No JOBS

With recession looming, companies in the UK are closing down their business fast and laying off people, giving rise to increase in unemployment to a new alarming rate.

The economic downturn has gone from bad to worse, and with the trend, it is likely that the job loss in UK could hit a million when Christmas comes in December.

The unemployment rate has been the sharpest increase since the last 16 years. Similarly, the number of people applying for the unemployment benefit has risen by 32,500, a number only matched by the bad recession in 1992.

In August, the number of job loss recorded a 6-digit figure of 110,000, the first time such digit was achieved. The August loss, combined with the previous losses, make up a staggering total of 900,000 job redundancies overall. And as the economy continues to plunge downwards, it will only be a matter of time the magic figure of one million is hit.

Workers in banking, manufacturing and services sectors are the worst affected.

On the other hand, while companies are still hiring, it is moving at a snail’s pace and the number of job vacancies made available has gone down significantly by some 15%. It is clear that at the moment, companies are reluctant to hire more staff, and even if they do, they’ve been very selective in getting only the right candidates for the job.

Lehman Brother's EMP

When told that their company has gone under, Lehman Brothers’ employees in the UK packed their stuff and went home, seemingly resigned to the fate that they won’t see their September salary.

That means many of them would not enough money to cover their range of usual expenses including mortgage, hire purchase, rent, food and groceries, and other expenses.

However, all is not lost after the company’s administrator, PricewaterhouseCoopers (PwC) which took over the management promised the 4,000 odd workers will be duly paid their salary. The employees have also been asked to come back to office and complete the month.

The only slight hiccup is that instead of getting the salary payment on the usual third week cycle (around 20th of the month), the workers will get their earning a little bit late, but effort is being made to ensure the staff are paid before the 30th September. No decision has been made on bonus, but from the look of things, bonus give outs are unlikely occasion.

When PwC first stepped into the office, the audit firm was unable to find enough cash, and was seemingly short of $75 million required to settle the September wages. It sparked panic until the winding down of several key positions started to generate some cash flow.

AIG Rescued

For now, more than 110,000 employees of AIG (American International Group) worldwide can breath a sigh of relief, after the US government moved to bail the company out and prevent it to collapse.

The private financial firm was on the brink of a financial disaster and seemed destined for the same fate as Lehman Brothers, which went bankrupt this week, until the last minute intervention by the Federal Reserve.

Ironically, Lehman Brothers went to Fed for assistance but was refused help.

AIG’s main financial problems lie in its insurance of mortgage-backed securities, and risky debts. In the rescue packaged agreed, the Federal Reserve would be injecting $85 billion of fund in return of majority shareholdership with 79.9% stake in AIG. The Fed will now have power to restructure the management team, and is expected to remove some of the senior managers.

The bulk of AIG employees are stationed in their main regional offices, including in New York as their global headquarter, London, Paris and Hong Kong. The company provides a broad range of financial services ranging from property, auto protection, life insurance, casualty, annuity, IT services and investment.

In 2008, Forbes named AIG as the 13th largest company in America, and 35th largest in the world with $110 billion revenues.

Working in MNC also not so secure weiiii .....

Workplace - Surviving Tips

Now, it is no secret. Work is hard. Surviving in a workplace is hard. Gone are the days where people stay loyal to one company their entire life. My mother worked 1 job for 30 years before she retired. Growing up, I was amazed with that fact and I told myself when I got my first job, I would stay for 30 years. As of now…my current job is my 4th.

Working in human resources, I have seen people come and go. I have conducted many exit interviews…trying to figure out the how to stop people from leaving their job especially those whom are unhappy with their work. I wish I could find a solution that will help them as well as myself.

After 7 years of observing people and myself, in my personal opinion there are 3 factors that can really help you to stay longer in a company and create job satisfaction for your career longevity.

1. Your Boss

When I am asked, what is the most important thing for me in a workplace, my answer is simple - ‘my relationship with my boss’. This can make or break your career. Your boss determines your career path, your promotion, your increment, your visibility and your development. Always maintain a good relationship with your boss. It is your duty to make your boss look good. Always make your boss your #1 priority at work. Most importantly, always make sure you communicate well and openly with your boss about your work and be willing to take feedback.

2. People at Workplace

I used to go to work thinking it would be great if I can make friends. It does not work for me and I think it probably does not work for many people. There are some many personalities at work and workplace politics are so complicated.

If you become emotionally involved with the people around you, it distracts you, it frustrates you when you don’t get what you think you should get from your ‘friend’, you feel obligated, you want obligation etc. See people with a professional eye not with an emotional eye.

Socializing is the last thing you should be worried about instead talk about work. Make sure, you create an impression that your #1 thought is work and nothing else. Now, this might sound anti-social but it is not, the more you are less emotionally involved with people around you, the less chance for you to be frustrated by people. Take note : I said emotionally involved …not totally don’t get involved with people…you can be friendly and nice (you should) in a professional perspective. You’ll be a lot happier.

3. Work

You really need to watch this. It can bring you wonders or it can totally destroy your career. This is what you are paid to do. This is your value to your company, your boss and to your colleagues. ALWAYS, be on top of your work. It is ok, if you have to slug it out for while, but make sure you are always in control of your work. Always plan your work on time and always produce the best quality of work in the shortest time possible. When you take charge of your workload, you will feel less pressured and a lot more excited to take up other challenges. You will send a positive message to your boss and you will earn the respect of the people around.

These 3 factors link up with each other to make your work life more happier, fruitful and longer.

The Author: HR Officer

Workload

Getting a paycheque - good for your bottom line, but not your waistline. Rushed meals and poor snack choices has made work itself a risk factor for weight gain. So the Expert Says. Here's how to beat the flab:

• Eat at planned times. Waiting until you're famished can prompt unhealthy options to satisfy cravings. Scheduling lunch is especially important when your day is hectic.
• Instead of buying chocolate or chips, bring snacks such as fruit and cheese.
• A proper work-home balance will reduce stress, a trigger for weight gain.
• During breaks, take a walk. Even a 15-minute walk can help your fitness - and clear your head.

I hope this will work well with me, my new job function requires me to work more than 10 hours a day sometimes. (8.30 am to 10 pm)