More severe job cuts are coming and the hard times are being felt across all industries for the most part. US News & World Report gave a brief summary of some of the companies whose layoffs have hit the news since the start of 2010:
Pharmaceuticals. Pfizer announced it will be cutting 19,500 jobs in 2010. Pfizer recently purchased Wyeth and through their consolidation process plans to eliminate 15% of the combined workforce.
Telecommunications. Sprint Nextel is dumping 14% of its workforce for a total of 8,000 jobs.
Manufacturing. Caterpillar has fallen on hard times with its manufacture of heavy equipment and will be cutting 20,000 jobs or 11% of its employees.
Home Improvement. Home Depot will be slashing 7,000 jobs.
Electronics. Philips Electronics is eliminating 6,000 jobs.
Layoff announcements such as these are only the tip of the economic iceberg that our ship of state is chugging toward at full steam ahead. Most company layoffs happen far from the glare of media headlines. And even though US workers may be getting the boot, it doesn’t necessarily mean that their jobs have gone with them. Instead, many jobs are being quietly redistributed to other areas of the globe. With the dynamic developments in technology, every type of position, from data entry to high level professional jobs, can now be performed anywhere around the world Employees don’t even have to sit in an office; all they need is a laptop and access to the internet and they can work from home.
Wealth isn’t redistributed just through governmental taxation policies. It’s also redistributed through jobs. And US jobs are going elsewhere and that elsewhere right now is India and China. Check out the career websites of any global company to see where they’re hiring. The pharmaceutical and clinical research industries have been offshoring jobs for years now. Why would a pharma company pay a Clinical Data Manager here in the US $90,000 a year when they can find the same skills and talent in India for $12,000 a year?
The economic booms of China and India are being fueled by the layoffs of American workers.