Company leaders are looking at every possible way they can cut costs in 2011. But one area is getting the most attention.
A whopping 84% of employers cited employee benefits — like health care and retirement plans — as their “greatest pricing pressure.” That’s up sharply from the 68% who said employee benefits at the beginning of the year.
And as a result, 30% of companies are now planning on reducing employee healthcare benefits in 2011, found a recent Grant Thornton LLP survey of 516 U.S. CFOs and senior comptrollers.
In addition, some employers plan to make cuts in these areas as well:
- Bonuses (23%)
- Stock options/equity based compensation (18%)
- Salary increases (13%)
- 401(k) matches (10%)
- Life insurance benefits (9%), and
- Disability benefits (8%).
Has your company made cuts — or does it plan to make cuts — in any of these areas? Let us know in the Comments Box below.