The current market conditions have taken its toll on a range of businesses and industries. Recent pink slip issuing companies include:
- MGM Mirage laying off 400 managers.
- Starbucks closure of 600 stores and staff.
- Foot Locker to close 140 stores.
- The newspaper industry has let go over 6,000 print journalists.
This is just a glimpse of the layoffs without considering the mortgage, financial and transportation industries. According to employment consulting firm Challenger, Gray & Christmas Inc, layoffs last month were the second highest total in 2008.
For the employed workforce, there is no stronger feeling of uncertainty than waiting for the axe to fall as companies announce layoffs. For those newly pink slipped workers, the recent job market opens the door to go from unemployed to self-employed. More employees will realize the only form of job security is to take control of their own futures with business ownership. This isn't to say owning a business is easier or offers greater security but at least entrepreneurs can have greater control over their fate.