December, employees are bracing for more in 2009. According the latest Vault survey,

74% of respondents say their organization has undergone layoffs, and 58% expect

another round of cuts. In fact, employees say they are expecting fourth -- and even fifth -

- waves of downsizing at their companies. According to one respondent, “They’ve been

cutting since October 2007!”

information, including insider intelligence on salaries, hiring practices and company

cultures. The survey was conducted in December 2008, and included responses from 436

employees in various industries across the United States. For the full results and related

As employers kept up a steady pace of job reductions, 56% of those surveyed say that

that they and their colleagues have been treated fairly or considerately by their employers

during the downturn.

As one respondent said: "I now understand that 'it's business not personal.' Like a good

divorce we both go on with our lives." Of those (44%) who feel they have been treated

unfairly, one offered the following comment: "It was business as usual. I guess loyalty is

a one way street."

The majority of employees surveyed feel more should have been done at their companies

to prevent the layoffs. While 64% said that they would accept a pay cut to prevent

layoffs, only 19% said that their companies actually asked them to do so. Similarly, 60%

would have taken a voluntary buyout, whereas 67% indicated they weren't given the

option.

When asked what they would do to cut costs if they were in charge, 66% cited bonuses

and perks; 78% would do away with holiday parties/social events; 30% would cut

marketing, while 28% said they would reduce training and development costs. Others

wrote in to take aim at executive salaries. One employee pointed out that "Layoffs

should be at all levels and not just protect the highest paid. Executives, managers making

in excess of $150K should forego bonuses and have profit sharing suspended."

One respondent said, “To save jobs, everything should be looked at and pared down to an

acceptable amount."

So how are employees staying afloat in these uncertain economic times? Sixty-five

percent said they are looking for a more secure job, and 28% say they will try to get a

second job. In the meantime, 33% plan on going back to school (if they can afford to),

and about half are ditching their vacations.

Vault.com is the Web’s most comprehensive career resource, with “insider” information

on thousands of companies, hundreds of occupations and dozens of industries as well as

industry news, salary data, expert blogs on career management and workplace issues, a

network of message boards for professionals as well as job-related video. Vault publishes

of advertisers, recruiters, universities and graduate schools as well as consumers

worldwide.

Christine Levesque

+ 1 917.941.1505