Insolvencies in Auto Industry Could Affect IT Workers
A wave of unemployment among IT workers in the auto industry could be the most likely scenario should automakers continue to run out of cash.
According to the data from the Center for Automotive Research in Michigan, IT-related jobs are in the brink of being massively reduced if the auto industry fails to turn its businesses around in light of the worldwide financial crisis. In connection with this, three million job losses are estimated to come off.
Kelly Thomas, senior vice president and general manager of manufacturing at supply chain vendor i2 Technologies Inc., noted that bankcruptcy is possible among IT vendors that cater to the auto industry. Thomas added, "Once they go into bankruptcy, it's very hard to get your money back."
Automakers are deferring multi-year projects and have been hesistant to venture into long-term programs for fear of much shoddier financial woes in the industry.
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