Only half a Million Job Losses, for now

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Dec 05 2008
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Jobs, retrenchment, bonus, layoff and money could easily become the coffee-shop most talked-about subject these days. Popular radio channels suddenly found new topic of discussion and it was not surprise that many unfortunate victims of economic crisis called in to release their tension and seek advices from DJs. Other influential government-controlled channels such as the print-media and television are still reluctant to report about retrenchment which is already happening especially to the MNCs (multi-national-company). It is taboo to report such negativity during such fragile time but it’s better to prepare for the worst mentally than to sweep such issue under the carpet.

Sure, during good time job-seekers were seen flocking to find a job or career with MNCs simply because they can pay great money with lists of benefits much to the jealousy of others. I’ve been there and I can tell you that while it’s prestigious to flash your name-card with the MNC logo and having fun watching all the “ooohh” and “aaahh”, there’re black-sides to it. The fact is they can pay you top money together with fancy gadgets but they do not think twice about axing you especially during economic uncertainty. That was why when the MNCs want you, you better demand the maximum and don’t feel sorry for them. Don’t ever think that since you’ve contributed much to the organization so much so that you’ve spent most of your life in the office and in the process ignored your loves one these MNCs will feel gratitude and may give you the axe a miss.

'UnemploymentIn reality, local companies are much better than those MNCs although they pay less. However do remember that when MNCs pay you higher salary your job normally requires double workload, not to mention ridiculous project deadlines to meet. Everything is based on KPI and if you do not perform in two-quarters especially in sales, then you’re shown the door. Personally I would rather take home RM2,000 less a month than to sell your body and soul to these MNCs. Of course you should try working at least once with them to get the “kick” of experience. Having said that doesn’t mean it was “hell” working with them. Seriously they’re professionals and value deliverables because they believe in result-oriented model.

The most secure job is definitely in the civil service. When was the last time you heard thousands of government servants were to be cut during recession? It almost never happen because the government knew once they’re retrenched, these bunch of people will not be able to find a job elsewhere. So the government servants should not get jealous because their pays are not comparable to private sector. There is risk attached working in private sector especially if you do not posses special skill(s). Therefore you deserve to earn what you’re willing to give, period.

The U.S. Labor Department has just announced deteriorating employment market with 533,000 job losses in November (6.7 percent), the most in 34 years when the great nation registered 602,000 slash in 1974. The prediction was only 320,000 job losses. AT&T also announced plans to cut 12,000 jobs this month onwards. As much as I would like to be optimistic somehow I think the worst is not over yet since the Detroit’s top three automakers are still struggling and literally begging for money to the tune of a whopping $34 billion lest the government would like to watch many thousands more to get the axe. The argument was if the government was willing to spend $2 trillion to bailout financial institutions why so stingy (and unfair) with $34 billion to save the automakers?

I believe I’ve mentioned that you can rely on global crude oil prices as another indicator to gauge how bad the situation is. Guess what, the crude oil fell to $43 a barrel today and the scary part was the prediction by Merrill Lynch & Co. Inc. (NYSE: MER, stock) that the black gold could drop further to $25 a barrel in 2009 if the current recession disease spreads to China. And we have not even start talking about credit-card problems. Let’s see if unemployment rate could climb to 2-digit figure.

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I wonder if during recession time, is MLM an good opportunity for anyone to venture into? I heard too many MLM scams causing another huge loss to people. Maybe you could give advise.

hello kc gan,

you’ve mentioned the word “scam” so you should know the answer to such MLM’s “dream” or path to riches …

anyhow, the pioneer batch will always make the money – if the system allows them to …

cheers …

China Ah Pek company (different from Chinaman company) pays you peanut and axes you easily too!

Due to the golden bowls in the civil sector, you thus find the servants becoming more and more complacent and more and more RELAXING in the forward thinking

thanx K L … i’ve forgotten about China Ah Pek company … never think I’ll join one anyway …

cheers …

I work in an MNC and I tell you it’s blardy stressful, we are ask to give quarterly forecast but when submitted got “revised” and handed down. Consultative management is only lip service here, all top down. When cannot meet forecast kena stand in the firing squad and explain. How to get out of such situation? I been here not even 5 yrs but feel like a veteran

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