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Abstract

With increasing globalization and hypercompetitive markets, most employers have resorted to headcount management to gain flexibility, remain competitive, and ensure survival. A new employment relationship has emerged. The bond between employer and employee no longer is a long-term relationship involving loyalty and commitment, but a contractlike economic exchange. The authors take a closer look at this new employee relationship in the context of the more traditional employer-employee relationship still found in many organizations. The economic value of the new employee relationship may be less attractive than previously perceived. © 2005 Wiley Periodicals, Inc.