"weather proof" occupation

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"weather proof" occupation

Postby MMM » Mon Sep 22, 2008 3:40 pm

Hi,

Just want to ask around what are the jobs/ vocation that parents think are "recession proof" given the news of corporate failures in US. Doctors? Teachers?

With all the recent events such as AIG and also my co. looking at cutting jobs in US and Europe and shifting to certain part of Asia. Lucky us that we are in Asia? But imagine if you are on the other side of the court, that will be so worrying. Being made redundant and on top of that, you are finding difficulty getting a job in your home country becoz all the company are shifting similar ops out due to cost issues..... Sad to add that people involved are highly educated people with probably a phd,etc... so it appears that they are not protected as well....It just made me reflect as a relative who has been in AIA insurance line since day one and now in mid 40's is now affected by the recent chain of events. It undeniably will affect his livelihood for probably next couple of months/ years?

It is really worrying at where the world is coming to and that nothing is for sure now. Also, personal observation is that when we are younger and with no commitment, crisis don't really "affect" us. But as we grow old and with more commitment, it sure impacts us.

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Postby matrix0405 » Mon Sep 22, 2008 4:04 pm

This is very true and esp in spores where somehow if you are above 40, you are obsolete. The unabated influx of lower cost FT, ever ready to replace you. Recession is coming and many are going to be displaced. For the younger ones, no worries as they are still 'cheap' and can find another jobs soon enough. As for the 40+++, it will be a bigger challenge.

Some of the jobs which, IMO, are stable are Doctor, politician, teachers, lawyer and psycologist. In danger jobs are, engineers, IT ppl. Hot jobs are finance & F1 drivers.

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Postby MMM » Mon Sep 22, 2008 5:21 pm

Undeniably, the more experienced you are (older), the more "expensive" you will become. By then, you will also have certain type of lifestyle.

I am not too sure wat you meant by finance as in banking (which is probably risky now) or acctg. There was a separate disc that those bankers taking up high range condo in Spore is leaving as they are now out of job hence potentially affecting rental. BTW, I was reading some acctg mag and it only take a fresh grad a couple of years to reach mgr level. But in all org, it is a pyramid thing, there are only x no. of finance directors, managers, etc... so what happens to those mgrs who subsequently reach their 40's or 50's? Replaced by younger ones??

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Postby ChiefKiasu » Mon Sep 22, 2008 11:00 pm

matrix0405 wrote:...Hot jobs are finance & F1 drivers.


Heheh... I'm an F1 driver myself... I love punching that top left key on my keyboard :P

The only things sure in life are death and taxes. No such thing as an iron rice bowl anymore. Maybe that's why the schools are so focused on not spoonfeeding our kids anymore with formulae and facts, thus preparing them for a world where mental agility and adaptability to change decide who will survive and who will not.

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Postby MMM » Tue Sep 23, 2008 9:10 am

Personally, I think that given globalisation, mobility is also a important thing. So probably got to be mentally prepared that when we grow old, the kids will probably be working in other countries and we do not get to see them as much.

We've always indicated in career plan that we are not mobile. I am keeping my fingers crossed that we can continue to have a career in Spore where all the family members are around each other.

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Postby mintcc » Tue Sep 23, 2008 10:55 am

I will think the issue will not be which industry are in but how much value add one can bring to the organisation they are working for.

The "hot" industry now may not be so hot 3 or 5 years later. Nursing and Teaching seems to be consistently in depmand for the pass 10 years though, but not very highly paid....

Important thing is to have multiple streams of income, marketable skill sets and save for the rainy day.

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Postby matrix0405 » Tue Oct 21, 2008 12:10 pm

Heard that that semiconductor industry letting off lots of pp. Some implemented madatory leave. Seagate implement plant shut down. anyone from semicon industry got anything to share?

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Postby MMM » Tue Oct 21, 2008 2:29 pm

Hi,

Unfortunately, I think it's not just semicond. I am in a very stable industry that is consumer related. We are now talking about letting go heads in singapore as well as the region. Though this is a growing region.

All this in the name of pleasing wall street investors.

It's supposed to be a secret but for those who know, we are pretty upset and would put heads reduction as the last resort.

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Postby matrix0405 » Wed Oct 22, 2008 10:02 am

Axe falls in last 2 days on those in the equity, fixed income and energy units
By Gabriel Chen

AT LEAST 20 Singapore employees of investment bank Merrill Lynch have been laid off in the past two days.
The layoffs were met with anger, tears and some confusion among the ranks of 700 or so employees at its Marina Bay offices.

About 10 members of the equity team were axed on Monday - that is about 25 per cent of the unit's workforce. Sources say that around the same number from the fixed income desk and several from the energy trading team were told to leave yesterday.

A banker told The Straits Times that he was told to go on Monday after being asked to see human resources in the morning.

'It still comes as a surprise to me, as I thought I would be asked to go only next month,' he said.

He has also lost out on his Merrill stock. A contractual arrangement arising from Bank of America's takeover of Merrill last month meant shares granted to him had to be 'bought back' by the bank.

But Merrill shares have plunged by over 70 per cent since their peak last year so he is taking home much less.

The average severance package across the board is about three weeks' pay for each year of service, he said.

The banker said before he left yesterday: 'You're seeing half-empty offices and morale is certainly not good.

'A lady who went into the room after me came out with her eyes red, tears rolling down her face. Some of the senior folk didn't even pack their belongings. They stormed out.'

One senior banker said to have been retrenched on Monday was Mr Mark Bowden, head of equities in Singapore.

He apparently came in as usual and was 'ready to do the lunchtime presentation', but never turned up.

'Mark Bowden has already left the company,' said the operator when The Straits Times called Merrill yesterday.

The lunch briefing was taken instead by Mr Yasuhiro Fujiwara, who heads the Pacific Rim equities desk.

'He said that they're done with job cuts for the year,' said a banker who heard about the talk from his colleagues. 'But can you really be sure about that?'

Merrill in Singapore declined to comment on the job cuts.

The axe has also fallen on Singaporeans based in Merrill's Hong Kong office.

'It has been a long day,' said a 28-year-old Hong Kong-based fixed income banker who received her letter yesterday morning.

'I'll have to sort out my rent,' she said, as she ponders how to manage the HK$15,000 (S$2,860) she pays every month for her high-end apartment.

'Maybe I'll move in with a friend. If I don't find a job within the next two months, I think I'll move back to Singapore.'

The Merrill layoffs have sent a chill around the Raffles Place banking zone, with executives discussing the bleak job climate and how global banks are whittling down staff and cutting operations.

At UBS Singapore, two employees from commodities have been asked to go, while the investment banking team has seen reductions, sources say.

'The Asia-Pacific generally, and Singapore specifically, remain key and growing markets for UBS. Against this background, the headcount reductions are small. We also continue to hire selectively,' UBS told The Straits Times yesterday.

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Postby mintcc » Wed Oct 22, 2008 11:38 am

It's sad how some firms treat people when reducing headcount. For banking though, it is a high risk high return thing. hopefully they have save for the rainy day when they are getting 6-15 months bonus...

But I think the other sectors will follow suit soon...Construction is already slowing down.

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