On 20th July 2015, the Straits Times reported that more and more highly trained, middle-aged professionals are getting out work. This is very sadden to hear it, especially when we think about those who have a family to feed. These professionals have spent many years climbing their way up to the top, but are being retrenched now. And the scary part is, when they try to find a new or similar job, many at times they realized a lot of companies will tell them they are “over-qualified”. These group of workers, term as PMETs (Professionals, managers, executives and technicians) have hard times finding job.
Again on 31st July 2015 another sad news released on The Straits Times, The Royal Bank of Scotland (RBS) will be cutting several hundred jobs in Singapore as the bank scales back its presence here to just the trading and sales operations only. Many global banks in Singapore are having job cuts, both at the front and back offices. I hope not many Singapore citizens will be affected by this job cutting.
On 14th June 2019, The New Paper reported that Layoffs in Q1 is higher than last year 2018 and majority of those get retrenched are 40 years old and above. 69% belongs to the professionals, managers, executives and technicians (PMETs). If you fall under this group, you will face many challenges to locate an employer willing to employ you.
Even the oil and gas industry equipment giant FMC Technologies from United States is expected to cut its job. With oil prices falling, many projects become unnecessary and companies will go for the easy solution – job cutting. Royal Dutch Shell, BP and Total too are cutting jobs, as the oil prices will remain low for several years. The outlook remain very uncertain, and hiring will be extremely tough.
Many factories in Singapore are moving out due to cost pressure and jobs in factories are hard to find nowadays. For those middle age professionals, things going to be even tougher. They may have school-going children to support and they are not going to get the same pay job in future. With home loan, car loan and monthly expenses to cover, how are they going to face these challenges?
Some of these factory managers may be earning S$8,000 to S$10,000 a month with a degree from reputable university. They have been working in the factory for 10 or 20 years and in-charge of the factory key management decisions for many years. With the downturn coming, are they prepare to face the reality?
Worst part is, if they have sick parents to take care of, that will make things even ugly and create more stress on these mature workers.
Ever think one day you will end up at this position?
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When you are out-of-job, there is no income and you should not spend unnecessary money. Any money you have will help to tide over the difficult period and most businesses will takes you at least a year to start earning money.
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Middle Aged Professionals facing challenges ahead
When the economy is facing downturn, middle aged professional will be the one get axe first. Their salary usually are higher than those junior staffs and company tend to cut cost by retrenching these segment of workers.
If you fall under this group, be prepared and start learn how to create your own online business. There are platform which you can learn now and start the process early. Do not wait until you are being fired.
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