There has been a surprising toll on today’s employees. In the past when there has been an economic downturn most corporations have mass layoffs, and then re-hire more employees when times are bright again. However, now it isn’t as beneficial to do business this way, it costs too much money to try and re-hire employees and to spend money on recruiters and agencies to find the employees in the first place.
In order to help with employee retention and to save money on the re-hiring process companies are now turning to cutting employee hours. 3.7 million jobs have been forcibly turned into part time from full time jobs, leaving many people without anywhere to turn, and without many choices to make. In cutting hours many employers also save on the benefits and health costs that they pay out to full time employees.
This is an interesting new practice that has been developing and has a lot to do with the unemployment rate. The current unemployment rate doesn’t reflect all those that are currently suffering because of lack of hours and insurance. So what do we do about it?
My suggestions are these: if you are currently in a position that is stable – do everything you can to maintain the status quo, it is probably not the best time to ask for a raise. If you are in a position that the hours have been cut, then the options you have are to; use what extra money you have to invest in something that will give you a good return on your money or find another part time job, preferably one with benefits. It is also a good idea to keep circulating your resume on job boards like Hotjobs, Careerbuilder and your local states Employment job board.
