Foreign firms eye flexible, reduced hours amid crisis

Foreign companies represented by four major foreign chambers indicated plans for reduced work hours to cope with a worsening global recession.

Representatives of the chambers said flexibilities in their operations will avoid further retrenchment amid the current global financial crisis.

A survey conducted by the foreign chambers led by the European Chamber of Commerce of the Philippines (ECCP), the Australian — New Zealand Chamber of Commerce of the Philippines, British Chamber of Commerce of the Philippines, and the Canadian Chamber of Commerce of the Philippines showed majority are considering a flexible work week.

ECCP executive vice president Henry Schumacher told reporters in a news conference yesterday that companies should adopt flexibility measures that cover not only work hours but holiday leaves to serve as strategy to save and create jobs.

“We want to look at things on how to avoid retrenchments or maybe look at flexibility as an opportunity to create more jobs,” Schumacher said.

The survey also sought to find out how foreign companies are faring amid the global crisis, he added.

Of 85 respondents covering company directors and managers, 79 percent said the current economic situation has affected their human resource strategies and actions for 2009, while 61 percent said they are cautiously optimistic about the current business situation, while 27 percent are wary over the current environment.

The survey also showed that 34 percent of companies polled have not instituted lay-offs, reduced working hours or redundancy but stated that their plans depend on how business progresses during the year.

But 28 percent have already initiated freeze hiring policy while another 18 percent said they are hiring people.

Some 22 percent of the companies have instituted salary freezes for the year although 15 percent said they have even made salary adjustments.

Schumacher further explained it’s a good thing flexibility measures got the support of the Department of Labor and Employment. “The process we have at the moment is a very positive one,” he said.

The chambers also encouraged foreign companies to be open for dialogs with their staff to give employees an honest assessment of the situation, he added. –Ayen Infante, Daily Tribune