49 Percent Of U.S. Companies Expect Layoffs "In The Next Three Months" As Unemployment Heads To Great Depression Levels

Well, at least this is good news:

On Thursday, DHS officials said they were halting the plan to bring in those additional 35,000 H-2B foreign visa workers “due to present economic circumstances” wherein 6.6 million Americans have now filed jobless claims in the midst of the Chinese coronavirus crisis.

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Responsible companies should have set aside 3 months of expenses in a savings account for a rainy day and maybe not over-extended so much. Personal responsibility … it’s not just for when boomers want to talk down to kids about college debt.

You’d be surprised at how many have. 3 months at a minimum

Those that have done so will survive. Those that did not? Well their survival is TBD.

That is a lesson well learned across the board. When you have six months of overhead at a minimum saved, then you can purchase whatever.

Never tap into those reserve funds.

I never relied on data from China or WHO. I put my company on a two week shut down and the blow back is beyond the pale.

Profits over people. I was absolutely sick over this yesterday but today I am good with my decision. I only wish more would take the stand that I did. Not going to happen.

It is all kinds of “fun” being the salmon that swims upstream rather than those who go with the flow.

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They realised after the Tucker expose, the blowback was too much. Message received!

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I did the same thing and laid off everyone after the ACA was put into effect. I gave my employees 10K a year to purchase healthcare. Most had spouses with healthcare benefits and pocketed the 10K a year. The costs of healthcare rose and several employees approached me wanting an increase in healthcare stipends.
A difficult decision as 1/3rd of the time I received no compensation yet every employee was always paid.
I made that difficult choice and gave them 90 days notice and began shutting down the business excluding several customers I kept. I assisted those that needed help finding other employment.
The decision upset me a great deal however since then I have always received a paycheck for work performed. I’m good with my choice today.

Best of luck as you go forward.

I tried that as well with the same results. Except most didn’t have spouses with healthcare benefits. So, when sick they would complain they didn’t have the money to see a doctor.

So, I switched to you’ll have insurance and offered two plans.

It does get so frustrating that sometimes you just want to hang it all up.

Thank you, Lou :heart:

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I have a management/technical support company, just me.

I had 7 employees 6 making 6 figures, 1 at 70K. It was never enough.

When I had a delay in a start date, the assigned manager would have paid time off , some time a few weeks until the job started and all still used all their vacation time.

Always happy to take rarely happy to gov back. Like miss a few vacation days.

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We should share war stories in PM, lol :stuck_out_tongue_closed_eyes:

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I found corporate life painful with office politics making productivity difficult, it’s why I left for private business. In the end it was much like baby sitting 6 teenagers, had the best office manager in the world.

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