This week’s reports say it all - in the newspapers and the online business editions; it has been a terrible week in terms of job loss in the US. According to the leading newspapers and reports the job market scenario is looking bleaker than ever. In one week itself close to 50,000 positions have been announced to be eliminated in the coming couple of months by industry giants, from the pharmaceutical to the tech to the motor industry, everyone is feeling the high pressure crunch of the economic downturn.
Here is a snapshot which we rather hoped never happened, but it is just the first month of the year and if more such weeks are in store for us; it won’t be easy wriggling out of the recession any sooner.
According to a recent report on Yahoo:
- Pharmaceutical giant Pfizer Inc. to slash 8,000 jobs
- Sprint Nextel Corp. is eliminating about 8,000 positions in the first quarter as it seeks to cut annual costs by $1.2 billion.
- Home Depot Inc., the biggest home improvement retailer in the U.S., to get rid of 7,000 jobs.
- General Motors Corp. said it will cut 2,000 jobs at plants in Michigan and Ohio due to slow sales.
- Caterpillar Inc., the world’s largest maker of mining and construction equipment, announced 5,000 new layoffs on top of several earlier actions. An additional 2,500 workers already have accepted buyout offers, and ties have been severed with about 8,000 contract workers worldwide. In addition, about 4,000 full-time factory workers already have been let go.
- Just last week, Microsoft Corp. said it will slash up to 5,000 jobs over the next 18 months.
- Intel Corp. said it will cut up to 6,000 manufacturing jobs.
- United Airlines parent UAL Corp. said it would get rid of 1,000 jobs, on top of 1,500 axed late last year.
Update: and not a good one…
I thought 50k was big enough … and then I read the CNN Money’s headlines which screams: Bloody Monday: Over 71,400 jobs lost–Seven companies announce massive job cuts in a scary start to the week.
What I was compiling here earlier in the day has been better done here. A depressing news but it is what it is now.
Since this blog is more towards turning the tide towards the positive side; let’s once again visit the previous few posts which focus on how to deal with a layoff or how to manage your career during a recession:
Post Layoff 5 Step Successful Comeback Plan
5 Essential Tips on Thriving after a Layoff
Alternatives to a Permanent Full Time Job
Going Back to College – A Good Move during Recession
Recreate and Diversify in a Recession
Managing your Career during Recession
Best Jobs to have during Recession
Learning from a Layoff – is it the Right Time to Innovate and be Independent?
Managers and employers, if you want to get the best out of your employees in these uncertain times it is time to increase productivity and keep them away from the depressing thoughts and scenes of layoffs around. Here are some good tips on the OpenForum blog : 5 Tips for More Productivity in 2009
If you have been in a layoff recently what are you doing to maintain a positive outlook and reviving your job search strategies?