In A Frenzy To Save Costs, Even Management Gets The Axe

January 9th, 2009 by Reed Allmand

Walgreen Co. announced that it will experience 1,000 job losses by the middle of 2009, all job losses will come from corporate management. Nearly 9 percent of Walgreen’s corporate management employees will join the ranks of the unemployed as the company attempts to save $500 million by 2010.

No one is safe from this massive culling of jobs in the economy. Many high income earners have made the mistake of believing that they are immune to job losses in a volatile economy. But no one is immune with companies, many facing corporate bankruptcy, desperately trying to save cash anyway they can. It is important that savvy individuals see the full picture of what is occurring in the economy and take action to save their assets and financial future.

Are you a high income earner, working in management? Job losses may be threatening your job security. Take action now to assess your financial picture before your company announces job losses in management. Are you buried in debt? Is it difficult for you to save because of mounting credit card debt, mortgages and other bills? Being a high income earner does not exempt you from the possibility of job loss and financial ruin. Ask yourself, "If I lost my job today how long would I be able to support my family without an income?" If you’re honest that time-frame is probably very short. Don’t wait until it’s too late to plan for what may be inevitable, speak with a bankruptcy attorney to find out how you can protect your family’s assets from the job losses that may visit your company soon.