Employers preparing for the purge
This storyline has been sitting in my drafts for a while now – actually since this news story ran. This was after my comments made on my post. In the last few days, Virgin Media said it plans to cut 2,200 jobs by 2012, while hundreds of jobs are going at the pharmaceutical company GlaxoSmithKline, as well as at the Yellow Pages directories firm, Yell. Today, we hear BT joins in the employee purge, see http://news.bbc.co.uk/1/hi/business/7726174.stm.
You can see and comment on this subject at the BBC’s forum.
None of those companies, apart from Yell maybe, are businesses that I expect to fail any time soon nor have they been – unless there has been some funny accounting – exposed to the silly folly that has led to our banks to beg for money [See - Banks: The new welfare dependents]! This folks, is about profitability before responsibility – simple as that!
I am a shareholder and I, as one would expect if one risks/gambles with their money, that there will be times when I will maybe not get a return on my investment, it is the name of the game. If the company was fat, then redundancies should not have waited for a recession! I would rather see staff being kept on and helping to revive the economy by their spending than causing so much pain to thousands of families under the guise of the ‘recession’ cuts.
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