Singapore Business Federation urges firms to turn to retrenchment only as a last resort

Singapore

THE Singapore Business Federation (SBF) has urged employers to protect the Singaporean core, retain talent to grow business opportunities, and to use retrenchment only as a last resort to manage manpower costs.

"We encourage companies to take a longer-term view of their manpower needs so as to retain and upgrade important capabilities, and to transform their businesses for the eventual recovery," Lim Ming Yan, chairman of SBF, said in statement on Friday, following the release of an advisory on responsible retrenchment practices.