Saturday, January 24, 2009

Hang On To Your Job

Hang On To Your JobIt is naive to say that the current global economic crisis will not affect the Philippines.

I think by now everyone knows about Intel's plan to close 5 factories worldwide (one being Intel Philippines) to cope with the current global economic crisis. Myself being a former Intel employee until just last year, I feel really sad upon hearing the finality of it all announced last week.

Intel was not the first company to make cost driven measures to ensure better chances of surviving through the current recession intact. Since late last year, 15,000 Filipinos, mostly in export zones, have already been out of the job, while 19,000 others faced reduced working hours. I have several friends and contemporaries who belong to these statistics.

Just as Intel was not the first, they will not be the last to announce layoffs. Intel is just one of the semiconductor companies with factory(ies) set up in the Philippines and there are other companies now who are feeling the same financial pressures Intel does. I will not be surprised if I hear more similar news in the future.

Actually, the current global economic crisis is not limited to the semicon industry. Experts predict more industries will be affected as time goes by. Even overseas Filipino employees are affected as there are also mass layoffs ongoing in companies abroad.

For those who still have jobs, hang on to it for as long as possible. Have some perspective. Do not think too much about the small things that irritate you in the workplace like bad cafeteria food, too many deadlines, or annoying co-workers. What is important now is that you still have a steady source of income. And that is crucial, since harder times are yet to come.

References: Inquirer.net
Intel: ‘total shutdown’ of RP operations

Dark days ahead for RP's semicon sector?

Experts warn of more layoffs in RP

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