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Reply #18: Recession hits Silicon Valley as layoffs pile up [View All]

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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 05:30 PM
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18. Recession hits Silicon Valley as layoffs pile up
Source: Reuters

25 Jan 2009, 0110 hrs IST, REUTERS

NEW YORK: The recession turned up late on Silicon Valley's doorstep but is likely to stay awhile, as technology companies slash thousands of jobs and rein in costs to make up for shrinking earnings and tight-fisted customers.

Job cuts in the technology sector have trailed other industries until recent weeks. Now they are coming fast and furious as the economic downturn grips the Valley, the strip of land in northern California that is home to household names like Google Inc and Amazon.com Inc.

Tech giants like Intel Corp and Microsoft Corp are laying off thousands of employees, while start-up companies are firing in smaller numbers as they struggle to survive with fewer customers and venture capital dollars.

And this is just the start, analysts say, expecting thousands more to lose their jobs this year as the recession forces the industry to slash marketing and capital spending.

"Organizations are saying, 'What is the absolute nuclear winter? Let's plan for that,'" said Adam Charlson, senior partner at executive search firm Korn/Ferry International Inc, who works closely with the recruitment divisions of top tech firms. "What you're seeing now is organizations putting those plans into reality."



Read more: http://economictimes.indiatimes.com/Recession_hits_Sili...
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