Retrenchment Archives | MoneyDigest.sg

Effective ways to overcome retrenchment in Singapore

Retrenchment is a process where companies let their employees go because of redundancy or the company’s inability to keep their staff because of financial challenges. Retrenchment happens every day in the modern world, and it has increased its rates recently due to the Covid-19 pandemic. Retrenchment does not only happen to people around you; it might happen to you too. It would be great to sit down and think about what would happen to your loved ones if you lost your job or source of income. Retrenchment is different from being fired from your job; it occurs due to factors beyond our control. Such factors include job functions like moving overseas, the decision by the management, economic climate, among others.

The Singapore Counselling Centre says it has a 40% increase in people seeking counselling due to retrenchment. Most clients have mixed emotions after losing a job mainly because they have lost;

A daily routine and lifestyle
A social connection with their workmates
A sense of identity and purpose
Financial security

Most of these clients lose hope and see that life has no meaning after these events occur, but our team of experts makes sure they brush off any evil thoughts away from them. So, you will know how to deal with all these negative issues if you face retrenchment in Singapore.

How to deal with retrenchment

1. Keep looking for a job.

It would help to look for a job if you still want to put your past days behind you. Avoid the thought that you might end up losing that job, too, like most people. It would be best to remain positive and know that it is not your capabilities that got you retrenched but the market demands.

2. Work on your brand

You might feel like your skills and knowledge are not relevant after retrenchment, but you should avoid those thoughts. Instead, it would be great to trust your talent and check to see if it is still helpful in the market.

Suppose you see any gaps and have financial freedom, then you can take up a course to get more enlightened. This enables you to meet the market demands and go all out when looking for a new employer.

3. Have strong networks

Retrenchment knocks your confidence significantly, and it is at such a time when it gets essential to keep open-minded people close to motivate you. It would also be great to keep your networks at heart, including people with job opportunities or well-connected people. So please keep inquiring from your friends about new job openings and look out for jobs yourself

Conclusion

Retrenchment is the last thing you would want to happen to you; it is a process whereby a corporation or administration decides to cut off its employees to avoid financial strains. However, with the proper guidance, you will go back to your everyday life.

The above article is armed with tips to help you see through this challenging period and bounce back to the working world like you never left. Such include having strong networks, rebranding yourself, among others.

Useful Employment Support Guides (that you probably didn’t know) on LifeSG App

The coronavirus pandemic has upended the lives of many families and caused a loss of jobs. To help retrenched workers and jobseekers, GovTech collaborated with Workforce Singapore (‘WSG’), e2i, TADM, TAFEP and SkillsFuture Singapore (‘SSG’) to develop new modules on the LifeSG App (rebranded from Moments of Life). These employment support modules take a user-centric approach to show relevant information in a bite-sized manner that is easy to understand for the everyday man on the street. It informs target audience on the assistance and job opportunities available to them. Simply look for these modules under “Discover your next career steps and find support” section under the home page of your LifeSG App.

Here’s a summary of each employment support module that you will find on LifeSG App and how they can be of help.

1. Know Your Retrenchment Benefits and Measures

Workers who have been retrenched or are at-risk of retrenchment may not be aware of the resources available to help them during this difficult period. They may also be unaware of the benefits due to them when faced with an impending retrenchment. Some of the benefits that retrenched workers may be eligible are the following:

a notice period,
retrenchment benefits,
alternatives to retrenchment, and
help in finding a new job

As employees, it is critical for us to understand our rights so that we know what precautions to take and what to do if there is a dispute.

2. Support for Your Job Search

The “Support for your job search” module helps retrenched individuals and job seekers to:

Find opportunities for new jobs via career fairs, access government support schemes and convert existing skills to make a mid-career switch. These enable the job search process to be more efficient, as well as increase the number of job opportunities that they can access.
Access customised advice and forge career plans from career coaches at WSG, e2i etc. These professionals will help you to understand your personality, area of interests as well as strengths and weaknesses. All these are useful to guide you to better understand your career objective in life
Explore courses to upskill/reskill to ensure that you are always ready for your next role in this fast-changing world. Armed with the relevant professional certifications, you will be one step closer to landing the job that helps you achieve your career goal.

Do not underestimate the toll that every unsuccessful job application takes on a job seeker’s morale. Therefore, having a well-thought-out strategy advised by the professionals and executing it is half the battle won in your job search.

