The top error firms make in a downturn
If they want to remain resilient, Singapore companies must avoid allowing something as controllable as staff engagement to dip during harsh business conditions.
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BEFORE the recent round of Budget 2016 discussions even opened, analysts cut their GDP growth forecasts for Singapore's economy to 1.9 per cent from 2.2 per cent. While that is consistent with the Ministry of Trade and Industry's (MTI) forecast range of 1-3 per cent growth, if this is realised, it would be Singapore's weakest rate of annual growth since 2009.
Struggling housing demand, weak Chinese demand and a net negative impact on the global economy from low oil prices have made an unappealing prognosis for 2016.
These factors and others are driving the highest levels of layoffs in Singapore since the global financial crisis of 2008-2009. In anticipation of the impending bloodbath, companies are tightening headcount, and the trend of the slowest employment growth in 12 years seems to be continuing.
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