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Have you seen the effects of this economy in your personal life?

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    Have you seen the effects of this economy in your personal life?

    It isn't the techies only or the dot-commers that are being effected.I've been seeing the effects since late last year but mostly early January.

    All of the big five consulting branches have been laying people off since January but it wasn't open until a couple of months ago when there's been a mass exodus. So many of my friends were let go in the end of April and it really feels bad when you know the people. http://www3.pak.org/gupshup/smilies/frown.gif

    My industry is telecom and so many of our clients have failed or downsizing big time and majority of projects have been junked. Its amazing the number of consultants you see in the office unstaffed and we recently found out the numbers along with more cuts!

    How is it with the rest of you?

    At my firm they are hiring new grads (put thru expensive training)while releasing trained people. Its mind boggling to me, b/c some of these new hires' chargiblilty is the same as those of us who started last year and we've already gone through the training and have working knowledge.


    [This message has been edited by Yasmine2 (edited June 24, 2001).]

    #2
    I did not know accenture was considered big-5 since that is a designation of the big-5 accounting firms, and to the best of my knowledge Accenture does not have an accounting practice.

    Anyways, the economy has killed my portfolio in general. I am just glad that I am invested in mutual funds and had changed my investments to fairly conservative mix. A good pal of mine lost over 90% of his portfolio value and saw a drop from 6 figures to 4 figures.

    Others have been told by their companies that they will not sponsor them for greencards anymore because dept of labor is on their case for sponsoring foriegn nationals while laying off US citizens.

    The greatest trick the devil ever pulled was convincing the world he did not exist. And like that... he is gone.

    Comment


      #3
      Mr. Fraudia,

      You're right, the big 5 were the big 5 accounting firms, before consulting came into the picture. And ofcourse all the big 5 consulting firms started a consulting arm which became the big 5 consulting firms.

      The top consulting firms which originated out of the big 5 accounting firms call themselves the "big 5" Accenture is the derivative of the Arthur Andersen's consulting arm which used to be Andersen Consulting but now completely separate from Andersen worldwide.


      Anyways, that wasn't the point of my post. I hear about so many job cuts in my area (DC) that I was wondering how it is effecting other people.

      Comment


        #4
        Yasmine

        Yep but accenture's departure from andersen worldwide meant that it could no longer call itself a big-5 firm http://www3.pak.org/gupshup/smilies/smile.gif

        accenture's corporate offices are about 10 minutes away from my client site and I drive by it every day.

        so where are these cuts mostly? advanced technology sort of groups that do custom coding and infratsructure work, applications teams, what? and what levels, I have seen cuts take place mostly in junior level people in web technologies and more of the custom coding areas. Other areas have seen cuts but lesser.

        Just hoping that the economy recovers
        The greatest trick the devil ever pulled was convincing the world he did not exist. And like that... he is gone.

        Comment


          #5
          Originally posted by Yasmine2:
          So many of my friends were let go in the end of April and it really feels bad when you know the people.

          I know how that feels. My company had layoffs and I processed the terminations... ovre 100 in my plant. Some of the people I knew for 10-15 years. During those few days, a month ago, I couldn't talk to anyone about who was going or who had gone. Still withholding info. out of respect and integrity of those who left. It is not easy.
          Others are finding out thru grapevine.

          Comment


            #6
            Well I'm curious to know if my degree (BCom in Information Technology Mangement) will mean anything when I get out in 2003.

            ------------------
            "Labaik, Allahumma Labaik, Labaik La Sharika Laka Labaik, Innal Hamda Wa N'amata Laka Wal Mulk, La Sharika Lak." "Here I am at your service, O Allah, here I am. Here I am at your service and no partners do you have. Verily All Praise and All Bounty belong to you, and Yours alone is The Sovereignty. No partners do you have."
            22.1 . O mankind! Fear your Lord . Lo! the earthquake of the Hour ( of Doom ) is a tremendous thing .

            Comment


              #7
              Hinna,

              2003 is so far away. The natural economic cycle should be up by then. Our management is predicting (HOPING) that this dip will be gone in the next few months.

              I wouldn't be concerned if I were you. Just be happy and don't worry about things so far in advance.

              Have you ever realized that we sometimes worry about things so far in advance that in real life these things aren't even an issue?

              [This message has been edited by Yasmine2 (edited June 24, 2001).]

              Comment


                #8
                I have been working in the oil industry for 3 years and have noticed one thing that there are ups and downs every year. There was a slump in the oil industry when I was graduating. Initially, I was a bit worried but luckily I managed to get job. Since then I have noticed one thing that it goes up and down. The boost in the IT industry was not real and so it had to come down. It did sent shock waves from America to all over the world including UK. A lot of people who were thinking of moving jobs especially in the IT business have stuck to their jobs.

                After a while, it seems that it isn't that bad as it was in the US or maybe it hasn't come to the Europe yet but there has been some job losses mainly in the American companies.

                Comment


                  #9
                  Originally posted by Yasmine2:
                  Hinna,

                  2003 is so far away. The natural economic cycle should be up by then. Our management is predicting (HOPING) that this dip will be gone in the next few months.

                  I wouldn't be concerned if I were you. Just be happy and don't worry about things so far in advance.

                  Have you ever realized that we sometimes worry about things so far in advance that in real life these things aren't even an issue?

                  [This message has been edited by Yasmine2 (edited June 24, 2001).]

                  Thanx for the reassurance sis http://www3.pak.org/gupshup/smilies/smile.gif



                  ------------------
                  "Labaik, Allahumma Labaik, Labaik La Sharika Laka Labaik, Innal Hamda Wa N'amata Laka Wal Mulk, La Sharika Lak." "Here I am at your service, O Allah, here I am. Here I am at your service and no partners do you have. Verily All Praise and All Bounty belong to you, and Yours alone is The Sovereignty. No partners do you have."
                  22.1 . O mankind! Fear your Lord . Lo! the earthquake of the Hour ( of Doom ) is a tremendous thing .

                  Comment

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