3. Financial Support for Workers and the Self-Employed

Ever since COVID-19 struck, the Singapore government has been quick to dole out relief measures to provide financial support in an unprecedented manner to ensure that no one is left behind. This specific module is handy in allowing individuals across the different employment categories to browse the various listings of government agency schemes and COVID-19 relief measures:

Unemployed (including retrenched) individuals
Lower-income individuals
Individuals with reduced income
Self-employed persons

Here is a case study of how an unemployed individual can tap on the various government agency schemes and COVID-19 relief measures to tide him through this difficult period. Mr Tan is a 40-year-old Singaporean who works in the travel industry. As a result of the COVID-19 pandemic, he has been placed on involuntary No-Pay leave by his company. He can apply for the COVID-19 Support Grant and receive up to $800 per month for 3 months which would be credited directly into his bank account. In addition, he can receive Job and Training Support by Workforce Singapore (WSG) or The Employment and Employability Institute (e2i) to help him upskill and reskill. This allows him the option of convert existing skills to make a mid-career switch should he decide to. Understanding the various schemes and grants available to him, he can conveniently apply for them online via the mobile app.

With information organised in a succinct manner, it is easier for them to know what financial schemes they are eligible for, as well as information on the application process. This ensures that those who need financial aid gets them in the shortest possible time so that the disruption to their daily lives is mitigated.

https://articles.life.gov.sg/financial-support-workers-self-employed/

Scan the QR code for more articles on the type of support available for Singaporeans affected by COVID-19.

Download the LifeSG App Today

Government has set aside plenty of help so that Singaporeans can tide through this pandemic and emerge stronger. Download the LifeSG App today to get a firm grasp of this helpful information. Also keep a look out for more features related to providing employment support that will be rolled out in subsequent phases.

https://go.life.gov.sg/XwD9

Discover your next career steps and find support with the Employment Support modules on LifeSG App!

Retrenched? Here’s How You Can Get Back Into The Fray

Singapore is in its worst recession since her independence and retrenchment figures are climbing up. For those who are retrenched, initial negativity and shock inevitably surface. Here is how you can manage the emotional impact to ensure that you can stay in the game, and hopefully land a job that is just around the corner.

Keep Your Spirits Up

A gamut of emotions often accompanies a retrenchment; ranging from shock and denial to the final stage of acceptance and relief. It’s an emotional roller coaster but do bear in mind that rejections SHOULD NOT define or confine your capabilities. On the other hand, dealing positively with your emotions lay the foundation for personal growth. Take this as an opportunity to re-assess your career choices and consider the options available. For instance, having a positive attitude and an openness to new opportunities will boost your chances of finding employment once again.

Manage Your Finances Prudently

If you are retrenched, you might receive a severance package. A common mistake that most who are laid off make would be to splurge on something to make themselves feel better temporarily. Instead, the prudent thing to do is to budget and plan ahead. Make an estimate on how long this retrenchment package may last while you continue to look for a job. This is especially critical if you have familial responsibilities as the financial obligations will not disappear. A helpful budgeting tip is to track your daily expenses and cut down on unnecessary expenses such as luxury items or expensive restaurant meals. It may also pay off in the long run to use part of the severance package to invest and upskill yourself. This can only benefit your aim to get back into the fray.

See A Career Coach

The job search journey may be daunting, especially when you have not been actively looking for a job for some time. Career preparation will be useful in gearing you up to re-enter the workforce and seeing a career coach is definitely one of the key actions to take. With personality and strength finder tools, you will discover more about your strengths and weaknesses as you embark on a journey of self-discovery. Career coaches have a wealth of experience in providing customised career guidance such as:

Assessing your personality, qualifications and experience to steer you in your career path towards the industry of your choice
Assisting to review your resume, boosting its chances of standing out (Personal strengths are listed categorically and aligned to career objective)

Do leverage the career coaches at Careers Connect, where personalised support is available through the CARE360 series of programmes, as well as Career Matching Services organised by Workforce Singapore (‘WSG’).

Consider Company Attachments

While you continue to search for employment, do consider attachments provided by host companies that help you acquire emerging skills or expand your opportunities in new sectors. Such attachments offer a way to prove your value to the company and maximise your chances of being offered a full-time job.

SGUnited Mid-Career Pathways Programme provides mid-career individuals with traineeships and training opportunities at companies and public sector agencies. Alternatively, the Professional Conversion Programme is also available for mid-career PMETs to undergo skills conversion and move into new occupations or sectors that have good prospects for progression.

Remember, managing the emotional impact is half the battle won. Thereafter, approach Workforce Singapore (WSG) to tap on its Career Matching Services that will take you one step closer to securing re-employment again. Get back into the fray once again!

If you’re currently unemployed or have been retrenched, and are seeking career guidance, register your interest to see a career coach with WSG here. Complimentary for all Singaporeans and Singapore PRs.