Job Cuts Just Keep Happening

Spooner

Lifer
Jan 16, 2000
12,025
1
76


<< U.S. businesses announced plans to cut 112,649 jobs in April, up 10 percent from 102,315 announcements in March, according to the Chicago-based firm Challenger Gray & Christmas. It was the 16th time in the past 17 months that announcements exceeded 100,000. >>



Check out the unemployment rate graph on this site
 

wyvrn

Lifer
Feb 15, 2000
10,074
0
0
Economy is rebounding, but most experts I have seen say new jobs don't come until a quarter or two after the rebounding happens.
 

Texmaster

Banned
Jun 5, 2001
5,445
0
0


<< Economy is rebounding, but most experts I have seen say new jobs don't come until a quarter or two after the rebounding happens. >>



And of course companies used the economy as an excuse to lay off more people than they truely had to.
 

wyvrn

Lifer
Feb 15, 2000
10,074
0
0


<<

<< Economy is rebounding, but most experts I have seen say new jobs don't come until a quarter or two after the rebounding happens. >>



And of course companies used the economy as an excuse to lay off more people than they truely had to.
>>



I think its knee jerk reaction. When the economy does bad, every over-reacts like its the first time in history it has happened. Listening too much to the doom and gloom press.
 

Texmaster

Banned
Jun 5, 2001
5,445
0
0


<<

<<

<< Economy is rebounding, but most experts I have seen say new jobs don't come until a quarter or two after the rebounding happens. >>



And of course companies used the economy as an excuse to lay off more people than they truely had to.
>>



I think its knee jerk reaction. When the economy does bad, every over-reacts like its the first time in history it has happened. Listening too much to the doom and gloom press.
>>



I think its more than that for some companies though.
 

wyvrn

Lifer
Feb 15, 2000
10,074
0
0
Trying to maximize profits and just get rid of what they consider dead weight?
 

gunf1ghter

Golden Member
Jan 29, 2001
1,866
0
0
Exactly.... when companies have 4-6 straight bad quarters then they start doing some serious "re-organization"... all of the high tech industries have been hammered, but I'm fairly confident things will start really re-bounding by this time next year, or even by this year's end.

It would seriously help if idiot economic analysts stopped valuating companies at 40X next year's earnings.

It would help if CEO's and other top executives stopped giving themselves 10, 20, and 100 million dollar bonuses when their companies are in a nose-dive.

It would help if large cap trading firms stopped dumping and buying millions of shares every day like 18 year old day trading idiots

PS, didn't they pass some kind of special unemployment deal for high tech workers who get let go?
 

Texmaster

Banned
Jun 5, 2001
5,445
0
0


<< Trying to maximize profits and just get rid of what they consider dead weight? >>



Its what I'm seeing. Where I work, they cut the workforce back severely but the work is still coming in in droves. I've had to refuse work a few times because no one is free in my group :(
 

Ferocious

Diamond Member
Feb 16, 2000
4,584
2
71
Yeah job cuts do suck.

Often it's an easy and quick way to cut costs...and get next quarter's financials looking better.

I'm definately a capitalist, but not an extreme one. I wish more American companies were a LITTLE (but not a lot) more like their Japanese and European counterparts....when it comes to layoffs. They tend to try harder to keep their employees on the payroll and look for other longer term ways to improve financials.

Though it's a topic for another day.....this whole issue has a lot to do with the 401(k) revolution.
 

wyvrn

Lifer
Feb 15, 2000
10,074
0
0


<< Its what I'm seeing. Where I work, they cut the workforce back severely but the work is still coming in in droves. I've had to refuse work a few times because no one is free in my group >>



Same thing at the company I just left. We outsource desktop/helpdesk, and had just gotten our biggest client EVER when the announced the biggest layoff ever. They hired all new employees for the new contracts and didn't invite the ones back they laid off, and some of these people had been there for years. I guess they didn't fit the new image the company was trying to project :(
 

gunf1ghter

Golden Member
Jan 29, 2001
1,866
0
0
But it's good for everyone there!

Especially the HP and Compaq execs who will make millions as they whack jobs and reduce competition in the marketplace!

hooray!
 

Gunbuster

Diamond Member
Oct 9, 1999
6,852
22
81
Duh you lay people off, then hire new people. seniority/raises are gone, 401k vesting gets restarted, .........
 

gunf1ghter

Golden Member
Jan 29, 2001
1,866
0
0
Ya, that does seem to be the current corporate strategy... lay off the more senior people and hire new blood that will work for half of what the old guys made with no benefits. The problem is that it creates an extremely mercenary culture, employees have no loyalty to their company and will leave at the earliest better offer. It is totally a short term strategy and me predicts it will bite them in the ass in the next 5-10 yrs.
 

Mje

Member
Jun 25, 2001
188
0
0
I'm unemployed. :) I'm glad I don't have any bills.... Unemployment doesn't pay much.
 

Danman

Lifer
Nov 9, 1999
13,134
0
0
My Dad has been out of a job the past three months after Sun Microsystems laid him off, it is sooo hard for him to find a job within his expertise. :(
 

matmax

Senior member
May 20, 2000
571
0
0
i got canned 1 week after 9/11, i just started working 3 months ago after being in the ranks for 3 1/2 months and i consider myself fortunate. i took a lesser paying job, but got out of traveling 75% of the time and my current company has better benefits and is unique in that they promote from within, even across different divisions. for all of you that are unemployed and or about to be, good luck and i hope you are at least as lucky as i was. just remember it's not you, it's the economy and just keep pluggin away and eventually it will work out. unemployed is gonna be the hardest job you'll ever have had but it will work out, it always does. like i said hang in there and keep pluggin away!
 

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
Job Cuts Just Keep Happening And we keep on buying foreign made products. Hmm, I wonder if there's and correlation? But not to worry things will pickup once the median wage in the US is what it is in the thrid world.
 

Linux23

Lifer
Apr 9, 2000
11,303
671
126


<< Exactly.... when companies have 4-6 straight bad quarters then they start doing some serious "re-organization"... all of the high tech industries have been hammered, but I'm fairly confident things will start really re-bounding by this time next year, or even by this year's end.

It would seriously help if idiot economic analysts stopped valuating companies at 40X next year's earnings.

It would help if CEO's and other top executives stopped giving themselves 10, 20, and 100 million dollar bonuses when their companies are in a nose-dive.

It would help if large cap trading firms stopped dumping and buying millions of shares every day like 18 year old day trading idiots

PS, didn't they pass some kind of special unemployment deal for high tech workers who get let go?
>>





I agree totally. I mean, thank god, so far, the company I work for is private, and has a no layoff policy. but who knows what the future holds!:(