Disadvantages. An employment contract is not a one-way street. The contract binds both you and the employee, so it limits your flexibility. This may pose a problem if you later decide that you don't like the contract terms or the needs of your business change.
About the Great Depression. The Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world.
The Great Depression: a period associated with the 1930s following the October 1929 crash of the stock market that was typified by high unemployment, the closings of many banks, and the plummeting value of the dollar malaria: a disease carried by mosquitoes that remains one of the world's most lethal diseases