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Employers may pass on higher costs to consumers or compensate by cutting work hours, delaying hiring or downsizing.
Volkswagen (VW), Germany's largest car maker, says that it has avoided 20,000 redundancies since 1994 by cutting work hours to a mere 28.8 per week, from a previous 35.Such examples give work-time reductions much of their appeal.
Of course, cutting work hours or refusing to hire are not the only strategies facing employers.
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The results, published last year, were equally sobering and showed that roughly a fifth of all hospitalized patients suffered harm from medical errors; cutting trainee work hours had no impact.
Of course, the study was small and closely monitored, and so it's still unclear whether better handoffs will really mitigate the side effects of cutting trainees' work hours in the real world.
Although most of the companies doing such financing have precautions in place to protect investees from becoming indentured servants, harassment for repayment could be a problem if, for instance, if an unscrupulous financing firm is unhappy about a promising engineering major going into a lesser-paid field or cutting her work hours.
SeaWorld Entertainment is cutting back work hours for some part-time employees, a move that will help it avoid an Obamacare mandate to offer those workers health insurance.
By taking unpopular steps, like cutting jobs, extending work hours without extra pay and moving production to lower-cost countries, companies have pruned their costs and regained their competitive edge in global markets.
Capacity in most production systems is adjusted by hiring or firing workers, by scheduling overtime or cutting back on work hours, by adding or shutting down machines or whole departments or areas of the facility, or by changing the rate of production within reasonable limits.
By cutting down on work hours (and pay) you might need to start taking income from your 401(k) or start receiving pension payouts.
More men than ever are choosing to spend quality time with their children, either by cutting back on work hours or becoming stay-at-home caregivers.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com