Recession and RIF

Today, we had an All Employees Emergency Meeting. Our Executive VP came here from the US to give us the news. The recession is inevitable. According to him, he talked to the Wall Street guys and the assumption for the length of recession is 5 to 6 years. And because the business is not doing good, we need to do a RIF (Reduction in Force). The reduction will be about 10% to 15%. We will just know who are included in the list tomorrow. The procedure will take 2 days. The RIF package is already generous compared to what the Labor Code requires. The 1Yr extension of the HMO enrollment is already a good offer by our company. RIF identified employees were selected based on redundancy and performance. It was not LIFO (last in - first out).

The meeting lasted for less than an hour and a lot of employees were speechless after it. Worries are evident on their faces. Faces of Recession.

We just hope that the market and the business will recover soon.