It started off very modestly. The global media reported little on it at the time, but we in the industry noticed it – first, managerial heads began to roll in corporations in the US and Western Europe. In 1998, at the beginning, nothing signaled that Croatia would also be hit by the global crisis or recession; hiring was ongoing, spending was rampant, overpriced apartments were being bought, loans with currency clauses in Swiss francs were being taken out…
No one even thought that something could go wrong. Ivo Sanader did not seem like a cheap criminal; on the contrary, he was just self-satisfied and conceited enough that we, riding the wave of economic growth (driven by external factors, but hey, who could complain), gave him just enough trust, even if we didn’t vote for him. Sounds familiar?
And then it began! Abruptly and violently. From Sanader’s statement "we are in a banana" to the first layoffs in families, among friends, acquaintances, and colleagues, several months passed. More precisely, the tourist season. In the fall, the impact of the crisis was bitter; oil, milk, bread, transportation, everything skyrocketed overnight, loans doubled, some even tripled, and the moratorium did not guarantee that you would come out unscathed.
And with all these challenges, layoff lists were rarely below double digits. Even among smaller employers. Layoffs began in numerous economic sectors; journalism was no exception, and during that crisis, even the author of these lines lost her job. Believe me, there are worse things than that.
And now, news of layoffs in the technology sector is slowly but consistently rolling over the pond. It started with them, but it hasn’t stopped. The workforce is being reduced in other industries as well, and experts have set themselves the task of assessing who is first on the layoff list (and our experiences show the same pattern), and here’s what they came up with:
