New survey finds companies with plans to slow job cuts, but planning additional cost
reductions while positioning for future economic recovery.
It's possible that -- at least for some firms -- the layoffs, forced retirements, and other
rightsizing may have reached its peak and we are down on the downside... meaning that
there will still be layoffs, but moving into a period of time when the labor market
is in transition with an eye toward recovery. A total of 41 percent of employers who
have already cut their workforce reported they may need to do it again in the next 12
months, depending on the economy.
According to a survey released today from Watson Wyatt Worldwide, a workforce consulting firm,
the percentage of companies planning initial staff in the next 12 months fell to 5 percent
in April -- down from 13 percent in February. Furthermore, a total of 72 percent of the
employers surveyed reported already reducing their workforce -- up from 52 percent in the
February report.
While some employers are still hiring, 72 percent of the responding companies reported
having a hiring freeze.
