New York (PTI): With every one minute ticking on the clock, the companies from across the world are terminating an average of five positions -- taking the total job losses in the first two months of 2009 to about four lakh.
While a few are calling it simply layoffs and terminations, others have nomenclatures like right sizing, voluntary separation packages and workforce optimisation.
With the global economic downturn forcing one and all to adopt various cost-cutting measures, firms are estimated to have already cut close to 10 million jobs during 2008, but, with no immediate recovery in sight from the ongoing crisis, more steps are being taken to save every single penny.
However, as a saving grace for the employees, most of the layoffs of 2009 so far happened in January, when a whopping 80,000 job cuts were announced on a single day on January 26, and February has been relatively better.
In February, mining major Anglo American said it would reduce its workforce by 19,000 employees while Japan's Panasonic announced 15,000 jobs cuts.
Further, auto giant General Motors revealed 10,000 layoffs whereas Nortel would slash 3,200 jobs.
Finnish phone maker Nokia is looking to trim its global workforce by as many as 1,000 employees through introduction of a voluntary resignation package.
Last month, other entities which announced layoffs include Macy's (7,000), Goodyear (5,000), Micron (2,000) and UBS (1,600).
Caterpillar, Pfizer, telecom firm Sprint Nextel Corp and home improvement retailer Home Depot together accounted for 61,000 lay-off announcements on January 26. The total job cuts announced on that day worldwide had crossed 80,000.
Japanese entities too have come up with drastic job cuts, with electronics major NEC announcing that it would bring down the workforce by more than 20,000 employees, including outsourced workforce.
The reductions would be at "poorly performing group companies", the firm noted in a statement, adding it would also be bringing down outsourcing through "increased in-house development".
Another electronics giant Hitachi would be slashing up to 7,000 jobs.
The layoffs are continuing to climb in the wake of deepening financial turmoil, which has resulted in both consumers and businesses cutting down on their spending.
Netherlands-based electronics firm Philips and financial services company ING, together would be slashing as many as 13,000 jobs in the coming months.
Other companies which have unveiled plans to slash jobs this year include Alcoa (13,500), BHP Billiton (6,000), Motorola (4,000), Honda (3,100) and Kodak (3,000).
Moreover, the bankruptcy of US electronics retailer Circuit City in January, is anticipated to affect 30,000 employees.
In another indication of the deteriorating economic situation, US -- the world's largest economy -- shrank 6.2 per cent in the fourth quarter of 2008. The contraction is much higher than the earlier estimates of 3.8 per cent.
Presenting a gloomy outlook, the International Labour Organisation has projected that job losses worldwide could be over 50 million in 2009, if the global economic situation continues to deteriorate. New York (PTI): With every one minute ticking on the clock, the companies from across the world are terminating an average of five positions -- taking the total job losses in the first two months of 2009 to about four lakh.
While a few are calling it simply layoffs and terminations, others have nomenclatures like right sizing, voluntary separation packages and workforce optimisation.
With the global economic downturn forcing one and all to adopt various cost-cutting measures, firms are estimated to have already cut close to 10 million jobs during 2008, but, with no immediate recovery in sight from the ongoing crisis, more steps are being taken to save every single penny.
However, as a saving grace for the employees, most of the layoffs of 2009 so far happened in January, when a whopping 80,000 job cuts were announced on a single day on January 26, and February has been relatively better.
In February, mining major Anglo American said it would reduce its workforce by 19,000 employees while Japan's Panasonic announced 15,000 jobs cuts.
Further, auto giant General Motors revealed 10,000 layoffs whereas Nortel would slash 3,200 jobs.
Finnish phone maker Nokia is looking to trim its global workforce by as many as 1,000 employees through introduction of a voluntary resignation package.
Last month, other entities which announced layoffs include Macy's (7,000), Goodyear (5,000), Micron (2,000) and UBS (1,600).
Caterpillar, Pfizer, telecom firm Sprint Nextel Corp and home improvement retailer Home Depot together accounted for 61,000 lay-off announcements on January 26. The total job cuts announced on that day worldwide had crossed 80,000.
Japanese entities too have come up with drastic job cuts, with electronics major NEC announcing that it would bring down the workforce by more than 20,000 employees, including outsourced workforce.
The reductions would be at "poorly performing group companies", the firm noted in a statement, adding it would also be bringing down outsourcing through "increased in-house development".
Another electronics giant Hitachi would be slashing up to 7,000 jobs.
The layoffs are continuing to climb in the wake of deepening financial turmoil, which has resulted in both consumers and businesses cutting down on their spending.
Netherlands-based electronics firm Philips and financial services company ING, together would be slashing as many as 13,000 jobs in the coming months.
Other companies which have unveiled plans to slash jobs this year include Alcoa (13,500), BHP Billiton (6,000), Motorola (4,000), Honda (3,100) and Kodak (3,000).
Moreover, the bankruptcy of US electronics retailer Circuit City in January, is anticipated to affect 30,000 employees.
In another indication of the deteriorating economic situation, US -- the world's largest economy -- shrank 6.2 per cent in the fourth quarter of 2008. The contraction is much higher than the earlier estimates of 3.8 per cent.
Presenting a gloomy outlook, the International Labour Organisation has projected that job losses worldwide could be over 50 million in 2009, if the global economic situation continues to deteriorate.
Source:http://www.hindu.com/thehindu/holnus/000200903011152.htm
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