Read the first part of this article.
The challenge is only going to escalate – there are more layoffs ahead in the auto sector in Ontario. There are plans to cut up to 3,600 jobs in Ontario by 2008 in response to closures of nine North American plants and an estimated 30,000 jobs over the next three years will be lost in the US.
In St. Catharines, Ontario another GM plant awaits layoffs. Lear Corporation (Lear Corp) in Ajax and Woodbridge Foam Corp will be affected also by these layoffs. While Canadian Auto Workers feels it is the Government’s responsibility to step in and ward off these layoffs, it isn’t likely to happen.
Oshawa alone stands to see 4,000 people lose their jobs. This is a major disaster to the local economy. More than ever the ability to work from home or do jobs dependent on Global Economies becomes an attractive solution to people who have the skills, interests and abilities.
The biggest danger for GM employees, who go on layoff and receive up to 60 per cent of their gross wages, continued health-care benefits for up to three-years is WHAT THEN? It is prudent for them to take action now, start the process of building a self-employed opportunity, online business, looking at retraining, or moving – before they find themselves making decisions under more duress than they are presently under.
Of course, eventually economies correct themselves. However, at the individual level immediate action can prevent problems from escalating. Beyond the emotional blow it is to lose one’s job, the financial ramifications can continue to impact a person for decades to come. Those who are successful in adapting and finding other income sources most quickly reduce the impact to their financial status.
The fact is we as Canadians, and cities like Oshawa, are far from immune from shifts in the global economy. In fact, we are increasingly impacted by jobs leaving our borders to go to places where the cost of doing business is less. Unfortunately, individuals are finding themselves affected by decisions that they have no power to stop. The only alternative for displaced employees is to immediately start working on a plan to take care of their emotional and financial needs. The ripple will continue to sweep through the local economy as laid off workers find they have to flip houses because they can no longer afford to repay their mortgages.
Unfortunately many people delay their decision to consult the help of a coach, assuming they will be able to navigate the change themselves. However, the longer one waits, the more difficult it is to recuperate. Often laid-off employees who engage the services of a Coach immediately after their layoff are quick to find new opportunities. Those who wait until they are desperate, stack the cards against themselves – as emotional challenges make it increasingly difficult to make the right decisions.
It is a hiccup that could turn into a generalized downturn in Ontario’s economy. Alberta was quick to say they could employ half of those people immediately and that housing is waiting for their arrival. However, as buoyant as Alberta’s economy is — it remains very reliant on the Oil markets. Should some sudden world event or political decision make a sudden change to the price of oil, Alberta’s economy is not immune either.
Read the first part of this article.
