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Startup Funding Dwindles Due to Coronavirus Slowdown
25 Mar 2020 | Wall Street Journal | by Angus Loten.

Early-stage funding for startups is drying up as the coronavirus outbreak puts investors on edge, spelling trouble for large corporations looki...
acquihires  angels  automation  Big_Tech  corporate_investors  COVID-19  early-stage  economic_downturn  Fortune_500  funding  investors  large_companies  layoffs  pandemics  start_ups  valuations  viruses 
10 days ago by jerryking
Big Trouble for the Performing Arts
26 Mar 2020 | Wall Street Journal | by Terry Teachout.

Of all the bad tidings brought by the coronavirus, here's the scariest piece of news for lovers of the performing arts: The Metropolitan Op...
Broadway  cinema  COVID-19  financial_crises  hard_times  layoffs  lockdown  New_York_City  nightclubs  operas  orchestras_&_symphonies  pandemics  performing_arts  Terry_Teachout  theater  viruses 
10 days ago by jerryking
Investors dole advice to struggling start-ups
SAN JOSE, Calif. -- The layoff body count grows by the day. As fallout from the financial crisis rains down on Silicon Valley, some investors and entrepreneurs compare themselves to battlefield su...
advice  angels  burn_rate  cash_reserves  crisis  culling  economic_downturn  exits  financial_distress  founders  investors  John_Doerr  layoffs  Ron_Conway  selling_out  start_ups  triage  vc  venture_capital 
4 weeks ago by jerryking
As the Start-Up Boom Deflates, Tech Is Humbled
Feb. 24, 2020 | The New York Times | By Erin Griffith.

Layoffs. Shutdowns. Uncertainty. After a decade of prosperity, many hot young companies are facing a reckoning.
cannabis  cost-cutting  economic_downturn  investors  layoffs  pullbacks  scale_downs  skepticism  shutting_down  SoftBank  start_ups  unicorns  vc  venture_capital 
6 weeks ago by jerryking
How to prepare yourself for redundancy
SEPTEMBER 11, 2019 | | Financial Times | by Adrian Warner.

Don’t think that doing your job well is a guarantee you will keep it. Continuously prepare for losing your job.....always make sure you are ready to be shown the door — practically, psychologically and financially...Seeking advice and networking is a positive way of establishing a safety net. Even if you are happy in your job and have complete faith in your employer, always have a Plan B. You do not need to say you are looking for a move straight away. But keeping your options open and researching your next career move will make you more comfortable in your current job.

At the same time, accumulate enough savings to pay your bills for six months, should you lose your job....Also think about how you might employ your skills and contacts to change career. You might need to do some extra training to change direction completely....There are three stages to planning for redundancy: the first is talking to people about their experiences in other fields and thinking about what else you might want to do. The second is improving your position through extra studying and developing new skills. The third stage is asking people about openings.... if you take these precautions, you should be ready for any turmoil in your career......
I would recommend everybody to work hard on the first stage. You may never move to stage two or three but knowing you have options will make you feel more comfortable.

Five tips for dealing with redundancy
Anger — I was angry at being shown the door but I learnt to control it. Companies don’t hire people with emotional baggage.

Former colleagues — Many colleagues may struggle with what to say and keep their distance at first. Don’t take this personally and give them time.

Fresh start — A career change needs planning. Analyse your skills and think strategically about how you can use them for another role.

Networking — It’s estimated that 70 per cent of jobs are not advertised, so it’s crucial to regularly talk to contacts about openings.

Job hunting in 2019 — You need to get used to rejection. Computers may assess your CV, so beat the “bots” by including keywords in the job specification.
BBC  beforemath  emergency_funds  emotional_mastery  job_search  layoffs  loyalty  Managing_Your_Career  networking  personal_branding  Plan_B  preparation  rejections  safety_nets  the_big_picture  tips 
september 2019 by jerryking
Why Companies Are Failing at Reskilling
April 19, 2019 | WSJ | By Lauren Weber.

Investing in new technology can often be easier for companies than negotiating the organizational challenges that come with reskilling workers, said Erik Brynjolfsson, director of the Initiative on the Digital Economy at MIT.

“It’s one thing to invest in machine learning; it’s another to reinvent an organization or a business model,” he said. “Human capital is quantitatively a much bigger share of the capital in the economy than physical assets like plants, technology and equipment, and we understand it less well.”

Cumulatively, firms spend billions of dollars every year on technology devoted to digital transformation, but executives admit to confusion and uncertainty about the impact.....Other countries are being more proactive: Singapore and France recently started giving workers an annual allowance for approved career training. Through a program called Second Career in Ontario, Canada, low-skilled workers displaced from their jobs receive grants of up to 28,000 Canadian dollars to cover training in growing occupations, along with costs such as child care and transportation.

“Many countries we compete with see continual worker retraining as part of their economic strategy. The way we’ve traditionally treated education in this country is the government is responsible for your education until age 18, and after that it’s more of a private matter,”......How to break through the challenges, inefficiencies and resistance?.....employers and educators can do a better job of helping people find logical, reasonable career paths. Labor experts call this “skill adjacencies,” essentially diagnosing a person’s present skills and identifying promising careers that offer higher wages or growth in demand while requiring minimal investments of time and money in retraining.

