Job loss news continues to be bad

Everywhere I turn at the moment there is more and more talk of job losses! it does not seem to matter what your industry is jobs are disappearing quicker that most news rooms can report on them. A quick round up:

The average job line might soon look like this.

Finding a job

Not only are jobs being lost but at the end of October it was estimated that $1 billion per day was being lost from our retirement savings.

But wait all is not doom and gloom, if you are a CEO your salary rose by 96% in the last six years vs the workers you are now sacking their pay packet only went up by an average of 32%. The average CEO now makes around $5 million per annum or $96,000 per week. In other positive news Indian outsourcer Tata is still hiring about 100 people a year.

How inspiring! Time for a coffee, or maybe a stiff drink!

Is the IT Sector softening?

I have been interested over the last few weeks to see the varying discussions that Australia is or is not in a recession at the moment. While the jobless figures overall are not too bad at 4.3% for July 2008 (according to the ABS), there are reports of the RBA easing interest rates due to concerns on the health of the economy. The Seek Employment Index has a 27% drop in job ads in the last 12 months.

So it was with some amusement I saw the following three articles on the Australian IT site.

Firstly from 23rd July about increases in skilled migrants entering Australia to help with our “deeping skills crisis”.

The second has NAB offshoring about 2,600 jobs over the next few months as part of a $1 billion technology restructuring program.

Finally yesterday we have an article announcing more falls in the job vacancy rates, with a fall of over 17% in the last six months.

So I have to wonder what is going on? I think I know. Yes vacancies are falling, yes people are cutting jobs and yes there is a skills crisis. The issue seems to be that many of our corporate IT workers just don’t have the right skills for the new work required.