Permits & Passes
Monday with the Editor: Thoughts at Christmas
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.
some companies which previously closed their offices on
Christmas eve, today open them for half-a-day much to the
chagrin of their employees.
employees should take it in their stride as now is not a
good time to make their hackles rise over a small matter.
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.
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.
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.
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
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.
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).
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.
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Please sign our guestbook... Thank you.
BANKmates: Get a Personal Assistant to do your errands in
We are now 3415 pages thick and growing.
the next public holiday. It falls on 25 Dec 2001.
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