Australia is being warned we are experiencing a”jobs apocalypse” after Telstra announced its plan to sack 8000 employees.
Experts says there is going to be an immense social and citizen fallout as more employees are thrown onto the scrapheap.
Community and Public Sector Union spokesman Rupert Evans said Telstra employees feel upset, frustrated and betrayed as a quarter of their company’s workforce is cut.
“Good government would step in and say there has to be a better strategy,” Mr Evans said.
But Telstra CEO Andy Penn was busily protecting the move Thursday.
“Unless we can transform Telstra there will not be a near future where we could be successful,” he explained.
It isn’t only Telstra staff being put off.
NAB has recently cut 6000 jobs and Qantas 5000.
Still another 5000 have gone contrary to the car business, and on Wednesday it was announced that 700 workers would lose their jobs as Toys’R’ Us closes its doors.
Presently, 15 per cent of the Australian workforce is jobless or under-employed.
Unions and academics warn the problem isn’t so much where the axe drops but how to manage it when it does.
They say it is time for a fundamental shift in the way government and business manage the inevitable mass job cuts of the near future.
“We’re now referring to the cancer stage of capitalism,” Sydney University Business School academic John Buchanan said.
He said corporate Australia needs to invest more in staff, not less.
“Businesses grow at the expense of devouring the very thing they need to prosper in the longer term,” Professor Buchanan warned