https://www.techinasia.com/shopee-lays-hundreds-employees
5506 replies (most recent on top)
FoodPanda Singapore layoff
https://www.straitstimes.com/singapore/food-delivery-firm-foodpanda-lays-off-staff-in-singapore-retrenchment-reportedly-affects-about-60
Seagate Singapore layng off 300
https://www.thelayoff.com/t/1iWVphFd
@OP+1iWVphFd
EM shares free falling. Goodluck everyone.
This is what I meant by no accountability. The Execs still think they damn good .
https://www.bloomberg.com/news/articles/2022-09-23/leaked-study-says-exxon-partners-overspent-by-138-billion-on-oil-gas-projects
EM seems to have 5/5 of the characteristics . OMG!
https://www.gistpaper.com/there-are-five-types-of-bad-bosses-to-avoid-and-mark-zuckerberg-fits-three-of-them-harvard-expert-reveals.html?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost&fbclid=IwAR2v194izCJpwIxhSaIflRJCSksn2fArID9j9v25bQITbRIdm-dTInRkAD8
Already said, unless you’re Outstanding if not just do your work and keep quiet and don’t complain. Many are quite quitting now.
From the post below does it mean Outstanding around 100 shares will get $10000 more than everyone? Across all CL is the same? That is alot of difference at lower CL
@bYyxg+16zEvLP3
Wah your assumption of 5% so optimistic just like some of the clowns in the company doing earning projection for projects . No wonder we are in trouble of sinking ships . Bec all the projects we decided to embark on grossly under delivered ! Wake up lah, if you can get 5% every year on Average you shd thank ur lucky star ! You think ‘Em so generous ? The compensation system in ‘Em works on under paying the bottom 2/3 to over compensate the top 1/3. In case u still don’t get it , you project of 5% is flawed ! There will be years you will be getting Zero for years if you are not being promoted …lol . There is a saying , when u reach certain age in the company , u no longer work for increment . U are only working for your mthly pay …. Good luck folks who are still building dream with this company .
hahaha, you get 2 years straight which is 200+ shares and you calculate it to be 70+k? EM hire the elites.. indeed
Yup, that’s about right.
Last time I received EM stock options 2 years in a row. Sold them later and got abt $76,000 (depends on current stock market price of EM shares at that point in time).
I didn’t bother to convert them to shares.
Note: Such “earnings” are viewed as taxable by IRAS. Cannot runaway one, no matter how you argue with the garmen.
Outstanding 80-100
O with Dist 100-120
@bZmma+16zEvLP3
Do you know how many shares outstanding will receive for CL25 and below?
If you’re not ranked outstanding, please leave. Only this group of employees will be receiving shares, EMperor dont needs you.
Quiet quitting is a misnomer. Doing what you're paid to do is not quitting. Employers expecting above and beyond all the time are slave drivers. It's too negative a term to describe persons who want and need work life balance.
Headcount reduction in Singapore will be accelerated based on the recent economic forecasts for our country.
https://www.msn.com/en-us/money/markets/economists-cut-singapore-growth-forecasts-raise-inflation-survey
2 September 2022
SINGAPORE (Reuters) - Economists have cut growth forecasts and upped inflation expectations for Singapore, according to a central bank survey, published on Thursday, with a global slowdown seen as the biggest risk to the trade-sensitive city state....
Weak Chinese data in recent weeks will not be encouraging for that view, however, nor would disappointing Singapore manufacturing figures published last week.
On the inflation front, the most recent data from July had Singapore's consumer prices rising at their fastest pace in 13 years and the finance minister this month said he did not expect it to peak until the fourth quarter of this year.
Singapore unexpectedly tightened monetary policy twice this year, in January and July.
OK lor. Say you are campus hire @$5000/mth starting.
Assuming 5% increment every year is a constant.
No promotion. No stock options.
After working for 30 years until retirement, your pay will be $21,610/mth.
