Fresh off the press in Singapore, Today has an article with some really grim predictions from economists from Credit Suisse. They forecast an astounding 300000 job losses in 2009 in the island nation. Interestingly, about 200000 of these job cuts are going to be for foreigners, leading even to the total population shrinking by 3.3%. Some top-of-the-mind thoughts on the impact of such an event:
- Many of these jobs are held by well-paid expats, who also help, in their own way, consumer spending. With this outflux of people, consumer spending is also likely to take a hit, further fuelling the downturn.
- This does not portray Singapore’s policy of attracting and retaining foreign talent. The “make hay while the sun shines” syndrome is not great for building an image as a top-talent destination.
- Worst case – even if this happens, can companies look at a “CRM” kind of a solution to manage talent? I think this will be especially relevant for roles which are highly specialized and/or senior level. A nice starting point to think about this can be found at this SystematicHR blog post.