80,000 jobs lost globally in a single day
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80,000 jobs lost globally in a single day

By SiliconIndia   |   Wednesday, 28 January 2009, 13:31 Hrs   |    11 Comments
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80,000 jobs lost globally in a single day
Bangalore: Globally, around 80,000 jobs have been terminated on Monday, January 26. Of this, 61,000 lay-offs happened at construction machinery manufacturer Caterpillar, pharma major Pfizer, telecom firm Sprint Nextel and home improvement retailer Home Depot. The continuous trimming of the workforce indicates that the downturn has hit hard Industries ranging from health care to heavy equipment makers.

From the banking and insurance sectors, ING Group has announced the layoff of 7,000 employees. Dutch-based electronic company Philips would cut 6,000 jobs. Similarly, Britain's largest steelmaker Corus had said it would cut 3,500 jobs from its global workforce.

At the same time, some companies are taking extreme measures to avoid job cuts. For Instance, Virgin Atlantic has introduced a pay freeze at all levels. Many companies have also introduced short working weeks and cuts in hours.

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Reader's comments(11)
1: With 'protectionism' now rife in the UK and USA (Look at Uk news lots of strikes 'British Jobs') Any company wanting to cut staff must do it outwith the base of the company. It is therefore easier to cut your support staff in India and let your UK staff do the support work until new business comes along. India must move away from dependant on USA and European 'Service' work and start to innovate. My Indian friends are proud to tell me writing and calculus was invented in India many years ago, guys what happened to you?

I write this as my Indian team (The BEST team) are being told that they have no jobs to come into on Monday. They are keeping managers on, since when was 'Executives' and 'Managers' core to any business in a recession?
Posted by:John Smith - 31 Jan, 2009
2: I think people who are in jobs, they should respect what they are getting. I am thinking of those guys who just lost there jobs and what will happen with there loans and family. Pray for them and hope they get a new job soon.
Posted by:Abhijeet - 29 Jan, 2009
3: I Think the same will continue the entire year......
Posted by:Raja Chowdary Pamidi - 29 Jan, 2009
4: the people who are in the top management in every organisation has to compromise on their salary and they should look at all the family not only them. All organisations should think giving more salary to only few people at this situation will not work out and look for all who are struggling for their survival. Please do not trim workforce for god sake..... how we take care of our families?
Posted by:Srinivas - 29 Jan, 2009
5: Hi,
Instead of terminating employees straight away,review ctc levels, work out salry cuts ,Over heads, 5day week and look out all possibilities.Build confidence in the people during crisis.
Posted by:Damodara Chowdary - 28 Jan, 2009
6: No Election is required for the country ,we need presedent rule in india also,i think all money are Black money.where the money went,what hapen, who is analysising any company CEO is taking step on that, Please don't do layoff's Keep person with lower salary atleast they can live.Please take step to save the people.
Posted by:Elayaraja - 28 Jan, 2009
7: hey it does not take 6months... i ll take 1 to 2 years for lil recovery... not complete... there are many layoffs coming ahead irrespective of domain or industry...
Posted by:Sunil - 28 Jan, 2009
8: It shows that lay off is not done in IT only. also its because of inflation and why these peoples think about cash flow than lay off...
Our Politicians are busy in fighting against the party issues than developing the nations economy...
Posted by:shankar - 28 Jan, 2009
9: I think the same will continue for the next 6 months.

Should not lead to shock even if the number goes up in future.
Posted by:Abdul Ghafoor - 28 Jan, 2009
10: oh....my god ....what is going on.......?
Posted by:manish - 28 Jan, 2009
11: Ho god, it's terrible......
Posted by:Anand - 28 Jan, 2009