Previously, in the post “8 Quick Steps: My Bear Market Plan“, I briefly mentioned about my company had a change of CEO which brought about to almost a fresh new management team (turned out to be all his kakis) and resulted in 30% of employees being cut.
Although it was really unfortunate for those who were affected (at least they were compensated well), a topic that is seldom discussed is what happens the lucky/unlucky ones who remained? Is it truly a good thing like what my director explained to me? So, in this post/rant, I want to share about my experience.
Why do companies retrench employees?
Reasons for firing people may differ between companies and their practices. Below are some main causes that I can think of:
Business hasn’t been doing well: the revenue it brings in is unable to sustain current business operations hence the downsizing. It usually occurs