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Hello peeps. What’s cooking in Booz land?
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EWR; best of the worst? EWR>JFK>LGA?
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This is going to be bigger than 08-09, the fact that money is not flowing into bonds, precious metals or an alternate market is weird.
50% less PMDs this year, hiring to be deferred and quite a bit of layoff to happen.
Demand for bonds has pushed all yields less than 1% for the first time ever!
Consultancies get ruthless at times like this. They’d rather weed out week performers (i.e., anyone on the beach) than rescind offers to the incoming class. Get on a billable project and stay on a billable project until this blows over.
I didn’t get a pay cut in 2009 but I don’t think I got a raise from 2008-2011, which was ok just considering I had a job.
The layoffs were quick and too deep. We had to start hiring in under a year because we laid off anticipating less demand.
So we ended up in a hiring spree of under skilled employees to fill roles.
I’ve been around since the late 90s and saw what happened post 9/11 and in 2008. There were layoffs in 2008 - and those who were still around post-lay-off cycle ended up with pay cuts at year end (mine was about a 12% reduction).
I imagine a lot of people will go back to school if we enter a recession
Following, veterans please inform!
Commercial was hit a lot harder than federal. I was too junior then to know numbers but I know we even had commercial people getting staffed on our federal projects then.
Has your company addressed layoffs directly. For example, at my company (Healthcare practice) a few people specifically ask and we were told that there had been absolutely no conversations about layoffs. Just gotta think they are true to their word. Logically tho, if this goes on for too long, it makes since that it will happen. However, these companies make a ton of money and you would think that they would realize that layoffs would just hurt the economy. You know, have a heart! I know they are in business to make $ for stock holders. Lastly, there is always they risk of a layoff, even when everything is going smoothly.
I think you can expect 25% layoffs if you average across the board. The private firms will be more brutal because they have to balance the books and this comes directly out of the partners pockets. Some groups will be completely disbanded (100% laid off) and some will be left relatively unscathed - so 25% is about accurate.
Rejoice. Now you're forced to really think what you want to do in your life