Career and Job-Hunting Blog
Career and job-search news, trends, and scoops for job-seekers, compiled by the staff of Quintessential Careers.
|Career and Job-Hunting Blog Index|
|January 26, 2009|
It’s going to be a long week of bad employment news, starting with more company announcements of massive job cuts.
While tomorrow will bring the U.S. Department of Labor’s report on state unemployment rates in December, the week starts off with announcements from major companies about further job cuts — totaling 35,000.
Caterpillar, the world’s largest maker of construction and mining machines, announced today that it was cutting almost 20,000 jobs — laying off 17,000 workers and buying out 2,500 others.
Sprint Nextel Corp., one of the top telecommunications companies in the U.S. also announced today that it will purge 8,000 jobs, or about 15 percent of its workforce — including about 850 positions set to be eliminated under a voluntary buyout program that began late last year.
Home Depot, the top home improvement retailer, also announced today that is is cutting 7,000 jobs — resulting from a combination of reducing its support staff and completely closing its EXPO Design Center stores, as well as five YardBIRDS stores.
Late last week, Harley-Davidson, Inc., said it would close plants and cut 1,100 jobs.
As earnings reports continue to be released this week, expect more companies to announce job cuts as a way of reducing costs — certainly short-sighted in light of massive top management paychecks and big spending over the past several years.
On the plus side, in the most recent Fortune list of best companies to work for, six were recognized for never having massive layoffs in response to weak business environments, including Nugget Market, Aflac, QuikTrip, Scottrade, NuStar, and Stew Leonard’s. (Read more about each of these employers here.)
Whether trying to job-hunt in this tough economic environment or simply protect your job, be sure to read one of more of our Job-Hunting During a Recession Articles for Job-Seekers, Workers, Students.
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