Quote:
Originally Posted by fotze
The thing you have to remember, those who were hired on most recently will be the first to be let go.
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I was talking to my Uncle a few months ago, he retired a couple years back as a very very senior member of one of the big oil sands pioneers, and he was telling me about the last 2 times this all happened (early-mid 1970's and then more-so in early 1980's?) and it was actually a lot of the people at the top that lost their jobs first (all the way up to vice presidents). People who had been promoted far too quickly to fill spots they should never have been in and were now overpaid v. their skills were all gone (<sound like half of Calgary at all!?). The only senior people who kept their jobs were the ones with long term senior level experience to back them up, were underpaid to begin with relative to responsibilities and/or (and most importantly) those who were critical parts of projects that were going to produce near-future earnings for the companies in question.
It was a lot of the inbetween people, those with some on the job experience but small pay cheques, that stayed.
Just thought it was interesting.
Claeren.