Holy Cow!!! Here we go again.

[Marker]

8000 MORE layoffs announced this morning. Plus, a freeze on all raises (haven't had a raise in like 4 years anyway), suspending matching contributions to 401k.

We suspected it was coming, but 8000!!!! Holy Cow!!!!

Wonder who the casualties will be this time?

[Ian]

I know how stressful this is from having gone through it at GMAC.

Honestly, by the time they finally got around to laying me off I was happy to go.

Hope you make it through this round, Mark!

[Jeff]

Good luck Mark!

[DizneyRox]

From dslreports dot com:

Sprint Nextel this morning announced that the company is cutting about 8,000 positions in an attempt to cut costs by around $1.2 billion. Sprint, still suffering from their botched acquisition of Nextel, says it will complete the layoffs (which account for 14% of their 56,000 employees) by March 31. Sprint says they haven't completely decided where all of the cuts will come from, but will try to avoid reducing customer support staff. "Labor reductions are always the most difficult action to take, but many companies are finding it necessary in this environment," proclaims Sprint CEO Dan Hesse.
How do you know how many when you don't know where and thus how much you're going to save? Just doesn't make sense. Sounds like poor management, in which case, there's your answer on where they should come from.

[Marker]

Just doesn't make sense

Making sense has not really been a priority around here the last few years.

Our previous CEO, who helped get us in this situation, is still getting $1,000,000 a year for life.... go figure that one.

[Ian]

How do you know how many when you don't know where and thus how much you're going to save? Just doesn't make sense. Sounds like poor management, in which case, there's your answer on where they should come from.Easy ... cart before the horse thinking from accountants.

Bean Counter A: "Boss, we need to cut 8,000 jobs unless we want our stock price to drop to an unacceptable level."

Boss: "Okay, well where do you recommend we make those cuts?"

Bean Counter A: "No clue. That's your problem. I just count the beans, I don't manage them."

[princessgirls]

I hope you will at least be able to keep your job.

My husband is in health care, at a very viable hospital, so for now we are OK, until the government starts up with trying to change the industry. THANKFULLY, we have good health care benefits through his job.

I work for a large non-profit, and the dreaded e-mail came out, freeze on wages for all of 2009, 33% increase in health care costs taken out of your paycheck beginning 2/4, less mileage reimbursement, and no employer contributions to our 401K. But, hey they are not talking layoffs. I am at least thankful for that.

Some companies will cut, just because they can in this economy. My Mom works for the Lysol company (Reckitt Benkizer) and their profits are always strong, and they are starting to scale back.
I do believe that 2009 is going to be a tough year. Buckle Up.

Julie:mickey:

[Kairi_7378]

I hope that everything goes as well as it can for you in this situation.

[DisneyWhirled]

Best of luck to you.

I am in the very same position right now. Just found out that my job is being eliminated as of 6/1/09. Our entire office is gone as of then. Hard pill to swallow, for sure.

It is hard to be optimistic in this economy, but I have a calmness that everything will be okay.

[murphy1]

We had a bunch cut from Home Depot today in Atlanta (2K) and Caterpillar, who I used to insure, is cutting 17K!!!!!!!!!!! We were shocked over one of our friend's wives surviving Nortel layoffs over and over, I didn't even know they were still around. I have been through two layoffs in my career and one with dh, I am ready to open a beach shack and sell coconut drinks! Oh, Mark, no raises for dh this year either, they cut the Christmas party and bonus, but I was happy he still has a job.

[Marker]

10 years ago.... 72000 employees, Stock price $75

after this layoff ... 46,000 employees, stock price < $3

And I'm still here.

I hard our organization is being reduced by 26%, ouch.

I guess the good news is they are still honoring the severance package, I'll have about 9 months to find a job the layoff hit me. Sounds like a long time, but......

[Tink2002]

Just take some small comfort in the fact that others out there know what you're going through with the layoffs and the uncertainty!

My dad works in a paper mill and has for his entire career... I grew up in the mill town and it's where my parents want to be able to retire and stay. But we have known for a long time that paper is a dying industry in this country with all of the outsourcing, And now the mill has seen a drastic decline in their orders with this economy. 1/3 of the employees were laid off for a month over the holidays and we missed it... but he is currently at home this week while his department is laid off for a week.

Who knows what's going to happen ... maybe these "rolling layoffs" keep going, maybe they stop, maybe people are laid off for good, hours might get cut... it might close. And then I see the town I grew up in slowly disappear while my middle aged father tries to locate another job SOMEWHERE.... it's all around tough right now for a lot of people.

All while I am also in college and my sister is set to start in the fall..... oy.

Basically, I'm taking a "don't think about it unless it happens" approach. Or trying to. Sorry to hijack your thread, there, I guess it gave me some space to vent, too. ;)

[MaryPoppinsFan]

I was laid off from Sprint NYE 2007, so far I have been unable to find anything here in Michigan. With over 27 years in telecom you would think I would be able to find something. I keep plugging away, working on getting my daycare license but with all the layoffs in the area parents dont need daycare either. I hope something turns up soon!

[thrillme]

I wish that the "bailout" money would go to rescue these large companies laying off people instead of just the banks. It seems like if you have more people GUARANTEED employment you'll put more money into the economy.

Of course in my PERFECT world I would say that any company accepting bailout money could not lay any employee off for at least 3 years and upper management would have to accept a temporary ceiling to their pay.

[garymacd]

I wish that the "bailout" money would go to rescue these large companies laying off people instead of just the banks. It seems like if you have more people GUARANTEED employment you'll put more money into the economy.

Of course in my PERFECT world I would say that any company accepting bailout money could not lay any employee off for at least 3 years and upper management would have to accept a temporary ceiling to their pay.

Your perfect world must be using peyote for water - especially when considering caps on senior management pay.:D

[Marker]

This according to the Kansas City Star on Tuesday January 27, 2009 -

Sprint Employees in 2001 : 88,000

October 2001 - 6,000 cut
February 2002 - 3,000 cut
December 2002 - 2,100 cut
January 2003 - 2,000 cut
January - June 2004 - 4,900 cut
January 2007 - 5,000 cut
January 2008 - 4,000 cut
January 2009 - 8,000 cut

Employees remaining - 48,000

This has been one crazy ride!!!!!

[Jeff G]

Good luck to you Marker. You've made it this far so hopefully you can hang in there just a little longer until the economy picks back up.

[bicker]

That's really going to be key ... keeping our expectations under control, not expecting to excel but just to be happy keeping a job, for now. Scary scary times.

[PAYROLL PRINCESS]

I'm keeping my fingers crossed that you don't get laid off. My thoughts are with everyone in this bad economic times and I'm hoping the ecomony turns around soon!