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WASHINGTON, Oct 23, 2008 (AFP) - One-fourth of US employers expect to make layoffs or other cost-cutting moves in the next 12 months to cope with the economic turmoil, a survey showed Thursday.
Most companies are focusing on increased employee communication during the turbulence and smaller cost-saving measures, according to the survey by Watson Wyatt, a global consulting firm.
"Employers are still sorting out the impact of the economic crisis, but changes are clearly in the wind," said Paul Platten, global practice director of Watson Wyatt.
"As they respond to the new environment, companies will have to balance how to control costs, maintain employee morale and prepare for future staffing challenges."
According to the survey of 248 companies conducted in mid-October 2008, more than one-third are planning to increase their communications concerning pay (37 percent) and benefits (35 percent). And 26 percent were planning layoffs while 25 said a hiring freeze is likely.
Other companies may cut health care or travel costs, or implement salary freezes or changes to pension plans.
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