Monday, February 23, 2009

Wa budget

Cutting down budget costs

I thought only my company is doing this but in an informal chat with some business executives in Riyadh, the biggest oil company is also on the same track.

Whoever is that President of my country who earlier this month told her countrymen at the embassy in Riyadh that OFWs in Saudi Arabia are not affected by the global economic crunch is totally wrong.

Although laying-off employees is not yet the name of the game, big companies in the Kingdom are implementing budget cuts in stead.

According to one executive, the biggest oil manufacturer is paring down project budget costs.

“Sub-contractual companies that have won millions of dollar worth of jobs were called and asked to return their signed contracts and given substitute with pared down budgets,” the Lebanese executive said.

“It’s a take it or leave it decision that they are implementing,” he added.

The impact would surely affect manpower targets of these projects including OFW deployment and job security.

In the company that I am working particularly my division, we are told to cut around $3 million to contribute to the company’s target profitability otherwise no promotions and bonuses will be given by the end of the fiscal year. The bitter part is that heads will start rolling by then.

In a neighboring country where the mother company is based, a whole floor of the firm is totally cleared of employees and jobs.

Before politicians talk of word of make believe, the people should carefully read the signs of the times.

Along the street where my company is situated, Filipino workers are already being terminated. It may be very few but it is starting.



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Mugen said...

Kahit kami dito sa BPO Industry, nakakaramdam na rin ng Economic Crunch. Ganito yata talaga ang consequence ng Globalization.

To think parang napakaimposible bumagsak ng ekonomya ng Middle East, heto't pati sila ay apektado rin.