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Economy and Jobs
Old 08-17-2008, 07:20 AM   #1
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Economy and Jobs

Some bad news. We live in the mid west. two BILs have are either losing jobs or could.

1 of them received notice that they are offering buyouts. If the company does not get its quota, they will layoff people. He is 47 and worked there for about 27 years. He may survive this one. Someone in his dept took the package which means his dept is probably safe. He would have received 1 year severance. Too young to retire.

The other simply received notice that the location where he works is being closed and the company will layoff everyone. He is 55 years old and worked there are for 22 years. He will receive some severance... no retirement benefits.

Anyone else getting bad news.

The troubling part of this is long-time employees getting the ax at an age where it would be difficult for them to start over.
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Old 08-17-2008, 07:28 AM   #2
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I am sorry about the job losses you describe and no question it's tougher out there than it was a few years ago. But I just hired someone, it's not all bad news out here...
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Old 08-17-2008, 07:35 AM   #3
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My SIL was laid off about 3 months ago, and my friend just told me about half of her company was laid off last week, including people who had been there a long time.
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Old 08-17-2008, 08:00 AM   #4
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I have a friend who is getting the ax next month.... does cancer research and the funding has dried up...
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Old 08-17-2008, 08:01 AM   #5
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My company has a hiring freeze except for just a few "must hire" situations. But they are unlikely to layoff anyone.

DW took a package last years. Her company is solid. However, the company regularly offers ER packages. It appears to me that they are regularly and proactively trimming employees every 5 years or so. Of course... no one would accuse them of age discrimination.
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Old 08-17-2008, 08:02 AM   #6
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My former employer decided to stop doing process development in-house, and released about 500 engineers and technicians during 2007. I have returned to work in a similar field, but I know quite a few who are still looking.
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Old 08-17-2008, 08:08 AM   #7
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My former employer decided to stop doing process development in-house, and released about 500 engineers and technicians during 2007. I have returned to work in a similar field, but I know quite a few who are still looking.
Did those jobs go to India or another offshore destination?
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Old 08-17-2008, 08:10 AM   #8
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I just started a job about a month ago that looks like it will be a good fit. Only took three years to find it.
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Old 08-17-2008, 08:13 AM   #9
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I just started a job about a month ago that looks like it will be a good fit. Only took three years to find it.
Walt... Your signature indicates "Retired six years ago at age 52". I assumed you were ERd for good.
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Old 08-17-2008, 08:13 AM   #10
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Layoffs 15-20% in chip companies. Layoff 10% in a sister company. So far we are in hiring freeze (no exceptions, even for critical jobs) with loose talk about restructuring and streamlining, but no specific plans announced. We did dump a couple VPs, not no one else, so far. The "official" company line is no layoffs are planned at this time, but in the past that changed on short notice, so can't put much faith into the "no layoff" comments.

Between all this, and the number of banks freezing HELOCs, I've finally been motivated to change my plans and stockpile an emergency fund. I don't believe I can count on continued regular employment, nor can I count on my HELOC in case of tough times.
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Old 08-17-2008, 08:18 AM   #11
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Quote:
Originally Posted by chinaco View Post
Walt... Your signature indicates "Retired six years ago at age 52". I assumed you were ERd for good.
Uh oh. Next thing you know we'll start seeing claims of "false advertising"...
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Old 08-17-2008, 08:22 AM   #12
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Did those jobs go to India or another offshore destination?
A combination of Taiwan, China, South Korea, and Indonesia...

Btw, the jury is still out on whether these foundries, in the business of doing the same thing over and over, really fast and really cheap, will take the time from their busy schedules to putz around with new materials and processes for two or three years...
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Old 08-17-2008, 08:27 AM   #13
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Uh oh. Next thing you know we'll start seeing claims of "false advertising"...
I was wondering if he was ERd (by circumstances beyond his control), but really looking for work all along.

And are their others in the same circumstances.
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Old 08-17-2008, 08:38 AM   #14
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Originally Posted by chinaco View Post
I was wondering if he was ERd (by circumstances beyond his control), but really looking for work all along.
Looks like Walt34 isn't around at the moment, so maybe this will shed some light on his situation:
Short commute vehicle?
http://www.early-retirement.org/foru...tml#post590378

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Old 08-17-2008, 09:31 AM   #15
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Quote:
Originally Posted by HFWR View Post
My former employer decided to stop doing process development in-house, and released about 500 engineers and technicians during 2007. I have returned to work in a similar field, but I know quite a few who are still looking.
A later post makes it sound like you are in the metal processing business. I am w*rking for an E&C contractor in the chemical and refining area. I used to be in the process/operations department for a chemical company but was laid off in 2002 (or fired, I am very outspoken ). I have noticed that our clients have slaughtered their process engineering staff and are depending on contractors for support. It may appear to save money but I go into projects with little specific knowledge of the client's process specifics or equipment history. There is no way I can be very efficient on a short term basis.

Oh well, I'm now in a no stress postion. I wish our clients well and I do the best I can. Bottom line -- I get paid by the hour.

My BIL recently got let go from a VP postion in a medical IT firm. He's a few years older than me (he's about 60) and is "positive" about landing a similar or better position soon. BIL and SIL live a much "fuller" lifestyle than DW and I do so I suspect their finances are a little more "normal." I think they're not too far from broke but I don't know any specifics. SIL seemed very concerned about the situation.

