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Avoiding layoffs

NEW YORK (CNNfn) - In the current economic slowdown, one of the quickest ways to cut cost is to cut jobs. But when you eliminate jobs, you lose some of your top talent in the bargain. One company approached the dilemma in a different way, by offering its workers a pay cut.

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Leading Edge guest Charles Morgan, chairman of Axciom, chats with CNNfn about finding an alternative to layoffs. "Our objective was to try to make a positive experience out of reduction in payroll, so we proposed a pay cut to majority of our employees, but also gave them an opportunity to take an additional pay cut." Morgan said. Morgan himself took a 20 percent pay cut.



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