LayoffBlog.com

April 7, 2009

Some companies avoid layoffs, trim costs elsewhere

Filed under: FYI — 7macaw @ 11:51 am
Tags: ,

Even as the recession cuts deeply into their revenue, some companies are opting to do the unconventional. They’re keeping all their employees and finding other ways to trim costs.

For example, profits at Costco Wholesale Corp. are down 27 percent from a year ago, but the discount store has not laid anyone off. The only workers let go have been holiday seasonal hires.

Economists say it’s a wise move for some companies to keep their workers and cut elsewhere. “If you overshoot on the downside and lay off workers, it puts the company at a disadvantage when the economy comes back to life,” said Sean Snaith, economics professor at the University of Central Florida.

~News submitted by upthecreek

Source: The Salt Lake Tribune

March 13, 2009

U.S. Advertising Fell 2.6% Last Year

According to Bloomberg: “U.S. advertising spending dropped 2.6 percent last year as the worst recession since 1982 forced automakers, movie producers and drugmakers to slash marketing, researcher Nielsen Co. said. “

February 25, 2009

237,000 U.S. jobs lost in January

A total of 237,900 American workers lost their jobs through mass layoffs in January.
That was up 11,790 from the December total, according to a report released Wednesday by the U.S. Bureau of Labor Statistics.
The number of mass layoff events declined from month to month, even though the number of affected workers increased. The bureau counted 2,227 mass layoffs in January, down slightly from 2,275 in December.

Source: U.S. Bureau of Labor Statistics, South Florida Business Journal

February 19, 2009

Asian Joblessness to Balloon

Asia is likely to have 7.2 million more jobless people in 2009 than last year due to fallout from the global economic crisis, the International Labor Organization said.

It forecast the ranks of unemployed workers would likely balloon to 97 million in 2009 in Asia, the world economy’s star performer in recent years but where a third of the population still live on a little more than $1 a day.

“As global demand for workers contracts, the flow of migrant workers from developing Asia will moderate in 2009,” the ILO report said. “For labor-sending countries, this will exacerbate the challenge of mitigating job losses and generating new employment domestically.”

Source: The Wall Street Journal

February 17, 2009

Tech Layoffs Surge to 300,000

Layoffs in the tech sector are accelerating. It took exactly three weeks for tech layoffs to surge to 300,000, according to the Washington Post’s Layoff Tracker. Since late January, when the tracker hit 200,000 layoffs, another 100,000 job eliminations have been announced or completed. In contrast, it took five weeks for layoffs in the tech industry to hit the 200,000 mark, and >=four months for layoffs to hit 100,000 last December.

The past few weeks have particularly brutal for the technology space, with substantial layoffs announced by Pioneer (10,000), Cisco (3,000), Panasonic (15,000), NEC (20,000), Electronic Arts (1100) and AOL (700).

Source: The Washington Post

February 15, 2009

Mini expected to announce the loss of 850 jobs

About 850 job cuts and the end of week­end working at the Mini car plant near Oxford are expected to be announced tomorrow in the latest blow to Britain’s manufacturing.

The marque, owned by BMW of Germany, saw global sales accelerate slightly last year only to drop 35% in January. The Mini workers hit by the decision are contract staff with few employment rights – brought in to work alongside full-time employees on the production lines, which built 230,000 vehicles last year. However, the move to reduce output and cut 850 out of 4,500 employees will also affect dozens of supply firms and thousands of their staff who depend on Mini.

Source: The Guardian

February 13, 2009

Hilton is planning more than 1,000 job losses

Hilton Hotels Corporation (HHC), the US hotel operator, is planning more than 1,000 job losses under a $250 million (£175 million) cost-cutting program. HHC, controlled by Blackstone Group, announced plans to close its corporate headquarters in Beverly Hills, California, and move to Virginia last week. The 500 staff at its Watford[,UK] international center also expect big job cuts.

HHC declined to comment although industry sources confirmed that its offices in Watford, Dubai and Singapore would all suffer job losses. Insiders expect at least half the employees in Watford to lose their jobs as the old Hilton International headquarters becomes a European center.

Source: Times Online

Virgin Atlantic eyes 600 job cuts

Virgin Atlantic has said it is consulting with staff over the possibility of making up to 600 redundancies across the business.

The airline said it was reshaping its business to ensure it remained strong during the economic downturn. Virgin Atlantic employs about 8,500 people worldwide.

Source: BBC

Pioneer to exit plasma displays, lay off 10,000 workers

Hit by expectations of further financial losses, Pioneer Corp. has announced 10,000 job cuts, plant closings in the US and UK, and plans to leave the plasma display market. Job cuts will include 6,000 full-time salaried employees and 4,000 contract workers both in Japan and other countries.

