Companies are employing multiple cost-cutting strategies in order to delay, reduce, or eliminate the need to make permanent job cuts, according to a survey by global outplacement and business coaching firm Challenger, Gray & Christmas (Chicago). Of the approximately 100 HR executives surveyed nationwide, 92% said their companies have initiated cost-cutting measures. The average number of cost-cutting actions initiated among companies taking a multi-tiered approach was 5.3. These are the measures utilized by the most companies, in descending order.
|Reduced Travel Expenses||66.7%|
|Cancelled Employee Holiday Party||32.0%|
|Reduced Or Eliminated Other Perks||29.0%|
|Reduced Year-End Bonus||26.7%|
|Cut Workers' Hours||24.4%|
|Eliminated Year-End Bonus||22.2%|
|Cancelled Customer Holiday Party||11.0%|
|Reduced Or Eliminated Matching Contributions To Employees' 401(k) Plans||11.0%|
|Cut Back Tuition Reimbursement||10.8%|
|Instituted Furlough Program||6.7%|
|Cut Office Space Through Increased Telecommuting||6.7%|
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