Let's just say the average salary is 70k which is very conservative. That is 14k * 70k annually lost from the local community, a grand total of 980M or let's just say 1 billion annually.
Looking for another job when there are massive cuts like this also degrades the salary they accept on their next job because of the competition.
I wish companies, if possible, throttled layoffs a bit more instead of large chunks like this, but that is unlikely as the board/CEOs are looking for a stock uptick when they do and don't want to drag it out to affect the market value (translation: their own pay / stock value/price).
We rarely look at the amount of money lost in communities when things like this happen but it would be nice if reporters put out the lost community dollars/salaries along with the layoff number. The Great Wage Stagnation continues in our consumer driven economy.
Looking for another job when there are massive cuts like this also degrades the salary they accept on their next job because of the competition.
I wish companies, if possible, throttled layoffs a bit more instead of large chunks like this, but that is unlikely as the board/CEOs are looking for a stock uptick when they do and don't want to drag it out to affect the market value (translation: their own pay / stock value/price).
We rarely look at the amount of money lost in communities when things like this happen but it would be nice if reporters put out the lost community dollars/salaries along with the layoff number. The Great Wage Stagnation continues in our consumer driven economy.