LAYOFFS WORSEN IN VIRGINIA
Reading the Roanoke Times today is depressing. The front page article is entitled, “Volvo to lay off at least 650 workers.” The story recounts that Volvo has reduced its work force from 3,170 in late 2006 to less than 1,000 by May of 2009. The business section includes an article about thousands losing their jobs at IBM Corp., Intel, Sprint Nextel Corp., Hewlett-Packard Co., Microsoft, and Texas Instruments just to name a few. Tough times indeed!
To those employees facing termination or furloughs, I offer one piece of advice. Be careful what you sign on the way out of the door. Don’t sign new or expanded noncompete or nonsolicitation agreements. To do so may limit your job options in the future. Don’t take the first severance package offered without giving sufficient thought to your specific situation.
My Take: The economy will improve…just be careful out there!