Industry Research

40% Of Employers Plan To Trim Perks

Posted on February 18, 2009 by LCT Staff - Also by this author - About the author

CHICAGO — As U.S. companies navigate through serious economic challenges and await the anticipated impact of the economic stimulus plan, managers are looking for ways to curb overall operating expenses.

Nearly four-in-ten (38%) employers say the economy will force them to make administrative cuts sometime this year, according to a recent CareerBuilder.com survey. The survey was conducted among more than 3,000 hiring managers and HR professionals between Nov. 12 and Dec. 1, 2008.

Employees can expect fewer social functions and business trips in 2009. Among employers expecting administrative cuts at their organizations this year, nearly two-thirds (65 percent) indicate that they will be cutting or scaling back company social events such as picnics and holiday parties. Sixty-one percent will curtail business travel.

Health and wellness benefits are also being affected as employers take measures to weather today's economic situation. One-in-four employers (25%) expect to scale back on healthcare benefits and one-in-ten (11% plan to reduce wellness benefits.

Other areas companies plan to cut or reduce spending on include:

Special office perks i.e. coffee, ice machines, discounted vending (34%)

Incentive trips (28%)

Philanthropic activities (21%)

"Employers are making tough decisions on where they can allocate spending and resources during this downturn while at the same time keeping in mind the importance of retaining their top talent," said Rosemary Haefner, Vice President of Human Resources for CareerBuilder.com.

"While reigning in spending in certain areas, we also see companies offering more flexible work arrangements and placing an increased emphasis on employee recognition programs to help maintain job satisfaction levels within their organizations."

Nearly four-in-ten (39%) of employers say they offer increased telecommuting and flexible work schedules to help employees reduce their commuting costs. Other perks include public transportation discounts and incentives, compressed workweeks, and increased mileage reimbursement rates.

Survey Methodology

This survey was conducted online within the U.S. by Harris Interactive on behalf of CareerBuilder.com among 3,259 hiring managers and human resource professionals (employed full-time; not self-employed; with at least significant involvement in hiring decisions; non government) ages 18 and over between November 12 and December 1, 2008 (percentages for some questions are based on a subset US Employers or Employees, based on their responses to certain questions). With a pure probability sample of 3,259 one could say with a 95 percent probability that the overall results have a sampling error of +/- 1.72 percentage points. Sampling error for data from sub-samples is higher and varies.

Source: PR Newswire

View comments or post a comment on this story. (0 Comments)

More News

5 Ways To Sell Into The Luxury Travel Market

It’s not your father’s high-end market any more. These lessons apply to chauffeured transportation as well.

Trump Travel Ban Could Deter Business-Related Trips

Tech firms and multinational corporations have lashed out at the move, and some recalled employees traveling overseas.

Half Of Companies Allow TNC Use For Business Travel

A GBTA survey finds an increasing number of traveling employees using companies like Uber and Lyft.

Study Shows Jobs Rose In Taxi Industry Despite Uber

The authors believe this is the first serious look at the effects of the gig economy platforms such as Uber on jobs.

What Trump Means For Fleet-Based Businesses

Fleet expert: "If Trump eventually rolls back regulations in the automotive sector, he would likely stimulate growth."

See More News

Facebook Comments ()

Comments (0)

Post a Comment

Submit

Blog

See More

LCT Store

LCT Magazine - March 2017 $12.95 INT'L LCT SHOW ISSUE COVER STORY: * Innovate or Die: Show To Be a Business "Disrupter" * *



Connect

Experience the three annual industry events for networking for business, showcasing vehicles and products, and getting the tools for success.

Read About Your Region

What’s Happening Near You?
Click on any state to see the latest industry news and events in that region.

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Metro Magazine

Serving the bus and passenger rail industries for more than a century

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

Please sign in or register to .    Close