In a move resulting in some 350 job layoffs, the company will shut down two overseas plasma display assembly plants, located in Pomona, California, and Castleford, Britain. Pioneer plans to exit the plasma display business entirely by March of this year, according to wire reports.

Source: betanews.com

February 12, 2009

Network Appliance cuts 500 jobs

The Sunnyvale[,CA]-based Network Appliance Inc. on Wednesday reported a $75 million loss in the third quarter, or 23 cents a share, and said it would cut about 6 percent — or about 500 people — from its global work force.

Source: Silicon Valley / San Jose Business Journal

Citgo to lay off 2 percent of work force

Filed under: oil,US — 7macaw @ 9:45 am
Tags: , ,

Citgo Petroleum Corp. on Wednesday said it will cut about 75 employees, or 2 percent of its work force, as part of restructuring efforts.

Those impacted by the layoffs are being offered special separation packages, according to Citgo.

Source: Houston Business Journal

January 13, 2009

US Economy Could Lose 2 Million More Jobs

Filed under: FYI,unemployment,US — 7macaw @ 7:52 am
Tags: , ,

“During 2008, total nonfarm employment declined by more than 2.5 million and the sharp declines in the Employment Trends Index suggest that in 2009 this number could grow by another 2 million,” said Gad Levanon, Senior Economist at The Conference Board. “The continued deterioration in the Employment Trends Index signals that no turnaround in the labor market is to be expected in the near future.”

The Conference Board Employment Trends Index (ETI)™ fell further in December. The index now stands at 99.6, decreasing 1.6 percent from the November revised figure of 101.2, and down almost 16 percent from a year ago.

Source: The Conference Board press release.

January 7, 2009

Not concerned about layoffs, still expecting raises

Filed under: FYI,US — 7macaw @ 5:48 pm
Tags: ,

A survey by Glassdoor.com shows many employees still aren’t very concerned about layoffs:

While more than half (52%) of employees admit they are working harder to avoid layoffs, 4 out of 5 employees say they have no concerns about being laid off in the next 6 months. However, when it comes to coworkers, more employees are concerned the jobs of others in their company may be in jeopardy – 42 percent are concerned other employees may lose their job in the next 6 months.

And while 74% are willing to take on more projects or responsibility to avoid being laid off, only 30% would accept a cut in salary or wages.

57% expect a bonus and of those the majority expect the bonus will be the same or more than their last bonus. 40% expect a raise in the next 12 months, equally split with those who don’t (40%) and 20 percent are unsure.

January 5, 2009

Laid off? Hyundai will take your car back

According to CNNMoney: “Hyundai Motor America is taking aim at Americans’ worries about job security: If you buy a new Hyundai and lose your job within a year, you can give it back.
“With no extra charge to the sticker price, the program pays the difference between the car’s trade-in value at the time the owner files a claim and any remaining balance on the loan up to a maximum of $7,500.”

January 4, 2009

Asia: Slowdown takes a toll on industries

According to China Daily: “The financial tsunami has triggered panic around the world, with its impact taking a heavy toll on a variety of industries in Hong Kong. Turmoil in the global credit markets has severely weighted down earnings of the banking and finance industry, which triggered a wave of job cuts among local banks.”

  • Starting from September, Europe’s largest bank HSBC laid off 4 percent of its worldwide back-office staff, including 100 employees in Hong Kong
  • In November, HSBC axed 450 jobs in Hong Kong in its second round of layoff.
  • In early November, Southeast Asia’s biggest bank DBS trimmed its workforce by 6 percent, or 900 jobs, in its Hong Kong and Singapore operations
  • Standard Chartered Bank, a UK-based lender focused on emerging markets in Asia,shed 200 jobs – 4 percent of its staff – in Hong Kong in early December.
  • Banks in Hong Kong may further reduce their staff numbers in the first half of 2009
  • In early October, Hong Kong toy maker Smart Union Group closed down its two factories in Dongguan, throwing almost 7,000 workers into unemployment.
  • Around 5,000 factories in the region had already closed down amid the financial meltdown.
  • The Christmas sales in the US tumbled around 20 to 30 percent this year, which means the export market for the mainland has significantly shrunk
  • Hong Kong-funded factories in the PRD may close down in 2009
  • The bankruptcy of Lehman Brothers in September has also severely affected more than 40,000 holders of Lehman’s minibonds in Hong Kong

Stepping into 2009, economists expect it may take quite a while for the territory’s economy to bounce back, according to China Daily

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