Saturday, September 12, 2009

When America Sneezes...

the world catches a cold.

Since the company was floated on the stock exchange in 1997 and then recapitalised by the state for €9bn in 2004, the company has been restructuring on a massive scale and has reassigned many jobs, leading to employees having to change jobs overnight or suddenly move to a new workplace, hundreds of kilometres away. Very difficult when you are in your late 40s and have been doing the same job within the company for 20 or 30 years. According to the unions, some employees have seen their job reassigned 20 times since 2004. Since 1997, the company has shed 60,000 jobs and reassigned 70,000 in a company that today boasts a workforce of 100,000 employees.

We have been moving public utilities to the private sector long enough to know that it is not a more efficient model to follow. See Montana Power.

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