Layoffs

[Windpower]

There is a round of layoffs coming down in Field service today


This is on the heels of a record year in 2008 profit and sales and EBITA

but they are saying first quarter numbers are not what they wanted to see (10% organic growth was the plan )


this is in an industry that is quite stable -- haven't seen layoffs in 30 years at this level

I have mixed feelings about this --- I think I would have been relieved to get layed off with a severance -- we could really get moving on the barndominium if I could do it full time

but I think I missed the cut

[peternap]

Don't rush it. Be glad you are still working.

[Windpower]

I hear you Peter

better luck on the next round maybe -- they're  offering 1 week per year of service for severance (I could use 30 weeks of pay 


maybe they think it is cheaper to keep me slaving

*crack wip*

[MountainDon]

Unlike some companies perhaps they value some with experience?

[muldoon]

Perhaps the company is simply taking the opportunity to remove some dead weight?  I am seeing that quite a bit around here.  Our business is down, but the level it is down does not justify the cuts were seeing in headcount, compensation and benefits.  I think the company is doing this simply because they can, they will emerge leaner and more efficient in general being the theory.  In practice, most of what I see is more politics being played out in middle management that will end up costing the company millions. 

[Windpower]

17 RIFed just  about 5%

plus

2 manangers demoted back to carrying tool boxes ie Field Engineers (I was gratified by one of these demotions ---means I won't have to work for the SOB)

However

The email from HR said it was due to a 'soft' first quarter --- subtly worded to hint of more to come if we have a 'soft' second quarter (a slam dunk IMO)

Well, I guess we'll celebrate this evening by breaking out those King crab legs and some wine

Of course if I had been RIFed with a severance we would be doing the same thing probably   

life is good !

[peternap]

17 RIFed just  about 5%

plus

2 manangers demoted back to carrying tool boxes ie Field Engineers (I was gratified by one of these demotions ---means I won't have to work for the SOB)

However

The email from HR said it was due to a 'soft' first quarter --- subtly worded to hint of more to come if we have a 'soft' second quarter (a slam dunk IMO)

Well, I guess we'll celebrate this evening by breaking out those King crab legs and some wine

Of course if I had been RIFed with a severance we would be doing the same thing probably   

life is good !

I think Muldoon is right with many companies....but there are still a lot in this area where business is so slow, it's either layoffs or close the doors.
I stopped by a yard sale today (Yeah, on a Monday) Looked like the guy had emptied his whole house, furniture and all. He had a LOT of carpenter tools for sale and an ATV, compressor...so on. I talked to him for a while. He is a carpenter and said he hadn't worked for two months. He's bidding on remodeling jobs but the owners just don't have the money to part with.

He's doing the yard sale every day until It's all gone. He told me he saved just enough tools to work if he finds any, all the rest have to go so he can eat.

And IMHO, we aren't even in the worst yet. I expect to start seeing the bad start in about 6 weeks. I'm proably going to short some stock tomorrow.

[Windpower]

Our local EAA Chapter went out to lunch saturday ( after our trip to go see a B-17 reconstruction __ talk about project--- ) went to lunch

a couple of contruction guys were talking about business -- one guy works for a drywall outfit that employed 540 men last November -- now 140

projects that would have 'not even been on the radar' for 8 to 30 K are now a matter of cutthroat bids etc


this is in Chicago --- not a good sign