On top of layoffs and hiring freezes, employers are also scaling back holiday perks to cope with fewer sales and dwindling earnings, according to a recent survey by CareerBuilder.com.
Among other cost-cutting measures, many HR managers say they're canceling office holiday parties and reducing year-end bonuses, the Chicago-based online job board reported this week.
Of 3,000 managers surveyed, about three quarters said their employers are planning to cut bonuses by 25 percent or more. Another 17 percent said they're either downsizing this year's holiday party or eliminating it altogether.
The survey also found many employers aren't giving out gifts around the office this year.
"Cost-cutting on bonuses, parties and other holiday perks is often a cautionary measure in challenging times," Rosemary Haefner, vice president of CareerBuilder.com's HR department, said in a statement.