Financial Crisis

[Shell]

I got an SMS today from a friend I used to work with (who still works in a related field) saying he's been retrenched.... and it just got me thinking that it really can happen to anyone He's been at this place for YEARS and was very very good at his job.

I feel pretty secure in my job... but then again I would have thought the same about him

So has anyone here lost their jobs, or had family or friends lose their jobs, or been affected in any other way?

[Sinista32]

Good topic Shell.

I dont wish to add to the doom + gloom and make it personall. However,

3 sacked just from my area alone pre-christmas due to the company I work for going into receivership in mid 2008. 1 on her birthday and just returned from Fiji where she split from her hubby and has kids/mortgage. Several others from other accounts we have in Canberra as well.

One of my guys got PT work twice a week for a few hours stacking shelves at a local grocery store FFS. He was earning over $100,00.00. I think he has finally managed to get a job at AFP as he went out early. I imagine the impact to his family, mortgage last year was horrific.

I expect a large number of us at my company to be out of work mid this year as we lost 3 major contracts and I know not all will get jobs elsewhere due to current econimc circumstances.

I have been approached by two former work freinds this week, who lost their jobs in the ICT feild in other local outsourcer companies, seeking work. One this afternoon and it's not a good feeling being helpless to help very skilled IT people. He even offerd to buy me a coffee, which I couldn't accept, he's skint. I can't help him and in the near future may be in the same retrenchment boat with others from my company. Yes it's hitting too close to home.

My current Service Delivery Manager who is significantly under paid for what he does now is going back into our call centre to keep employment. He is way way better than that. But what can you do with a mortgage etc...

I have been on seek for a few months and only one prospect came up. It was filled before I could get an app in! I've never missed a job I applied for but this was filled before I applied. Snap!

EDS (IBM's #1 competitor) recently retrenched thousand world wide (10,000+) and all remaining employees have had their salary reduced 5% (Majority) and upto 15% depending on level in the company so more would not loose their job.

Personally I started work at 15 which means 30 years in full employment. Yeah I'm a tad worried

and keep my concerns from my sons.

Yes - it is starting to bite locally.

[Shell]

I expect a large number of us at my company to be out of work mid this year as we lost 3 major contracts and I know not all will get jobs elsewhere due to current econimc circumstances.

this is the problem.... retrenching used to be a nice pay out and then you got another job, but now there's no where else to get another job Companies are cutting back, and everyone's holding onto their jobs for dear life and therefore providing no openings...

I'm way overdue a pay RISE but when there's all these people having to take a pay CUT I don't even think I'll bother asking

[Michele]

I wouldn't be surprised if I'm retrenched before the end of the financial year.

[GTRKat]

Pete's contract may not be renewed at the end of March... Cheers to some wanker who wrote a certain report....

[W1ngnut]

My old work will be completely shutting down next Friday. It was sold to a French company about 3-4 years ago and had a large growth in America and now they claim that its to expensive to run the company in Canberra. Yet the seem to completely forget the original developers of all our products have now been retrenched. Good luck to 'em I say, glad I got out 3 years ago.

[noakespg]

I am so thankful that i'm a substantive public servant during times like these. Thinking back to my old business' profit/loss statements I can guarantee I would have been out on my arse by now.

[Sinista32]

Pete's contract may not be renewed at the end of March... Cheers to some wanker who wrote a certain report....

Would that be some schmuck named Gerswin or Gershon? What an Idealist tosser. It wasnt sucksesful elsewhere and it will take several years to work that out in Australia.

[Swiper the Fox]

My financial situation is always in a crisis...i own a GTR.

So the current situation is no different to the way its been since i purchased the car in 2001.

[Sinista32]

My financial situation is always in a crisis...i own a GTR.

So the current situation is no different to the way its been since i purchased the car in 2001.

Oh so true Paul. Makes lil diff when you own a GTR ... LMAO

[GTRKat]

My financial situation is always in a crisis...i own a GTR.

So the current situation is no different to the way its been since i purchased the car in 2001.

HAHA I hear you there!!!

Although future plans on hold till we know for sure that the boy is employed somewhere and can be as safe as is possible at the moment.

We have no worries though, we're just locking down a bit and trying to be sensible.

[tomcio]

Is this topic only on the negative aspect of the "financial crisis/correction"? There are ways to get the most out of situations like this, they just have to be found.

[Shell]

lol post whatever you want dude!

I wouldn't be surprised if I'm retrenched before the end of the financial year.

that sux hun, do you think you'll find another job easily enough?

or maybe become a lady of leisure and make Mark get another job hehe

[Michele]

lol post whatever you want dude!

that sux hun, do you think you'll find another job easily enough?

or maybe become a lady of leisure and make Mark get another job hehe

I've never had trouble before, but things are pretty tight at the moment, and many good people on the market for a job. I haven't been told I will be retrenched, but I know enough about business to realise that it doesn't take six account managers to manage one account.

[INVRTD]

good topic, from my limited life experiance it is interesting to see the massive shift in priorities of people, a few years back the big fad was to change out of jobs reguarally, ask for the pay rise and loyalty to one particular company was rather low. The current times are about job security and employees now realise that they actually need to work really really hard to keep jobs, not like when jobs were on offer all the time. Im just shocked that it came out of no where, 6months to change the mindset of the globe.

A POSITIVE THING - One good thing though, the money on my car has held better then the shares i was looking at, first time ever a jap car was a smarted investment ;P

[CeJay]

Just a quick note, if anyone knows people who have PABX/VOIP Experience, the company I work for is looking for a few positions, security clearance is highly desirable. Also looking at a start ASAP as well.

So if you know anyone send me a PM and i'll pass some further info along.

[MYRB30]

Have I been affected? Oh son of rajab yes.

My investments have been sold down way lower than their worth. How can I say that? Well all of them made record profits last year, for the last six months last year and look to be well on their way for this six months.

I was close to starting a business outside of my current field, but this has been put on hold. Ill have to continue to do what I do now. By the end of the year Ill just buy a business. I think we got lots of bad news yet to come. End of the year should see the local economy really hurting.

I did post in another thread that we would be in official recession in April. Well last quarter last year we shrunk, and we will definately shrink this quarter, voila two quarters of negitive growth. Yes, technical recession in April. On the upside, gee aren't Vspec's getting cheap....Getting closer to buying my Vspec II every week.

[RB ONEVIA]

public service ftw. three payrises in three years. but im glad i got the jod when i did because now they only employ indians and asians (no offence) and people that cant speak english that well or at all so they can make them do what ever they want