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Laid Off, But Only Sort Of

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by john connell 1 view

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I read today that Charles Schwab has decided to jump on the lay-off wagon to cut costs but has taken a different approach.

Instead of completely laying off employees, Schwab has asked that people take a voluntary series of Fridays off without pay.

Is this not a win-win situation? Schwab achieves the necessary cost-cutting and employees get some three-day weekends. Granted, the paychecks are going to be a bit lighter but when you consider the prospect of tracking down a new job, it sounds alright to me. The employees' benefits remain intact.

So, what do you all think about this? As Managers do you think that this is efficient? As employees further down the ladder, would this work for you? One thing is certain, it beats the heck outof packing a box and closing the door behind you . . . perhaps for good.

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by clearsmashdrop

I heard this on the radio while driving to work. I think given the choice between a 1 week shutdown with no pay or 5 fridays off with no pay I would probably opt for the 5 fridays. They were given the options to use vacation time but I think I would skip that.

Spreading the days out minimizes the impact to any 1 paycheck. And it certainly beats being terminated.

I just wonder if some companies are gonna panic and lay off more people than are needed. Sorta like some companies downsized in the early 90's, only to have trouble hiring back people a few years later.

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