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How worried are you about losing your job right now?

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  • 13-03-2020 12:06pm
    #1
    OMM 0000
    Registered Users Posts: 3,733 ✭✭✭


    As the title says, how worried are you about losing your job right now?

    I know most of the news is about the health impact of the coronavirus, but I think most people will be more affected by the financial implications of this virus.

    Personally, I've halved my salary. My team has also taken a salary reduction. This is already causing some of them to look for other jobs (understandable).

    I think the company I work for can probably survive another three months or so should things stay exactly the way they are now.


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    #2
    jrmb
    Registered Users Posts: 697 ✭✭✭jrmb


    I've been working full time and I'm getting ready to go back to college. I was hoping to finance the coming two years through a mixture of a loan and working half-time. The company has now suspended services until 30 March, and it's unclear whether they can withstand that, not to mention any extension to the closure. It's a very depressing time.


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    #3
    Irishphotodesk
    Registered Users Posts: 1,896 ✭✭✭Irishphotodesk


    More concerned with paying bills and surviving financially than the loss of my job.... Being self employed and operating as a contractor means I qualify for very little from the state.

    Working 6 days a week for the past 10years to make ends meet, have had multiple talks with social welfare throughout the years, social welfare say that annually I earn too much to qualify (approx 35k) .... But if I give up the extra day a week, my wage drops by approx €10k - which I cannot even pay mortgage and bills with.... Only TV subscriptions I have are Netflix (€15month), mobile phone and home boradband costs me €70month - apart from that diesel, parking and general work expenses , food and house bills.

    Financially - I'm operating month to month and this will put myself and my family in a difficult position financiallly,

    Life has been very difficult for a number of years,... But ... Am I worried about my job ? No, my workplace might be closed but my job will be there when it reopens.


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    #4
    Fred Cryton
    Registered Users Posts: 962 ✭✭✭Fred Cryton


    Your company should apply either for government assistance or else short term loans from banks. There should be no need for businesses to hit the wall over this.

    It's a short term sharp economic shock but give it 4 months and will be distant memory.

    Also bear in mind that corporates have a set expenses budget for 2020. So if they're not going to restaurants in early 2020, they will be going twice as much in late 2020. That budget will certainly be spent. This is just a short term cashflow problem for restaurants which should be manageable.


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    #5
    salonfire
    Registered Users Posts: 3,078 ✭✭✭salonfire


    Fred Cryton wrote: »
    Your company should apply either for government assistance or else short term loans from banks. There should be no need for businesses to hit the wall over this.

    It's a short term sharp economic shock but give it 4 months and will be distant memory.

    Also bear in mind that corporates have a set expenses budget for 2020. So if they're not going to restaurants in early 2020, they will be going twice as much in late 2020. That budget will certainly be spent. This is just a short term cashflow problem for restaurants which should be manageable.

    I hope you're right!

    When you see mammoths like Ryanair resorting to their cash reserves to try see it through, no-one outside the food and medical sectors can be 100% certain.

    I hope this pandemic coming after a financial meltdown reminds the public sector unions how much a secure job means to families and reduce their demands accordingly when this is over. They can't be bench marking salaries but not bench mark job losses.


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    #6
    smelly sock
    Closed Accounts Posts: 6,820 ✭✭✭smelly sock


    Civil Servant so secure. Absolutely wish anyone who is threatened by jobs losses all the best. Hopefully this wont be like the last down turn and we will recover quicker.


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    #7
    Batgurl
    Registered Users Posts: 1,208 ✭✭✭Batgurl


    People working in the travel and hospitality industry will be lucky to have jobs to go back to. And if they do have a job, there will likely be huge paycuts.

    Realistically if business close for 2 months like they did in China, companies will not reopen. Airlines will go bust. Airports will close. Hotels, tour operators, travel agents won’t get the business even when they reopen because consumer confidence will be knocked.

