The slumping economy has had Federal Express Corp., Memphis, Tenn., doing some soul-searching. Layoffs seemed inevitable, but how could the company justify layoffs when its publicly stated values put people first? The answer, of course, was that it couldn't. Company founder Fred Smith announced that FedEx would adhere to a no-layoff policy and make budget cuts elsewhere to keep the commitment. As part of those budget cuts, all the incentive dollars that were tied to the company's ...

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