Taking good care of staff - even when parting company
THE writing is on the wall. For the rest of this year, at least, businesses will continue to face challenges, and right-sizing or cost-management measures, whatever term one chooses to use, will be initiated. There will be job redundancies, and more will join the ranks of the unemployed. For many, it could very well mean losing their only source of livelihood that feeds the family and pays the mortgages.
Most times, when staff retrenchment is impending, HR will endeavour to redeploy employees occupying redundant job roles. Sometimes, this effort results in "saving" some employees, but most times, retrenchments are carried out as soon as the decision is made, and there is insufficient time to try to redeploy employees affected by the move.
This need not be the case if companies are pro-active in putting in place a career planning/management process.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
SMEs
Sun rising for Singapore businesses breaking into Japan market
One in three Singapore SMEs expect AI to replace or take over jobs: survey
Fintech KPay aims to triple Singapore merchant base, double local workforce
Singapore SMEs in contractionary mode for fifth straight quarter: OCBC
B2K’s second-generation leaders paw a new path in pet products
Finding a growth vector with digital solutions