During Singapore’s last recession in 2001-2002, the Government and union leaders push through several proposals to help companies and employees. One of the key proposals was the implementation of the “monthly variable component” (MVC) and the “annual variable component” (AVC).
This was basically a flexible salary arrangement that employers could build into their wage systems during good times, and which could be adjusted during unexpected business downturns.
The concept is good as companies will first cut workers’ salaries by up to 10 to 30 per cent to cut costs, instead of taking the more painful step of retrenching staff.
In this global recession of 2008, companies are aiming to cut cost to survive and while MVC/AVC are again emphasized as a measure of first resort, downsizing is still inevitable for many businesses.
Becoming a more likable employee may save you from the axe. Here are some tips which were recommended by Salary.com.
1. Know Your Role
A great place to start is a detailed list of job duties or, if it is available, an official job description, from your manager or human resources department.
2. Be “Engaged” in the Process
Be an active participant in establishing your goals from the start. Focus on key objectives and define a plan that makes sense for you and your employer.
3. Set Goals that are Reasonable and Relevant
When establishing goals, make sure they are meaningful.
4. View goals as a project plan
Make your goals your mission for the year. Keep goals current, track progress and contributions, and update goals as appropriate to reflect any changes in your role or responsibilities.
5. Document your accomplishments
Document your accomplishments along the way and let your boss know when you have reached established milestones. If you reach a stumbling block along the way, seek advice on how to best resolve the issue.
6. Show an interest in additional training
Your employer will see that you want to improve the quality of your work and are interested in professional growth.
7. Check-in
Have an open dialogue with your boss throughout the year so you have a better sense of where you stand and how your progress is being perceived.
8. Share positive feedback
Feedback from colleagues and/or customers is also valuable when you are preparing for a review.
9. Demonstrate a Positive Attitude
Try to be “likeable” in a business sense by being pleasant, respectful and courteous to colleagues.
10. Utilize Performance Review Feedback
When you get constructive feedback during a performance review, listen to it carefully and objectively.
If you look at the Dow Jones yesterday, it seems like the sky has fallen.
In the last bull market, some financial analysts and economists debunked the existence of traditional business cycles.
In recent months, amid the housing slump and credit crunch, US economic growth came to a standstill and many economists believe the world’s largest economy is heading for a recession.