In the last five years, the number of steelworkers has dropped from nearly 1,200 to about 500. Despite the recent upturn, management has shown no sign of rehiring any of those workers. In the past, when companies had record growth, the workers benefited. That is changing. Instead of rehiring laid-off workers, some companies seem to be celebrating their economic recovery with still more job and benefits cuts.
Layoffs are a routine part of cost-control.
They cut jobs on a regular, almost scheduled basis regardless of profit levels or revenues. Wall Street investors cheer such cuts, sending some companies' stocks soaring to record highs. Another 97,379 jobs were cut in January, the largest number of layoffs in two years, Challenger reported. Massachusetts has seen similar cuts. Bank of Boston, which is buying BayBanks Corp., plans to cut 2,000 workers by the middle of the year.