“We need a Waze for your career,” ... the navigation app that offers real-time maps and driving directions. “You could look at jobs that are adjacent to your skillset or role, and with fairly light training, you can make a jump into a better job.”

The secret to successful reskilling, he says: keeping training short enough and achievable enough that workers can learn real skills and both they and employers get a return on investment.

Training Daze
Companies face a number of hurdles to successfully training workers for the skills needed in the evolving digital economy. Among the challenges:

* Data: Companies typically don’t have a clear view of their own employees’ talents. Few firms have repositories of data on a person’s skills, internal reputation, learning capacity, ambitions and interests.
* Speed: Converting a mechanical engineer into an electrical engineer, or a business analyst into a data scientist doesn’t necessarily happen in one quarter— or even a fiscal year—the cadences that shareholders understand. “Upskilling takes time. A hiring manager can usually find someone quicker outside the company,” even if it’s a more expensive contract worker.
* Worker engagement: If companies involved workers in decisions on new technology to implement, they would find that some already have the knowledge and others can be trained. “If we change that process, then we would see the potential of the workforce. We would see where the training needs are,”.
* Money: Employers have long shown a reluctance to invest the dollars needed to successfully retrain large swaths of staff, even when the economy is strong. In 2017, organizations spent around $1,300 per employee on training, up 8% from 2013, according to the Association for Talent Development. And as the economy declines, training budgets are typically slashed. One paper found a 28% decline in employer-funded training between 2001 and 2009.
* Unrealistic expectations: Society needs to recalibrate expectations for worker retraining. Laid-off coal miners probably won’t become data scientists, and few AT&T lineworkers will morph into software developers as the company transitions from a telephone company to a wireless and services business.
adjacencies  career_paths  digital_economy  Erik_Brynjolfsson  failure  future-proofing  labour_markets  layoffs  retraining  reskilling  skills  training 
april 2019 by jerryking
Citigroup CEO says machines could cut thousands of call centre jobs
February 17, 2019 | Financial Times | Laura Noonan and Patrick Jenkins in Dublin.

Citigroup chief executive Mike Corbat has suggested that “tens of thousands” of people working in the US bank’s call centres are likely to be replaced by machines that can “radically change or improve” customers’ experience while cutting costs.

Mr Corbat, who runs America’s fourth-largest bank by assets, made the comments in an interview with the Financial Times in which he also ruled out Citi’s involvement in any wave of US banking consolidation triggered by the $66bn SunTrust-BB&T merger and justified its continued presence in China.

Under pressure to bring its cost base in line with peers, Citi executives have been upfront about the impact of technology on their 209,000-strong global workforce, including last summer’s warning that as many as half of the 20,000 operations staff in its investment bank could be supplanted by machines.

Mr Corbat’s latest comments are the most explicit the company has been on how the $8bn a year Citi spends on technology could transform its vast consumer bank, which serves 100m customers across 19 markets.

“When you think of data, AI [artificial intelligence], raw digitisation of changing processes, we still have.....
artificial_intelligence  automation  call_centres  CEOs  Citigroup  layoffs  job_destruction  job_loss 
february 2019 by jerryking
‘Hyper-concentration’ of jobs occurring in Toronto’s downtown, report says
December 3, 2018 | The Globe and Mail | by JEFF GRAY TORONTO CITY HALL REPORTER.

A fundamental economic shift is “hyper-concentrating” new knowledge-economy jobs in Toronto’s downtown as traditional manufacturing employment evaporates across much of southern Ontario, a new report warns, and the trend has major ramifications for public transit and land-use planning......lopsided job growth is a permanent change, not a cyclical pattern. It warns Toronto’s transit system will be placed under further strain. The report also argues smaller communities outside the city should seek to attract the jobs of the future, rather than cling to dying industries.....Overall, the number of jobs in the region has grown. But from 2006 to 2016, Toronto’s downtown gained 67,000 of what the study calls “core” jobs, or jobs that bring income into the region and drive growth, as opposed to jobs such as those in retail that largely serve local residents. Many of those downtown jobs are “knowledge-based,” in industries such as finance or technology or “higher-order business services” such as accounting or law, which tend to cluster together......“It’s not this kind of gentle evolution towards the knowledge economy that’s we’ve seen previously. This is a definite shift.” The GM news appears tailor-made to illustrate that shift. While closing the Oshawa plant, the company has pointed to its new investment in Markham – one of a handful of suburban centres for knowledge jobs identified in the report – where GM plans to hire 700 engineers to work on its designs for driverless cars. GM has also announced plans for an “urban innovation lab” on the east side of central Toronto.....Dr. Blais’s report suggests the Toronto region should look to plan for a “second downtown,” which would need good transit to attract knowledge-intensive jobs.....Richard Florida .....said the numbers demonstrate the clustering of knowledge jobs means places outside Toronto’s downtown core, such as Oshawa, will inevitably become “more of a bedroom community than an economic generator.”
downtown_core  GM  Jeff_Gray  knowledge_economy  manufacturers  Oshawa  public_transit  Toronto  layoffs  Golden_Horseshoe  land_uses  hyper-concentrations 
december 2018 by jerryking
Torstar cuts jobs, internship programs; board chair says the company is fighting for survival - The Globe and Mail
SUSAN KRASHINSKY ROBERTSON
PUBLISHED FEBRUARY 13, 2018 | |