If I got laid off, DW would probably say something like -- "He's finally gotten what he's wanted. He'll never find another j*b because I know he won't look." If she ever suggested I do look, I'd suggest she do the same.
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Old 08-17-2008, 11:00 AM   #16
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Things aren't looking to peachy for King Richard II Rich Daley's kingdom either. Not a good thing for a city looking to snag the 2016 Olympics.
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City of Chicago layoffs
Mayor Daley may lay off 1,000 city workers to solve Chicago's budget crisis.
Mayor Daley froze the pay of non-union workers and ordered them to take unpaid days off to help balance the budget.

So far union leaders have not agreed to do the same. The source said civilian police and fire department workers will be among those laid off.
A mayoral adviser tells the Sun-Times the number of layoffs could go as high as 2,000 to cut a deficit that may reach $450 million dollars. The city's deficit for 2008 is currently $141 million, and is expected to rise to nearly $300 million next year because the economy is not expected to improve.

The reported layoffs are to counter the $141 million budget deficit. The layoff talks come despite Mayor Daley's reported plans to give raises to 50 politically appointed Streets and Sanitation ward superintendents.
I like that last paragraph......"layoff talks come despite Mayor Daley's reported plans to give raises to 50 politically appointed Butt-Kissers & Campaign Donors Streets and Sanitation ward superintendents"

And the Chicago Tribune is slashing jobs too.
Quote:
Among those leaving the Chicago Tribune in buyouts/layoffs announced Friday (8-8-08 ) are three top editors, among the first exits related to cost-trimming at the Tribune Company's flagship. The three editors requested and received buyouts.

Tribune is cutting costs to offset declines in advertising and circulation revenue that have sharpened this year for most newspapers.

The Tribune said last month it expected to eliminate about 80 newsroom positions in this round of cuts, the paper's fourth in three years, "and an undetermined number of involuntary departures remain".
Rick Kogan, who has a very interesting talk show on WGN radio, said this morning that the Trib has just announced yet another round of layoffs.

It's kind of understandable that a newspaper would be axing employees, since people can read almost every newspaper online, and they don't have to buy the print version anymore. Heck, even here in our dinky little town, the daily newspaper is viewable 'online' in it's entirety.....even the classifieds and obits.

Looks like the shaky shaking economy is hitting just about every type of job......well, except maybe politically connected appointees in the Windy City. And amazingly, things out here in the boonies.....about an hours drive from the Windy.....aren't too bad. In fact, many businesses are expanding, and new businesses are locating here. And while the pay may not be the greatest at all the places, it certainly beats that of the WalMart Greeter or burger-flipper at the Arches. Unskilled labor is starting at around $12-13/hour, and goes up to whatever the going rate is for skilled labor and 'professional' type positions....and most if not all are offing decent benefit packages as well. And our local municipality has hired more people in the last 18 months, than they hired in the previous 20-25 years total! Starting pay is about $15.50/hour plus full benefits including a very nice...and stable...DB cola'd pension (I know 'cause I'm collecting it).....the top-scale non-management pay is currently about $25/hour. About 8 or 9 years ago the city's finances were in bad shape and layoffs were on the table, but the local economy picked up and they were able to fully recover....plus they learned how to live within their means and tighten their belts.
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Old 08-17-2008, 11:13 AM   #17
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We had a bunch of lay-offs last year at Corporate Headquarters where I was working. I would have jumped at an ER package but was not offered. Instead it was more work, less people, low morale. I relocated to a manufacturing site in January that had loads of work on. In May, spending freeze, only spending money on essential Safety and Environmental projects plus a couple of big projects that they had spent loads on already and need to finish.

No idea when the spending freeze will ease up. Company is looking again to find someone to buy them while suing the last company who were going to buy them and then pulled out of the deal a year later beore it was completed.
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Old 08-17-2008, 11:14 AM   #18
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Things not looking too good in Ohio right now.

The Columbus Dispatch : Ohio unemployment jumps to 7.2 percent, highest since 1992

In my old group at the saltmine two coworkers (45-50 years old) got the ax back in February. Haven't heard of any recent changes, seems like everyone is busy.
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Old 08-17-2008, 05:30 PM   #19
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Sorry to hear about your BIL's.

DH got let go the beginning of July with a pretty good severance package of 5 months. Although we weren't too worried about him finding another job, since the economy here in Calgary is still pretty strong, he started networking almost right away. He got a job offer last week with a great company and starts the beginning of October and we'll have two months of severance money left over so we never had to dip into our savings . The economy is starting to slow down a bit up here but is still pretty strong with a 3.4% unemployment rate.
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Old 08-18-2008, 09:24 AM   #20
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I'll be laid off sometime between now and January. I will receive 30 days notice and 2 weeks severance pay. We were bought out this past January, and the prior owners did not negotiate to include our time served in the new owner's severance plan, so we all get screwed. Been there 13 years, and many others 10+ as well. Of our ~300 employees, less than 50 will keep their jobs, and that is mostly $10/hr warehouse crew, not corporate positions.

My plan is to stay til the end so I can collect unemployment while I finish my degree, unless I land one of the 20-hour municipal jobs I'm going after. Either way, I'll have my degree in about a year, and can move on from there.

It's been a tough year. In January 2008 we were told our positions would be eliminated "sometime between now and early next year." I've been surprised that about 80% of corporate employees are still there (including myself). Not sure if people just aren't finding good jobs, or if they are holding off on really looking until it gets closer to the end. Many are in my position - no degree, been with this company 10-20 years so making good money, hard to find a job with same pay.
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