I asked an HR person what they were doing to increase morale after they had a huge round of layoffs.  Her response was startling, "nothing," was what she said.  If workers are depressed they're going to drag about doing their work even with more work to be done.  They're going to call in sick more, and they're going to produce less when they are sitting at their desk.  I tried to explain to the HR manager that if these workers aren't re-engaged at work, it will ultimately hurt the company's financial progress.  There was nothing she could do however, the decision to positively affect the culture of the company was made higher up.

So for all of you top level executives who are scratching your heads wondering why with all your cutbacks your companys are still going under, look to improving your employees morale.  You might finally see a rebound.