HR Pros Say Budget Cuts, Hiring Freezes 'Likely' unless US Economy Picks Up

20 November 2008:

A recent poll, "Changes Organizations Have Made in Light of 2008 Financial Challenges to the U.S. Economy," was conducted by the Society for Human Resource Management, showing that 70 percent of HR professionals feel budget cuts across entire organizations are likely if current challenges to the U.S economy continue. More than half (55 percent) of the respondents said hiring freezes are also likely under those same circumstances.

When asked what actions regarding employee investments and retirement planning their organizations are most likely to take in the coming months if there are no reversals in the current downward economic trends, 83 percent said they would consider providing employees with financial educational literature and/or workshops by investment specialists.