Singapore economy had a rough time last when the economy went through a recession. Jobs were had to come by due to the dwindling economy, which is a common sign that is normally associated with an economy in crisis. However, big companies in Singapore helped to shoot the pains on the people by employing more people last year.
In times of recession, big companies in other nations were cutting employments, reducing salaries, reducing work hours and using all sorts of methods to maximize their profits. Big companies in tiny Singapore proved to be different by creating more jobs than small and medium sized companies combined. The firms are really one of the biggest job creators in Singapore. This is due to their ability to employ.
Bloomberg reports new jobs created by big companies
According to a report by the famous journal Bloomberg, big companies in Singapore created more jobs compare to small and medium companies first time since 2013, when the economy began to struggle in the face of slow international trade and dull domestic demand.
It was a step in the right direction especially when the economy was struggling to survive turbulence period, both home and in abroad. Such employments were catalysts to help the economy to stabilize in a long run, without such feet, many people might have suffered the brunt of the economy in crisis.
Criteria of a big company
Companies whose annual revenue exceed USS$71m or S$100m or with a staff base of more than 200 people are regarded as big companies. These big companies didn’t reduce their staff base as it happened in other nations that experienced such challenging periods in the past.
Thousands of people were employed
All the big companies added a massive 4,300 jobs last year. Unlike the small and medium size companies that added just 2,100 to their workforce. The big companies employment rate was double that of small companies and medium size firms. This is an encouraging figure considering the fact that the economy was struggling in 2016.
The economy of every nation depends on several factors to develop or survive in a trying moment, Singapore has the big companies to thank among other firms that help to bring succor to the people when the economy was hostile and many companies were trying to cut cost by reducing their staff strength. The future is very bright with the economy fast recovering from the recession, Singaporeans are lucky to have companies that are willing to help in making the country better.
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