Retrenchment in SG?!😳😳😳

Hello 🍋🍋🍋, welcome to my journey with me. I'm here 😉 sharing things about retrenchment in Singapore.

Here it begins😊, I do believed that everyone had saw the news on Mothership that many big companies like Love Bonito, One Championship and Dyson had retrenched many of their staffs or employees. 😳😳😳

What is retrenchment?🤔

- Retrenchment means cutting back on expenses or operations, often by reducing jobs or services, to save money.

What are the retrenchment strategies?🤔

• Cost Reduction: Identifying and cutting unnecessary expenses across the organization.

• Layoffs: Reducing the workforce to lower labor costs.

• Operational Restructuring: Streamlining processes and eliminating inefficiencies.

• Divestiture: Selling off non-core or underperforming business units or assets.

• Outsourcing: Contracting third-party firms to handle specific functions at a lower cost.

• Furloughs: Implementing temporary unpaid leave for employees to save on salaries.

• Hiring Freeze: Halting new hires to control labor costs.

• Negotiating Contracts: Revising agreements with suppliers or vendors to secure better rates.

• Reducing Benefits: Cutting non-essential employee benefits or bonuses.

• Focus on Core Competencies: Concentrating resources on primary business areas that drive profitability.

In conclusion, these are the strategies that big companies are doing to help the organizations manage financial challenges while striving to maintain operational effectiveness.

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