Spain, Greece, Italy and Cyprus, what do they have in common? All are member of the EU and were bailed out from bankcruptcy. GFC bites again. When will it free the world from financial burden, nobody knows.
Even if you are not a resident of the aforementioned nations, the pain is still being felt. Today, I overheard that a graduate engineer will be demobilized from a project or worse from the company. Reason, a more experienced engineer is required to facilitate delivery. Senior engineers do not have the luxury of mentoring young engineers at this time as the company do not allow charging to overhead. Even trainings are not being approved.
I was able to prove this when I was denied of my request to charge to overhead as the projects I was involved was either stopped due to financial constraint or whatever; or put on hold due to some project issues. Charging further to the project without productivity will be disastrous and unacceptable. If nothing can be done, it's either, a) go on leave or b) leave the company and find another job.