). The industry response often has the knee jerk feel to it all. The last bust hit in the late 1990's.
This time round it is really terrible. Rio Tinto has laid of something like 20% of its work force and 70% exploration in the first pass. BHP Billiton has shut down several mines and both of its Australian research centers. All contractors have been laid off. Many smaller mining companies like Oz Minerals are going under. All companies are battening down the hatches and laying off staff, shutting down projects and dumping equipment that was only a few short months ago in high demand.
Many friends of mine have this dazed shocked look on their faces. Not 6 months ago they were going flat out and there was not enough staff to do anything outside brutal production targets. Now literally overnight the market is flooded with unemployed but highly educated people.
Personally, I have about 18 months left in a 3 year contract. I am Ok provided the division stays afloat (nothing is certain). Many of my staff were worried so I took steps to bomb proof their jobs. Initially my supervisors thought I had lost the plot and was behaving inappropriately as a manager of technicians and junior engineers. My performance review would have reflected this. Now, 3-4 months later, the world is a different place and the heat is now off me. What this meant though, there is now a que of people outside my office with hat in hands asking for work. Many of these people are my friends and I have had to turn them away. This has been the most awkward time in my career.
I have taken Pops advice to heart though some time ago. I made a short term plan, a medium term plan and a long term plan. The first two are now in place but will not have the resources for some time for the third. From here I continue to develop the first two plans and help others develop theirs.
I know damn well this is only the start. Pay attention people. Self pity nor finger pointing will help you one little bit. Talk is cheap and bullsh*t is dangerous. Reality is closing fast. Its like sky diving with lunch in your pack instead of a parachute. Its really only the last half inch that hurts, but its kind of worth paying attention to.
Switch on, understand your event horizon as it really is, make a plan,...then make a start on that plan. There comes a time when the time to talk is eclipsed by the time to act.
Kind Regards
Dr Bang
