Well, it is that time again; the rise of the layoff axe as companies struggle to report results for the 1st Quarter 2009. So far none of the numbers have been good; they only appear good in theory. Either they are not as bad as analysts expected or they are downright forgery, as is the case with the banks. How hard would it be for you to show a profit if the government handed you tens of billions of dollars and the suspension of mark-to-market accounting rules allowed you to overvalue the "toxic" assets on your books? I'd show a profit and I'd take a bonus too.
The real truth underlying all of this reporting is, of course, the need to lay off more workers in order to improve the outlook for the 2nd quarter. Since wages are the highest expense of any business, businesses have no choice but to continue to reduce the minions for some relief on the books. The layoff numbers are not as daunting as they were initially but the cuts continue in every industry across the board. A simple search of the web reveals so many layoff tracking scorecards for technology, banking, retail, law firms, etc. it is sad to comprehend. Even the once mighty unions are starting to lose the fight to protect their workers from upheaval.
Now the rumor mill is hot and heavy at my husband's company this week. We are counting down 2 days til another d-day on Friday. It looks like the cuts will be deeper accompanied by a major re-organization. We are keeping our fingers crossed yet again. Remember we survived the first set at the beginning of the year. We join the ranks of those living quarter to quarter wondering how long our jobs will survive. It is a nerve-wracking way of living and coupled with all the economic news, it is hard to keep a good face. Yet, we will cheer if we make it past this week and hopefully breathe a sigh of relief that we don't have to face this all again until June.
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