Chicago-based job placement consultants Challenger, Gray &Christmas Inc. report that 9 out of 10 companies have putcost-cutting strategies in place, including hiring freezes andfurloughs, in order to ride out the recession.
|Meanwhile, companies say that because of creative tactics tosave money, they are able to avoid mass layoffs. Cost-cuttingmeasures include cancellations of holiday parties, salary freezes,cuts in workers' hours, reduction in or the elimination of year-endbonuses and cutbacks in various perks.
|Cost-cutting initatives and percentage of surveyrespondents:
- Reduced travel expenses: 67 percent
- Hiring freezes and reductions: 58 percent
- Permanent work force reductions: 56 percent
- Salary freeze or reduction: Nearly 30 percent
- Permanent layoffs as sole cost-cutting technique: 2percent
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