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News today in WRAL TechWire that NetApp is going to announce the layoff 200 employees in the Triangle today. What with the Lenova Server employee layoffs last week, and the ongoing Glaxo layoffs it seems a lot of well paid jobs are going away. Any thoughts on impact to the local housing market, and the Triangle economy in general?
Lenovo layoffs were a foregone conclusion after their acquisition of IBM's server business. Same pattern as they had followed with the PC business. It's an M&A event, not an indication of the state of the local economy.
News today in WRAL TechWire that NetApp is going to announce the layoff 200 employees in the Triangle today. What with the Lenova Server employee layoffs last week, and the ongoing Glaxo layoffs it seems a lot of well paid jobs are going away. Any thoughts on impact to the local housing market, and the Triangle economy in general?
What percentage of the local workforce do those layoffs represent? What percentage of the total local payroll? How many of those laid off are single income households who will have to quickly sell their houses at a loss, or lose them to foreclosure? What percentage of the laid off workers will find a new job within a relatively short time frame?
Without knowing the answers to those questions, one can't really answer your question. My guess is that the answer to your question is not much.
GSK has actually laid off close to 1000 by now. I can't say this with certainty, but within a couple years, most of the 4,500 employees in this area will be gone. GSK will most likely keep the Zebulon manufacturing facility (1,000 employees), since they've invested so much and it's the only one within the US, but IMO GSK in RTP as we know it, is finished. That's a huge void to fill, as they were the highest paid employees in biotech within the region.
Many of these laid off employees are highly skilled and will be able to find work at any number of the other local companies. I've heard that companies looking to fill biotech positions are having a much easier time finding qualified, local candidates to fill their openings, given the recent flood of GSK employees on the market.
Many of these laid off employees are highly skilled and will be able to find work at any number of the other local companies. I've heard that companies looking to fill biotech positions are having a much easier time finding qualified, local candidates to fill their openings, given the recent flood of GSK employees on the market.
Not a lot of companies will match what big pharma pays.
Not a lot of companies will match what big pharma pays.
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Originally Posted by Waterboy526
That's kind of what I was getting at. Some of these people, even when they find new jobs, will be taking a 20-50% pay cut. That's pretty significant.
You're both absolutely correct. That's the word I hear from all the people I know who've either left GSK on their own or have been forced out due to layoffs over the years. With layoffs as huge as they're predicted to be this year, I think a good many will either absorb the pay cut or (if they can) switch industries.
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That's kind of what I was getting at. Some of these people, even when they find new jobs, will be taking a 20-50% pay cut. That's pretty significant.
This is a good reason to #1 keep abreast of what your skills and experience are worth in your local market and #2 prepare to move if you can't get back to where you want to be compensation wise.
What does the SAS employment picture look like? What is their hire/fire profile like?
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