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Surveyed HR professionals who said their company has had to cut costs in light of the current economic situation: January: 91.8%May: 85.7%
On average, respondents reported initiating five cost-cutting measures. Organizations that announced job cuts initiated more cost-cutting measures than those that did not—their average was six types of cost cutting.Organizations that didn’t layoff employees averaged less than three cost-cutting measures.
Cost Cutting MeasuresReduced Travel Expenses January: 66.7%May: 66.7%
Cost Cutting MeasuresHiring Freeze/Reduction January: 57.8%May: 61.9%
Cost Cutting MeasuresPermanent Layoffs January: 55.6%May: 42.9%
Cost Cutting MeasuresReduced Or Eliminated Other PerksJanuary: 29.0%May: 38.1%
Cost Cutting MeasuresSalary Freeze/Reduction January: 27.2%May: 52.4%
Cost Cutting MeasuresReduced Year-End Bonus January: 26.7%May: 14.3%
Cost Cutting MeasuresCut Workers' Hours January: 24.4%May: 28.6%
Cost Cutting MeasuresEliminated Year-End Bonus January: 22.2%May: 26.0%
Cost Cutting MeasuresTemporary Layoffs January: 15.6%May: 19.0%
Cost Cutting MeasuresCutback Tuition Reimbursement January: 10.8%May: 23.8%
Cost Cutting MeasuresReduced Or Eliminated Matching Contributions To Employees 401(k) Plans January: 11.0%May: 19.0%
Cost Cutting MeasuresForced Vacation January: 8.9%May: 9.5%
Cost Cutting MeasuresFour-Day Work Weeks January: 7.0%May: 4.8%
Instituted Furlough Program January: 6.7%May: 23.8%
Cost Cutting MeasuresCut Office Space Through Increased Telecommuting January: 6.7%May: 4.8%
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