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alstry (35.34)

Jobs Evaporating In America

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October 23, 2008 – Comments (5)

GM to start involuntary layoffs of salaried workers: WSJ - MarketWatch

Chrysler to cut additional jobs

Goldman Sachs to cut 10%, or 3,250, of its jobs: Journal

Merck says 2008 restructuring to cut workforce 12%

Jobs cuts are gushing in daily.....companies are cutting 10% of workforces or more without blinking an eye......and it is not just limited to one industry anymore......

Airlines, Autos, Banking, Construction, Drugs, Government, Healthcare, Insurance, Manufacturing, Retail, Restaurants, and much much more......

Pretty soon we will blow through 10% unemployment on the way to 20%....30% and more......

Unless we restructure and restructure SOON!!!!!!!!!.... It will not be too long before half the people in your neighborhood will be unemployed.....what do you think that will do to home values????

 

5 Comments – Post Your Own

#1) On October 23, 2008 at 9:26 AM, alstry (35.34) wrote:

Cooper Industries net rises 20%, cutting 1,000 jobs

Technology companies are now starting to lay of massive numbers of employees.

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#2) On October 23, 2008 at 9:46 AM, lquadland10 (< 20) wrote:

It will finally bring them down to where they need to be.

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#3) On October 23, 2008 at 12:00 PM, russiangambit (29.28) wrote:

I could never understand why the first response to any adversity from a CEO is, - cut jobs.(Do they leanr anything else in Business School? I know, I did).  And they are cut without any detailed analysis of what that will mean. I work in IT, and even though I personally never lost a job, I've seen so many lay offs, I have no loyalty left to any company. I proudly say that I am an IT mercenary, I will work for anyone who pays the most money and I will leave immidiately should I get a higher offer. I wasn't like this when I frist started working in the US.

Lay offs destroy morale and long term impact on the bottom line is often negative because critical knowledge and loyalty is lost.

IT is always one of the first things to be cut in a downturn. I worked for Hewlett-Packard once, they have a hobby of laying off thousands of people every 6 months so that their bottom line looks better. They lost a lot of essential knowledge through this process, since  it is not quite as simple to transplant knowledgfe from one brain into another. -)). Their IT is a joke, nobody wants to work for them anymore, their IT turnover is terrible and they have no clue how 50% of their IT systems work. One day it will all crash around their ears.

I guess, my point is, US company shouldn't be so trigger happy. It hurts them in a long run and it actually drives up their cost.

Again back in IT, when you don't know how your systems work, you spend much more time fixing the problems, you have to hire more senior people to fix them because only they can figure it out without. It would've been much better just to keep an average Joe there through the years happy, supporting this paticular application with low drama.

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#4) On October 23, 2008 at 1:25 PM, dinodelaurentis (72.88) wrote:

wh would have thought that a leading IT company like Hewlett-Packard would have a higher turnover rate thatn a fast food resteraunt?

"Our most valuble resource is our human resource." LMAO.

it's always the little people that drag the great ones down, isn't it?

remember when the Enron Ethics Manual was a hot item on Ebay?

i stopped listening to this drivel 20 years ago. like russiangambit i work for the highest bidder. and they only rent me then...

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#5) On October 23, 2008 at 4:36 PM, alstry (35.34) wrote:

AP Xerox to cut 5 pct of staff;

Thursday October 23, 1:03 pm ET

Xerox to cut 3,000 jobs, 5 pct of staff, as US businesses clamp down on buying equipment

YOU THINK I AM JOKING ABOUT MASSIVE UNEMPLOYMENT RATES?????????

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