Xerox to Cut 3,000 Jobs Over Next 6 Months
The global recession is starting to have a direct impact on the Rochester area. The Democrat and Chronicle is reporting that Xerox will be reducing its worldwide workforce by 3000 employees during the next 6 months. For a company who employs 57,400 globally this is a drastic cut of 5.2% of their workforce. It has yet to be determined how many of the job cuts will affect Rochester employees, but this should be a cause for concern for many of the 7,430 Rochester citizens currently employed by Xerox as it is almost certain some of them will lose their jobs. Between this year and last Xerox has already shed 160 members of the local workforce. Further cutbacks by the company will affect retirees when they begin to lose their their health insurance benefits.
I’m not a pessimist, but the way the economy is declining at the moment this could be a foreboding precursor of other local businesses taking the same measures as Xerox to cut costs amid the financial crisis. Large corporations thoughout the nation are beginning to anounce that they are cutting thousands of jobs at a time. If our economy stays on the same course over the next few months before the presidential inaugeration, then this will add up to astounding unemployment numbers over the next few months. The important question to ask in relation to our community is how severly will other local businesses be affected? Do the employees of Kodak, Paetec, Harris Interactive, Paychex, and other local corporations have to worry about their jobs in the coming months?
How much will the local economy will be affected by our failed national economic policies? We will just have to wait and see and hope for the best.
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