    Bars, restaurants, etc will be the same. They just won’t reopen. If the world governments don’t bailout this industry as it did the banks, there won’t be an industry when this is over. That’s my opinion.


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    #8
    krissovo
    Registered Users Posts: 2,645 ✭✭✭krissovo


    I am in the tech industry working with a one of the big Global leaders. Not quite as bullet proof as some but I feel very secure as even from home I am 90% productive using online conferencing and our customers include most governments, banks, defence and major retail stores need our product to function.

    Our managers have told us to prioritise family first and customers second followed by our daily work. These rules apply to every employee globally, even our call center staff are working from home.


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    #9
    salonfire
    Registered Users Posts: 3,078 ✭✭✭salonfire


    Batgurl wrote: »
    People working in the travel and hospitality industry will be lucky to have jobs to go back to. And if they do have a job, there will likely be huge paycuts.

    Realistically if business close for 2 months like they did in China, companies will not reopen. Airlines will go bust. Airports will close. Hotels, tour operators, travel agents won’t get the business even when they reopen because consumer confidence will be knocked.

    Bars, restaurants, etc will be the same. They just won’t reopen. If the world governments don’t bailout this industry as it did the banks, there won’t be an industry when this is over. That’s my opinion.

    I agree.

    I think the bar industry is finished. With people more health conscious anyway, more use of social media and dating apps, and shortly now after a few months of not going out ; bars and pubs will lose all attraction.


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    #10
    Colonel Panic
    Registered Users Posts: 2,018 ✭✭✭Colonel Panic


    I work in a company that should have the resilience to make it through, but I'm not there long so all bets are off.


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    #11
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    Fred Cryton wrote: »
    Your company should apply either for government assistance or else short term loans from banks. There should be no need for businesses to hit the wall over this.

    It's a short term sharp economic shock but give it 4 months and will be distant memory.

    Also bear in mind that corporates have a set expenses budget for 2020. So if they're not going to restaurants in early 2020, they will be going twice as much in late 2020. That budget will certainly be spent. This is just a short term cashflow problem for restaurants which should be manageable.

    You are far out. This is going to take between 18-24 months, for the virus to complete its cycle.

    The financial crash is only a coincidence and is a separate incident to the Virus. I have been predicting this date for 12 months (within a two week window). Everyone was laughing at me last christmas as they all had bumper years in retail. I was telling people to gear up for a sharp financial crash. I was wrong on that accounts as someone or group is interfering with how the stock market is performing as it seems to be a slow crash.


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    #12
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    salonfire wrote: »
    I agree.

    I think the bar industry is finished. With people more health conscious anyway, more use of social media and dating apps, and shortly now after a few months of not going out ; bars and pubs will lose all attraction.

    Restaurants and Bars and taverns were the next invention after beer. They were there then they will continue afterwards. This virus will be over in 2 years. Financially? Who know but we have to properly solve the problem this time. No more papering over, forgiving banks and printing more money.


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    #13
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    Batgurl wrote: »
    People working in the travel and hospitality industry will be lucky to have jobs to go back to. And if they do have a job, there will likely be huge paycuts.

    I am going to miss the cruise line industry. That is going to take a massive hit with ships tied up for long durations in port. They are already tied up for a month. Anyone here know anything about shipping? An hour tied up is a long time considering port fees. Now imagine one of them Behemoths tied up for months or two years?


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    #14
    Cyrus
    Registered Users Posts: 19,707 ✭✭✭✭Cyrus


    skooterblue2 wrote: »
    You are far out. This is going to take between 18-24 months, for the virus to complete its cycle.

    The financial crash is only a coincidence and is a separate incident to the Virus. I have been predicting this date for 12 months (within a two week window). Everyone was laughing at me last christmas as they all had bumper years in retail. I was telling people to gear up for a sharp financial crash. I was wrong on that accounts as someone or group is interfering with how the stock market is performing as it seems to be a slow crash.

    if you think that schools are going to close and everyone is going to be working from home for any longer than 2-3 months i think you are wrong.


