Word: layoffs
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...Caterpillar is the ultimate hardware maker, fashioning massive steel earthmovers in vast factories that spark and clang, Microsoft, which recently announced its first serious job cuts, is the behemoth of software, silently manipulating ones and zeros. Worlds apart, they've come together in the layoff business. Whether a company chops trees (Weyerhaeuser) or prices (Target), whether it sells Lipitor (Pfizer) or lumber (Home Depot), whether it services oil rigs (Baker Hughes) or cell phones (Sprint Nextel), job one is cutting payroll...
Companies, even really big ones with hundreds of thousands of employees, can only fire so many people. At some point the core functions like accounting and marketing need enough personnel to keep operations running. The layoff machine runs out of fuel...
...with bankruptcy are being pressured to avoid staff cuts. When Jet Airways, one of India's biggest airlines, tried to lay off 1,900 employees in October amid a deepening financial crunch due to high fuel prices, India's Aviation Minister called Jet Airways owner Naresh Goyal, who rescinded layoff notices within 24 hours...
...decision to file for bankruptcy was only the latest in a series of setbacks for the American newspaper industry. Even before Tribune—which owns the Los Angeles Times, the Baltimore Sun, and its namesake Chicago Tribune—announced its filing, the chain was wracked by layoff and forced buyouts. The Times alone lost 150 staffers—17 percent of its employees. Smaller chains, like McClatchy, are close to defaulting on their debt, and even giants like The Washington Post and The New York Times are making cutbacks.While the decline of print journalism is an unfortunate development...
Gettelfinger also said while he was concerned about the impact of the end of the jobs bank, where workers on long-term layoff basically collect almost all of their wages while not working. The jobs bank had become a hot-button issue that was impeding the domestic carmakers' efforts to obtain federal assistance before the end of the year. Fewer than 4,000 workers at the three companies now collect wages through the jobs bank, which applies only after the workers have been on indefinite layoff for more than 48 weeks...