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Jerry Reynolds, vice president of human resources for Hunt Valley, Maryland-based WebbMason, admitted the last few years haven't been easy. The recession forced the company to tighten its belt by raising medical insurance premiums, and reducing 401(K) contributions.
"Employee morale is always an issue when employees are facing financial difficulties that impact their families," Reynolds said. "... We have also seen a large increase in the number of 401(k) loans and hardship withdrawals. We have had to freeze wages and take a pay cut, stopped our 401(k) match, suspended raises and bonuses and cut expenses where we could."
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Melissa Busch
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