Daily Archives: November 2, 2017

Retrenched and unemployed for one year: lessons learnt

Retrenched and unemployed for one year: lessons learnt

In 2016, 16,810 permanent employees in Singapore were retrenched. In addition to a bleak world economy, digitalisation became one of the main factors that led to layoffs. Valerie, a senior executive, shared her experience of being retrenched in September of 2016.  “Those who work in the same industry as me would have been aware that there was a decline in the global demand, due to technological advancements. In a way, I would have known that the industry was affected, but I wasn’t aware that the company was carrying out a cost-cutting measure,” she recalled, “it was quite a surprise how it was carried out. We were informed to attend a meeting with HR, and that was when the retrenchment was announced, with immediate effect.” In addition, the retrenchment took place at the end of the year, which is a period where most companies do not hire new staff. “Based on the seasonal hiring tre ...

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