Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.
The current economic recession, characterized by former Federal Reserve Chairman Alan Greenspan as the "longest and deepest" since the "Great Depression" of the 1930s, has immersed employers in a battle to reduce labor costs. In the instant era of downsizing, the principal focus has become immediate survival planning. Layoffs, overhead cost cuts, cost audits, and other efforts to simply remain afloat are the reality for management across the nation. But, unquestionably, another day is coming. Many economists now predict that the recession, which began in 2007, will end or be in its final stages in the second half of 2009.
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