Irish Property Market chat II - *read mod note post #1 before posting*

Most of these people if they have 10+years service will leave with 1-1.5 years pay as a redundancy payment. There will often be a voluntary element to it. 10 years ago in a company I was in it offered a VL deal lads with 4-7 years service were walking out the door with 20-40k. They used it to travel or as deposits on houses. They were mostly on fairly low paid jobs and got similar work elsewhere.

People that are on higher wages will often use this as a chance to take a career break and if they have young families look after th for 3-6 years

Oh no doubt.. I for one would be happy to get a nice redundancy, mortgage almost paid off and a nice 15+ years in my company.

But I think the previous poster mentioned "I’m talking about a reduction in head count….doesn’t need to be redundancy." So I am not sure if he/she was alluding to "last in, first out"

Most companies that do head count reduction offen try to make it financially viable to older staff. It's hard to teach an old dog new tricks. These people while often very capable workers are usually on 20-50% more than you ger workers. As well if you are in your late fifties and will walk out with 100k most of it tax free, draw no months unemployment benefit . These sort of packages are very attractive to certain demographics, people still single, those with no families, those that have other business interests on the side. The benefit for the company is you keep your workforce young.

Companies will never denude there contract staff. Often a good percentage of these are very specialised and as well can be your most flexible staff. There is usually clauses especially for more specialist staff about notice of termination of contract.

Even agency staff when made redundant have a cost as the agency as to be compensated for any redundancy payment made

Another factor is that where contract staff should have been employees it can raise issues similar to RTE where it had to give these staff full time positions and compensate them for loss of maternity leave and other benefits.

LOL if I was an exec in a MNC, I wouldn't be mentioning stuff like that.. Can get you into hot water, remember reading about this a while back.

https://news.bloomberglaw.com/litigation/ibm-settles-with-eight-workers-to-end-age-discrimination-lawsuit

Either way, the figures will be run by accountants at the end of the day.. They will do whatever they find the cheapest for them long term.

Impact of job cuts in tech heavy Seattle area.

https://www.msn.com/en-ae/money/news/layoffs-at-amazon-and-microsoft-deal-big-blow-to-second-largest-us-tech-hub-seattle/ar-AA16zUaT

Large MNC will have team structures and multiple people doing similar jobs within a team or teams. The single defined roles will generally be in a specialised role who you may not want to lose anyway.

If you are doing a large scale layoff ya a call center or similar can just lay off section's, close down location, in a large MN you just structure what you want to happen. It may cost a few bob extra but it's cheaper in the long run.

Look at what happened when Dell left Limerick back in the late noughties even though they were completely closing the location they enhanced the offer

With regards to us, I would be more worried about Government finance rather that Interest rates. Current government have gotten used to good tax returns from these MNC, they have moved away from building social housing to leasing and or subsiding rents via HAP. We are spending everything as we earn, nothing put aside. Good times will last as long as MNC tax revenues keep coming in, when it stops or slows down. Who will pay for all the nice stuff we have gotten accustom to ?

Yes I was surprised by this headline today and wondered what was behind it. I would tend to agree that it is likely to be a lot more cuts.

I agree that there is merit in what he is saying, I just know from a wide circle of acquaintances (here, the UK and US) in the tech sector that there quite a few people looking for roles now. My LI feed is now regularly seeing someone ask for help in getting a role, this was not the case pre-November. As I work in the tech sector I hope it does not get much worse but unfortunately I think there will be more cuts coming.

You then look at the financial industry and see the likes of Goldman Sachs cutting numbers and slashing bonuses (so I am making an educated guess they are not the only ones in this sector doing this).

Are you better or worse off because of it.

Full speed ahead on enhanced leasing, hard to disagree with Desmond on this - "Businessman Dermot Desmond said funds were ‘having a laugh at Ireland’"

State agrees deals to lease 150 Kildare homes worth €50m from investment fund — despite pledge to phase out practice

On another note as many on here have said smart money exited the commerical game long ago.

Irish commercial property market could lose €10bn in value in 2023

This is a piece from 10 years ago. Looks like we overcooked it and with the change in mortgage rules we are turning up the dial.

Wonder if we will ever hear a call to increase supply to create a ceiling or cool the market from similar spokespersons

How can an employer give a letter of comfort to a bank if they haven’t communicated to all employees or gone through the process with Unions….issuing a letter of comfort before this just opens the doors to court.

Here we go again