With the high layoff numbers from December, many employees are fearful of what the new year will bring. Seventy-four percent of workers, according to a Vault.com survey that questioned 436 employees, say their companies have eliminated positions. And 58 percent of respondents predict more cuts will be coming soon.
Sixty percent of employees say their companies gave no warnings that jobs would be cut. A day's notice probably couldn't be considered much warning. Despite the layoffs and the economic downturn, 56 percent of respondents think that they and their co-workers have been treated reasonably by their managers.
"I now understand that 'it's business not personal,'" according to one respondent. "Like a good divorce, we go on with our lives."
Most surveyors believe their companies could have done more to keep the positions. Sixty-four percent of employees say they would have taken a pay cut; however, only 19 percent were offered the choice of a decrease in pay. And 60 percent of workers would have considered a voluntary buyout, but 67 percent never had the choice.
If given the option in what areas to save money, respondents say cut bonuses and perks, eliminate holiday parties/social events, reduce marketing or decrease training and development costs.
"To save jobs, everything should be looked at and pared down to an acceptable amount," says one surveyor.
Even those in higher positions with increased salaries should not be kept safe from the layoff process.
On the other hand, some employees remain optimistic when it comes to finding a job in the slow market. One in four workers believe they will be able to locate a new position during a one to three month period, according to the results from Challenger, Gray & Christmas Inc.'s job search advice call-in. And 31 percent feel their job search will most likely be about four to seven months.
"We assumed callers would be a lot gloomier," says John A. Challenger, chief executive officer. "Last year, before the downturn really gained momentum, 23 percent of callers guessed it would take over a year to find a new position. We did not see that level of pessimism this year.
"Instead, our counselors heard a lot of uncertainty, evidenced by the fact that 25 percent of callers said they were not sure how long it would take to find a job. Some of this uncertainty is due to the fact that no one seems to know how far the economy will sink before it rebounds."