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COVID-19: Retrenchments

Albeniz

By Albeniz,
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Ct3833

Ct3833

Supersonic
  On 7/16/2020 at 1:46 AM, Kopites said:

Joined 2001.

Now 19 years. 🤣

No Rolex though. Hahaha

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It is  blessing that you get to stay for 19 years and wishing you another 19 years to come. Not many 19 years people left in MNCs, mostly are fired because they are viewed being too expensive regardless of their value, experience and expertise. 

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Ct3833

Ct3833

Supersonic
(edited)
  On 7/16/2020 at 1:56 AM, Throttle2 said:

Got such job meh?

muayhahaha

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I call them lifestyle jobs, it is difficult to find, I am looking for one too. Anyway, after Aug  I will  be joining your table cleaning clan less the cigars and  Rolexes. I am contemplating to  look for another job or to call it a day.

Edited by Ct3833
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Dinosaur33

Dinosaur33

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  On 7/16/2020 at 12:28 AM, Windwaver said:

Yeah, FI's landscape have changed so much over the years.

I remember when I first started in retail banking, I can count the number of products with my hands.

These days fresh grads barely stay more than 2 to 3 years, I've seen young people jump every few months and 1 to 2 years is considered the new 'long'.

And yes, you're right, don't overstay more than 5 years, especially in an FI. If old school hiring managers ask you why the job hop, tell them the new 'long' thingy.

 

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If the corporation do not value your own people and keep retrenching your own people, then no point. Might as well don't hire.

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Throttle2

Throttle2

Supersonic
(edited)
  On 7/16/2020 at 2:02 AM, Ct3833 said:

I call them lifestyle jobs, it is difficult to find, I am looking for one too. Anyway, after Aug  I will  be joining your table cleaning clan less the cigars and  Rolexes. I am contemplating to  look for another job or to call it a day.

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Er i very very long havent clean table already leh.

Now i only kiauw kah.

you mean you joining my Brotherhood ah?

Edited by Throttle2
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Dinosaur33

Dinosaur33

3rd Gear
(edited)
  On 7/16/2020 at 12:28 AM, Windwaver said:

Yeah, FI's landscape have changed so much over the years.

I remember when I first started in retail banking, I can count the number of products with my hands.

These days fresh grads barely stay more than 2 to 3 years, I've seen young people jump every few months and 1 to 2 years is considered the new 'long'.

And yes, you're right, don't overstay more than 5 years, especially in an FI. If old school hiring managers ask you why the job hop, tell them the new 'long' thingy.

 

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sad to say, it is when these old school hiring manager get retrenched themselves in their 40s and 50s, then they start to ask themselves why did I encourage my children to work for other people for the most productive of their life, only to be deemed useless when I need them the most. 

 

My old school hiring manager also ask me that he will jump ship after the next 3-5 years and give me the same advice to jump ship, when he told me this final words before I left, "no one is indispenable in the corporate world". 

Edited by Dinosaur33
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13177

13177

Hypersonic
  On 7/15/2020 at 10:12 AM, Wt_know said:

hmm ... how come?

there is a paygrade structure in any organisation

how can a supervisor salary higher than a manager?

how can a manager (older) salary higher than a senior manager (younger)?

the older guy can be 40 but the younger guy 35 could be smarter and has higher potential ... new hired

 

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Even there is a paygrade structure, guess the range of the pay structure might be overlapping. Example senior position salary range is $5000-$7500, and manager salary range is $6000-$8500.

The senior guy could be due to higher qualification and also starting pay is higher, so after few years and some promotion in the company, his current salary now is $7200. And the manager guy starting salary could be much lower back then, even many years in company and becoming a manager, his salary now is $7000. Which is still lower than the senior pay and yet the manager salary is within the salary payscale. This is just my guess only la. Lol.

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Throttle2

Throttle2

Supersonic
  On 7/16/2020 at 2:11 AM, 13177 said:

Even there is a paygrade structure, guess the range of the pay structure might be overlapping. Example senior position salary range is $5000-$7500, and manager salary range is $6000-$8500.

The senior guy could be due to higher qualification and also starting pay is higher, so after few years and some promotion in the company, his current salary now is $7200. And the manager guy starting salary could be much lower back then, even many years in company and becoming a manager, his salary now is $7000. Which is still lower than the senior pay and yet the manager salary is within the salary payscale. This is just my guess only la. Lol.

