Small businesses and large companies have been following the same savings strategies lately. Slower business conditions reduced the hours of 2.8 million workers in 2007, up nine percent from the previous year. The "slack work conditions" are another sign of our slowing economy and weakening job market.
Why not just rip the Band-Aid off and fire people? It's been more cost effective for them to cut hours to less than 35 hours per week than to get rid of jobs altogether. Layoffs are expensive and companies are being cautious in losing specially trained employees.
Have your hours been cut recently because of slower business?