Wednesday, October 28, 2009
[IWS] Watson Wyatt: EFFECT of ECONOMIC CRISIS on HR PROGRAMS: October 2009 Update [28 October 2009]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Watson Wyatt
Effect of the Economic Crisis on HR Programs
Update: October 2009 [28 October 2009]
http://www.watsonwyatt.com/hrprogramsOct09
[full-text, 12 pages]
Includes CHARTS & TABLES....
Press Release 28 October 2009
Number of Companies Planning to Reverse Salary, Hiring Freezes Jumps Sharply Since August, Watson Wyatt Survey Finds
http://www.watsonwyatt.com/news/press.asp?ID=22602
Key Findings
.. Fifty-four percent of the companies that have made salary freezes are
planning to restore them in the next six months, compared with 33 percent two
months ago.
.. Almost half of respondents (49 percent) plan to reverse hiring freezes in the
next six months, compared with 38 percent in August 2009.
.. An increasing number of employers are planning to reverse reductions to
401(k) match contributions in the next six months; this number has increased
to 35 percent, from 24 percent two months ago and 5 percent in June.
.. Almost all companies (96 percent) have made offers to new hires in the past
three months, and the vast majority (93 percent) anticipates making offers in
the next three months.
.. Approximately one-fifth of companies still anticipate making layoffs in the
remainder of 2009 or in 2010.
.. Almost two-thirds (65 percent) report that they are more concerned about the
retention of critical-skill and top-performing employees than they were before
the economic crisis hit.
.. In light of the recession, 44 percent of employers have encouraged managers
to make increased use of recognition plans. Of those that did, 64 percent
expect the increased use to remain permanent.
.. Only 37 percent of employers plan to organize a holiday party in 2009,
compared with 47 percent that organized one in 2008 and 70 percent in 2007.
Two in five (41 percent) of those that are planning a holiday party have
decreased their budgets relative to prior years.
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Watson Wyatt
Effect of the Economic Crisis on HR Programs
Update: October 2009 [28 October 2009]
http://www.watsonwyatt.com/hrprogramsOct09
[full-text, 12 pages]
Includes CHARTS & TABLES....
Press Release 28 October 2009
Number of Companies Planning to Reverse Salary, Hiring Freezes Jumps Sharply Since August, Watson Wyatt Survey Finds
http://www.watsonwyatt.com/news/press.asp?ID=22602
Key Findings
.. Fifty-four percent of the companies that have made salary freezes are
planning to restore them in the next six months, compared with 33 percent two
months ago.
.. Almost half of respondents (49 percent) plan to reverse hiring freezes in the
next six months, compared with 38 percent in August 2009.
.. An increasing number of employers are planning to reverse reductions to
401(k) match contributions in the next six months; this number has increased
to 35 percent, from 24 percent two months ago and 5 percent in June.
.. Almost all companies (96 percent) have made offers to new hires in the past
three months, and the vast majority (93 percent) anticipates making offers in
the next three months.
.. Approximately one-fifth of companies still anticipate making layoffs in the
remainder of 2009 or in 2010.
.. Almost two-thirds (65 percent) report that they are more concerned about the
retention of critical-skill and top-performing employees than they were before
the economic crisis hit.
.. In light of the recession, 44 percent of employers have encouraged managers
to make increased use of recognition plans. Of those that did, 64 percent
expect the increased use to remain permanent.
.. Only 37 percent of employers plan to organize a holiday party in 2009,
compared with 47 percent that organized one in 2008 and 70 percent in 2007.
Two in five (41 percent) of those that are planning a holiday party have
decreased their budgets relative to prior years.
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 10:00 AM