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Yes correct there is always an overlap

and there is also a bonus component

combined, the annual salary of an individual contributor can surpass his direct manager.  

 

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Throttle2

Throttle2

Supersonic
  On 7/16/2020 at 2:07 AM, Dinosaur33 said:

sad to say, it is when these old school hiring manager get retrenched themselves in their 40s and 50s, then they start to ask themselves why did I encourage my children to work for other people for the most productive of their life, only to be deemed useless when I need them the most. 

 

My old school hiring manager also ask me that he will jump ship after the next 3-5 years and give me the same advice to jump ship, when he told me this final words before I left, "no one is indispenable in the corporate world". 

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Yup, my guiding principle is “everyone is expendable”

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Ct3833

Ct3833

Supersonic
  On 7/16/2020 at 2:06 AM, Throttle2 said:

Er i very very long havent clean table already leh.

Now i only kiauw kah.

you mean you joining my Brotherhood ah?

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Yah, my UK boss assigns a person with a name solongthatisdifficulttopronuce to take over my team remotely, end up 3 other of my regional team members  will also walk out of the door with me. This is not a cover 19 effect but more of a cost cut to gain more earning per share...the Wall Street casino game. 

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13177

13177

Hypersonic
  On 7/16/2020 at 12:11 AM, Scion said:

i witnessed before

cos in recent years, fresh grads' starting pays got bumped up

without experience and knowledge, their pays could be on par or just a little lesser than the ones who had worked in the companies for many years

eg fresh engineering grads could get 3.5 - 3.7k

naturally this caused many unhappiness among the staff

 

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True. Nowadays those who are in their early 30s to mid 30s, even no need to have a degree, only a poly dip, their pay can reach $4k to $5k plus for executive and engineer position. Or maybe even higher.

Even about the same level, a guy who is in his 40s to late 40s, his pay could be about the same, or even lesser than the guy who is in his 30s. I always find it is quite important how much is the starting pay when a person joins a company. If start low, then the person pay would not increase much over the years and others who joined later would easily overtake or on par with this person who might already worked in the company for many many years.

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Wt_know

Wt_know

Supersonic
  On 7/16/2020 at 2:02 AM, Ct3833 said:

I call them lifestyle jobs, it is difficult to find, I am looking for one too. Anyway, after Aug  I will  be joining your table cleaning clan less the cigars and  Rolexes. I am contemplating to  look for another job or to call it a day.

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well done ... have arrived the "jobless" level ... [thumbsup] 

 

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Dinosaur33

Dinosaur33

3rd Gear
(edited)
  On 7/16/2020 at 2:15 AM, Throttle2 said:

Yup, my guiding principle is “everyone is expendable”

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I used to want to be trained as a professional, got my degree for a local uni, only to be told on the first day of my internship when I have "no standard" by a regional Head of IT of an International Bank who is a Singaporean. 

In my mind, I was thinking, if you can even call our your own Singaporean to be of "no standard" then you shouldn't even sent your own children to our own local university, and he still said until he is so proud that his children went to our local university. Come on, sometime - let's not be hypocrite ourselves. If you are so well to do and if your children are so capable, then maybe your children should have gone overseas (Ivy League) university instead. 

 

Edited by Dinosaur33
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Enye

Enye

Hypersonic
  On 7/16/2020 at 2:19 AM, Ct3833 said:

Yah, my UK boss assigns a person with a name solongthatisdifficulttopronuce to take over my team remotely, end up 3 other of my regional team members  will also walk out of the door with me. This is not a cover 19 effect but more of a cost cut to gain more earning per share...the Wall Street casino game. 

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wah... high income spotted

so your company will help sg to import another 4 ft with unpronounceable names to replace the local team members

😬😰

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13177

13177

Hypersonic
  On 7/16/2020 at 2:13 AM, Throttle2 said:

Yes correct there is always an overlap

and there is also a bonus component

combined, the annual salary of an individual contributor can surpass his direct manager.  

 

Expand  

Just like many people always say those people who work as technician in a manufacturing company, their gross pay with all the allowances and OT, their pay could even higher than an executive and engineer pay and close to a junior manager pay. Even though their basic salary might not be very high.

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