I agree but they have a guaranteed job if they retrain. These are relatively smart and educated people. Retraining shouldn't be the end of the world.
In my profession (banking), staff levels have been going pretty much consistently down since the financial crisis, as banks shrink or retreat from certain activities. But these are mostly bright, educated, business savvy people, who end up doing something else. For many it is a blessing in disguise, an opportunity (albeit in a brutal way) to move away from a shrinking industry to become their own boss or to work on the next big thing.
In my profession (banking), staff levels have been going pretty much consistently down since the financial crisis, as banks shrink or retreat from certain activities. But these are mostly bright, educated, business savvy people, who end up doing something else. For many it is a blessing in disguise, an opportunity (albeit in a brutal way) to move away from a shrinking industry to become their own boss or to work on the next big thing.