“We will have fewer kids, so therefore we will have fewer teachers. In addition, since we do have to balance the budget, we may have to affect some other programs and services.”
Waterloo Catholic District School Board Chief Financial Officer (CFO), Shesh Maharaj, March 26, 2015.
“I believe that we are in for much greater volatility in oil prices for the foreseeable future. That’s why you’ve seen Cenovus preserve cash by moderating our growth and reducing our work force.”
Chief Executive Officer (CEO) Brian Ferguson, February 2015.
“This is a difficult day for the Target team, but we continue to believe that the steps we are taking are the right ones for the company.”
Target spokeswoman, February 2015.
“We have had job losses in recent years because of the state of the newspaper industry. To accommodate the expense reductions I had to deliver, it would have required me to make personnel cuts that I think really would have been damaging, not only to the newspaper but also to the community.”
New Bedford’s Standard-Times editor Bob Unger, 63, upon his early retirement, December 09, 2014
“We have completed the restructuring notification process, and the work force reduction that began three years ago is now behind us. I am confident that we have the right organization in place to execute our business strategy. Many employees were let go, many others left by their own choice, while those who stayed often were uncertain about the company, its future and their future. I know it can be very difficult to maintain a high level of focus and commitment during a time of turmoil and uncertainty. I ask for your help more than ever to focus on execution at every level. There is no margin for error to complete BlackBerry’s turnaround to success.”
BlackBerry CEO John Chen, August 05, 2014
“Overall, the company is trying to prudently manage their cash and their liquidity position, while they have the pressure of two major aerospace programs on the go that are both going to see material delays. They’ve only got so much capital, and they really do have to preserve that.”
Stonecap Securities equity analyst Scott Rattee, on Bombardier’s decision to lay off 1700 workers from the Aerospace division, January 21, 2014
“Forced layoffs have become an oft‐used strategy for companies wanting to regain a competitive edge. First used during the recessions of the 1980s and 1990s, the approach has become a common method for companies to make sharp cost reductions, at least for a short period of time. The financial logic of the process is to incur a onetime cost to gain subsequent annual recurring savings. However, in several studies conducted since the practice became mainstream, and cited in the articles by F. Gandolfi and W.F. Cascio, companies often experience higher costs as the result of their forced layoffs.”
Research Briefing, BC HRMA Research Group, The Impact of Forced Layoffs: How to Avoid the Negative Consequences of Laying Off Staff, 2012