Third Quarter 2014 Hirings, Firings, Layoffs, Resignations By The Numbers

2014 beings the year business as usual adding many new workers to Career Purgatory. Read about the First Quarter of 2014 here.  Second Quarter 2014 recap here.

One of the top news stories of the early third quarter is that one of the fad food trends cupcakes is looking close to dead with the collapse of Crumbs Bake Shop.  One of the more noticable trends is that of supposed technology companies cutting thousands of jobs this year.  Remember all the ones that your political representatives wanted to create in your region? Yea those companies just axed 48,000 jobs:

The good news is that the GDP is grew at an estimated 4%  in the second quarter which is much better than anyone had expected.

Hiring:

Volkswagen- Is going to build a new production plant in Tennessee and create 2,000 jobs along the way.

Layoffs:

Crumbs Bake Shop – All locations of the publicly traded company are closed.  It had a peak of 200 full time employees and 650 part time employees.

 Amgen – the biotech company is closing 2 plants and will cut nearly 15% of its workforce which works out to about 2,900 jobs.

 World Wrestling Entertainment Inc – Announced that it was going to cut 7 percent of its workforce, or about 53 jobs based on the 762 employees WWE reported earlier in the year.

Cisco Systems – cutting 6,000 jobs which is about 8% of the global workforce.  In the last 5 years alone the company has cut 20,000 jobs.

Gannett Company - The media company laid off 10% (about 70 workers) of the USA Today group

Like this type of format? We’ve been doing it for a handful of years.

2013 Recap of First Quarter, Second Quarter, Third Quarter, and Fourth Quarter reports.

For 2012 coverage check out First Quarter, Second Quarter, Third Quarter and Fourth Quarter reports.

For 2011 coverage check out our First, Second, Third and Fourth Quarter reports.

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Research Your Next Employer

Desperate times call for desperate measures but sitting down and sending out resumes to every job posting is a bad idea. If you have ever gone fishing then obviously you are trying to catch a fish even if not a specific kind. Depending on your fishing hole you might catch some sea weeds or stereotypical boot.

It is essential that you research your next employer you are going to be applying with and not just blindly applying. There are 2 main reasons for this:

1) Avoid scams.

There is an immediate concern if you haven’t heard of the company or are unfamiliar with it.

This may sound funny but try a Google search with “employers name + scam” to see if the company is legitimate. Depending on what that yields you move onto looking for generic information on Wikipedia.com depending on the size of the company.

More info on avoiding hiring scams and how to spot a scam recruiter.

2) Any information you can get on an employer may help you land an interview, and help you again when you are at the interview.

Once you have decided with reasonable certainty this business is legitimate you start the real digging.

Part A: Why are they hiring?

Break it down further – Are they growing? Simply replacing retiring workforce, replacing lower cost workers etc?

Look for this info at Yahoo / Google finance if the company is publicly traded.

Part B: Are they international?

You may not be looking to travel overseas but this might help you determine if your US location is the headquarters or simply an afterthought.

Part C: What is the Job outlook at the company?

Is turnover really high? If you search for the company on the better business bureau does it look like the company is going down in flames? Can you find any employee commentary online?

If you can answer these 3 sub questions you can then figure out if it make sense to take an honest run at one of the job postings you found online.

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College Majors are kinda… useless

The college degree has been talked about many times before from whether its more important to go to college to be social for connections or if its more important to go to a specific college for the name recognition on a resume.

A new concept has been proposed at a Canadian university to do away with the emphasis on a college major. Since most traditional students are entering college in their late teens or early twenties they have no clue what they want to do with the rest of their life.

I remember when I was putting in college applications you always had to fill out a section where you declared your major or you could be the odd one out and check off undeclared. If you really think about that its like saying to the college I’m going to just kinda hang around until I find something that strikes my fancy.

The idea is that if you are going to go to college what is your purpose. They want you to take a step back and figure out what do you hope to accomplish. If you think about it this make a heck of a lot of sense. Lord knows we don’t need another grocery store cashier or gas station attendant with a college degree wondering why they bothered to go to college.

Worth a read to make you rethink why you went to college or even food for thought before you go back.

Read it here

 

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Fast Food FightFor15 Strike in Detroit

Detroit today had its moment in the limelight for the Fast Food strikers who are Fighting for $15 an hour.  Detroit Police ticketed about 24 workers and arrested 6 because of other outstanding violations.

Workers also had some strike events going on in Flint, MI where 25 people were arrested.  New York City, NY. probably made the biggest splash as workers are looking to create a living wage.

It will be interesting to see how major employers in the fast food industry adapt their business models with companies like Momentum Machines showing off burger assembly machines that can make as many as 360 burgers an hour.  You can see more on the machine with our partners over at Skynet is Real.

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Michigan Minimum Wage increase

Just in case you missed it over the long weekend the minimum wage in the State of Michigan increased from $7.40 to $8.15 an hour for most workers.

Read the full release from Michigan’s department of Licensing and Regulatory Affairs (LARA)

 

 

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The Missing Link between The Great Depression and the Great Recession

Prior to the Great Depression in the United States the American education system had a maximum grade achievable of 8.  In The Great Depression this education was increased to 12th grade and high school was created a necessary step to complete your education.

One of the pushes for “furthering our education” was to delay the next generation from entering the labor force. There wasn’t enough work for people already in the labor force much less the room for an influx of new labor. This gave the labor market a 4 year reprieve to allow a more expedient recovery of the unemployment rate. The World War is given the credit for ending the Great Depression but it didn’t do it without this 4 year delay.

Naturally this extension of education was an economic stimulus of sorts to the education system as well. This generated the need for more schools, teachers, etc.

With the fallout of the economy and the rise of the Recession we’re seeing parallel trends. A bachelors degree used to be something to be impressed by when a employer sees it on a resume. Now the government champions college as the best step you can take when you graduate high school. This propaganda has merely stretched the standard of education to slow the tide of the inbound labor force. Its hard to miss the parallels between the Recession and Great Depression.

The degree is becoming a box to be checked when you apply without much more thought given. In a similar but related occurrence is the prevalent trend of young people extending their college experience out beyond a bachelors degree and now opting for dual degree programs or Masters.  If you can’t find a job the next best excuse is to be in school.

Many people have mistaken this as a sound choice. In reality this is just fueling the education bubble.

The only real difference in this mirror is that unlike The Great Depression the next crop of the workforce is also burdened with the cost of this educational extension through high cost student loans.

 

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