Tom Sweeney

It's a coming of age tale….

Posts Tagged ‘Job Cuts’

CBC to cut 800 jobs…

Posted by sweens on March 26, 2009

The Canadian Broadcasting Corporation (CBC) is expected to cut 800 jobs based on a report that was released yesterday.  The publically owned operator of national television and radio networks is expect to make these cuts in an effort to help fight a funding shortfall caused by a sharp advertising downturn. 

 

CDC currently receives $1 Billion a year in funding from the Federal Government while also generating $600 million from commercial activities and $340 million from advertising.  The Government of Canada says that it expects CBC to follow a path similar to two of CBC’s private sector competitors in hopes of cutting jobs to increase cash flow. 

 

CTV has cut 225 jobs since November 2008 while Canwest Global Communications Corp has cut 560 jobs.  Canwest is looking at selling some TV stations while CTV has announced it will shut down two stations.   

 

To read the full article, please visit:

http://ca.news.finance.yahoo.com/s/25032009/6/finance-cbc-slash-800-jobs.html

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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.

To read the full article, please visit: http://ca.lifestyle.yahoo.com/family-relationships/articles/archive/cp/home_family-work-sharing_agreements_a_shockingly_well-hidden_alternative_to_layoffs

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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. 

To read more, please visit:

http://ca.news.yahoo.com/s/reuters/090206/business/cbusiness_us_economy_jobs_canada

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Retail stores slash jobs….

Posted by sweens on February 5, 2009

Canada’s oldest company – The Hudson Bay Company – has announced that it will cut around 5% of its work force (roughly 1000) jobs in order to remain competitive during these tough economic times.  This move comes just two days after American department store – Macy’s Inc – announced it would cut roughly 7000 jobs.

To read more please visit: http://ca.news.yahoo.com/s/capress/090204/business/hudson_s_bay_cuts

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Is Friday dooms day??

Posted by sweens on February 5, 2009

I know most of us look forward to Fridays as they usually signify the end of a busy work week, however Yahoo News is reporting that an economic report that is scheduled to come out tomorrow (Friday) will show that Canada lost up to 40,000 jobs in the Month of January.  The article went on to further suggest that this was just the tip of the iceberg as many other companies are expected to cut jobs, freeze hirings and salaries.

jobless

The article did go on to state that Canada did enter this recession from a much strong point then our American friends.  Perhaps a bit of good news?

 

For the full article please visit: http://ca.news.yahoo.com/s/capress/090203/business/jobs_economy

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