Companies hoping attrition would reduce their workforces are rethinking their plans. Employees are staying put to weather job insecurity and stock slides, forcing firms to cut personnel through layoffs. Many employees nearing retirement refuse to be bought out in exchange for early retirement, fearing their savings will not take them through a recession.
See "Lack of Attrition is Forcing More Layoffs", Matt Krantz and Stephanie Armour, USA Today, May 28, 2001