Wednesday, November 5, 2008

Season of Retrenchment

My friend sms me this morning that his company is retrenching lots of people. It will be a massive cut, 30% for now and another 30% if they are still losing money in Dec.

As he put it "..we close down Philipines, Malaysia and Thailand, it's really bad...first time having this experience since i came out from the force. scary.."

Another friend who was undergoing training at Utah, USA told me earlier last week that their company was retrenching 100% of them from Singapore plant. At first i still have doubts that he could be exaggerating a little. 100% means shutting down the multi billion wafer fab! But the news came the next day : 800 workers retrenched after wafer fab plan collapse

Few weeks back, at a baby shower, friends in the manufacturing industry were already sharing the same sentiments, news that all point to the inevitable. A fren working in a wafer fab said they were running production without orders. Another, working with one major global manufacturer, lament that they were not seeing new projects coming in and the company is not renewing contract staff and had been quietly letting people go. Yet another one who was doing very well in his job but quitted to go on a 6 months break after working too hard for the past 7 years expressed that he was really worried now and has lowered his job search expectation.

A good friend working in the Human Resource department of an oil and gas company was also telling me she has just been tasked to update the company retrenchment policy in their company portal.

In fact, we read it in the news everyday.

In reality, this is happening all around me, including me.

Wow. We are entering a season of retrenchment.