Torstar Corp. is fighting for survival......The struggles precipitated by declining print advertising, and by a booming digital economy that has been dominated largely by Facebook and Google – at the expense of others who would survive on digital advertising – have led to widespread job cuts. On Monday, the company tightened its belt one more notch, cutting 13 jobs in its digital and sales operations, slashing the Toronto Star's travel and freelance budgets and suspending its summer and year-long internship programs. The Star's internships were among the most prestigious in the country for training young journalists.

While cutting costs, Torstar is also attempting to establish its digital future....... What is your view of the impact consolidation has had in Canadian media? How much more consolidation is to come?

As you know, we just announced a consolidation deal. [In November, Torstar and Postmedia Network Canada Corp. swapped 41 newspapers and subsequently shut down most of them.] Publishing newspapers – dailies and weeklies – is becoming more and more challenging. In an effort to lengthen the runway, give us more time, these amalgamation deals have been done.
Susan_Krashinsky  Torstar  digital_media  digital_strategies  newspapers  digital_first  cost-cutting  subscriptions  paywalls  layoffs  consolidation 
february 2018 by jerryking
Lego Hits Brick Wall With Sales, Sheds 8% of Global Workforce - WSJ
By Saabira Chaudhuri
Updated Sept. 5, 2017

........Lego said it would cut roughly 1,400 jobs, with between 500 to 600 of these coming from its Billund, Denmark, headquarters alone. It is also working to reduce layers of management and administration to speed product rollout, which Mr. Knudstorp said can involve 20 teams on average before a product is ready for global launch........
Lego  Danish  toys  layoffs  rollouts 
september 2017 by jerryking
Time Inc. Decides Not to Sell Itself
APRIL 28, 2017 | The New York Times | By SYDNEY EMBER.

Time Inc. (home to Sports Illustrated, People and Time,) has decided to go it alone (e.g. remain independent and not sell itself), choosing a path filled with challenges that no legacy publisher has completely mastered.

Instead, the company said it would pursue the strategic plan its new management team had laid out, which includes increasing its digital audience and pursuing new opportunities for revenue growth......Print advertising and circulation revenues continue to fall, starving magazine companies of the lifeblood that long sustained them. Most publishers have shifted their focus to increasing non-print revenue, but new revenue sources have yet to make up the shortfall. To compensate, publishers continue to slash costs, transforming themselves into leaner companies with fewer employees and diminished resources.... As a publisher of magazines that highlighted stellar photography and weekly updates on news, sports and celebrities, Time Inc. was an empire that left an indelible mark on American culture.

But like many magazine publishers, Time Inc. has struggled to adapt to a digital age. The brutal economics of the publishing industry have made that challenge more daunting. In the last decade, Time Inc.’s revenue and operating profit have fallen sharply. Its work force has dropped from 11,000 to just over 7,000......[Time] has embarked on an aggressive strategy to increase Time Inc.’s digital revenue, including enhancing advertising technology abilities and offering customers paid services, such as a food-and-wine club. Last year, advertising revenue increased 3 percent, driven by substantial growth in digital advertising. Executives project that digital advertising revenue will increase to more than $600 million this year and $1 billion in the coming years.

But Time Inc.’s overall financial results have yet to improve, in large part because the company is still tied to its declining print business. About two-thirds of its annual revenue is still derived from magazines.

The company will report its first-quarter earnings on May 10.

Time Inc. is aiming to make $100 million in cost cuts this year, and Mr. Battista said the company would continue to be aggressive about cost management, particularly in its print business.
magazines  digital_media  ad-tech  CEOs  print_journalism  TIME_Inc.  cost-cutting  layoffs  newsstand_circulation  Meredith  structural_decline 
april 2017 by jerryking
Bank of Canada warns automation will lead to job losses - The Globe and Mail
ANDY BLATCHFORD
The Canadian Press
Published Tuesday, Apr. 18, 2017

In a speech in Toronto, senior deputy governor Carolyn Wilkins said Tuesday innovations like artificial intelligence and robotics are expected to help re-energize underwhelming productivity in advanced economies like Canada. Over the longer haul, she added that new technologies should eventually create more jobs than they replace.

However, the fast-approaching changes come with concerns for Wilkins – from the challenging adjustment for the labour force, to the distribution of the new wealth......“Innovation is always a process of creative destruction, with some jobs being destroyed and, over time, even more jobs being created,” said Wilkins, who added that what will change is the type of workers in demand.

