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Old 22-04-2020, 02:07 PM
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Don't know where you got your source from regarding OCBC freezing headcount. Anyway, even without the three local banks promising not to cut jobs during this crisis, they already have a reputation of offering high job stability. Vis-a-vis most international banks and especially the bulge bracket, two things stand out. One, their much lower retrenchment rates and two, the much higher average tenure of their employees. This means great job stability, but that's just one side of the coin. The flip side is the much lower bonus payouts, generally inferior salaries and lack of dynamism. You cannot have your cake and eat it; if you pledge zero job cuts, that means even your bottom performers don't get cut and that means deadweight that you can't shed. While many companies are busy restructuring and retrenching to stay competitive and better position themselves for the eventual recovery, the three local banks have decided to take a different approach. This approach is reflective of the broader Asian boomer culture within the local banks, which is characterised by risk aversion, rigidity and resistance to change. When you join a local bank, you are choosing stability over dynamism.
stability is a nice way of saying, cannot jump out because no one wants you.
'stuck' is another perspective.

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