Thursday, February 26, 2009

First Energy layoffs coming next week ..

I'm hearing from First Energy employees in Akron that an internal "employee update" memo was distributed today telling staffers that pink slips are coming Tuesday.

I'm told the memo indicates that affected staffers will be told in person and will then be taken to HR for out processing and severance discussions.

Rumors of FE layoffs have been swirling for some time, but no one knows how many will be let go or from which departments.

Ironically, FE's most recent assessment indicates a 24% rise in fourth quarter net income. Read it here.

I talked with a company spokesman at home. He tells me that the company is going through a reorganization and that any changes will be shared with employees first. He also said that the hope is that job reductions can be made through attrition, but he couldn't discuss the memo or any of the job cuts.

I've run out of ways to spin the economy cutbacks these days. So many families are struggling that it's tough just to hear that more layoffs are coming, but they are.

31 comments:

Anonymous said...

Following this on motley fool 2/24...

FirstEnergy Corp. said Tuesday its fourth-quarter profit rose 24 percent driven by higher revenues related to wholesale generation sales, lower operating and financing costs and a lower effective income tax rate

hmmm

Bargain Hunter said...

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John said...

First Energy should sell their jets that they need to travel to the two state area they serve. Alexander CEO) makes Citi bank CEOs look like school kids when it comes to corporate waste. Last year when they wanted a rate increase they bought a new 20 million dollar Legacy jet to add to their stable of Falcon jets; purchased and updated one of the biggest hangers at Akron Canton. Give me a break 1st energy.

Anonymous said...

my husband works at first energy, they are laying off as we speak... he just got the news that he is safe.

Anonymous said...

and john, first energy is bigger than you think... they have many other companies... I'm on the east coast and layoffs are happening here. Its not just two states.

Anonymous said...

My husband also got word he has a job. I am now waiting on pins and needles to find out WHERE. The last time this happened, I was expecting our second child. I only wish the execs who are enjoying lives of leisure understood how difficult it is for the company peasants. Sure, they can make cuts and freeze wages because they receive large amounts of stock as compensation. They will make sure the company makes money at anyone's cost. It just lines their pockets more.

Anonymous said...

I "worked" at FE's corporate office in Akron. I lost my job. It is my understanding a lot of the positions at the corporate office are being moved to the operating companies but it doesn't necessarily mean the same person will be offered the job. Some higher level managers at the operating companies at being offered these "new" moved jobs which is essentually a demotion for them.

Safe One said...

Today over 300 people were laid off from First Energy. I am grateful that I was not one of them, but am very sad for those who are gone.

Anonymous said...

Does anyone feel that companies across the board are milking this recession to drop the axe? I mean, "SUDDENLY" in this recession we have to can a zillion people??? I think it is just the excuse they have been waiting for to clean house of bad AND good employees, just to make the bottom line better.

Anonymous said...

I got laid off March 3rd, it has been truely devastating. My husband is also out of work. I am watching everything I worked for over the last 23 years disappear. I have a car i am trying to sell. I can not afford all these bills with no income. Very sad times for all. I am really mad the way they went about it. They ignored dead wood, golf buddies who nap daily, people who put time on orders but are no shows and my favorite is stealing. The move has really hurt my child, my morale, qaulity of life and has forced my 10 year old to grow up to soon. To pay the bills we have yard sales, ebay, dog sitting. It hurts her to watch me suffer the loss of my friends and a job I love. We lost our life insurance and soon will be our health care. Unemployment does not pay 900.00 healthcare. Our lifestyle has changed she turns down birthday parties. We learn to eat what is in the house for dinner, rice, noodles and cereal. I am very made. They did not car if you were ready for retirement or just preparing for a future. I hope the idiot who made the decission has to live it soon.

Anonymous said...

I worked at FirstEnergy. I got out before it got really, really bad. The people are good, but management is TERRIBLE. I often wonder how the lights stay on. Congrats FE on getting the rate increase.

Anonymous said...

I feel for all of you whom have lost your job. I quit last year after 20+ years. As a Lineman my job skills are in demand although I'm currently out of work as other utilities want [using the current economy as leverage] various concessions from some of the outside line contractors. Interesting how PPL and FE both had layoffs at almost the same time. What are the odds...

Anonymous said...

UPDATE: More layoffs coming next Tuesday, 7/28/09. The CEO is only about making money. The auctioning of electricty he thought would net him tons of loot, is indeed backfired. The early retirement was not very good and less than half of the staff they expected to take it did not. Now, guess what more layoffs....nice....

Anonymous said...

As of July 21st, FirstEnergy is looking to cut more IT and SupplyChain staff yet again. I guess the former CIO, Bennett Gaines, has found greener pastures in his new position with FE outside of IT and is letting the axe fall. Come on, FE just released that they will pay their current dividend soon and cutting an already understaffed IT staff more is insane. This is the 21st century FE you NEED an internal IT staff to keep the business running.

Anonymous said...

I work for NCO who does first party collections for FE. We have seen a reduction of half our staff. This is after we just ramped up from 50 to 100 employees. NCO and FE are a marriage made in hell. The blind leading the blind. Both pocketing tons of money and laying off left and right. Both companies are more about what you can do for them. Neither is interested in the employees that run both places on a day to day basis. We are not names to them, only numbers.

Anonymous said...

My father works for FE and this is the 2nd round of layoffs we'll be facing in under 6months. It makes me sick that I will be graduating college soon and entering a workforce that offers such little hope at times.
I personally know the Alexander family and I truly don't think they realize what the rest of us go through. My dad is not safe just because I know them, and even worse, my dad needs this job to keep our family going. They drive porches and mercedes like its nothing, I just wish I could slap them and make them realize. Take a damn paycut. I was once told that he truly doesn't make what is stated in places like Forbes...bullshit. Look at their house. Mr. Alexander was not raised like this and yet he's forgotten how hard he's had to work and how hard everyone is still having to work just to get by. Please stop with the layoffs, its killing the morale of this company and turning it into something ugly.

Anonymous said...

FirstEnergy has 4 corporate jets worth over 60 milliom dollars! These planes rarely fly! (except for trips to Vegas) They recently bought a corporate hangar for 4 million dollars. They employ 10 pilots who work an average of 2 days per month. the level of waste is appauling.

Anonymous said...

Well Get ready Again guys, The layoffs are not going to stop. They are going after Union Local 1194 next.I work for OE and it upsets me that for 2 months my boss has been saying " Every thing is Fine" and now we get the "Notice" we are next. Why are they dragging this out? Why? Casue they could give a damn about thier employees, It's all about that Bonus

Anonymous said...

I "work" at the Sammis Plant in Stratton. When questioned about employee contributions to health care several years ago, Alexander responded "We can afford to pay for your health care. We choose not to." That really lets us know where we are in the FirstEnergy food chain.

The waste on the WFGD project is gigantic. Bechtel, for one, is screwing their eyes out and no one seems to give a damn or try to do something about it. As consumers we will have these costs handed down to us.

Anonymous said...

As an AE employee, this does not make me feel any better about the takover looming...

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