Or $324,150/year (3 mths AWS inclusive).
Not bad what!
Ask so many questions on increment for what? As long as you are mediocre to above-average performer (i.e., PA Very Good category and below), your next increment will be from 0 to <5%. NSI is zero, of course.
If you want double-digit with promotion and also EM stock options, you must be Outstanding. No less.
Face it, EM only wants to retain and rewards the best.
Coming from this lau chiau complex
don't ask then ask what? career opportunities? when we getting replaced by TC? global got what projects?
main interest is still the salary package, if not work for what? passion? fight for the company?
Hey engineers, stop wasting everyone's time asking about salary and increment in comm sessions. The managers aren't gonna give the answers you guys are looking for. And spoilers: Unless you are O or E, the coming increment will be a disappoint for you.
LCS, CCS and LEF appear to be EM’s last-ditch vain attempt to revise their decades-proven business model, to make themselves stay relevant (but at what cost?), and with success never guaranteed.
I love the titanic analogy . Therefore I am going to use it to make my point. Whenever these execs are talking to us , trying to sweet talk us. Envision that they are wearing life jackets over them with assurance of guaranteed seats on life boats . Also remember there aren’t enough life boats for everyone , only the few chosen management. They will convince you the worker bees to work tirelessly to keep the ship afloat whilst buying time for them to inflate their life boats and life jackets ( by pumped up share price). When the ship finally sinks , they will live to tell… while you folks will sink into the seabed and perish. That’s the reality….
Thanks for sharing all the useful tots . My personal take based on recent development since the unprecedented layoff. The general direction of the company is a downward trajectory reading the signs :
- layoff of workers, downgrading of job role to lower job grade
- even when company is profitable like now , it chooses to reward shareholders via dividend and share buy back in order to keep the share attractive which will of cos benefit the executives for its vested interest since bulk of their pay packages has a large component ties to the shares . Nothing much for employees except the questionable “ good performers” . So think hard , what about bad time? what do u think ?
- consolidation of chemical , fuel and lubes …. Why ? Answer is again clear , we are consolidating and shrinking again . That is to say we don’t anticipate growth we are anticipating decline . In a decline trajectory can u expect pay rise ? Answer is …..dream on.
In conclusion , this is indeed a sinking ship , question is how fast ? My read 5-8 yrs when renewables gain momentum the ship will sink even faster …. So make your choice . We are all smart pple … since Exxon USED TO employ only the best . THINK ! All the best folks
One webinar after another … from President, to SVP, to VPs … all the same message and outcome.
No new directions given. Same old, same old. Nothing thought provoking, to challenge our fertile minds.
They still want … no, demand, the max from all those left behind. Learn to work with less headcount … but TMTS will still come to hit you anyway.
Past salary freeze, stalled promotions are all deemed water under the bridge. There are no plans for restitution … now don’t bring up Shell’s 8%, cos we have no plans to reciprocate … and besides, Shell had actually cut salaries, so they are obligated to compensate for their own “wrongdoing” now. Whereas EM did not - it just removed increments. Not the same!
The biggest figment of EM’s corporate management’s imagination is that with the still-unproven CCS and LCS technologies, we can continue to sell “modified” fossil fuel products … call it blue or pink, whatever. They’ve gotta be kidding themselves. Pulling wool over whose eyes?
And they think that EM can just switch onto the LEF bandwagon? … how wrong they are! The bio-fuels competitors are miles ahead of us in the sweep stakes. They have long secured their raw feed supply chains and product distribution channels.
And EM, the new kid on the block, wants to go into that same market now? The raw feed cost is going to be extremely prohibitive! Even buying gutter oil (spent cooking oil) - EM has had no established collection network, no experience in term-contracting such non-traditional, non-crude feed sources. Our commercial and product traders can only look askance, when they land themselves with the unenviable task of having to secure term supply of such feedstock.
