Hi

  It's Christmas eve today! We are not into good times this Year of the Snake so today may not be a day-off for many firms here.

  In fact, some companies which previously closed their offices on Christmas eve, today open them for half-a-day much to the chagrin of their employees.

  But, employees should take it in their stride as now is not a good time to make their hackles rise over a small matter.

  Just take a look at some 435 United Overseas Bank employees who were retrenched before the week was out. The bank was asked to delay retrenchment till after the Chinese New Year next February, but a few days after its merger with Overseas Union Bank was approved on 18 Dec 2001, it went ahead with the retrenchment exercise. And it is said that more staff cuts are in the making for next year at the bank.

  The retrenchment exercise was unavoidable. It is better that the bank carries out the exercise now in bad times rather than carry the burden of a bloated enterprise in this Internet age. This way, the bank has a better chance of competing at a time when market forces compel the Government to loosen its hold on the banking sector to allow more foreign banks to share the pie with local banks.

  Also, the bank had waited till it had settled the retrenchment benefits with both unions, the SBOA and SBEU, before axing its staff. I don't think UOB staff who were retrenched should complain. That they are axed now rather than two months down the road gives them more chances to secure employment elsewhere as companies traditionally anticipate staff resignations at the end of the year after bonuses are collected and therefore will recruit staff.

  Moreover, staff made redundant do not have to fight with polytechnic and university students who are graduating later in the new year and thus providing more competition for available new jobs.

  It's not the best of times now but isn't it better to move off and start the new year afresh? Remember - no one owes us a living, not the Government, and certainly not our employer. Those in their forties will find it more difficult to adjust but adjust they must as the New Economy age frowns on life-long job security. Employees should not think of being with a single employer for the whole of their career.

  Rather, employees should adopt the stance of an entrepreneur and be resilient and marketable. That means arming themselves with New Economy skills, such as computer literacy; making sure their terms are equitable before signing up with new employers; looking at fixed-term employment contracts of three or five years; and moving ahead with the tide, not against it - the New Economy will see more job openings in the services sector, such as tourism, hospitality and events management, and, yes, finance (as we continue to draw in safe funds from neighbouring countries).  

  So, don't spend time waiting for the new year to come before doing anything - UOB certainly didn't. Act now, as UOB has acted, to secure your own future - be resilient and marketable.

  Have a Merry Christmas!