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Current Economic problems in the Eurozone Causing Thousands of Layoffs

Thursday, January 12th, 2012 at 5:37 pm  
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The current Eurozone problems appear to get even murkier when they are looked at closely. With countries like Ireland and Portugal already under the austerity measures that have been set in place in an attempt to rescue them financially, Greece has also fallen and will soon be followed by Italy whose sovereign debt is at a staggering level. Layoffs have been happening all over Europe on a massive scale. Spain is likely to be the next on the list of countries under scrutiny. But the question one needs to ask is whose list is it anyway? This Eurozone Crisis is out of control but it is under the control of countries like Germany who look to Japan and other emerging countries for financial support.

Ireland had a confidential budget plan set in place that even the electorate were not privy to. Yet details of this plan are being scrutinised by German finance committees. Italy has a new Prime Minister who was a former International advisor for Goldman Sachs. He is an unelected technocrat who makes all the right promises of sacrifices to the right people who are ultimately answering to the markets.

In Greece the plot thickens as a former head of the Central Bank in Greece is made the new Prime Minister again at the request of the markets and the English PM travels to Berlin to sit down with Germany’s chancellor to discuss the Eurozone crisis when her own countrymen do not consider her able to handle it. The whole situation of the Eurozone crisis does also bring into question just what democracy stands for these days.

With 17 countries forming the Eurozone all using the same currency and with Portugal, Ireland, Greece needing financial assistance from Europe and the International Monetary Fund with Italy together as well as Spain on the verge of needing it, the crisis is just getting worse by the minute. The problem does not stop at just threatening the 17 nations who use the Euro as their currency, but the whole of the European Union which is made up of 27 member countries.

The strongest nations in the Eurozone being Germany and France have been there to bail out Ireland, Portugal and Greece but with the banks facing massive losses on the debts that these three countries cannot repay, the question is how long can bail outs been sustained by the financial institutions that are there. Ultimately this state of financial unrest in Europe may spread to other countries such as the United States and this is what is causing the heads of these countries to meet and discuss a way to solve the potentially devastating global financial melt down that is on the horizon.

The fact that the austerity measures set in place in countries like Portugal, Ireland and now Greece by other member states who are working on the bail outs for these countries, are being met with so much resistance by the people, just how much the banks have got to answer for what these people think were bad banking practices of lending out money too riskily. The general public opinion is that the banks should bear the brunt of these losses because it was their mistake in the first place. There are many who think that it is time to pull out of the Euro currency altogether and see this as the only real solution for each individual country that has massive sovereign debts.

Summit after summit is held to deal with the crisis, one in London in April 2009 which was the ‘crisis management event’ and then another G20 summit in Cannes, but the situation does not appear to be getting any better. The summit in London was to discuss and attempt to stop the downward spiral in global growth which was triggered by the bankruptcy of the investment bank Lehman Brothers and the US sub-prime crisis. The G20 summit was to try to stop Europe’s sovereign debt crisis from tipping the scales of the transatlantic economies which would send them into a double dip recession and maybe an eventual global slump.

The G20 summit was a success to a certain degree in so far as a bail out was agreed for Greece, but it all depends on the generosity of countries like China and other nations to agree to supply even more cash to the bail out funds. The European Central Bank has already made it quite clear that they will be pulling away from offering any further financial assistance in Europe’s debt crisis stating that they expect the governments to be responsible for restoring their own financial stability.

The individual coffers of each of the financial institutions concerned whether the European Central Bank, the International Monetary Fund or the European Financial Stability Facility it would appear are running dry. This leaves only one solution to the debt crisis in Europe, and this would be for these financial institutions to join forces in an attempt to rescue the sovereign debt crisis of the countries that are in trouble both now and in the near future.

If this were not to be agreed and negotiated then it looks more and more likely that emerging countries such as China and the Middle East oil producers, all of whom are in a strong position with abundant foreign exchange reserves behind them, are going to be the ones to give financial support to the Eurozone, along with Japan that is. But on what terms with this financial support actually be?

The Worker Adjustment and Retraining Notification Act-What You Must Know

Thursday, January 12th, 2012 at 5:32 pm  
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Are you familiar with the Worker Adjustment and Retraining Notification Act? This legislation was created back in 1988 for the protection of workers, their families and communities. With this act, employers must give notice a minimum of 60 days before layoffs or closings occur. The layoff or closing notice must be given to a number of people: the employee or his labor representative, the local chief elected official and the state unit for dislocated workers. President George H.W. Bush signed this bill on August 4, 1988 and it went into effect the following year on February 4. If you have been laid off without receiving this notice, your employer may be in violation of the act.

Only employers who have at least 100 employees must provide notice of impending layoffs under the Worker Adjustment and Retraining Notification Act. When determining which employees must be counted for this purpose, the employer must look at hourly employees as well as those who are on salary. If an employee works less than 20 hours each week or has not worked for six of the past twelve months, he or she doesn’t have to be counted. The same is true of business partners and freelance contractors. Public, semi-private and private companies must follow this act although governmental bodies at any level do not have to report impending layoffs.

The same conditions concerning layoffs apply if a plant will be closing. The definition of a plant closing is any work site which shuts down completely leading to layoffs for a minimum of 50 workers over a 30 day period. Retirement, voluntary or mandatory, and dismissal along with a 50% reduction of hours during a six month period all must be reported under this act. The same is true of layoffs which will last more than six months. Mass layoffs are also governed by WARN.

