Despite the times being rough, layoffs are NOT an option for our company. A hard cut to hours will hurt many of our wallets, but layoffs can destabilize entire families. Layoffs stop people from supporting themselves through college. Some who are laid off don’t find an end to their unemployment for years. Also, the current employees were hired for a reason. They do contribute their skills to the company and such skills just might be what is needed for this company to strongly uphold in this current financial depression. Time Magazine's Barbara Kiviat recently wrote an article about casino mogul, Steve Wynn, who refused to lay off his employees and instead took the blow of pay cuts. We have every intention of keeping this model for our human resources; we have every intention to keep employed those who make this company what it is.

source:
Kiviat, Barbara. “When Companies Opt for Pay Cuts Instead of Layoffs.” Time, Time Inc., 27 Apr. 2009, content.time.com/time/subscriber/article/0,33009,1891748,00.html.