November 14, 2008

1st Layoffs At My Company

I will be on a business trip in Europe next week, so my boss took me to lunch today to let me know that our company will be laying off 6 employees next Friday. We’re a small company, so this represents 15% of our employees. They are basically cutting one employee from each department. I did not find out who will be let go, but was assured it won't be me or my sales representative.

To survive during this tough economic time, my company is going to continue to dramatically reduce expenses. The Owner of the company has recently quit taking a paycheck, and my boss and our controller took a 20% reduction in pay. If things keep getting worse, my company may move to a 4 day work week and ask all employees to take a 20% cut in pay. Quite frankly, I'd much prefer that to loosing my job.
I feel bad knowing that some of my co-workers/friends are going to be out of a job next week. I thank God that I made it thru this first cut and hope my company is able to get through these tough times.

On a related note, my wife’s company will be having a big shake-up in December. Her boss, who has been with the company 23 years, has already been informed that his position will no longer exist. He was able to find a rep position to move to in the company in December, but new employees, like my wife, won’t know where they stand until December.

These are scary times. In addition to praying for our companies and jobs, we’ve cut expenses and tried to bolster our savings. It looks like we should plan to tighten our belts a bit further.


Anonymous said...

it is so sad.. I hope you and your wife keep your jobs.

Ray said...

Sounds like a good time for some job sites - (professional networking) (aggregated listings) (matches jobs based on your skills)

Good look to those looking for work!

1MansMoney said...

Thanks Chicky and Ray,

We'll plan for the worst and hope for the best.


Mr. ToughMoneyLove said...

Sorry about the double-whammy bad news. What industries are you and your wife in? I'm curious as to the various sectors of our economy that are being affected this way. Good luck.

Lyford said...

Great blog! Wish you and your wife all the best.

Budgets are Sexy said...

Def. not fun, that's for sure :( It looks like things are going downhill every where you turn...but i TOTALLY agree - much better to have the 4-day workweek than be out completely.....shiver.

1MansMoney said...

Mr. ToughMoneyLove - Thank you. My wife is in the health industry and I am in the marine industry.

Lyford - Much appreciated, thanks.

J Savings - Thanks man. I'll get a part-time job if I need to. 1 2nd the shiver, big time.


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