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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (184675)	2/18/2009 11:14:49 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

More companies, such as Acco Brands, turning to pay cuts to avoid more layoffs Acco Brands imposes hefty pay cut on workers to avoid layoffs, but some question wisdom of move chicagotribune.com Which is the lesser corporate evil: to lay off more workers or save those jobs by cutting everyone's salary? It's a question that's starting to pop up in management meetings as executives struggle to protect the bottom line during bad times. With companies slashing tens of thousands of jobs, a growing number now are trimming the paychecks of those left in place, with the cuts sometimes totaling 5 percent to 10 percent. Few, though, have gone as far as Acco Brands Corp. of Lincolnshire to employ what it sees as a job-saving, morale-salvaging strategy. The company, which supplies office products to such retailers as Office Depot Inc., told its U.S. employees Monday that it would impose a 47 percent pay cut for six weeks, beginning Feb. 23.