From The Editors' Desk
March 1, 2018
The Singapore economy put in a sterling performance in 2017, clocking a robust 3.5 per cent growth. It benefited from strong global economic expansion. The upswing is expected to continue this year.
However, the growth is not being accompanied by significant job creation. Businesses are constantly reinventing themselves to stay relevant and their focus is on being nimble and cutting the fat, which often means letting some staff go. Meanwhile some experts are predicting that about 25 per cent of today’s jobs could be gone by 2030 as a result of huge technological changes taking place. Retrenchment is a fact of life that both managers and staff need to contend with.
Managers could help employees by giving them advance notice of impending layoff and meanwhile help employees train and reskill to remain productive and gainfully employed. Employees need to have a positive outlook. Retrenchment offers novel opportunities, a chance at entrepreneurship, a possibility of a new, happier lifestyle, a time to fulfill what one had considered a remote dream.
We have breezed into the first quarter of 2018 in a flash. Time truly waits for no man.
In this issue, we look at retrenchment. In our cover story, Dr Steven Bleistein perceives retrenchment as a positive nudge for people to take their dreams into their own hands and make something of themselves. There are numerous articles that discuss retrenchment, including how to find ways to internally and externally brand the process in the right way.
Other articles in this issue include the first of a two-part article that looks at the ancient Chinese philosophy of leadership and how it influences leaders today. There is also a story about a company that has a unique way to run its teambuilding programmes. In fact, I organised my entity’s team-bonding session last year and we worked with Team Music to run it and it was brilliant. Check out the article under the Business column.
I sincerely hope that the year has been kind to you thus far.
Copyright © 2018 Singapore Institute of Management
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Issue 1, 2018