{ "media_type": "text", "post_content": "Veteran 🐟. Were their heavy layoffs during the last recession? Scared for job security and that we are close to another recession", "post_id": "594b806f2329690016682963", "reply_count": 8, "vote_count": 3, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Veteran 🐟. Were their heavy layoffs during the last recession? Scared for job security and that we are close to another recession

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OP- you cannot do a lot about the economy. The way to get past the fear is to have a plan. Good network in and out consulting, skills kept up. Invest wisely, spend frugally, and a solid emergency fund. Then you can sleep at night no matter what is happening.

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Huge layoffs everywhere in 2008-9

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There were RIFs for lowest maybe 15% performers in 2006, 2007, bigtime 2008, and 2009. Once stimulus/TARP/Dodd Frank passes consulting got really busy again really fast.

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Booz fired the every analyst and associate in 2008

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Our industry is not exactly cyclical - or at least not on the same cycle as the rest of the economy. I was actually hired during 2008, and I don't think we had attrition beyond expected at the time. What gives you the idea we are close to another recession?

2002 had heavy layoffs and rescinded offers. However the industry is so much different now I am not sure how instructive that is.

I would think that there's enough foresight to have planned for things. Plus, there is an investment into specific areas, tech for example, more so than others. So, it seems to me layoffs are contingent on many factors that deal with the internal economics of the company, not the external factors of the country.

Thanks A1

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