The Official Coronavirus Discussion

[madbean]

Wife's company just laid off 10% of staff due to the downturn. She still has a job for now.

That's terrible.  Did they furlough or outright dismiss?

It's a bit of a bloodbath. Actually 20% lost their jobs today. My wife will be going to a 4 day work week and 20% salary reduction for the rest of the year. We can manage that so we are lucky for now.

[pickdropper]

Wife's company just laid off 10% of staff due to the downturn. She still has a job for now.

That's terrible.  Did they furlough or outright dismiss?

It's a bit of a bloodbath. Actually 20% lost their jobs today. My wife will be going to a 4 day work week and 20% salary reduction for the rest of the year. We can manage that so we are lucky for now.

I'm really sorry to hear that, although it is positive that they will at least let her stay on at 4 days.  Years ago, the company I worked for had a significant downturn and we all took a paycut in order to minimize the necessary cuts.  The more you made, the bigger cut you took.  It wasn't pleasant, but most people kept their jobs.  It allowed us to maintain manpower to compete and regain in the marketplace instead of trying to catch up with a skeleton crew.  I wish more companies gave people the option of going that route.

[Aentons]

I work in IT for a 12,000+ employee international company and they annouced a couple of weeks ago that the most fair way they knew how to handle an "uncertain economic future" was to stop 401k matching contributions and to not do any annual merit increases. I do still have a job and don't expect that to change but you never know...  I don't think this company's industry has been impacted all that much but they did have to cough up a lot of $ all at once in order to send 97% of staff to work from home, so I think it's more that they are taking advantage of the situation in order to recoup some costs.

In 2008 I was working for a 15 person startup type company and they did the same plus I went to half time for a year.

[Govmnt_Lacky]

The "dangers" with doing these layoffs and cuts is when the crisis is over and people are free to go back to normal, the RUSH of needs for consumers and services will explode and these service providers will be undermanned and not ready for it.

The real "bloodbath" will occur when people start to expect the same levels of service and availability there was pre-pandemic. 

[TheDude]

The real "bloodbath" will occur when people start to expect the same levels of service and availability there was pre-pandemic. 

Its likely far too optimistic, but I'm keeping my fingers crossed that if we have to close up for a second, much longer time, the majority of people will stop trying to resort directly back to the previous normal, and start looking to helping each other out, rather than relying on business and government so much. Communities, no matter how big or small, are always strongest when everyone supports each other.

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[pickdropper]

The "dangers" with doing these layoffs and cuts is when the crisis is over and people are free to go back to normal, the RUSH of needs for consumers and services will explode and these service providers will be undermanned and not ready for it.

The real "bloodbath" will occur when people start to expect the same levels of service and availability there was pre-pandemic. 

There's an even worse potential scenario where consumer spending stays down because people are concerned about the economy and the job recovery is much slower.  But I agree, for necessary goods and services, it's likely going to be rough for a little while.

That's why Furloughing is a preferable approach, IMHO.  Workers generally get to keep their health insurance while furloughed and come back to work when the shelter-in-place orders are rescinded.  And since folks are coming back to their previous jobs, it's generally a much smoother transition to normal business.  Plus, there's nothing that would keep that employee from finding different employment if they so choose.

[m-Kresol]

Sorry to hear about your wife's comany Brian. with the numbers of unemployment we are dealing with it was only a matter of time until someone you know is affected, unfortnately. Good to hear though that you still manage and that she can keep working.

this situation is really the first time I am really glad to work for a big company (approx. 100.000 employees worldwide). No drastic cutbacks so far. Analytics and other support departments had to ressort to doing morning and afternoon shifts in order to reduce amount of people in the room at the same time, but otherwise everything is good. Although some business branches had to take big dips in salses, we have been lucky so far.

[peAk]

25% cut at my company about a week ago.

I survived this one but I know there will be more coming.

[harryklippton]

I'm getting furloughed although I don't know when it officially starts yet. I think we'll be fine and I'm looking forward to the break. Maybe I'll catch up on my backlog of pedals, but I also panic bought a ps4 today.

[pickdropper]

I'm getting furloughed although I don't know when it officially starts yet. I think we'll be fine and I'm looking forward to the break. Maybe I'll catch up on my backlog of pedals, but I also panic bought a ps4 today.

Sorry to hear that.  Are they keeping your job for you when things get back to normal?  If I get furloughed but I know I've have a gig to go back to, I think we could survive for a bit.

[harryklippton]

Yeah that's the difference between getting laid off and furloughed as I understand it. I keep my job. My boss also came up with a plan for me to move to another department in September if mine isn't open again yet.

I'm not on their health insurance anymore but they're paying 100% for furloughed employees, which is nice, and as far as I can tell, I'll get more though unemployment than my normal wages.

[pickdropper]

Yeah that's the difference between getting laid off and furloughed as I understand it. I keep my job. My boss also came up with a plan for me to move to another department in September if mine isn't open again yet.

I'm not on their health insurance anymore but they're paying 100% for furloughed employees, which is nice, and as far as I can tell, I'll get more though unemployment than my normal wages.

Yeah, in general, it's more favorable to the employee to be furloughed.  It also tends to be better for employers as they can bring back employees they know that they like when things improve. 

Good luck, I hope everything works out as well as possible.

[Bio77]

Some of you might be too young to remember, but they used to have these places called "barber shops" that would help you with grooming.  I'm hoping they will get trendy with hipsters and come back some day. 

[EBK]

Some of you might be too young to remember, but they used to have these places called "barber shops" that would help you with grooming.  I'm hoping they will get trendy with hipsters and come back some day. 

[davent]

Some of you might be too young to remember, but they used to have these places called "barber shops" that would help you with grooming.  I'm hoping they will get trendy with hipsters and come back some day. 

I haven't been what would be called a 'barber shop' since the early-ish 70's.
dave