Tom Sweeney

It's a coming of age tale….

Posts Tagged ‘Job Losses’

Job Cuts: Can I avoid them?

Posted by sweens on February 19, 2009

A recently published article in the Canadian Press offers a unique approach to avoiding corporate layoffs.  The article suggested that a Government program, The Federal EI job-sharing plan, exists where employees can cut their work week down from 5 days to 4 days and then collect Employment Insurance on the 5th day.  This plan causes employees to take a minimal pay cut and saves the company operational costs.  This is an option for employers seeking to cut costs while avoiding major layoffs.

The article goes on to claim that unemployment in Canada is expected to rise from its current level – 7.2% – to 9% by the end of the year.  The Canadian market is expected to shed 350,000 jobs during that time.  This federal plan has been used by many organizations since it came to exist in the 1980’s however it has been little publicized since its inception.  When this plan was initiated, unemployment hit 13% after a massive streamlining in the auto; steel and industrial sectors caused by high inflation and the second global oil prices shock.

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Friday is dooms day….

Posted by sweens on February 6, 2009

As I briefly mentioned earlier in the week, a report that came out today shows that January was the worst month for employment in Canada in the last 3 decades.  Canadian employers were forced to cut a record number of 129,000 employees which drove unemployment up from 6.6% to 7.2%.


Statistics Canada has reported the downturn in employment as the largest since 1976.  The manufacturing sector was one of the hardest sectors hit setting record numbers of lost jobs.  Of the 129,000 jobs lost, 100,000 of them them came from the manufacturing sector.


While this situation has affected everything from the Canadian dollar to the housing market, economists are suggesting that Canadians will climb out of this economic downturn quicker then previous economic situations. 

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