Friday, November 7, 2008

The layoff ax is falling hard

This economy is really starting to hit people where it hurts: at work.

A few months ago, I knew many people who were cutting back on discretionary spending but most of them weren’t worried about their jobs. No one I knew had lost his or her job.

Unfortunately yesterday, two people I know were laid off. They worked in different states and at different companies. And that's hardly the end. The company I work for is planning to lay off 10 percent of its workforce. I read yesterday that Fidelity Investments in Boston is planning a major layoff. Those folks would join the hundreds of thousands already laid off this year

To be on the safe side, Single Ma, who writes the Fabulous Financials blog, says she's beefing up her emergency fund to cover her for a full year. Good idea if you can afford to do it.

Are you worried about your job right now? And if so, what kind of contingency plan do you have in place to make sure you're alright if you lose it?


Butterrfly said...

Personally, I think anyone employed by the private sector who is paying attention to the news, should be concerned about their job AND consequently should have a updated polished resume on hand. Being a resilient survivor of a mass layoff just a few years ago, my corporate zen mantra is and continues to be "gotta be happy to stay but ready to go" -seriously ready to go at any given moment, because the business will ALWAYS protect its wallet before it even thinks yours.

Product Junkie Diva said...

I agree with Butterrfly when it comes to the company considering company interests above that of their employees. I honestly do not see a layoff coming my way, but I was raised to be prepared so I am stashing away more cash that usual. If I were laid off tomorrow I would actually be able to live comfortably at the same standard of living for a few years. However, I still plan on increasing my savings. I had plans of starting my own business but the timing may not be right...sigh.
In the meantime, I will save my little heart out.
Have a great weekend Keith.

Mia6998 said...

I think the layoff ax is falling this coming week at my job.

Plan B for me is to get out of my lease, put my stuff in storage, move home and go to grad school.

I know Butterfly said to have your resume ready but right now their aren't jobs out here and the jobs that are available they are getting more applicants than ever before. Two years in grad school would give the economy and job market some time to recover.

Not to say I wouldn't look for something but it would probably be more towards a part-time/freelance position vs a full-time job. Cause if you notice the job boards places are still hiring part-time/freelance positions because they don't have to pay them benefits.