DANBURY, CT—After learning that he had been laid off Friday by global conglomerate Honeywell International, senior sales associate Edward Morway expressed relief that his employer of 14 years would be able to scrape by. "When [department head] John [Condos] called me into his office and explained the tough business climate, my heart just sank for the company," said Morway, adding that he "immediately understood" how cutting his $79,000 annual salary would help keep the multibillion-dollar corporation afloat during a feeble economic recovery. "Sure, I'm worried about providing for my wife and kids and making my house payments, but Honeywell executives have 128,000 employees and stockholders in locations all over the world to think about, so it would be unfair to even compare my troubles to theirs." Morway also said that the decision of the Fortune 500 corporation to fire him right before he received matching retirement funds was a "really smart move," given the lean times Honeywell was currently facing.

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