And purchasing very costly bio-diesel, only to convert it to sustainable aviation fuel (SAF) … companies like Neste will just skin us alive!
Make high-cost blue hydrogen? … won’t that also push up our cost-to-produce, to stratospheric levels? How do we maintain our cost-competitiveness then? Who’s gonna buy our still-fossil-based fuel products?
It is in my strong opinion that the people “up there” are just not thinking and talking straight.
I am extremely disappointed with how myopic our corporate management has become - not to be able to see through the obvious!
We’re just clinging to the last remnant straw of the great Rockefeller empire and the Standard Oil Company, which had served its purpose well, during the industrial revolution and beyond, into the new millennial. But now, things must change.
“How Dare You?” (GT).
Do you still want to serve the EMperor? If not, run for your life!
bNhft+16zEvLP3,
By the pecking order you have mentioned , what will the Execs (Cl30) do? The answer is nothing … from nothing to nothing as usual, but sit around collecting fat pay check.
Just like the pigs in the animal farm. Just make sure you don’t end up like the character boxer in farm who died by over working . Fear and blind belief in the mgmt drive him to work harder and harder only end up dying . Good luck everyone , no venture no gain. I am getting out regardless of the economy situation. Most importantly is to acquire the right and relevant skill set for future not in a dying industry. Just like the show, titanic , there wld be all kinds of pple making different choices but to each its own. Some chose to stay only end up sinking with the ship, some jumped ship but drowned, some jumped and caught on life boats to live and tell. Most importantly , take charge of your own destiny. I just got an offer after many attempts ( you can’t believe how many resumes I submitted) , towards the digital world . Am in my early 30s , I am already experiencing how challenging to get a job out there with the generalist skill set we developed in EM. Take care my comrades , the only things I missed dearly are the pple . We have good pple but our ranking system turns some into political monsters and makes us “fight and ki-l” one another . Is this where u want to work? Go and watch animal farm to get some revelation on this corporate swines are all abt.
Agree on the uncertainty in global economic outlook.
But what makes you think EM will be immune and not shed jobs, or reinstate an upsized nsi percentage with pil as a first option?
I know of someone who quit from EM, joined another company, but got retrenched after less than a year, when that company downsized.
LPSA: What’s the worst thing that can happen?
With a weak market economy outlook, I’d rather stay put for now. I cannot and should not risk my job and my family’s egg nest, without first considering and realising the bigger impact that’s going to come with an impending global recession.
The US, Australian and China property markets are already into negative equity - the doldrums. So owners will lose money, even by liquidating! What more, with a high mortgage?
Agree, now is not a good time to jump ship - with so much economic uncertainty, looming recession, rising interest rates, hyperinflation, more downsizing, divestments and market exits.
No lah. Please have a clear mind.
Even PM Lee has given us that warning, in his 22ND Rally speec.
Companies that had made it good during the pandemic - like Shopee, are now laying off staff en-masse. So is Musk’s shining star - Tesla.
Why risk your family’s rice bowl and your children’s livelihood at this time of uncertainty?
Stay put. Earn your existing good pay well, contribute for what you are worth for an honest day’s job and wait for the YE 3 month bonus. Get that bird in hand first!
No point jumping ship now and risk losing your job and everything that you have built up over the years, including the cash in your bank account, mortgage and other loans to pay, children’s education …..
Wit Russia, China, North Korea and Iran rocking the globe, things may go south very quickly. You’ll never know and be none the wiser.
Perhaps reconsider and revisit your plight another year, or two, when the world economy and geo-politics reached a next steady state.
MPTs who have worked for at least 10 years in EM, with at least CL26 are already earning $11-12K pm, minimum.
If the job pays you well, why run?
Lan lan swallow lor!
That’s the best advice that I can give, to keep your sanity and protect your family’s peace of mind and financial security.
Why take risks, when one is their mid-30s to early-40s? Especially in this recession-able climate.
