Companies aren't limiting their cost-cutting methods solely to reducing positions. Some businesses are turning to alternative techniques, such as pay freezes or forced vacations. Almost half of the surveyed companies have prevented layoffs so far, according to a survey by Challenger, Gray & Christmas Inc., which questioned 100 HR executives.

The economic downturn has affected 92 percent of surveyed businesses. And most companies (67 percent) have decided to reduce travel prices. Other cost-cutting methods include: start a hiring freeze, eliminate holiday parties, reduce year-end bonuses, decrease employees' hours, get rid of other perks, implement temporary layoffs, cut tuition reimbursement, decrease matching donations to employee 401 (k) plans, force vacation and have four-day workweeks.

"One thing is clear from this survey," says John A. Challenger, chief executive officer. "Very few companies rely on a single cost-cutting initiative. While layoffs are usually the most visible action, and usually the most painful, companies are finding a multitude of ways by which to cut costs and, in some cases, delaying, reducing or eliminating the need to make permanent job cuts."

A majority of companies (82 percent) have been using at least two cost-cutting techniques in order to save money. A mere 2 percent of businesses had layoffs as their only method to reduce costs. Fifty-six percent of companies that implemented permanent job cuts also applied about five other ideas to try to decrease budgets.

"Many of these steps will probably be unpopular with workers, particularly when it comes to reducing benefits, salary or other once-untouchable programs, such as tuition reimbursement and matching contributions to 401 (k) accounts," says Challenger. "However, as unpopular as these moves may be, they are undoubtedly much preferred over permanent job loss."

Salary decreases aren't only restricted to those employees at the lower end of the spectrum.

"One interesting trend we have seen in this downturn is the increased use of across-the-board salary reductions," adds Challenger. "In the past, companies were more inclined to cut jobs than reduce wages, reasoning that productivity would drop and turnover increase among high-performing workers."

Some cost-cutting devices can even be beneficial to workers. Telecommuting not only reduces real estate prices for the office building; it also gives employees a better opportunity to improve their work/life balance.

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