Why won't those sadistic idiots just do one big cut and get it over with? This slow torture of three layoffs, furloughs, reduced benefit, threat of salary cuts, all in one year is not healthy for anyone, especially in the morale department, and most certainly not in the productivity department. Job security, or at least some semblance of it, motivates. while uncertainty demoralizes. They are probably not smart enough to know the difference and/or the impact on their own bottom lines.
It is extremely difficult to feel motivated and keep working, while sitting on pins and needles, and with the ever present threat of a shaft looming under us, several times a year, for the foreseeable future.