Posts Tagged ‘job cuts’

Wednesday, May 20th, 2009

10 Ways to Recession-Proof Your Job

These days, having to get up for work every morning may seem a little less of a drudgery ~ with unemployment rates steadily creeping upward, many of us are just happy to be employed.

And, while there’s no failsafe way to ensure that your company won’t cut your job, there are some techniques to improve your odds of retention.

Here are some tips, culled from a variety of news sources, for hanging on to your employment and your paycheck.

  1. Think Frugal: If you can find a way to cut costs or bring in extra money for your employer, be sure to suggest it and then volunteer to get it started. It could be something as simple as offering to lay in supplies of the office’s favorite coffee when you see it go on sale.
  2. Be Seen: Make sure your boss and coworkers know you’re on duty, especially if you’re putting in extra hours. You can do this without going overboard by greeting everyone with a “hello” when you come in and a "good night" when you're still chugging along at your desk and they're heading home.
  3. Talk Yourself Up: If you’re doing something positive for the company (see first item), don’t hesitate to let your superiors know--but don’t overdo the self-promotion. A simple e-mail to your boss letting her know you’ve gotten a project done early may be all you need.
  4. Get (and Stay) Busy: This is not the time to be "caught" playing Solitaire on your computer. Focus on your work and don’t hesitate to volunteer for new projects.
  5. Take Initiative: Don’t wait for someone to complain about an empty coffeepot or announce beneficial classes being offered. Research the latest skills that might benefit you and your coworkers and send a group e-mail if you notice a speaker or class offered that might improve your productivity.
  6. Stay Current: Find out where your company stands so you won’t be shocked if layoffs do come into town.
  7. Don’t Get Too Comfy: Even if you think your job’s safe, now is not the time to let yourself slack: be punctual and keep your complaints to yourself. Don’t pass up chances to network with others in your field, either--you never know when you may need that connection.
  8. Lend a Hand: Whether it’s volunteering to assist in a new project or passing on the resume of a recently laid-off coworker, take care of your peers. They’ll return the favor.
  9. Stay Informed: Find out what’s going on in your industry, whether or not you think you’ll need the information immediately. You never know when you’ll be in the elevator with the CEO and have a chance to drop something in conversation.
  10. Smile: Don’t underestimate the importance of being pleasant. It’s much easier to let go of grumpy employees than ones who seem happy.

Even if you do lose your job and find yourself in dire financial straits, don’t panic. The government’s bankruptcy Code exists because sometimes, ends don’t meet.

Hang in there: no recession can last forever.

Circuit City Filing Bankruptcy?

Richmond-based Circuit City is considering shutting down 150 stores and cutting thousands of jobs in an effort to avoid filing bankruptcy.

The 59-year-old consumer electronic retailer has already turned to bankruptcy lawyers. If it decides to file bankruptcy, it will be following in the footsteps of Linens ‘N Things and Sharper Image and would be the largest retailer bankruptcy filing in several years.

As of August 31, 2008, Circuit City employed 45,000 people and had 714 stores in the United States, with 772 stores and dealer outlets in Canada.

The Wall Street Journal said the main contributor to Circuit City’s financial mess appears to be the declining credit market, which has kept the company from securing debtor-in-possession financing and helps companies in bankruptcy pay for their daily operations.

While controversy rages about whether the subprime mortgage foreclosure crisis sweeping the country is the result of unethical practices in the mortgage industry or poor judgment on the part of borrowers, one clear reality can't be ignored:  a lot of people are getting hurt by the mortgage foreclosure crisis who never took out a high-rate, adjustable loan in their lives.

Those people include home sellers, investors who are taking losses on properties as homes sit unsold for months due to the glut in the market, and economies impacted by the virtual collapse of the subprime mortgage industry.

In April, GE's WMC Mortgage unit laid off 771 employees--half of it's remaining staff.  WMC's staff had already been cut by 460 employees in March.

These layoffs are just one recent example of the drastic cuts in the mortgage industry over the past year.  In May, subprime mortgage lender New Century Financial Corp. announced the elimination of 2,000 positions.  The company had already announced 3,200 terminations when it filed for bankruptcy protection two months earlier.

Other recent notable mortgage industry layoffs include a loss of approximately 3,000 jobs from ACC Capitol Holdings and the elimination of an undisclosed number of the 2,400 positions at Freemont Investment & Loan.

Each of these layoffs not only impacts hundreds or thousands of families, but raises local unemployment rates, aggravating economic difficulties for entire areas.