You can jump ship now … but don’t forget, you may also be the first to be cut when the new company needs to right-size.
Read all the comments, lower rank crew all so low morale. Why don't just accept pay cut and jump the ship? Just let the captain steer the ship alone.
If can't let go the higher pay than outside market, then LL to work on. No point keep complain about management.
They will be happy to read all your low morale comments as they had achieved their target : )
https://nypost.com/2022/08/22/oracle-execs-bragged-about-car-collections-while-refusing-to-raise-pay-report/
This sounds like the dh who spoke about high petrol price but high pay cheque every month end.
Very good wise practical advice our em Comrade
Thank you my friend
We need to remember that we will lower the CL levels for existing job families by two CL levels to remain competitive long term.
A CL-24 is expected to do the work of a CL-26 over the next five years.
A CL-26 is expected to do the work of a CL-28 over the next five years.
A CL-28 is expected to do the work of a CL-30 over the next five years.
We will also recruit five engineers in Kuala Lumpur or Bengaluru for the same cost of one engineer in Houston or Brussels.
Actually the writing is on the wall. The longer we stay, the more cooked we will be. Just like the proverbial frog in the pot being slowly boiled. The advice is such :
For the >= 50 yrs . Make sure u save damn hard for the next 5 yrs or less. The fastest you save enough the better is for u
For those in the 40s . This is the most valuable group. Neither here nor there. Need to decide whether to bite bullet to get abit of pay cut to get out to buy a longer runway. Might be a wiser move than continue digging deeper into the ho-e like what Exxon is doing with FOssil F
Those in the 30s, each day you invest in this company , the experience is depreciating not appreciating in value . You are the better group who can really switch runway . Better do now especially those in late 30s
Those in 20s , u must be d-mb or a dump to join the company. Wasting precious time and youth on building expertise and experience in obsolete industry .
I am in my mid 30s , honestly speaking not easy to find a job outside energy sector .. am half body in quick sand . Sigh. Nonetheless , I am determined to cut loss to switch for longer runway. I am going to join the Government sector .. lower pay but better work life balance , no Threat of NSI to affect my mental health. We only live once .. why spend time with EM which has already turned into a whor@ ! Comrades , hope to share good news soon , fingers crossed .
Don’t need to be NSI to get no increment, NI also zero. Really KNN!
In recent years, many millennials don’t aspire to join oil companies like EM any more. Many have rejected our offer letters.
Sunset Industry. High Carbon Footprint. Non-Green. Fossil Fuel Dinosaur. Dirty Emissions. Global Warming. Oil Politics.
Stop. No more!
FinTech, FAANG, BioTech, AI, Digitalisation are the new buzz words now. Even banking and finance remain.
So how to make working for EM attractive again? How to make EM great again?
It is our Woody pal that had insisted on the 8% NSI, the layoffs, the punitive PA system, the TMTS restructuring, the EMPS merger, recent divestments around the world, the wage freeze, the massive cuts on employee benefits - all to guarantee dividends to the shareholders.
How to tell all these to our next gen and just-employed new hires? It is just so embarrassing lah.
At recent Singapore Journey Workshop for Supervisors.
SLT still want us to score on Refinery KPIs for Safety, Reliability, Capacity Utilisation, Energy Index, Margins and Earnings.
But how to motivate the workers to perform better?
Only wishy washy replies provided at Q&A, on NSP guidelines, do not hope for one-offs - unlike what Shell has done, can forget about income lost from 2021 wage freeze.
In short, need to work even harder (so as not to fall in NSI) to get any increment. Higher pay only reserved for new hires to match market competition and attract them to join EM. What about the rest of us leh?
Wah lau eh! Liddat oso can ah?
Add on to that:
“@bMyzk+16zEvLP3 a role that adds ZERO value, BUT EARNS A DH’S SALARY! Shame!”
$330K-360K p.a., just to be a Culture Advisor? I want!!!