IBM announced 5,000 job cuts again. Do you think they really are happy to bid a farewell to their loyal employees? No, they aren’t. It is the situation that is compelling them towards cost cutting measures; and job cuts are just one of those.
Since many of the companies of different industries have reduced their employees to a significant level, they are still falling short of necessary measurements to be taken against economy downturn. It is not feasible for them to cut more jobs, as it will hurt their ongoing projects.
They are left with only one option then – cutting salaries and bonuses. The situation is same in all parts of the world. Let’s consider Russia for example. Recent study shows that the average salaries in Russia have decreased by around 16 to 19 percent. In order to comply with the cuts in regular salaries, organizations have reduced normal working hours of the employees.
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