Business Turns to Flex Time for Relief
More and more employers are turning to flexible work schedules--if that's what you want to call them--for bottom-line relief. According to a report in today's New York Times, the voluntary four-day work week is becoming more common as businesses look to cut their workforce costs in a down economy without laying off employees.
Unpaid vacations, forced time off, wage freezes and pension cuts are also becoming popular for entrepreneurs looking to hold on to their workers without taking a bath. "Organizations are trying to cut costs in the name of avoiding layoffs," UC Berkeley business professor Jennifer Chatman tells the paper. "It's not just that organizations are saying 'we're cutting costs,' they're saying: 'We're doing this to keep from losing people.'"
Workers are often receptive to the cutbacks: Put simply, they'd rather keep their jobs than end up in unemployment lines because they fought for pay, hours and benefits.