A survey by global management consultancy Hay Group released last Friday (4 Apr 08), shows Asian employers are starting to brace themselves for the economic downturn. it found that 81% of Asian companies polled are planning to freeze or decrease headcount in 2008.
About 33% of the 140 Asian companies polled are also currently freezing or looking to freeze their employees' base salaries. In comparison, only 15% of the 863 non-Asian companies polled are preparing to do the same.
A total of 1,003 companies comprising mostly of multi-natoinal corporations across sectors such as energy, retail, healthcare, and finance and banking, were from 80 countries worldwide. Of these, 770 are from non-Asian countries. There are no figures of Singapore companies polled.
Although Singapore doesn't look as gloom as compared to the region, we would need to brace ourselves for cyclical downturns. Besides, the inflation has escalated in the last 1 year. Cost of basic necessities have climbed vigorously during this period, causing some extend of panic buying of basic necessities (eg, Rice) by consumers.
I had a recent look at my financial aspiration. If I could vest some funds separately, into various investment that matures every 3 to 5 years, it could result in having mature investment every 2 to 3 years interval. With that, I will not be at the mercy of economical upheaval wouldn't I?
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