Singapore Business Federation urges companies to consider retrenchment only as a last resort

THE Singapore Business Federation has urged employers to protect the Singaporean core and retain talent to grow business opportunities, while leaving retrenchment as a last resort to manage manpower costs.

"We encourage companies to take a longer-term view of their manpower needs so as to retain and upgrade important capabilities, and to transform their businesses for the eventual recovery," Lim Ming Yan, chairman of SBF, said in statement on Friday, following the release of an advisory on responsible retrenchment practices.

SBF's advisory comes amid expectations of more layoffs in the coming months due to economic impact of the Covid-19 pandemic. "Companies should view retrenchments as a last resort, only after having exhausted all other cost-saving options," Mr Lim said. Instead, companies should consider alternatives such as upskilling employees, redeployment, implementing flexible work schedules or wage adjustments led by management, SBF said, noting that they can seek help to do so through various assistance schemes offered by the government, unions and trade associations.

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