A lot of things are shifting in the business world. Previously, holding a position at corporations such as Cisco or Lockheed Martin were signs of success and stability, this may no longer be the case.
The recent recession is still impacting the corporate world as job losses add up and the unemployed start over. In the past individuals who found jobs stuck with them until retirement, but that is slowly changing.
Now with the poor jobs market and millennial outlook, many individuals are jumping from job to job while entertaining dreams of a better career. Recently, CNNMoney compiled a list of 10 corporations that announced layoffs, potentially causing a step back in the jobs recovery.
Company Jobs Lost
Goldman Sachs 1,000
Lockheed Martin 3,300+
Research in Motion 2,000
Boston Scientific 1,400
Credit Suisse 2,000
In the past, these large corporations were well-known for the high pay checks and job security but new figures indicate a different story. Mass layoffs come for a number of reasons, from bankruptcy to infrastructural changes. Borders for example has had to close down the remainder of its branches after the book seller was unable to find a buyer interested in the company.
A stand-out of the list definitely has to be HSBC, one of the largest international investment banks. Their plan to cut around 25,000 jobs around the world stems from the goal to continue maintaining solid profits as their latest earnings showed. According to HSBC the job cuts will most likely save between $2.5 billion to $3.5 billion. In a weak jobs market this move can be seen as a slap in the face to many.
The changing employee-employer relationship is apparent as it is more common to hold more jobs throughout an individuals career. But is this change due to the economy or a changing values among Americans? It is hard to say at this point, as the U.S. still recovers from the recession, but as job expectations and national budgets change it is clear that job seeking strategies, and employee strengths will have to adapt to this change as well.