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Jakarta Post

‘No more cakes, flowers’: Indonesian banks may escape global job cuts but not austerity measures

  • Riska Rahman and Esther Samboh

    The Jakarta Post

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Jakarta   /   Mon, November 4, 2019   /  01:41 pm
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A teller on a bank. (Shutterstock/File)

No more water bottles at the office and air conditioners turned off at 6 p.m. are enough telltale signs of austerity measures in the eyes of Rita (not her real name) at her workplace, a mid-sized lender controlled by a foreign bank. “There’s no more budget for client entertainment: no lunch, no coffee, no birthday cake, no flowers,” said Rita, who requested anonymity. “A lot of rotations are happening with unfavorable positions. Maybe the expectation is that staff will resign?” Tony, a 30-something employee of a local bank controlled by a foreign lender, plans to quit, but he says the decision is not based on cost-cutting measures by the employer but on considerations for personal growth. “Cost-cutting efforts have been going on for two years,” said Tony, who asked to remain anonymous. He mentioned limitations on business trips and onlin...