It is that time of year again….the layoff season. Coincidentally, the end of the fiscal year frequently overlaps with the beginning of the holiday season. This means that profits and losses for the past year have already been tabulated and new budgets have been crafted for the new fiscal year. Not surprisingly, this is when management has the numbers and metrics it needs to determine upcoming staffing levels and whether or not layoffs are necessary.
To wit, yesterday Bristol Myers Squibb announced that it was laying off 75 workers in its R&D division to realign research priorities and cut costs. Also, Ariad said yesterday that it was reducing its US workforce following its decision to temporarily suspend the marketing and commercial distribution of Iclusig® (ponatinib) in the U.S. Earlier this week, Novartis indicated that it would slash 500 jobs as it realigns its research efforts and attempts to control costs in both Europe and the US. And Shire announced that is was cutting 180 jobs in a UK facility. Finally, a little over a month ago, Merck announced that it would slash 8,500 R&D and marketing/sales positions worldwide.
Admittedly, getting laid off at the beginning or during the holiday season is a horrible thing. That said, since things are slowing down anyway, it gives persons who received pink slips sufficient time to beef up their resumes/CV and stash their year end bonuses into their IRA or checking account.
Tis the season….
Until next time…
Good Luck and Good Job Hunting!!!!!!!!