I have been warning my readers to do everything in their power to keep their jobs, and if graduating or planning to begin a job search, to start job hunting as early as possible…and to trim back expenses and living costs.
ZEROHEDGE.COM did an excellent job of explaining why Hewlett Packard is CUTTING ANOTHER 16,000 jobs. Take a minute to read it… [Source: This Is Why Hewlett Packard Just Announced Another 16,000 Job Cuts”, by Tyler Durden. Zerohedge.com. May 22, 2014.] This is not the only company wrestling with its “Cap Ex” issues.
If you think that is worrisome…up in Canada, one of the candidates running for the position of Premiere of Ontario is planning to cut 100,000 jobs if elected. I’m sure that will get him a lot of votes!?
Barclays in the UK, as reported by the Guardian, is to cut up to 19,000 jobs. [Source: “Barclays to cut 19,000 jobs as it scales back investment arm”, by Jill Treanor. The Guardian, May 8, 2014.]
Just remember…for every “good-paying” job there springs up from 5 to 7 service jobs. Using the rule of thumb of 7 :1, in the above announcements alone, a total of up to [7 x (100,00 + 16,000 + 19,000 ) + (100,00 + 16,000 + 19,000 )]= 1,080,000 jobs might be lost. And there are thousands more redundancies and layoffs at other companies.
MORAL: these days, job hunting is a tough, full-time, exercise. If you have a job, do everything you can to protect and save it!!