Responsible retrenchment should build on Singapore’s tripartite approach
Strengthening how transitions are managed can better engender trust between workers and employers
[SINGAPORE] Retrenchments are among the most difficult decisions any employer has to make. Behind every retrenchment exercise are business leaders facing hard choices about their organisation’s future, managers grappling with difficult conversations and workers worried about livelihoods.
Yet, retrenchments are also a feature of a dynamic economy. As industries evolve, and companies restructure or exit the market, workers can move into better and more productive jobs – especially when the transition is well-supported.
Public commentaries and forum letters have put forward suggestions on how Singapore’s retrenchment framework could be strengthened, from greater safeguards for affected workers to more support for employers.
