1.2. Some companies raise their workers' pay by giving raises, but others prefer to give one-time bonuses instead. Think about two steel mills facing a big two-year drop in steel demand: In one steel mill, workers have received pay raises every year for five years. In the second mill, 302 • PART 3 • Business Fluctuations most of the pay increases have occured through big bonuses at the end of each year. Which steel mill will probably keep more jobs during the two-year downturn? Why?