War of attrition
The last 18 months have seen many of the UK IT Services companies declaring war on their staff. Whilst regularly cahnting the "Our people are our greatest asset" mantra, employers seem to have have decided that, in the name of economy, any measure short of blatantly illegal action is justified - if it reduces the overall level of employee remuneration. There appears to be no understanding of the impact on employee relations (just sentimentality) or skills retention ("resources" are expendable) or cost-effectiveness (they don't care whether someone cheap to employ can actually do the job) or losing staff through "rationalisation" (as long as they meet their targets and hence get their bonuses - for helping skilled and experienced staff to walk out of the door).
Just as financial engineering created the artificial values led to the credit crunch, employment engineering - manipulating employment conditions with no understanding of the impact on the business – could lead to a meltdown in skills and professionalism in the industry.