China's largest injection press maker, Ningbo Haitian Group Ltd., had the perfect opportunity to let go of more than 200 workers whose contracts just expired. Especially since, as a result of the global recession, Haitian's output plummeted 70 percent in November and December. It would have been a good time to reduce headcount, seeing as a whopping 70 percent of the firm's 3,500 employees didn't even have any work to do.

"Not renewing the contracts could have saved the company millions of yuan," General Manager Zhang Jianming told Zhejiang Daily, "but it's so hard to find a new job right now that these workers may face real life hardship."

So Haitian went ahead and renewed the contracts. Each employee has work to do for at least one week every month, and the rest of the time is paid time off.

The workers expressed their gratitude for no pink slips by volunteering pay cuts, and product development and sales staffers worked long hours and on the weekend. Now, it looks like the efforts are paying off. The company said it secured 10 million yuan in domestic orders the first week of the New Year.

Nothing wins Chinese employees' hearts and loyalty more than job security, especially right before the Chinese lunar New Year holiday. How long will Haitian be willing and able to afford employees working one week every month? Will sales turn around after the lunar New Year, as the company forecasts? We will keep a close eye on it.