MANILA, Philippines - Corporate layoffs due to the global financial crisis has abated with some firms even rehiring the displaced workers, the People Management Association of the Philippines (PMAP) said yesterday.
“The displacement of workers especially in the export sector has stopped,” PMAP president Grace Zata said.
Zata said that during the early part of the year, companies laid off some of the workers given the economic crunch that has plagued most countries worldwide. “There is no more panic.”
“During the first part of the year the companies were scared,” she explained. However, now she said confidence is slowly coming back as evidenced by the rehiring of the displaced work force.
Zata said the process may take a long time. She admitted that not all the workers who lost their jobs during the crisis may be rehired because rehiring, she said has a lead time.
She said things may return back to normal during the first part of 2010. “But right now they are already starting to operate normally,” she noted.
Zata said that during the early part of this year when there is a vacant position, firms will opt not to fill it in especially if someone can do the same job.
Zata said that firms are even starting to invest in training again.
“Now the companies are investing in training this means that the optimism is already coming back,” Zata said.