I've just survived a LARGE reduction in staff on the project I'm on. Although the company does seem to be faring well with the housing foreclosure nightmare and economic downturn... they do have to (understandably) reduce some of the big spending around advancing future development to a point. The project is by no means cancelled, but the budget has been dramatically reduced. They are now working through the re-prioritizing of what can we now deliver by when given reduced staff and funds.
Our department of only eight lost only one, and a correlating department did lose at least three out of the five (bigger loss!), but layoffs done there's another big change a-foot.
My division is being eliminated and sections of the teams are being absorbed into other departments and corporations. Good news is I still get to keep my job, with the majority of my great co-workers and awesome boss. Bad news is that this will be the fourth company paying my salary doing the EXACT same work for the EXACT same project within three years ... initially I was a contractor, then I was hired by one corporate entity within the large financial conglomerate.... but since I was only on "loan" out of my department... I got transfered to the division that now no longer exists... which was under a different corporate entity. Now, the division absorbing our section of the work is going to a third corporate entity... still same Employer "in effect"; same pay; benefits; job title; so only a little is going to change, but, eh, I still have a job. I'm certainly not complaining as much as just wondering how all of this looks over the long run for "longevity".... starting to feel like the unwanted step-child - you know? LOL!