Cut, Cut, Cut

The current economic downturn is quite global in its impact. A friend of mine India, who works for one of the leading IT firms, told me that employees there are forgoing bonuses and also taking some pay cuts, in order to keep their jobs. She said people are willing to share the pain because times are tough and they don't want to see their colleagues and friends lose jobs.
In the U.S., it is the 'me' first and 'couldn't care less what happens to others' mentality that permeates the management structure. Unemployment will continue to go up for a while.

Even educational institutions, supposed to be counter-cyclical, are facing strong headwinds. Quite a few colleges and Universities are forgoing raises and cutting benefits to faculty and staff.