Quote:
Originally Posted by Unregistered
But given the really poor market now would it be better to take up a contract and wait for 6 months to 1year to convert it to a perm or to delay employment and die die find a perm job?
I understand that contract renewable is subjected to approval by management but it seems based on many experiences of my friends the banks are happy to convert their contracts to perm after 1year or so.
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I think you need to be realistic about the situation. You seem to have a misguided impression of what's happening in the banking world.
Perm headcount freezes have been happening since early last year across most banks. Even contract renewal is a 50:50 chance now as downsizing and offshoring is happening everywhere. You will be lucky to even secure a renewal after 6 months, banking everything on them offering you a perm position after 6-12 months is just asking for trouble.
Sure, there will always be the top 10% who are really good, lucky to get good connections etc who make it, but this is more strike 4D than anything. Reality is your job search in banking world so far after 3 months has been largely futile, this is the clearest indication of what's happening in many industries in Singapore. The good old days are gone and the new norm is setting in.
Top scholars and ivy-leaguers will always have plenty of opportunities offered by MNCs and banks, but normal people need to be flexible and not limit their options unnecessarily.