“We’ve seen this process in action throughout history.”.......Wilkins said the Bank of Canada has also taken steps to help it deal with the fast-approaching changes. It has created a new digital economy team with a focus on how automation affects the economy as well as its impacts on inflation and monetary policy
Bank_of_Canada  automation  productivity  artificial_intelligence  technological_change  robotics  layoffs  inflation  monetary_policy  digital_economy  creative_destruction  innovation  job_creation  job_destruction  job_displacement  rapid_change 
april 2017 by jerryking
BlackRock Bets on Robots to Improve Its Stock Picking - WSJ
By SARAH KROUSE
Updated March 28, 2017

The firm is offering its Main Street customers lower-cost quantitative stock funds that rely on data and computer systems to make predictions, an investment option previously available only to large institutional investors. Some existing funds will merge, get new investment mandates or close. The changes are the most significant attempt yet to rejuvenate a unit that has long lagged behind rivals in performance......The author of the company’s new strategy is former Canada Pension Plan Investment Board Chief Executive Mark Wiseman, who was hired last year to turn around the stock-picking business. The effort is the first test for Mr. Wiseman, viewed by some company observers as a potential successor to Chief Executive Laurence Fink......Many other firms that specialize in handpicking stocks are also struggling with low returns and shifting investor tastes. Since the 2008 financial crisis, clients across the money-management industry have moved hundreds of billions of dollars to lower-cost funds that track indexes, known as passive investment funds, instead of aiming to beat the market.
BlackRock  stock_picking  automation  layoffs  asset_management  institutional_investors  ETFs  Mark_Wiseman  Laurence_Fink  CPPIB  robotics  quantitative  active_investing  passive_investing  shifting_tastes  money_management  beat_the_market 
march 2017 by jerryking
Inside the brutal transformation of Tim Hortons - The Globe and Mail
MARINA STRAUSS
THE GLOBE AND MAIL
LAST UPDATED: WEDNESDAY, FEB. 22, 2017

Since taking over the iconic chain in 2014, its new Brazilian owner, 3G Capital, has purged head office, slashed costs and squeezed suppliers. Shareholders are happy, but is 3G tearing the heart out of Timmy’s?.....3G is regarded as ultra-disciplined owners who are sticking to the same playbook they have followed at companies including Burger King, Anheuser-Busch, Kraft Foods and Heinz: massive layoffs, replacing legacy managers with hungry youngsters and, above all, a fanatical devotion to financial benchmarks and cost-cutting. (It remains to be seen whether this will also be the approach for RBI’s latest acquisition, Popeyes Louisiana Kitchen.)....Will 3G's analytics-driven overhaul of Tim Hortons—using the same template the private equity firm’s founders have deployed at railroads, brewers and food makers—succeed in the long run, or is it in danger of cutting the heart out of a Canadian icon? ......Suppliers are also feeling the squeeze. From the get-go, RBI made it clear it would be reviewing vendor relationships. And the company pushed for better terms, including extensions on bill payments to as much as 120 days from 30 days or less. Maple Leaf Foods, a major partner that supplied meat to Tim Hortons, declined to accept the new terms, and walked away....
Former employees also say RBI has cut back on product research and development spending at Tim Hortons, offloading some of that work to suppliers. That’s not uncommon in the fast-food world, but it can be risky. “Suppliers can do a great job with innovating and R&D, but you’re limited to what the supplier is trying to develop,” ......3G has never encountered a brand quite like Tim Hortons. It isn’t just another coffee company. It is a Canadian destination, an integral part of many Canadians’ day and a brand that defines us, to some degree, around the world.......“The risk, in looking at Tim Hortons through the lens of efficiency alone, is to miss the greatest value of the asset, and that is the Tim’s brand and its deep connection to the fabric of the country,” says Joe Jackman, founder of strategic retail consultant Jackman Reinvents, whose clients have included Old Navy, Hertz, Rexall and FreshCo. “You can’t cost-cut your way to retail nirvana.”
3G_Capital  brands  Canadiana  coffee  community_support  cost-cutting  cultural_touchpoints  data_driven  downsizing  efficiencies  fast-food  franchising  goodwill  head_offices  iconic  JWT  layoffs  Maple_Leaf_Foods  Marina_Strauss  organizational_culture  playbooks  private_equity  R&D  RBI  restructurings  staying_hungry  supply_chains  supply_chain_squeeze  Tim_Hortons  transformational  walking_away 
february 2017 by jerryking
Thomson Reuters to cut 2,000 jobs, take fourth-quarter charge - The Globe and Mail
JAMES BRADSHAW - MEDIA REPORTER
The Globe and Mail
Published Tuesday, Nov. 01, 2016
Thomson_Reuters  layoffs 
november 2016 by jerryking
More Wretched News for Newspapers as Advertising Woes Drive Anxiety - The New York Times
By SYDNEY EMBER OCT. 27, 2016

