What’s Being Planned Because of the Economy

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%