Work It Podcast: How do companies decide who to retrench?
The latest MOM data shows retrenchments doubled in 2023. How do companies decide who and what jobs to cut?
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According to the Ministry of Manpower, retrenchments in Singapore more than doubled in 2023 compared to a year before, with more than 14,000 residents losing their jobs.
What exactly goes into the decision to cut jobs and which workers are at risk? Jerviel Lim, Head of People and Culture at Tatsu Works, is this week’s guest.
Companies are concerned about their financial runway and financial sustainability. So it's not just about profit. It's whether I can I still pay for everyone's salary at this rate.
The world changes so fast ... This may be hard (to hear) but I would say retrenchment is something that is going to happen anywhere. But of course, there's a separate debate about how we want to do this responsibly.
Jump to these key moments:
- 2:30 What factors go into retrenching staff?
- 5:40 People who are on the cut list
- 10:24 The volatile nature of tech jobs
- 17:53 Cutting staff without being cruel
- 22:57 The fear of AI may be overblown
Listen to more episodes here.
A new episode of Work It drops every Monday. Follow the podcast on Apple Podcasts or Spotify for the latest updates.
Have a great topic for us? Drop the team an email at cnapodcasts [at] mediacorp.com.sg
Source: CNA/cr
