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Downsizing Benefits: Several Firms Cut Back Family-Friendly Perks
Aired October 20, 2003 - 06:19 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Several companies are no longer offering family-friendly perks.
Carrie Lee standing by at the Nasdaq market site in Times Square to tell us why in this 'Business Buzz' this morning.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Well times are changing when it comes to worker-employee relations. For the first time in years, companies are taking the ax to some programs that are considered family friendly. Now telecommuting, flexible schedules, job sharing, other programs considered critical for making companies responsive to family needs are being scaled back after years of steady gains. This is part of the findings from a survey this year from the Society for Human Resource Management.
Also in this survey, saying that companies no longer need to offer varied benefits to attract and retain workers. Employers who have adopted family-friendly programs have found not all jobs are suitable to such arrangements. Also, some companies are even dropping nonessential benefits, things like adoption assistance, scholarships and child care referral services.
Now, obviously, companies are doing this right now because they don't have to offer these services, perhaps to save money, Carol. The cutbacks, though, could backfire if productivity gains suffer and the job market picks up and people are able to pick and choose a little bit more. But not a great situation right now for all workers.
COSTELLO: All right. Carrie Lee reporting live from the Nasdaq market site this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Friendly Perks>
Aired October 20, 2003 - 06:19 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Several companies are no longer offering family-friendly perks.
Carrie Lee standing by at the Nasdaq market site in Times Square to tell us why in this 'Business Buzz' this morning.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Well times are changing when it comes to worker-employee relations. For the first time in years, companies are taking the ax to some programs that are considered family friendly. Now telecommuting, flexible schedules, job sharing, other programs considered critical for making companies responsive to family needs are being scaled back after years of steady gains. This is part of the findings from a survey this year from the Society for Human Resource Management.
Also in this survey, saying that companies no longer need to offer varied benefits to attract and retain workers. Employers who have adopted family-friendly programs have found not all jobs are suitable to such arrangements. Also, some companies are even dropping nonessential benefits, things like adoption assistance, scholarships and child care referral services.
Now, obviously, companies are doing this right now because they don't have to offer these services, perhaps to save money, Carol. The cutbacks, though, could backfire if productivity gains suffer and the job market picks up and people are able to pick and choose a little bit more. But not a great situation right now for all workers.
COSTELLO: All right. Carrie Lee reporting live from the Nasdaq market site this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Friendly Perks>
