Times are tough no matter where you go and the proof of that is in Schenectady, where General Electric has announced it will layoff over 200 employees before the year is out.

The layoffs will happen between now and the end of the year. Those being laid off will receive their notices beginning today. According to GE Spokesman Shaun Wiggins, those affected by the cuts can choose to have the company help them find a new position from within. However, those choosing not to go that route will be given severance packages and outplacement assistance.

Wiggins spoke with NEWS 10:

In order to retain our competitiveness in this challenging, dynamic industry, we're looking at ways to reduce cost across the global Power & Water business. There will be some reductions in jobs between now and the end of the year, but it will be minimized and targeted, impacting less than 2% of our total workforce globally.

Currently the GE plant employees over 4,000 workers and is the headquarters for the company's renewable energy division. They recently locked down a deal with the Algerian government to produce turbines and generators for their power plants; the deal is worth $2.7 million.

This is the second GE layoff to hit the Albany region with the Fort Edward plant being informed in September that the plant would be relocating to Florida.