Budget and Retirement Cuts, Layoffs, Hiring Freezes Are Here

Last Updated Nov 12, 2008 2:59 PM EST

Hiring freezes, layoffs, decreased 401 (k) contributions and budget cuts are part of the current business landscape, according to a recent survey by the Society for Human Resource Management.
Seventy percent of 450 HR officials said in a survey that budget cuts are likely, 55 percent said hiring freezes are possible, 39 percent see layoffs in the future, and 21 percent say their firms will reassess corporate contributions to 401 (k)s. Half believe bonuses are kaput.

While hiring is weak, the society's researcher believe that competed for an retained talented workers is essential.

General Motors is suspending company matches for 401 (k)s.

All in all, it's a mess.