Employee Downsizing |
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"Next to the death of a relative or friend, there's nothing more traumatic than losing a job. Corporate cutbacks threaten the security and self-esteem of survivors and victims alike. They cause turmoil and shatter morale inside organizations and they confirm the view that profits always come before people." - Laura Rubach, Industry Analyst, in 1994. "The market is going to determine where we stop with the layoffs." - Tom Ryan, a Boeing spokesman, in August 2002. Downsizing Blues all over the World
Companies claimed that worldwide economic slowdown during the late-1990s had had forced them to downsize, cut costs, optimize resources and survive the slump. Though the concept of downsizing had existed for a long time, its use had increased only recently, since the late-1990s. (Refer Table I for information on downsizing by major companies).
In mid-2002, some of the major companies that announced downsizing plans involving a large number of employees included Jaguar (UK), Boeing (US), Charles Schwab (US), Alactel (France), Dresdner (Germany), Lucent Technologies (US), Ciena Corp. (US) and Goldman Sachs Group (US). Even in companies' developing countries such as India, Indonesia, Thailand, Malaysia and South Korea were going in for downsizing. Employee Downsizing - Next Page>> |
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