Employers Sorting Out Impact of Economic Crisis

If you haven’t already seen some belt-tightening with your clients, expect to see slight changes in HR departments over the next 12 months.

One in four U.S. employers expect to make layoffs in the next 12 months, and a new survey of 248 companies reveals that most are focusing on other cost-saving measures.

The Watson Wyatt survey asked companies with a median of 6,800 full-time employees how they are responding to a new economic environment. One in four is planning layoffs (26 percent), hiring freezes (25 percent), or raising employee contributions to healthcare plans (25 percent).

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Things that are not changing in companies? Eighty-four percent of companies are not planning a hiring freeze, and 86% do not plan a pension freeze.

Still though, the survey warns, the full fallout from the financial crisis has yet to be seen.

Elaine Rigoli has nearly 15 years of experience managing content and community for various B2B and consumer websites. Elaine has written thousands of business and technology articles and has been quoted in The Wall Street Journal and eWeek, among other publications.

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2 Comments on “Employers Sorting Out Impact of Economic Crisis

  1. Elaine, great work. Now is the time for ALL OF US TO PUT OURSELVES IN A NEW LEAGUE. When companies think of saving money, we do NOT want to be put in the cost cutting category. If we want them to pay our fees – we need to deliver service above and beyond what they can find cheaper. It all starts with putting yourself in their shoes, then partnering with them to offer something that they need. A great exercise to with your clients is the “Cost of a MisHire”. I will post that this week. Once you do that though beware, now you have to make sure they don’t make one.

  2. To find the cost of a mishire, and other snip its and coaching on how to shift with the changing market visit me at the Fordyce letter network.

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