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Annual Layoffs Forecast: 2008 Executive Survey Finds Severe Job Cuts to be Made This Year

Career Protection’s® Annual Layoffs Forecast predicts a 37% increase in companies planning layoffs and reductions in workforce this year.

New York, NY January 28, 2008
— Career Protection’s Annual 2008 Layoffs Forecast paints an ugly picture of cuts in jobs for this upcoming year. Over 1,375 corporate executives nationwide completed the confidential annual survey regarding workforce reduction plans conducted by the employment law and human resources experts of CareerProtection.com this month (Survey conducted January 2-25, 2008).

“This is our worst layoff forecast in the past five years for employees, as corporations appear ready to slash staff and layoff workers,” says Kirk Nemer, J.D., SPHR, President and CEO of Career Protection®.

“The only good news provided by Executives and Senior Vice Presidents in our survey was that companies were planning to provide severance pay during these difficult and stressful times,” Nemer stated. “However, it appears the severance packages will not be as generous in their severance pay as they have been in the recent past.” Nemer added that, “Employees should negotiate their severance package offers as they’re not a ‘take-it-or-leave-it’ situation. Companies will still require employees to execute a General Release of Legal Claims in exchange for receiving a severance package, so companies will negotiate its terms to obtain one from employees.”

Career Protection has been inundated this month with telephone calls from employees at Bear Stearns, Chrysler, Citigroup, Covidien Healthcare, Ford, GM, Indy Mac and Sprint Nextel, who have announced plans for reductions-in-force in January.

Kirk D. Nemer, CEO of HR on your side, Inc./CareerProtection.com, and employment attorney with over 20 years of legal and human resources experience is available for interviews on many workplace issues and law.

Please contact:

Kelly LaMarche
Vice President of Marketing & Communications
(877) HRLAW-4U (475-2948), extension 620