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    #15
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    Cyrus wrote: »
    if you think that schools are going to close and everyone is going to be working from home for any longer than 2-3 months i think you are wrong.

    I didnt say that either. The Virus has its own life cycle, its about how we adapt to it. Going by mathematical models, it will peak in April and then plateau.... then it will decline. No my opinion, germans, then Americans say 18 months. More or less the same as the Spanish Flu.


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    #16
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    Colonel Panic wrote: »
    I work in a company that should have the resilience to make it through, but I'm not there long so all bets are off.

    A lot of Blue chips with AAA security are really only B rated because of debt leveraged against them. Once people realise that, they will go to BBB and from there down the Swaney. AIB is in danger, AT&T is going to be gone and a whole lot more.


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    #17
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    skooterblue2 wrote: »
    I didnt say that either. The Virus has its own life cycle, its about how we adapt to it. Going by mathematical models, it will peak in April and then plateau.... then it will decline. No my opinion, germans, then Americans say 18 months. More or less the same as the Spanish Flu.

    How long did it take in China.

    https://www.google.com/amp/s/www.cnbc.com/amp/2020/03/16/dow-inc-ceo-business-returns-in-china-as-coronavirus-outbreak-eases.html


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    #18
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    beauf wrote: »
    How long did it take in China.

    https://www.google.com/amp/s/www.cnbc.com/amp/2020/03/16/dow-inc-ceo-business-returns-in-china-as-coronavirus-outbreak-eases.html

    There are two separate incidents going on here. One is the Virus, the other is the Financial crash which has to do with uncontrolled leverage and unresolved debt.


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    #19
    Cyrus
    Registered Users Posts: 19,707 ✭✭✭✭Cyrus


    skooterblue2 wrote: »
    I didnt say that either. The Virus has its own life cycle, its about how we adapt to it. Going by mathematical models, it will peak in April and then plateau.... then it will decline. No my opinion, germans, then Americans say 18 months. More or less the same as the Spanish Flu.

    but what does this 18 months mean,

    if things are getting back to normal in china after 12-16 weeks what relevance is this 18 months?


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    #20
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    Cyrus wrote: »
    but what does this 18 months mean,

    if things are getting back to normal in china after 12-16 weeks what relevance is this 18 months?

    This is a global virus, not just in China. Its has to work its way around the world and could end up back in China, like the Spanish flu ended up back in the USA where it started.

    I wouldnt base all that optimism on just one journalists report. The stockmarket crash is still happening. the full fall out of the Virus hasnt hit Europe or even the states or Russia for that matter yet. Imagine how it is going to hit India and Brazil!?!?!? Open sewers, poor water quality, over populations....

    I am no fan of our current Taoiseach but he was right. This is the calm before the storm.

    I told you it wasnt my opinion, it was someone elses:

    https://www.reuters.com/article/us-health-coronavirus-germany-millions/german-institute-two-years-for-pandemic-to-run-its-course-idUSKBN2141GT


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    #21
    SusieBlue
    Registered Users Posts: 8,029 ✭✭✭SusieBlue


    Very, very worried. And I don't work in the hospitality, retail or tourism industries either.


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    #22
    Cyrus
    Registered Users Posts: 19,707 ✭✭✭✭Cyrus


    skooterblue2 wrote: »
    This is a global virus, not just in China. Its has to work its way around the world and could end up back in China, like the Spanish flu ended up back in the USA where it started.

    I wouldnt base all that optimism on just one journalists report. The stockmarket crash is still happening. the full fall out of the Virus hasnt hit Europe or even the states or Russia for that matter yet. Imagine how it is going to hit India and Brazil!?!?!?

    I am no fan of our current Taoiseach but he was right. This is the calm before the storm.

    id rather base my opinion on whats happening now in the country that had the first outbreak than work on the assumption that the global economy will grind to a halt for 18 months and that my kids wont be able to goto school.

    stockmarkets get volatile at the hint of bad news, its hardly surprising.


