The dire announcements follow one another like tumbling dominoes: FedEx cuts pay for salaried personnel. Sears stops matching contributions to its workers’ 401(k) plans. Dell extends unpaid holidays. The Seattle Times rolls out unpaid furloughs. Window manufacturer Pella institutes four-day workweeks.
Few companies, large or small, are immune to the grim economic reality gripping the country, and those that want to avoid ravaging their workforces through layoffs are employing less traditional strategies to keep their heads above roiling financial waters.
