I know this is not the cultural norm, but I am curious how long this norm can persist.
Without the ability to cut pay, layoffs are the only option for companies burning cash and losing altitude. That locks pay increases at the same inflated point that the bubble supported but which reality does not.
To go one step further, is there a single advanced economy in which pay cuts, rather than layoffs, are the norm?
I know this is not the cultural norm, but I am curious how long this norm can persist.
Without the ability to cut pay, layoffs are the only option for companies burning cash and losing altitude. That locks pay increases at the same inflated point that the bubble supported but which reality does not.
To go one step further, is there a single advanced economy in which pay cuts, rather than layoffs, are the norm?