Assuming the economic recovery does not get blown off course, most American managers could be looking forward to pay rises and bonuses again next year.
Rather than starting to move beyond recessionary cost-cutting, we may be on the brink of an era of permanent cut-backs where companies have to earn the right to grow.
With new research suggesting that it may be 2013 before we start to see any significant upturn in employment, middle-aged managers in their 40s and 50s will remain especially vulnerable to the axe.
No one expects the next six months to be easy, but in a sign that the economy may be picking up, confidence among U.S chief executives has improved sharply.
From Southern California, the San Gabriel Valley Tribune tells us that job security is taking a hit. No kidding!
The number of organisations with their backs to the wall and fighting for survival seems to be on the decrease. But to describe this as an economic recovery is probably still premature.
Half of managers expect the global economy to recover next year. Yet a lack of foresight by European businesses means they risk being left behind by better-prepared Asia-Pacific economies.
Final year students and graduates should enjoy their last few weeks of college life while they can. Because finding a job this summer is going to be very, very hard.
The economic picture may still be grim, but British managers can take heart from signs that when it comes to landing a new job, they are in with more of a chance than many of their contemporaries elsewhere.
Confidence may gradually be returning but, when it comes to jobs, organizations can still expect to be saying goodbye to many more valued employees over the coming weeks and months.
Business leaders are becoming cautiously optimistic that the worst of the recession may be behind us – and they may even soon start hiring people again.
Pinch yourself, it may even be true. Some business leaders, bankers, politicians and members of the public are starting to feel a little more optimistic about the economy.
In another sign of the times, I came across this article about debt collectors trying to reach out to clients (isn't that a nice way of putting it?) at their place of business in order to collect on late payments.
With fear of redundancy now gripping many workplaces, more and more of us are prepared to put up with unacceptable behaviour from managers. But that still doesn't mean it is the right way to act in the long run.
Organisations may still be desperate to cut costs, but there are signs that many have now completed their wave of mass layoffs and redundancies - for now at least.
Yes we all know things are bad, but with two thirds of CEOs confident their revenues will increase this year and more than nine out of 10 optimistic about the three-year picture, perhaps we need to stop being so gloomy.
Firms large and small and on both sides of the Atlantic are looking at shorter working weeks and reduced hours as a desperate alternative to redundancies.
Can it get any grimmer? With Barclays and Bank of America shedding thousands of jobs, U.S unemployment continuing to rise sharply and even local councils now shedding staff, the answer unfortunately is yes.
As we look to 2009, it's hard to stay positive and hope that the worst is behind us. Personally, in bad economic times, I like to re-focus on my job to make sure that I'm doing the best job I can.
With economic conditions in 2009 set to get even tougher, expect to see a swathe of 'mergers of necessity' as companies in financial trouble are snapped up by larger, stronger players.
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