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    #23
    theteal
    Registered Users Posts: 7,593 ✭✭✭theteal


    When this all started, business (private airline) began to boom, still busy now. When borders are completely shut, there will be issues. It's a global business though so there'll be rich people with flight needs in places without restrictions so there'll be some money coming in. Our workload hasn't changed and still busy getting through IT projects


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    #24
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    Cyrus wrote: »
    id rather base my opinion on whats happening now in the country that had the first outbreak than work on the assumption that the global economy will grind to a halt for 18 months and that my kids wont be able to goto school.

    stockmarkets get volatile at the hint of bad news, its hardly surprising.

    China is a different type of country. It has a controlled media. They hid the extent of this virus for months. They had entry only hospitals. They had mass graves.

    Read the history of the Spanish flu. There could be a mutation and reinfection. I am not making any preditions on your kids or their education but it is going to a very different world. I am getting lectures and communicating with tutors over the internet.

    New day, new problems, new world (order).


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    #25
    mcgovern
    Registered Users Posts: 4,267 ✭✭✭mcgovern


    Fred Cryton wrote: »
    Your company should apply either for government assistance or else short term loans from banks. There should be no need for businesses to hit the wall over this.

    It's a short term sharp economic shock but give it 4 months and will be distant memory.

    Also bear in mind that corporates have a set expenses budget for 2020. So if they're not going to restaurants in early 2020, they will be going twice as much in late 2020. That budget will certainly be spent. This is just a short term cashflow problem for restaurants which should be manageable.

    That's not the way it works....
    'Corporates' will be cutting discretionary spending to make up for the loss of income. A lot of them are going to be severly impacted by this so if you think it's going to be party season at the end of the year you are in for a big shock.


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    #26
    Cyrus
    Registered Users Posts: 19,707 ✭✭✭✭Cyrus


    skooterblue2 wrote: »
    China is a different type of country. It has a controlled media. They hid the extent of this virus for months. They had entry only hospitals. They had mass graves.

    Read the history of the Spanish flu. There could be a mutation and reinfection. I am not making any preditions on your kids or their education but it is going to a very different world. I am getting lectures and communicating with tutors over the internet.

    New day, new problems, new world (order).

    that was 100 years ago.

    i dont share your outlook.


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    #27
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    Cyrus wrote: »
    stockmarkets get volatile at the hint of bad news, its hardly surprising.

    Oh god yeah they do. They are usually right because they control the agenda. They decide who gets access to capital and who doesnt. How many good businesses flounder because they had no access to capital and how many crazy companies run because they had a monopoly on the market.

    I didnt say this was right or wrong but this is the way the market is going to pan out.

    When you know the destination, then its easy to see the journey forward.


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    #28
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    Cyrus wrote: »
    that was 100 years ago.

    i dont share your outlook.

    Which bit dont you share?
    Massive amounts of surface water and hot summers?
    Massive amounts of people doing unrestricted moving ?
    People living in massive high density areas with poor sanitation?
    People returning to their homelands?
    Many government either ignore or tried to cover it up with propaganda.
    "What about the black and tans?"

    You dont see the parralells with World War one?


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    #29
    GBX
    Registered Users Posts: 11,917 ✭✭✭✭GBX


    Worried now. Staff informed that we will have some temporary lay offs with others on short time contracts till this blows over. Management to talk to people individually in the coming days.


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    #30
    lawred2
    Registered Users Posts: 24,292 ✭✭✭✭lawred2


    It will depend how patient our Irish billionaire owner is...

    Keeping us employed for the next six to twelve months will be tantamount to philanthropy... Our industry is dependent on sports.


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    #31
    Homelander
    Registered Users Posts: 4,364 ✭✭✭Homelander


    Moderately. Not that I will lose my job, but a lot of my work will dry up so I'll take a hefty financial hit, probably about 50% of my income.


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