occupied office space is also decreasing. Signs of troubled waters ahead?

 

[sbfuncle]

How to prepare for retrenchment?
Quite a stupid article.
All it need is money. Money money money.
You start networking now too late lah

 

[bobby]

 

[sbfuncle]

How to prepare for retrenchment?
Quite a stupid article.
All it need is money. Money money money.
You start networking now too late lah

Want to find job of course need to update resume.
How to keep tab of company finance? Also doesn't mean making money means don't need retrenchment.

Should be advising people on the more reality preparation for retrenchment.
Eg find new way to make money even at the expense of cheating stealing.

 

[Pinkieslut]

Good news for Lao Goh