Financial Turmoil Affects Me

October 9, 2008 · Posted in Rant Corner 

Yes, everyone is feeling the pinch, who doesn’t? Upon receiving some unexpected news today, it was announced that hiring has frozen for my company. So, how does it impact upon me? Before I go on and rant about it, I have to state that there could potentially be millions of other people around the world who share the same thoughts and sentiments. Well, this is the incredible financial meltdown, almost equivalent to The Great Depression during the last millennium.

The thing is, in order to cut cost, several companies have stopped hiring new staffs. If you are holding onto a permanent job, just to let you know, there is no such thing as a free lunch, neither is there such a thing as job security. Until they found that the cost-saving measure is effective enough, they’ll turn towards the permanent staffs and start to give golden handshakes.

Talking about permanent staffs, what about those contracted staffs or temporary staffs? That’s pretty easy. They will be fine as long as the contract holds, since contracts are normally agreed as little as 6 months, up to 3 years type. Hence, those who are still in the middle of the contracts may need to start to get worried. Most executive board mentality is to leave those contracted staffs serve finish the agreement and that’s about it, don’t expect any extension.

Speaking from the higher management point of view, I do not see this is the best way of cutting cost, as it differs very much from companies to companies. Terminating contracted staffs as a measure is totally incomprehensive and is unlikely to serve little to the cause. What board executives forgot is, these are the people who run the operations! Without them, do they get the managers to walk the floor? Or the directors to push the trolleys? Perhaps the Vice-Presidents, who are earning gigantic pay cheques, should take off their boots and become receptionists themselves!

Whoever came up with this idea is a smart idiot; smart in the sense, the person retains his job and earn his regular monthly income despite the undeniable financial turmoil, an idiot, because that is not helping the company in the long term, and neither helping himself or herself. Sooner or later, productivity drops and revenue decreases. It follows that its global reputation will decline as the Best-Run Business. Then, it’ll be time to raise the white flag and surrender its position to their competitor companies.

With all due respect, the bottom line is, everthing is global. Whatever happens in one country affects others in another countries. This is no longer a one-country or one-region matter, it is global. We are unable to stop the Great Depression, but we certainly hope to recover quicker than previously, given the technology we had today.

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