There are some exceptions that you must be aware of if you have been notified of impending layoffs or if you have already been laid off. Temporary workers are not covered under this legislation nor are those who are working on an finite project. Workers must have been informed that these positions were temporary though. Layoffs which result from a lockout during labor negotiations do not require this notice nor do layoffs resulting from a natural disaster or other emergency. If you feel your employer has laid you off without providing the proper notice, contact your local labor board. They can advise you as to your next step.

 

Downsizing and What This Entails

Thursday, January 12th, 2012 at 5:30 pm  
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Have you been informed that your company will be downsizing? This is just another way of saying that workers will be laid off. Downsizing can mean many other things also. It may mean that the company is looking to reduce their operating costs and overall size, but it most cases it means layoffs are about to happen. When the economy begins to falter, many companies choose to downsize in an effort to stay competitive. For the workers who are laid off, this can be a very stressful time.

Downsizing is often required for companies to stay in business. When layoffs occur, the company is able to increase efficiency. This may be done by replacing humans with machines which can complete the work more rapidly without the fear of human error. Profits increase which means that the workers who remain have more job stability as there is more money to pay them. Another reason that a company may choose to downsize is to eliminate an entire department that is no longer necessary. No matter why this is occurring though, the entire staff will be affected, not just those who are laid off.

Layoffs may also occur when there is a decrease in the need for the product or service offered by the company. When this is the case, the layoffs may be of short duration or they may last months or years. The company may determine that certain departments are redundant and choose to eliminate one or more which will lead to layoffs. Another reason for downsizing is the outsourcing of certain tasks. When these tasks are handled elsewhere, fewer employees are needed. When any of these situations arise, workers must be prepared.

Layoffs are stressful for all involved. Employers may feel bad because they have to let people go. Employees may be worried about the future and what it holds for them. Not knowing where the next paycheck is coming from is scary. When employees must be laid off, employers need to take this into consideration. They need to ensure the layoffs run smoothly while employees who will be retaining their jobs are informed of this. Th

There are things you can do to handle being Laid off well

Thursday, January 12th, 2012 at 5:29 pm  
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If you have recently been Laid off you are more than likely struggling with the situation. Many people do not get advanced notice before they are Laid off. The average person does not plan on lay offs occurring in their life. Most people feel comfortable, secure in their jobs, and do not think there is a chance that they will not have a job the next day.

If you are in the situation of being Laid off, there are a few things that you can do to make the situation a bit better. The first thing you need to do is to keep your cool with the employer that is laying you off. They more than likely have their hands tied and no other choice than to lay you off. If you get upset with them and make a public display showing your satisfaction there is a chance that they will not give you a good reference to your next employer. You need to have the positive referral from your current employer so that your future employers will know that you are a good worker and will produce quality work. If you do not have a referral, there is a good chance that it will be harder for you to get another job any time soon. If an employer finds out that, you acted inappropriately when you were Laid off they may feel that you are a risk and choose not to hire you.

When you are Laid off, you need to take the time to update your resume and have someone else take a look at it. A fresh pair of eyes may be able to see issues with your resume that you may have missed. There are no second chances when it comes to submitting a resume so you want to be sure that you get it right the first time. It will not take a lot of time for you to be sure that your resume looks great, contains pertinent information and will help you get the new job you need after being Laid off from another job.

If you have to Layoff employees there is a right and wrong way to do it

Thursday, January 12th, 2012 at 5:23 pm  
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If you own a company and are having hard time financially, you may feel like you need to Layoff a few of your employees. Before laying them off there are a few things that you may want to consider. You may be able to cut back on some of the frivolous expenses the business has rather than having to Layoff any of your employees.

If you have to Layoff the people who work for you, you should give them advanced notice. Let them know a month or two ahead of time so that they can have time to save some money and start looking for a new job. A great thing you can do as an employer is offer to give your employees help with resume writing or with budget management. Smaller businesses have a hard time staying open during hard economic times. Giving your employees a chance to prepare themselves shows that you have a heart and truly respect the people who work for you.

If something suddenly happens that forces you to lay off employees there is not much you can do but be direct with them. There are chances that someone will not handle the news well. It is a good idea to have someone else in the room with you and the employee when giving them the news that they are laid off. This will allow every word to be heard by someone else and it will help to insure that the situation does not get physical. If you Layoff someone and they make any threats against you or your family it is important to take action immediately. Many people who are laid off unexpectedly are very distraught and could do something that they would not normally do. Protecting yourself and your family from a distraught person is important. You need to inform the police if the person became violent or made any threats. Having to Layoff employees is never a fun job to do. If you take the time to handle the situation appropriately, it can make it a tolerable experience. It is important to make it an easy situation if possible.

Welcome To LayOffDaily

Saturday, January 7th, 2012 at 8:47 am  
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Welcome to LayOffDaily.com!  After an extended break we are back under new ownership and will be tracking news, rumours and information about all the latest layoffs and redundancies around the world.  We LOVE good news here – not that there has been much of it around in the job market for the last four years, so we will be bringing you the latest information about who is hiring!

We will also be bringing you insightful and up to date information about the global economy and how it is affecting jobs around the world. The new owners of LayOffDaily.Com have been the victims of layoffs ourselves and feel bitter about being laid off by the same corporates who have received massive government bailouts from our fellow tax payers so rest assured we will be reporting on that too.

Having had to go home and tell our loved ones we no longer have a job and sorry you can’t go on holiday or have the toys you want, we have the experience of how to survie a layoff, how to get a job and how to build an extra income to help survive being laid off.

The previous owner of this site “Cranky” did an incredible job of bringing Layoff news to the world and we thank him for that and hope that we can build on his good work.

LayOffDaily.com is currently under contstruction so please bear with us while we bring you the latest layoff and economic news.

Best Regards
Rob