But common sense dictates I save and secure my financial position in the possibility of retrenchment. Prioritise simply means that you have a buffer of at least 2 months in your account towards those obligatory expenses. Prioritise items like hospitalisation insurance, life insurance, loan instalments and other obligatory expenses. Keep your non-obligatory expenses (shopping, dining) under 40% of your pay-cheque. So save more from your existing earnings than you used to.
But I would still be in a better position after the storm and wouldn’t end up miserably blaming the elements. I will do so knowing that I need to keep time aside to carry out those tasks and that I may still not be a 100% protected. If I am at risk of getting drenched (retrenched), I will do two things – carry my shoes and walk in flipflops through the storm (save and secure my financial position) and use or purchase a big umbrella (upskill for the next job). The logic is simple, if I could continue my umbrella analogy. Whether you’re an employer or an employee, your future relies on how quickly you embrace your pragmatic, kan cheong-ness to prepare personally & professionally to weather the storm. That said, this interconnectedness also points us to specific skills that will emerge victorious. This is especially true of white collar jobs. The reason why this time the shroud of uncertainties is significant is because jobs across countries and sectors have never been so interconnected. When the going gets tough for businesses, big and small, retrenchment is a very real albeit difficult option to stay afloat. Whether we like it or not, Singapore’s economy is vulnerable to external economic shocks, no matter their nature or origin. Let’s calibrate the issue of “economic uncertainties” from our standpoint. So if you’re a PMET with 5 to 15 years of experience, here’s the weather report.įirst, optimist or pessimist, either way, it helps to wear the realist’s hat. But only a few are preparing to weather that storm, and are aware that this storm is likely to hit the PMETs – Professionals, Managers, Engineers and Technicians* - first. Almost all of us are aware of this via news media and government publications.
Not that I’m unaware of my cautious approach to water from the heavens, but the storm of economic uncertainties young Singaporeans have to face very soon could sure use a dose of that approach. A few of us like me carry those gigantic umbrellas that may as well be tents for a day trip to Pulau Ubin! Note: The views expressed in this article are the writer's own and do not represent that of Young NTUC.Īmong life’s mysteries that I cannot wrap my head around is this - what good is a tiny pocket umbrella in tropical Singapore where rains through stormy winds pour at an angle soaking everything from the belt down.
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