7 in 10 U.S. employers preparing for budget cuts: Survey

Layoffs, wage freezes and cutting bonuses all possible in economic downturn
|hrreporter.com|Last Updated: 12/18/2008

The majority of HR professionals feel wide-spread budget cuts and hiring freezes are likely if current challenges to the United States economy continue, according to a recent survey.

Changes Organizations Have Made in Light of 2008 Financial Challenges to the U.S. Economy

, conducted by the Society for Human Resource Management (SHRM) in Alexandria, Va., found 70 per cent of 450 HR professionals surveyed think there will be organization-wide budget cuts if the economy doesn't improve. More than one-half (55 per cent) of respondents also said hiring freezes are likely.