10 cutbacks you'll see at work

By U.S. News & World Report

Many employers have been frantically axing jobs in an effort to improve their bottom lines. Other companies have wielded a scalpel to whittle cost savings from employee perks. About half of companies -- 51% -- expected to increase their cost-cutting through 209 and beyond, according to a survey.

Here's a look at where employers are likely to make cuts.

Jobs

Large employers began massive layoffs at the end of 2008. As of the end of May 2010, 15 million Americans were unemployed. The number of those without work because of the Great Recession is the highest since record-keeping began in 1940. Worse, the "real" unemployment rate -- which takes into account those who are underemployed or have stopped looking for work -- is hovering above 16%, more than 50% higher than the official unemployment rate.

While the wost of the job cuts seem to be behind us, a shaky recovery means that more layoffs may yet happen.

Vacant positions

Many companies have institute multiple cost-saving measures. "No single action here is going to help companies weather the storm," Laura Sejen, the global director of strategic rewards at consulting firm Watson Wyatt, said last year. "Companies are looking at the full array of cuts they might make, and I think they are pulling a number of these triggers."

As an alternative or in addition to layoffs, companies have stopped hiring people and left vacant positions unfilled, increasing work loads on the employees who have remained.

Health care

Premiums for employer-sponsored health insurance climbed to $12,680 annually for family coverage in 2008. Employees paid an average of $3,354 out of their paychecks to cover their share of the cost, according to a Kaiser Family Foundation survey of 2,832 companies.

"Health insurance is steadily becoming less comprehensive," says Kaiser President and CEO Drew Altman. "With rising deductibles, more and more people face a substantial amount out of pocket for their health care before their insurance fully kicks in."

While the Affordable Care Act signed into law in 2010 promises cost-containment measures and protections for those unable to afford coverage, many of its key provisions won't kick in for several years.

• What to do when COBRA runs out

Travel

Extravagant company travel may be a thing of the past in many industries. About 69% of companies increased restrictions to their travel policies in the downturn, Watson Wyatt found in 2009.

Some companies cracking down on nonessential travel have turned to increasing Internet and teleconferencing as an alternative to meetings in person. Many employees have also been encouraged or required to use public transportation for local trips and book economy flights for necessary travel.

Training

Helping employees to develop advanced skills usually helps the bottom line of a company. But on-the-job training is expensive and time-intensive, and immediate results are not always realized.

About 35% of companies have reduced or eliminated training for employees, Watson Wyatt reported last year, adding that 15% were planning to. Keeping your skills up to date on your own, however, could help keep you employed. (See "A survival guide for the unemployed.")

Continued: The parties are over

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