Anybody else getting hit by budget cuts at work?

[TBH]

I just got an email from my boss. They're reducing hours in my department because of budget cuts. I'm not sure yet how much, if at all, I'll be effected. Hours are awarded based on seniority. I am somewhere in the middle in terms of seniority, so I won't be the first to go. This is a part-time job, but it accounts for about half my income (maybe 25% of the household income). My other job is freelance, so this is where I get my benefits, too.

I am lucky that my income is diversified, so even if I lose this job I won't be totally unemployed, but I thought this job was really secure. I'm a little freaked out.

Is this happening to anybody else? I don't know how many people on here are dealing with layoffs, paycuts, reduced hours, etc. If it hasn't happened yet, are you waiting for the axe to fall?

[Cylenchar]

Oh yeah, we have definitly been strongly hit by layoff at my work. I work for a homebuilders mortgage company..... in the last month they have laid off about 60 people. A couple months ago they laid off one of our offices, so a 100+ people. So now, last month of 4th quarter (traditionally the busiest time) we are buried. However, come january, we have very few home closings on the books so things will be dead... which likely means more layoffs....I'd say we are about 30-40% the size we were a year and a half ago.

[project15]

Last week they eliminated my pay band and moved everyone to other parts of the company. They promoted me to keep me in their group within the company though

[LivingAlmostLarge]

My DH found out that this year no raise. Instead they are giving a 4% bonus to everyone as a COLA. The idea is to not guarantee income. So a bigger bonus and one shot deal of cash. Gotta manage it wisely.

[webcontacts00]

You are not only one. Already seen many layoff at my company. No bonus. Hours cut etc.

[MoneyTrev]

No one I know has been hit except probably my mom. Her company is not getting as much customers to outsource to now.

[Goldy1]

yes but the world still moves on. The restaurant parking lots of nice places are full. I saw a sign for yet another new subdivion with homes "starting in the 300's" down the road. AND I LIVE IN THE SUBURBS OF DETROIT.

But yes a lot of my friends are laid off or worried.

[Alex_Adviser]

One of my friends was made redundant about a month ago and next week is last week at work. Though he is still looking for a new job.

Such things are quiet common to see these days, so proper financial management is a must to ensure that you overcome some situations easily.

[mrpaseo]

Not very many peeps being let go in my line of work (Active Duty Army), but I can say this, the influx of civilians signing up has caused the bonus' to go down and in a lot of cases, go away.

There will always be a conflict somewhere, thanks to the chaos of the world, I have job security

Ray

[momof1in150]

Not very many peeps being let go in my line of work (Active Duty Army), but I can say this, the influx of civilians signing up has caused the bonus' to go down and in a lot of cases, go away.

There will always be a conflict somewhere, thanks to the chaos of the world, I have job security

Ray

Military bonuses being reduced/eliminated it pretty typical when enlistments are up. It is pretty typical in this economy.

My DH works for the War College and we aren't concerned about his job and he will get his normal raises and a promotion in April. My job sucks right now as I am a REALTOR and nothing is selling. I have a part time job at our church and I sit on our Administrative Council and our budget is short about $30K this year and that is going to cause problems.

[Ima saver]

My dh is a builder and is self employed. There is NO building going on around here. all the building supply places have laid off most of their employees.

[Inkstain82]

I work in an industry that was already dying, but only one person I know actually got their job cut (actually, the entire newspaper got cut).

But I'm no longer allowed to travel unless it's pretty extreme case (i.e. a local team in the state championship), and we no longer buy AP wire photos.

[mom-from-missouri]

I am a SAHM, farmer, and homeschool teacher and it is hitting me. The price of feed has gone up. We have cows that we would like to take to the sale lot, but the meat prices are down. Yet schoolbook prices are going up. I have been getting seed catalogues, and seed prices for next years garden are going up as well. I have been trying to make the farm a profit, but it isn't happening for this year. But, it is keeping us somewhat fed.

[My English Castle]

One class cut

My students are having a hard time scraping up money for classes, their parents are having a hard time, and the university here has cut classes. Although the classes might fill, or fill "enough" to make it worth a go, they still cut them. Word is they want us to raise class size. I'm teaching three instead of my usual four, and some of my colleagues have none.

[Tree0164]

My husband's company has had some layoffs of some support staff. He is in government sales so he is seeing some budget cutoffs from some other areas. Any overtime by the remaining support staff is gone and the little perks of lunch being brought in once or twice a week is gone as well.

My mom is in the newspaper industry (customer service) she got laid 18 months ago and then joined another newspaper (total fluke same industry) and there were same layoffs there in printing area. She works in the advertiisng side and the big advertisers local department stores have really cut down on their advertising budget so she honestly doesn't know how long she will be there for. She works just PT so she will offically retire when this job ends.