With print advertising continuing to drop precipitously, you would be hard-pressed to find a newsroom devoid of uncertainty anywhere in the country....Across the country, those working in the newspaper industry are fretting as the end of the year approaches. Driving much of the anxiety is a steep drop in print ad revenue, once the lifeblood for newspapers....At the same time, digital advertising and other forms of revenue have been slow to pick up the slack, leading news companies, including The New York Times, The Guardian and Gannett, the owner of USA Today, to cut costs by downsizing....Across the industry, similar declines in print advertising coupled with the shift to digital and, increasingly, mobile, are driving newspaper companies to reconfigure their newsrooms. ...The Times has also announced its intent to make subscriptions the driving source of its revenue...
newspapers  advertising  layoffs  WSJ  NYT  digital_media  cost-cutting  subscriptions  print_journalism 
october 2016 by jerryking
Cisco’s CEO on Staying Ahead of Technology Shifts - HBR
John Chambers
FROM THE MAY 2015 ISSUE

Mr. Chambers said that customers are the best indicators of when to make investments in new technology. “That’s one reason I spend so much time listening to CIOs, CTOs, and CEOs during sales calls,”
HBR  Cisco  anticipating  ksfs  transitions  indicators  market_intelligence  John_Chambers  IBM  layoffs  CEOs  market_windows  disruption  customer_relationships  sales_calls  CIOs  CTOs  listening 
may 2015 by jerryking
6 Things I'd Do If I Got Laid-off By IBM
Jan 26, 2015 | LinkedIn | J.T. O'Donnell

4) Become 100% clear on your specialty. Employers hire the aspirin to their pain. While you might be a diversely skilled, jack-of-all-trades, you can't market yourself that way. Saying you can do everything sounds unfocused and desperate. You need to know what your special problem-solving, pain-relieving expertise is (i.e. your special sauce). Then, you need to market it accordingly.

5) Optimize your sales tools for your business-of-one. Your resume and LinkedIn profile must be set up to showcase your specialty quickly - and with as much impact as possible. Keyword optimization is vital. Knowing what recruiters are looking for when it comes to your skill set and showcasing it in the proper format will dramatically increase the amount of activity you get on your candidacy. [Here's an article to help you understand how little time your resume has to get a recruiter's attention.]

6) Create an interview bucket list. The fastest way to find job opportunities is to build a bucket list of companies you want to work for and network your way into the process. The majority of jobs gotten today are done so via referral. Creating a target list of employers and working a strategy to build relationships with them is the smartest way to land a job with a company you admire and respect. Especially, when you may be competing against lots of other ex-IBM employees for positions. [Here's a step-by-step plan on how to create your own bucket list of employers.]
IBM  layoffs  tips  LinkedIn  bouncing_back  Managing_Your_Career  job_search  painkillers  pain_points  JCK  specialists  special_sauce  résumés  personal_branding  referrals  unfocused 
january 2015 by jerryking
Sobeys to close stores, chop jobs in wake of Safeway deal - The Globe and Mail
MARINA STRAUSS - RETAILING REPORTER
The Globe and Mail
Published Wednesday, Jun. 25 2014
Marina_Strauss  retailers  Sobeys  Safeway  layoffs  Wall_Street 
june 2014 by jerryking
Pixar closes its Vancouver studio after 3 years
Oct. 09 2013 | The Globe and Mail | by STEVE LADURANTAYE and IAN BAILEY.

Walt Disney Co. abruptly closed its Vancouver-based Pixar Canada studio, leaving 100 employees out of work just three years after opening with a promise to make the city a “beacon” for artists across the country...."As the dynamics of the animation industry continues to change rapidly, we continue to fine-tune our studio and its production processes. We have made the determination to refocus our creative and business efforts and resources under one roof. Pixar Canada will cease operations immediately"
layoffs  exits  Pixar  Walt_Disney  animation  Vancouver  digital_media  entertainment 
november 2013 by jerryking
From darling to struggling: Keek grapples with cash crunch
October 25, 2013 | RoB | BOYD ERMAN.

The Toronto-based company makes a popular application that enables mobile phone users to record and share short videos. While the app is a hit with users, 65 million of them at last count, Keek has been trying to raise the money needed to finance further growth....It is not clear why Keek was unable to raise more money after hiring Morgan Stanley. Keek was an early entrant in the video sharing game, but the company now faces more competition.

Twitter Inc. has since launched its video-sharing application, Vine, and Facebook Inc.'s Instagram application also now has the same capability.

Keek has pitched its longer videos - 36 seconds - as a differentiating factor from the seven-second videos offered by Vine
Keek  web_video  Boyd_Erman  start_ups  funding  layoffs  Vine  bite-sized  short-form 
october 2013 by jerryking
Loblaw reducing work force by 275 employees - The Globe and Mail
Marina Strauss - Retailing Reporter

The Globe and Mail

Published Wednesday, Oct. 16 2013

Loblaw Cos. Ltd. is going through another round of job cuts as it races to bolster its operations in the face of intensifying competition.

