Make Money Investing The Warren Buffett Way
There are many magazines that do rankings of the worst jobs in America. These rankings are based on salary, employee happiness, hours worked, and growth prospects. Everyone knows that professions like being a lumberjack are difficult. Today, I wanted to put a different spin on the worst jobs in the United States and detail why these jobs are the worst to have.
Here are the 3 worst jobs to have right now.
Wow. They just kept coming one after another. A number of Fortune 500 companies announced job layoffs today.
Caterpillar(CAT) announced that they will be cutting 20,000 jobs. Caterpillar, the largest manufacturer of construction equipment, has seen global demand for machine equipment fall off the map.
Home Depot(HD) is eliminating 8,000 more jobs and closing 125 stores. The housing market has not yet bottomed and sales are not improving at the nation’s largest home retailer.
GM(GM) is laying off 2,000 people and cutting vehicle production amid reduced demand for its automobiles. It’s a bad time to be an auto manufacturer.
Sprint Nextel(S) is cutting 14% of their employee work force by laying off 8,000 workers. Sprint continues to lose market share to Verizon and AT&T.
Pfizer(PFE) will be cutting over 19,000 jobs after the completion of its merger with Wyeth.
Starbucks(SBUX) may be cutting as many as 1,000 employees.
Photo by texas_mustang
I read an interesting article in the Wall Street Journal about cost cutting moves that FedEx is taking during these trying economic times. FedEx’s cost cutting moves are as follows:
1) FedEx is lowering executive compensation. The CEO is taking a 20% pay cut and executives are taking a pay cuts from 7.5% to 10%. Executive bonuses are being eliminated.
2) FedEx is suspending matching contributions for the company’s 401(k) plan. The company is trying to avoid massive layoffs by using matching funds to pay employee salaries.
3) FedEx is implementing a hiring freeze and cutting back on variable compensation. Another attempt by the company to save jobs.
I wish more companies would follow the example of FedEx. FedEx is cutting from the top down. I have no problem with companies tightening their belt when everyone participates in cost cutting. Management and labor are both suffering salary reductions and cutbacks together. Too many companies eliminate employees positions with executive management suffering no loss whatsoever in compensation.
FedEx is setting a good example by asking everyone to make sacrifices so that the company can stay afloat. FedEx is even considering canceling an advertisement for the Super Bowl because they believe that it would not look right to spend more when employees are taking cuts. I wish that more companies felt this way.
Photo by Alaskan Dude
