I was talking about the collapse of Lehmann Brothers with some people yesterday. They didn’t appreciate the impact on their career and job security of the 5,000 job losses in the UK.
The impact can affect a wide range of sectors – there will now be a lot less money spent as people need to spend less – so less money spent on meals out, holidays, new cars and phones. This can hit manufacturing and retail.
The ripples could impact on other companies and be the tipping point .
There have also been items on the news which said that 1/2 million UK jobs will be lost by the end of the year.
None of us really knows if our job is secure so make sure you have an up to date CV and are clear on your achievements to enable you to move into job search mode as soon as possible if you are in this position.