The country’s largest grocer is reducing its staff of about 134,000 full-time and part-time employees by 275 people, mostly management and administration positions, spokesman Bob Chant confirmed on Wednesday morning. Just over 200 of the cuts are from Loblaw’s Brampton, Ont., head office with “minimal impact at the store level.”
head_offices  Loblaws  layoffs  Marina_Strauss  grocery  supermarkets 
october 2013 by jerryking
Big Law’s Troubling Trajectory - NYTimes.com
By STEVEN J. HARPER
Published: June 24, 2013

big-firm practice has become just another business. Most readers might react to Weil’s staggering partner incomes by asking why $2 million plus a year — or even half that — isn’t enough. It’s a fair question. Ask equity partners in any big firm whether as law students they ever dreamed of making the money they now earn. Anyone answering honestly would give a resounding “No.” College students whose principal career objective was wealth typically headed into business; law school attracted those with different ambitions. After all, the legal profession was supposed to be something special.

Not anymore. Most big firms are now following the leads of their corporate clients, which run businesses with one eye on the current stock price while maximizing quarterly earnings. But that can be an unforgiving world. Weil’s enormous reported profits for 2012 included a downward arrow because they represented an 8 percent drop from 2011, in part because of expensive hires. However unjustified, even a single year of relatively minor decline can create concerns. Cutting costs through layoffs and getting more billable hours out of the survivors has become a typical, businesslike response.

Paradoxically, firms also pursue a growth agenda in the midst of such downsizing. The current demand for high-end legal services is flat, so many firm leaders use high profits to attract rainmakers from elsewhere. The effort to buy top-line revenues by acquiring partners with portable books of business has thrown most big law firms into a lateral hiring frenzy. In that contest, Weil recently lost some talent, but it has acquired even more — recruiting 20 new lateral partners in 2012 and 18 in 2011. (The firm had 195 equity partners at the end of 2012.) Ironically, recent studies demonstrate — and about 40 percent of managing partners admit — that lateral hiring usually is not profitable for the firms that do it. Yet the expensive strategy remains pervasive. The mantra that “bigger must be better” prevails in the face of contrary data.
Big_Law  law_firms  layoffs  winner-take-all  rainmaking 
june 2013 by jerryking
Venerable Format of ‘NewsHour’ Struggles With New Era of Media - NYTimes.com
By ELIZABETH JENSEN
Published: June 13, 2013

With a deep financing crisis forcing layoffs and other cutbacks this week, some public television employees believe that PBS NewsHour's current format — and a general unwillingness to embrace the digital realities facing journalism — may be jeopardizing the program’s future.... The pressures facing “NewsHour” are not unique. “What every traditional media organization is confronted with today is how to change profoundly to reflect the revolution in how people consume media,” said a former CNN bureau chief, Frank Sesno, now director of the School of Media and Public Affairs at George Washington University. But many organizations have moved more quickly to adapt, equipping producers with inexpensive video cameras to reduce news gathering costs, and investing in online and mobile platforms.

Mr. Sesno said that he “desperately” wants “NewsHour” to succeed. “They’ve got to figure out how to do the deeper dive and bring people along with them,” he said, by developing more of a conversation with the audience and becoming a “multimedia information experience. You can’t just be a TV show anymore.”
billgates  cost-cutting  cutbacks  digital_media  digital_strategies  interactivity  journalism  layoffs  mass_media  multimedia  news  PBS  philanthropy  television 
june 2013 by jerryking
Cirque du Soleil announces 400 layoffs
Jan 16 2013 | Toronto Star |By: Nelson Wyatt The Canadian Press.
Cirque_du_Soleil  layoffs 
may 2013 by jerryking
Loblaw to cut 700 head office jobs - The Globe and Mail
BERT MAROTTE

The Globe and Mail

Published Tuesday, Oct. 16 2012,
head_offices  Loblaws  layoffs 
october 2012 by jerryking
Jobs in Wireless Industry Evaporate - WSJ.com
July 18, 2011 | WSJ | By ANTON TROIANOVSKI.

The U.S. wireless industry is booming as more consumers and businesses snap up smartphones, tablet computers and billions of wireless applications. But for the industry's workers, the story is less rosy....The disconnect between employment and industry growth reflects the broader head winds lashing the U.S. job market, as consolidation, outsourcing and productivity gains from new technology and business methods combine to undermine job growth.

At wireless carriers, leaps forward in smartphone and network technology haven't generally required increases in the call-center workers and salespeople that make up much of the wireless-telecom work force.

Those advances do show up, however, in skyrocketing productivity statistics. In 2009, the latest data available, the output per hour of wireless-carrier workers jumped 24.3%, more than in nearly any other service industry, according to a Labor Department report in May. Since 2002, output per hour in the industry has nearly tripled....the wireless boom is creating jobs in other industries and occupations, such as software development, publishing and media. Search giant Google Inc. GOOG +2.79% has said it is generating $1 billion a year in mobile-related revenue and will hire more than 6,000 people this year, including many to work on mobile products. Start-ups such as Twitter Inc., Foursquare Labs Inc. and Flipboard Inc., meanwhile, continue to grow at a rapid clip.
wireless  layoffs  productivity  Foursquare  Twitter  Flipboard 
july 2012 by jerryking
Ride to the rescue of workers
Aug. 15 2007 | The Globe and Mail | JIM STANFORD. Economist with the Canadian Auto Workers Union

So imagine how surprised I was at the bank's rapid, powerful interventions into financial markets recently, issuing more than $4-billion in new low-cost loans in just three trading days to soothe frazzled nerves and keep the easy-credit machine out of the ditch. And it signalled in no uncertain terms there was plenty more where that came from.

