Productivity Rise
Have you heard? Washington reported last week that even though unemployment is at its highest in 25 years at 10.2%, that employers have become more productive in the third quarter. That’s great news right!? Well yes and no. The fact that productivity has risen means that employers have found ways to be more efficient but with less employees, which gives them little or no reason to hire anytime soon. That’s bad news for the jobless and people who currently have jobs, as this productivity comes at a time when companies continue to layoff employees and shrink wages, thus putting a strain on consumer spending which accounts for 70% of economic activity. This makes you ponder, are employees working harder and longer hours because they are afraid of being laid-off?
So how does one go about handling this situation? You want to keep your job, so you work hard to prove your worth, but how do you know that your employer is not taking advantage of the situation, overworking you and not compensating you for the hours you put in.
