Lay offs / Job cuts What you have to say ???

India
October 16, 2008 5:09am CST
Its TERRIBLE RECESSION going on Globaly (Specially in US) thousands of Job cuts / lay offs are done my Multinational and Fortune 500 companies... Firstly Lehman Bros got bankrupt and thousands of people loose there job then comes Merry Lynch (Bank of America aquires it) and now today Air India (largets Airline in india) is planning to shade off 15000 (yes 15,000) employees.... What you say on this i mean how can management do this to the employees who have been working with them since ages and FULLY DEPENDENT on them for the financial needs.... I think there should be some solution to this... What you guys have to say.... I REALLY FEEL SAD FOR ALL THE EMPLOYEES
1 response
subha12
@subha12 (18441)
• India
16 Oct 08
Yes its same here. also in india the jet airways has laid off 1900 employees. i could never understand how the defaulters of home loans in USA can change the world economy so badly! its sad
ddesigns
@ddesigns (11)
• India
16 Oct 08
Yes subha12, you are right its difficult for anybody to understand why global recession (Specially US) is affecting other countries... But what my experience says that as the Fuel rates have gone up in Aviation Industry and profit margin are coming down due to UNHEALTHY competation companies like JetAirways & Air India has to take such harsh steps to give lay offs.. I have also come across many MNC / Multinational Companies with the headoffice in US have stopped new recruitments and increments of present employees, its sad but at least they can be happy as they HAVE JOB... So this is the situation and what i have came to know that it will still last for a quarter or more... Lets hope for the best... Do reply and keep rolling this discussion