PriceSpective, a consulting firm that works with pharmaceutical clients, has been growing steadily. In December, however, Slovick and the company's three other owners put the kibosh on hiring in the company's Philadelphia headquarters. Sales had slowed, so Slovick couldn't justify hiring the consultants he had hoped to add to his team.

The firm's 30 employees have come to expect hiring freezes two to three times a year, for at least a couple of months, at any office with slow sales. Managers and HR staff make sure to discuss hiring plans with employees.

Slovick says he saves about $11,000 a month for each consultant job he leaves unfilled. "If I slow my hiring just by a few people a quarter, that has a marked impact," Slovick says. "People represent more than 60 percent of my expenses."