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SINGAPORE: The current economic downturn is forcing Singapore companies to consider all measures to stay afloat, including slashing jobs. However, other firms believe that retrenching staff may actually cause more harm than good.
They said their employees are critical when it comes to developing and maintaining a strong brand, which can help companies ride out difficult times.
Companies which have poured time, money and effort into developing their brands tend to place a high value on the employees who have contributed to the brand's success. And they are reluctant to let any of their staff go just to save costs.
Dr W.C Cheng, executive chairman, Thomson Medical Centre, said: "You have to keep your good people - the people that make the brand good. These are always being competed against, pinched away."
Companies said that if they lose their staff, they will lose the service offerings that strengthen the brand.
Instead of cutting staff numbers, some firms are even seeking to upgrade the skills of their staff. They hope this will help give them an edge once the economic downturn is over.
Nelson Ham, director, DN Hybrid, said: "We'll probably try to send them for enhancement courses, so that we'll be able to take up more challenging jobs that other contractors would probably not be interested in."
The companies were speaking on the sidelines of the announcement of the finalists for this year's Singapore Prestige Brand Awards, organised by the Association of Small and Medium Enterprises on Tuesday.
44 firms have been shortlisted for four categories of awards and the final overall winners will be announced in December. - CNA/vm
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