Far from sitting back watching the economy "adjust to change," this drama featured the central bank as cavalry - charging over the hill just as the hedge-fund artists were making their last stand. Seems the prospect of bankrupt speculators tossed onto the street, forced to find real work, isn't the kind of change the bank has in mind. Now, don't get me wrong: What the bank did was prudent and important....This selective, one-sided approach to stabilization speaks volumes about the nature of the bank as an institution, and the biases of the inflation-targeting regime it espouses so passionately. The Bank of Canada is not a neutral, prescient team of technocrats, guiding us to some imaginary point of maximum efficiency. Like any other political body, its opinions and actions reflect value judgments about the relative importance of differing, sometimes conflicting, goals and interests. Job creation versus inflation control. Consumer inflation versus stock-market inflation. Financial troubles versus industrial troubles.

So, Governor Dodge, please carry on with your dramatic rescue mission. Just spread a little of that rescue around to the rest of us next time.
bailouts  Bank_of_Canada  biases  bubbles  business-government_relations  CAW  central_banks  economists  financial_crises  financial_markets  institutions  Jim_Stanford  layoffs  manufacturers  pairs  politics  tradeoffs  values  value_judgements 
june 2012 by jerryking
Entrepreneurs Prefer to Keep Staffs Lean - WSJ.com
March 2, 2010 | WSJ | By SARAH E. NEEDLEMAN.

After Layoffs, Companies Learn to Do More With Less; 'Jobs Aren't Going to Come Back Just Because Business Is Better'
Sarah_E._Needleman  small_business  jobs  layoffs 
june 2012 by jerryking
The Old Heave-Ho
September 2004 | TORO | David Hayes
layoffs 
march 2012 by jerryking
Life after Wall Street - FT.com
February 17, 2012 8:45 pm
Life after Wall Street

By William D. Cohan
Second_Acts  investment_banking  layoffs  Wall_Street  William_Cohan 
february 2012 by jerryking
As Public Sector Sheds Jobs, Black Americans Are Hit Hard - NYTimes.com
November 28, 2011 |NYT | By TIMOTHY WILLIAMS.

The central role played by government employment in black communities is hard to overstate. African-Americans in the public sector earn 25 percent more than other black workers, and the jobs have long been regarded as respectable, stable work for college graduates, allowing many to buy homes, send children to private colleges and achieve other markers of middle-class life that were otherwise closed to them.
public_sector  African-Americans  layoffs  middle_class  downward_mobility  college-educated  home_ownership  overrepresentation 
november 2011 by jerryking
How to Fire People the Right Way
– Meridith Levinson, CIO

October 31, 2011
Rebecca Heyman, a human capital consultant with HR outsourcing company TriNet, notes that filing a discrimination claim with a local EEOC agency as part of a wrongful termination claim costs nothing for an employee, but causes significant disruption to the employer's business. "The employer has to respond to the employee's allegations. They often have to work with an attorney to prepare a response to the claim. That can be costly," she says.

How costly? Mimi Moore, a partner in the labor and employment practice with Bryan Cave LLP, says that each legal claim an employee brings against an employer in court could cost the company between $50,000 and $250,000 in legal fees and potential settlement payouts.

With the economic recovery faltering, companies are once again turning to layoffs to cut costs. In September, employers announced plans to lay off 115,730 workers, which made it the worst month for job cuts in two years, according to global outplacement firm Challenger, Gray & Christmas.

Companies that mismanage terminations may see more litigation, says Moore. She notes that in the current climate, when employees are terminated, they're more likely to consider filing a legal claim against their employer because they know how difficult finding a new job will be, and a potential legal settlement could ease their transition.
howto  layoffs  litigation  Octothorpe_Software  firings  EEOC  wrongful_terminations 
november 2011 by jerryking
Enough Is Enough
April 1992 | International Financial Law Review | Richard Hopkins
Octothorpe_Software  layoffs  law_firms  United_Kingdom 
november 2011 by jerryking
When layoff talk swirls, keep calm and get prepared - The Globe and Mail
eileen dooley
From Saturday's Globe and Mail
Published Friday, Sep. 23, 2011
layoffs  preparation 
september 2011 by jerryking
Analyst Sees Securities Firms Cutting Jobs and Pay - NYTimes.com
September 7, 2010 | NYT via By BLOOMBERG NEWS | Anonymous.
“The key product drivers of Wall Street’s revenues and profits over the
past decade have been in a structural decline over the past three
years,” Ms. Whitney said in the report.

