Article on IT layoffs, employment
At one major bank years ago, I observed what happened when a project ended – everyone was canned, not for cause, just because they were not needed for the project. These were very skilled people who also knew how things worked at the firm – something that takes months if not years.
Across the hall on the same floor, another project was ramping up, needing the same skills. And oddly, the HR people involved in staffing the new project, and dumping the people from the defunct project, were on the same floor. Not one of the workers from the old project were brought onto the new one, even though that would have saved months on the new one.
My guess is that this is a very common problem. A huge waste of good staff with huge impact on the new project.