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Slaughter and May to cut 28 secretarial jobs

Firm profits and partner earnings are highly relevant because they show that the redundancies (which are compulsory, not voluntary) are in no way an economic imperative. It is one thing for a business to cut staff numbers in order to survive, something very different for it to cut them in order to increase already super-normal profits. In the current economy (and the economy for the indefinite future) these individuals will struggle to find alternative work of the same type and same level of pay, and if they do will be taking it from others who need it. Actions such as these serve the interests of the partners, but not the individuals directly affected and not the wider economy and society. The action is immoral and also socially destructive and economically damaging.

3-Oct-2012

2:09 pm