Survey: Company Layoffs Expected to Decline

Authored by Mark Hefflinger on February 26, 2009 - 9:26am.

Washington - The majority of companies already have completed the bulk of their sweeping cost-cutting measures in the face of the ongoing recession, though many are still planning further moves such as salary and hiring freezes, as well as reduced 401(k) matches, according to a new survey by consulting firm Watson Wyatt.

According to the survey of 245 large U.S. employers conducted last week, 52% have recently made layoffs.

The number of companies still planning layoffs, however, fell to 13%, down from 23% two months ago.

"Companies have come to terms with the fact that this recession is going to last and that they can't slash their way out of it," said Laura Sejen, global director of strategic rewards consulting at Watson Wyatt.

"Many companies are putting the drastic cuts behind them and are now focusing on smaller, more sustainable cost-cutting actions."

The complete report is available at the link below.