Barclays, the Credit Suisse Group and the Royal Bank of Scotland Group
may lead a slowdown in hiring in Europe as the fixed-income trading boom
fizzles out, recruiters said last month. Barclays Capital’s income from
trading bonds and commodities fell 40 percent in the first half amid
the sovereign debt crisis. Fixed-income, currencies and commodities
trading was the biggest revenue contributor at investment banks from
Deutsche Bank to Goldman Sachs.
Wall_Street  layoffs  brokerage_houses  securities_industry  ufsc  sovereign-risk  debt  structural_decline 
september 2010 by jerryking
Is Optimism a Competitive Advantage
August 13, 2009 | BusinessWeek | By Michelle Conlin. The
link between a company's employee engagement and its bottom line is
real: the more engaged the workers, the higher the sales and profits
employee_engagement  competitive_advantage  ROI  layoffs  corporate_universities 
august 2010 by jerryking
Op-Ed Contributor - Are Today’s ‘Entrepreneurs’ Actually the Unemployed? - NYTimes.com
June 1, 2010 | New York Times | By ROBERT B. REICH. Why all
this [surge] entrepreneurship last year? In a word, unemployment. Booted
off company payrolls, millions of Americans had no choice but to try
selling themselves. Another term for “entrepreneur” is “self-employed.”
The surge include lots of people who don’t particularly relish
becoming their own employers due to lack of health care, 401(k) match,
sick leave, paid vacation, and predictable income and hours.
Robert_Reich  entrepreneurship  Kauffman_Foundation  unemployment  layoffs  self-employment 
june 2010 by jerryking
THE 30-MINUTE EMBA
Sept. 29, 2006 | Report on Business Magazine pg. 103 | by
Denise Balkissoon, Omar El Akkad, Craig Silverman. Rule No.
73--annswer the damn question; HOW TO FIRE SOMEONE GRACEFULLY
CEOs  executive_management  rules_of_the_game  Communicating_&_Connecting  layoffs  Omar_El_Akkad 
june 2009 by jerryking
Making layoffs strategically
June 1, 2009 06:00 AM | The Globe and Mail | Harvey Schachter
layoffs  Harvey_Schachter  cutbacks  howto 
june 2009 by jerryking
Many Companies Hire as They Fire - WSJ.com
MAY 11, 2009 | Wall Street Journal | by CARI TUNA
hiring  layoffs  economic_downturn 
may 2009 by jerryking
A chance for bankers to refocus their talents
April 6 2009 19:52 | Financial Times | Gillian Tett.

if finance no longer keeps monopolising the brightest and best workers, some of that talent could be diverted into other, more productive, arenas - for the good of the economy.

Some of those financiers now being "demobbed" - or sacked - have strong science or engineering backgrounds, and are sitting on spare capital. In an ideal world, they would be perfect candidates to support manufacturing, information technology or other high-tech start-ups of the kind that Europe in particular so desperately needs.

America, for its part, is also short of engineers. The Society of Manufacturing Engineers, for example, calculates that while the country needs 100,000 engineering graduates a year, it is only producing some 70,000. The SME itself points out in a new advertising campaign aimed at students: "Engineers create real wealth by solving problems rather than creating 'paper' wealth by playing with the markets."

The public sector in both America and Europe could also benefit from an influx of highly skilled, financially astute managers. Expanding the talent base of the regulators, in particular, would seem one obvious place to start. The non-profit and educational sectors also need more smart, highly skilled workers, particularly (but not exclusively) in places such as the UK.
highly_skilled  layoffs  Second_Acts  Gillian_Tett  transferable_skills  the_best_and_brightest  financial_services  engineering  talent  entrepreneur  war_for_talent  finance  manufacturers  banking  redeployments 
april 2009 by jerryking
Weary of Looking for Work, Some Create Their Own
Published: March 13, 2009 | New York Times | By MATT RICHTEL
and JENNA WORTHAM

Plenty of laid-off workers across the country, burned out by a merciless
job market, are building business plans instead of sending out résumés.
For these people, recession has become the mother of invention.......[JCK: “Forced
Entrepreneurship.” Possible idea for Canadian community colleges?]
career  economic_downturn  entrepreneur  entrepreneurship  Jenna_Wortham  layoffs  recessions  start_ups  mercilessness 
march 2009 by jerryking
Comeback Strategy
Jun 16, 2007 | The Globe and Mail. pg. B.18 | Virginia Galt.
resilience  Managing_Your_Career  bouncing_back  layoffs  Virginia_Galt  setbacks  howto 
march 2009 by jerryking
When the axe falls: Adjusting to life after job loss
June 16, 2007| The Globe & Mail pg. B18 | by VIRGINIA
GALT, WORKPLACE REPORTER. Profiles the struggles of Eleanor Clitheroe
post Hydro One where she was appointed CEO in 1999, with a mandate to
take the power transmission company private – a mandate that was later
reversed as a result of changing political priorities. In June, 2002,
the entire board of directors resigned in a power struggle with the
provincial government over executive compensation. Shortly thereafter,
Ms. Clitheroe was fired – with no severance.
resilience  bouncing_back  layoffs  Second_Acts  Virginia_Galt  Hydro_One  firings  CEOs  women 
march 2009 by jerryking
Laid-Off Lawyers and Other Professionals - WSJ.com
MARCH 2, 2009 WSJ article by MARK PENN
This column is about identifying these important new niches, and acting on that knowledge.
layoffs  lawyers  microtrends  professional_service_firms  Mark_Penn 
march 2009 by jerryking
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