OTHER THINGS IN THE WORLD THAN MUSIC > Everything and Nothing

Layoffs, downsizing, retrenchment, whatever you call it

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mgriffin:
It seems like the economy is in rapid-shrink mode, and huge layoffs are being announced every day.

I'm not too interested in a political blame-assignment discussion about the economy, but I'm curious how many people reading this forum have been touched, or spared, by layoffs.

At my "day job" the discussion came up.  So far we've been able to avoid letting anyone go, and have managed to reduce the workforce almost 25% by attrition.  But now nobody wants to quit, with the holidays coming up, and other jobs harder to come by, so we're having to discuss the possibility of letting some people go soon.  Lots of the other businesses we work with have done huge layoffs, like 25-40% of their work force. 

So, thoughts?

Mark Mushet:

--- Quote from: mgriffin on November 11, 2008, 05:42:11 PM ---It seems like the economy is in rapid-shrink mode, and huge layoffs are being announced every day.
I'm not too interested in a political blame-assignment discussion about the economy, but I'm curious how many people reading this forum have been touched, or spared, by layoffs.
--- End quote ---

No effect whatsoever...so far. Most of the "problems" are long overdue for correction though. I mean, it is sick to measure an economy's health by factors such as car sales.

I can't believe unions and entire families jumped into that business in the last few decades and expected to see "business as usual" continue as it was.

SunDummy:
The credit crunch has hit our company.  Last spring, we realized we would need a bridge loan to get us through from Nov. '08 to March '09, after which we would be flush.  Thriving, in fact.  So, this summer, we applied for a loan at our bank; they just turned us down this week, saying that they were overextended because of the housing market collapse, and that they were freezing all loan activity. 

Now we're scrambling to find an alternative source of funding.  We may have to lay people off until next March, but we really, really need the staff right now to get the work done until then.  This is gonna be interesting; we may go to half-salary, half-time, or something equally unappealing.   :(

No matter what happens, at least I'm fairly confident that we'll be in great shape next spring, so this is just temporary for me.  Knock on wood.

avec:
I'm very worried right now.  I have saved up just enough money for a healthy down payment (20%) on a condo and am ready to close the deal on Monday.  So I'm preparing to be out a lot of money soon to begin with.  Additionally, just last night USPS has announced possible 40,000 jobs may be cut.  They are offering early retirement for people without incentives.  Not many are foolish enough to bite in a recession such as this.  So the only way for the post office to recoup their losses is to take out the workers at the bottom.  I am the lowest in seniority in my office so I would be the one to go if my office was targeted.

I like my job, work very hard and could see myself making a lifetime out of it.  Needless to say it would break my heart were I to become a victim of economic circumstance. 

Joe R:

--- Quote from: Mark Mushet on November 11, 2008, 06:02:16 PM ---
--- Quote from: mgriffin on November 11, 2008, 05:42:11 PM ---It seems like the economy is in rapid-shrink mode, and huge layoffs are being announced every day.
I'm not too interested in a political blame-assignment discussion about the economy, but I'm curious how many people reading this forum have been touched, or spared, by layoffs.
--- End quote ---

No effect whatsoever...so far. Most of the "problems" are long overdue for correction though. I mean, it is sick to measure an economy's health by factors such as car sales.


--- End quote ---

Mark, how is it "sick" to measure an economy's health by car sales? If you said "short sighted" I'd agree, although it's served my state well for a hundred years or so. Granted, by it's very nature, an automobile is a dirty product, but in this society it's also a necessity. Do you drive a car, or ride a bus?

Here in mid-Michigan, my brother is supporting a wife and 3 kids with a white-collar job at a GM plant in Saginaw. He's very afraid for his job right now, what with the dire situation GM is under, especially in the last few weeks. If GM goes into bankruptcy it'll most likely pull Ford and Chrysler under as well, because GM will be selling their vehicles dirt cheap to pay off their creditors. If that happens, the whole world economy will go into the tank much farther than it is now. It won't be just a local thing.

By the way, GM is planning to unveil an electric car in the next few years, if it is still a functioning company.

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