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Where Did Everyone Go Time Magazine Nov 18 2002 p 64-66 By Lisa Takeuchi Cullen This article talks about how companies are laying off employees in an attempt to save money during the fall of the economy The ones who dodge the hatchet arent necessarily the lucky ones however They must excel at thier old jobs to avoid more staff cuts and they must also juggle extra unfamiliar duties Even as sales pick up at many times top executives fear that business in 2003 will remain shaky With inflation dead most have no power to raise prices and they see cost cuts - especially layoffs - as one of the few ways to squeeze out profits Companies have already cut 12 million jobs this year through October Thats about 3600 a day And theyre still doing it even though most economists consider the recession technically over The amount of stress can leave workers less able to focus on the work at hand It can lead to depression anxiety and substance abuse One consolation that those burdened with extra work wont see is cash With raises frozen and more health-care costs passed on to workers some employers are seeing the need for recession perks Many companies have adopted cheap creative ideas Harley-Davidson lends its motorcycles to workers and rewards some with front-row parking A Florida-based Toyota distributor built an on-site daycare center for employees Many other companies asked their employees to sacrifice some things like taking an unpaid vacation to save the company money and therefore not having to lay people off I think that hopefully these times will end soon and the companies can start hiring again This is going to put high amounts of stress on the employees and may lead to disgruntled employees However the companies dont have much choice of what to do I was happy to hear that they are making recession perks to try to boost the morale of the
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