Layoffs are an unfortunate but predictable byproduct of an economy in decline. As the global economic crisis stretches into yet another month, companies in nearly all industries continue the painful process of purging employees in an effort to reduce costs.
After the automotive and manufacturing sectors, one of the hardest hit areas of the economy has been the IT sector. Companies large and small have sought to heal their haemorrhaging bottom lines by letting employees go.
For instance, in the first two months of 2009, IBM reportedly informed some 4,600 employees that their days at the company were numbered. Earlier this month, Big Blue announced another round of layoffs - this time giving another 5,000 workers the heads up that their jobs would soon be cut.
