Monday, November 17, 2008

Economy is bad, is your company affected?

When we had economy crisis in 1997, I was still a student so it doesn't really affect me that much or I should say I didn't really feel a thing. I bet you've heard or read from the news or news paper, the economy will be very bad next year. It will be even worst than year 1997 as year 1997 only affect Asia countries but now the whole world is affected.

I am now starting to feel how bad is the economy. Last week, a friend of mine told me her sister's company decided to deduct all their employees salary by 15%, due to this bad economy. Then I heard from a friend who is currently working in HK that a lot of HK companies closed down recently and a lot will be closing down soon. Another friend told me some companies are now forcing their staff to take unpaid leaves, maybe 2 to 3 days per month. Then I got this friend who worked in a factory told me the company is forcing them to work 4 days and rest 3 days, previously work 8 hours per day for 5 days, now work 12 hours for 4 days. This is to save the electricity and etc. And some companies, of cos, choose to retrench staff lor.. But of cos, there are also some companies still non stop hiring staff..

A lot of companies had started making plans on how to get through this bad economy. What about your company? Any plans?


Angie Tan said...

I started working during the '97 crisis. Thought we came out of this before this thing hit again. *sigh*

Company is thinking about cutting heads on top of cutting back $$$. I hope that option 1 of cutting "heads" will not happen.

Joyce said...

if no cutting head, then company will start thinking ways to cut costs such as deduct salary and etc lor...~sigh..