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Topic : Biggest Project Management Mistakes
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Mass layoffs on the pretext of credit crunch

Created by : Qazi Irfan Mustafa, CEO/Project Management Consultant, e-Centric Consultancy Services Pvt. Ltd.  | 05 21 2009 12:35:18 +0000
Keywords : employees layoffs
Activity:  2725 views;  last activity : 07 06 2010 20:18:09 +0000

Are the mass layoffs on the pretext of credit crunch a compulsion or is the compulsion mostly an excuse?

Please read more at http://blog.e-centric.net/2009/05/is-penny-saved-penny-earned.html

  
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In most cases credit crunch is an excuse. Vs Nobody makes excuses in such matters.
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Dear Irfan,

I agree to you that credit crunch is an excuse for Mass Layoff. It is just like one company in the same sector laid off n number of employees other will follow the same.

What i believe that the margins of all companies have crused because of credit crunch and their profits have reduced, not to keep a positive momentum they go for mass lay off and save a lot of cost which will add to the bottomline.

The company has lot of options of retaining the employess , like pay cuts, no hikes, less bonus, etc. But the companies have tend to act proactive but they have acted smartly and regained their margins.
By Japan Shah, H.O.D, Oxford School of Management  05 22 2009 05:41:53 +0000
 
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Most of the CEOs todays, who follow stock markets more religiously think massive layoffs are, more often than not, the first resort. So in a tough economic condition like this, it is not surprising that we see all corporate result announcements (most of them with massive losses) accompanied by announcement of job cuts, some time to the tune of tens of thousands.......
By Dayanand Deshpande, Senior Consultant, Ernst & Young  05 21 2009 13:30:26 +0000
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Dear Japan,

 

I totally agree with ur view and as you told that company has lots of options like no hikes or pay cuts are more feasible then layoffs. Also young management trainees as , I am at the threshold of their career experience such threats and suffer as they are front liners...which in turn hinders their moral.
By Jagrut Dave, Area Sales Manager  | 05 22 2009 11:17:46 +0000
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The moment one company announces a mass layoff, a layoff competition starts. Suppose a company lays off 1000 employees, the competitor lays off 2000. Yet another competitor lays off 5000 and so on. The explanation, which is usually not made public, is that they would loose competitive advantage as the competators have cut down cost. However the fact is that attributing the layoffs to the credit crunch is an excuse.
By Qazi Irfan Mustafa, CEO/Project Management Consultant, e-Centric Consultancy Services Pvt. Ltd.  | 05 21 2009 12:35:18 +0000
Argue for "In most cases credit crunch is an excuse."
Argue for "Nobody makes excuses in such matters."
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