The Official Layoff Thread!!!

[DancingQueen]

Re: The Official Layoff Thread!!!

already in our small town of Pensacola, 3 of the Top Tier restaurants have closed in 2 weeks. The local GE plant has laid people off and others have had to take a 20% pay cut with mandatory unpaid Holiday "vacation". At the largest engineering firm, under 2 year employee's were cut. under 5 year took also a 20% cut. Employee's over 10+ years over 60 were offered early retirement packages which included my uncle who worked their for 15 years. I heard UPS drivers now have to load their own trucks.

shit hasn't hit the fan yet.

Wow that's intense....I am glad it isn't like that here in Ontario as of yet. I know some of our larger car plants (GM & Ford) have had some layoffs, but over the past 5yrs they have been doing that anyways.....hopefully they can come up with a plan to turn things around for all of you in the US that are being effected.

[DIDI]

Re: The Official Layoff Thread!!!

already in our small town of Pensacola, 3 of the Top Tier restaurants have closed in 2 weeks. The local GE plant has laid people off and others have had to take a 20% pay cut with mandatory unpaid Holiday "vacation". At the largest engineering firm, under 2 year employee's were cut. under 5 year took also a 20% cut. Employee's over 10+ years over 60 were offered early retirement packages which included my uncle who worked their for 15 years. I heard UPS drivers now have to load their own trucks.

shit hasn't hit the fan yet.

This makes me so angry . The average working person is paying for the excesses of the big guys

[timchalj]

Re: The Official Layoff Thread!!!

My Condolences to everyone - this is not the xmas present everyone was hoping for.

[anonin]

Re: The Official Layoff Thread!!!

I do web development and I havn't seen any layoffs where i'm at. yet.

[Misspent Youth]

Re: The Official Layoff Thread!!!

Work in the U.S. oil industry and we're taking a huge hit atm. Revenue is way down with companies shutting down production in many areas due to the surplus in oil supply's and oil hovering around the 40 dollar per barrel mark.

We're also budgeted to increase revenues in '09 by 16% in a steadily retracting market. We're 84% over budget for indirect labor costs and have become horribly inefficient due to a period of rapid growth, imho to the point of overextending ourselves.

The company I work for seems optimistic, but we've taken a beating the last 2 quarters of this year due to loss of revenue from hurricanes and the drastic slow down in the economy.

Unfortunately there is nothing I can do at the moment in my position to make myself indispensable. They've actually recently hired 2 people for less pay that they've been shifting my duties over too. It's pretty iffy at this point but it will be one of two things come January - a cut in pay or a layoff.

Trying to shore up my resume at the moment and regardless of what I find out come Jan start pushing ahead for something new. I really don't have much faith in my job right now.

I know what everyone is going through, best wishes to all and good luck weathering the storm.

Worse comes to worse I'm filing for bankruptcy and moving back in with my parents for a while.

[clintlove]

Re: The Official Layoff Thread!!!

^^^ Hang in there. You can come live in my pants!!!

[Misspent Youth]

Re: The Official Layoff Thread!!!

^^^ Hang in there. You can come live in my pants!!!

You've lost weight?

[FM]

Re: The Official Layoff Thread!!!

People really need to get a grip on things and start taking control of their own lives. It continues to amaze me how many live paycheck to paycheck and only rely on that one main source of income coming in, rather then try to find ways to make a bit extra on the side, or setup something that will allow it. Or make yourself indispensable if you can...it'll at least increase your chances of staying secure with things.

Don't let your future be controlled by some suit far away, or what have you. Job security is nonexistent no matter how good or rough things are.

That being said, even on my end where I work (television), our company & its stock have gotten hammered. While I and a few others got re-classified into full-time, the pay probably won't project such...but it was done partly because of the ridiculous turnover that kept happening. Layoffs happen a bit at times, but haven't really gone nuts in quite some time. Even still, our manager is going to start biting soon and threatening even the long-term full timers, because I think even HIS job is technically on the line...and he's been in the industry for like 20+ years.

On the other side, my brother-in-law is in construction in Florida...site manager...his company just dumped some dead weight recently as well.

Right now, I'm absolutely busting to get something going personally, that I can be in relative control of, that can make me the money I desire, and can help start up new streams along the way...so barring Armageddon, I don't have to worry about this crap of "how bad it is out there..."

[FM]

Re: The Official Layoff Thread!!!

http://www.cbsnews.com/stories/2008/...n4666112.shtml

Check it out...

Some of the Alt-A loans were apparently part of the subprime mess, so it's not totally "separate." That being said, it still is going to get rough, as the 2004 ARM loans reset after hitting the 5-year point next year, and the last peaks from '06 reset after 3. Pretty good segment either way.

Banks are literally so swamped with this shit, that it's effectively selective prosecution...you may get foreclosed, but they may not throw you out right away. You may face it, but an auction may not be held due to the paperwork shuffle. Lenders will work a forbearance out, or say no. Or they'll say this, or that, or something else, or change their mind the next day. Lenders will package and sell homes to each other like they do paper debts.

Another underlying problem I'm seeing is this: with home values still projected to decline upwards of 10% in areas, I use a comps service that allows me to see what's sold in the area of a target home I select (as I shop around for investment opportunities). This service is unique because it shows the mortgages obtained on said home sales (after all, homes still need to be bought & sold and they are). Many sales are still having mortgages taken out that are at least 90, 95, 97% (FHA loans allows 3% down) plus percent of the value. Won't take much of a drop where you suddenly have no equity, or are underwater.

1 out of 10 mortgages right now have at least missed payments. Half of all the modified loans are back in default again. People are either really getting swindled out there, or the stupidity of overbuying/can't afford the home is absolutely out of control. And yes job losses count too...few more months at the present rate we're seeing will effectively wipe out all the job gains of the past 3-4+ years.

[GreenLantern]

Re: The Official Layoff Thread!!!

I can be placed into the layoff statistics, I've been laid off for 3 months now.

[chunky]

Re: The Official Layoff Thread!!!

People really need to get a grip on things and start taking control of their own lives. It continues to amaze me how many live paycheck to paycheck and only rely on that one main source of income coming in, rather then try to find ways to make a bit extra on the side, or setup something that will allow it. Or make yourself indispensable if you can...it'll at least increase your chances of staying secure with things.

Don't let your future be controlled by some suit far away, or what have you. Job security is nonexistent no matter how good or rough things are.

That basically the problem with my fellow employees. They live month to month, get themselves neck high in debt and don't save anything. As a result the company has forced really aggressive annualized hours on us. Forcing us to be in debt to them to the tune of up to 5 months salary which we have to pay back if we leave the company. People agreed to this just because they couldn't afford to be laid off for 2 months on 33% wages. They didn't even consider other ways of getting some money for 2 months. Morons

[PROG]

Re: The Official Layoff Thread!!!

i work for the brown truck. next weeks calender has days where the're laying off pple.

[FM]

Re: The Official Layoff Thread!!!

^^could even get worse considering FedEx did pay cuts....

[Maff]

Re: The Official Layoff Thread!!!

I'm ok i'm back to work on the 5th jan and i've been told the gov
are doubling the amount of money the company spend a yr from 25 million to 50 million to try and combat the recession hope it works!

[chuckc]

Re: The Official Layoff Thread!!!

^^could even get worse considering FedEx did pay cuts....

my buddy worked for DHL for 10 years and they pretty much are laying off everyone....they shut down all there operations in the US