Sunday, November 09, 2008

While the West axes jobs, Asia cuts pay but not DBS Group

It is a corporate culture that the West risk losing of jobs as a global recession kicks in. However, the East usually practice pay cut instead. Singapore DBS Group, largest Southeast Asia bank, has announced decision to axe 900 jobs after reporting 38% fall in profit. Certainly, DBS Group is an exclusion of the norm of the East.

"In the Confucian mindset, the right thing to do is to share the burden. There's that sense of collective responsibility whereas in the West, it's more about individual survival," said Michael Benoliel, associate professor of organizational behavior at Singapore Management University (SMU).

A cultural divide? While the West axes jobs, Asia cuts pay [via]

DBS cuts 900 jobs, reports 38% fall in Q3 profit [via]

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