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What’s Being Planned Because of the Economy

by Dec 19, 2008, 11:40 am ET

Here’s what companies are doing and plan on doing because of the slower economy. Watson Wyatt’s survey was conducted during the week of Dec. 8, and includes responses from 117 companies across a variety of industries.

Action Change already made Change planned in the next 12 months
Travel restrictions 48% 16%
Hiring freeze 47% 18%
Layoffs 39% 23%
Downgrade/cancel holiday party 35% 8%
Increase benefits communication 32% 35%
Eliminate/reduce seasonal workers 28% 16%
Organization-wide restructuring 23% 21%
Eliminate/reduce training 23% 18%
Raise employee health premium contribution 20% 17%
Increase pay communication 16% 43%
HR function restructuring 14% 21%
Salary freeze 13% 19%
Mandatory holiday shutdown 13% 5%
Reduce/eliminate other employee programs 12% 12%
Salary reductions 5% 6%
Early retirement window 3% 6%
Reduce 401(k)/403(b) match 3% 7%
Reduce workweek 2% 6%

This article is provided for informational purposes only and is not intended to offer specific legal advice. You should consult your legal counsel regarding any threatened or pending litigation.

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  • Yasser Ismail

    Great stats! Gives everyone a great heads up to the current situation!

    Yasser
    http://www.jobstaxi.com

  • http://www.InsideSales.com Ken Krogue

    This article highlights a huge trend we have seen in the last 3-4 months, namely that companies are putting more of their sales and marketing resources into their inside sales department and have dramatically increased travel restrictions on their outside salesforce. In other words, their sales teams are being told to sell remotely when at all possible.

    We have been receiving a huge number of inquiries regarding tools and technologies to facilitate higher productivities from the inside sales teams.

    To see that 48% of companies have already imposed travel restrictions confirms what we have already seen.

    We have decided that inside sales really means remote sales, our site is located at http://www.insidesales.com

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