Word: cuttingly
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Dates: during 2000-2009
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Instead, Wynn announced that everyone at his company's two Las Vegas properties, Wynn and Encore, would take a pay cut. Salaried workers earning $150,000 or more would see a 15% drop in their paychecks; those making less would take a 10% hit. Hourly employees would go from a 40-hour to a 32-hour week. The idea: save millions of dollars without putting anyone out of a job while maintaining the service level at the luxury hotels. "We don't want anybody on unemployment here," Wynn said at the time, "or without insurance." (See 10 things...
Preserving jobs - even if the alternative is losing them - can be demoralizing in certain ways too. For top execs, a cut may mean it's time to dial back on the trips to St. Bart's. For line workers, who've probably calculated exactly how much mortgage and college tuition they can afford based on their salaries, the effect is more jarring. (See 10 things to do in Las Vegas...
When Acco Brands, an office-supply company that makes products like Swingline staplers, imposed a massive 47% pay cut for six weeks, it established an emergency-loan program for employees who couldn't make ends meet on a shrunken paycheck. "It impacts standard of living," says Truman Bewley, an economist at Yale who has studied the ways companies cut back during recessions. "People don't quickly forget a pay cut...
...that are slashing paychecks is rising. According to a survey of 245 large U.S. companies by the human-resources consultancy Watson Wyatt, 5% of firms had reduced salaries by December. In February that figure was up to 7%. And the proportion of companies shortening the workweek - a way to cut overall pay for hourly employees - jumped to 13%, from 2%. "Six months ago, all the questions I got were about severance," says Steve Gross, who runs the employee-compensation consulting group for the HR outfit Mercer. "Now - including twice today - I'm getting questions from companies saying, We want...
This strategy earned the yarnmaker a loyal customer in the protective-glove industry. Although that company's existing product line met cut-protection specs, low abrasion properties contributed to a short life span. Patrick Yarns developed a fiber that could double the cut protection and increase the abrasion resistance more than 300%. A minimal increase in production cost resulted in a longer-lasting, more malleable product that saved money over time. Patrick also creates earth-friendly products and operates the EarthSpan recycling program, which uses fibers from finished apparel or fabric and incorporates customers' unwanted textiles and scraps into engineered...