Here is something that those in consulting might see once in a while. This is unfolding as I speak so lets leave out the details but it shows how the FT policy has evolved.
One of the major MNCS that came on board 8 to 9 years ago and has created such a major profile in Singapore handling the high end of the market in its industry is now facing cost-cutting. In Singapore they have been voted one of the best employers and they have sponsored major events.
All the people in the Singapore Offices, occupy either band one or two except for support staff such as PA etc. These bands are identical to its head office and the highest grades except for Managing Group in the head office. And there are a lot of staff. As part of the cost-cutting, a team flew in to map jobs and processes that can be done at a cheaper location so clearly jobs will start to go and the majority are expats. Such things are part and parcel of the industry.
What no one expected was the revelation that the mapping exercise had in store. Such exercises cover end to end so that no process is left out. When they mapped the jobs of Band one and two staff they were shocked to find that they were doing stuff that should have done by an entry level grad or even a clerk. The first cut revealed a massive cost savings that was record breaking. Someone immediately tagged it Yamashita's gold.
The staff apparently have been taking stuff directly from head office and re-badging it with little value add.
So Singapore did not bring in the skillset or the brain pool was never on the island in the first place. All it did was drive high end property prices so that our eilte can earn rent. High property prices eventually will travel down the property ladder and we have the Mah Bow Tan story.
One of the major MNCS that came on board 8 to 9 years ago and has created such a major profile in Singapore handling the high end of the market in its industry is now facing cost-cutting. In Singapore they have been voted one of the best employers and they have sponsored major events.
All the people in the Singapore Offices, occupy either band one or two except for support staff such as PA etc. These bands are identical to its head office and the highest grades except for Managing Group in the head office. And there are a lot of staff. As part of the cost-cutting, a team flew in to map jobs and processes that can be done at a cheaper location so clearly jobs will start to go and the majority are expats. Such things are part and parcel of the industry.
What no one expected was the revelation that the mapping exercise had in store. Such exercises cover end to end so that no process is left out. When they mapped the jobs of Band one and two staff they were shocked to find that they were doing stuff that should have done by an entry level grad or even a clerk. The first cut revealed a massive cost savings that was record breaking. Someone immediately tagged it Yamashita's gold.
The staff apparently have been taking stuff directly from head office and re-badging it with little value add.
So Singapore did not bring in the skillset or the brain pool was never on the island in the first place. All it did was drive high end property prices so that our eilte can earn rent. High property prices eventually will travel down the property ladder and we have the Mah Bow Tan story.
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