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Expect More Layoffs In 2009

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The Tampa Tribune

Published: January 4, 2009

ANOTHER MILLION LAYOFFS: More than 1 million jobs were lost in 2008, and this year isn't expected to be any better.

Expect another million or more job cuts in 2009 even as President-elect Barack Obama's employment initiatives kick in, according to outplacement company Challenger, Gray & Christmas Inc.

Challenger doesn't see "healthy" employment growth until 2013, with moderate gains starting in 2011.

But the downturn has some benefits: Universities should see a big boost in applications as young people look to escape a grim job market, and small to mid-size businesses will have a wealth of talented applicants to choose from as big companies trim ranks - as will the public sector.

And Challenger predicts companies will increasingly use other labor-cost savings strategies as an alternative to mass layoffs: shorter workweeks, forced vacations, salary and hiring freezes, and nixing bonuses.

FRAUDSTER FLAGS: Beware of the diligent employee who refuses to take vacation or delegate work. He might be hiding something.

Such behavior is a red flag for fraud, says Gregory Bangs, product manager of worldwide crime and workplace violence for Chubb Specialty Insurance. He recommends that corporations require employees to take at least one uninterrupted week off each year.

Such a rule helps companies sniff out who is afraid to move from behind their desks or turn over accounts to others because of potentially criminal behavior.

The Associated Press

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