Luxist

Metaphorically related to the name behind the "Crazy Hours" watch pictured above, times are crazy at Swiss Franck Muller, which is beginning a round of layoffs designed to help maintain survival for this luxury watchmaker. The company has been quiet the last couple of years, but for a while in the early 2000s, was one of the most popular luxury watch makers with their flamboyant good looks. Now, the 550-person company is feeling the sting of the economy and is letting go at least 92 people, a large chunk of their work force. The good news at least is that the people being escorted out will have a nice severance package to enjoy, based on their seniority in the company, and dependents. The truth is that European companies are loathe to engage in mass layoffs given the often personal relationships they enjoy with their employees. Only grave times call for such action, and the parties affected are often always taken care of to the best of the company's abilities. This is in stark contrast to the US, where layoffs are often complimented with just 2 weeks pay, no pension, and a friendly "get the hell out of here." In addition to the friendly treatment the ex Franck Muller employees are getting, Franck Muller is also hiring a professional "career repositioning firm" whose goal it is to help the laid-off employees find new jobs! Wow. The problems at Franck Muller are not unique, as vastly decreased luxury watch sales are common across the board these days. 26/05/09