The poll, completed March 16, was a random sampling covering companies of all sizes, representing a variety of industries. Few of the respondents expressed optimism about the economy and 43 percent said that a recession is already here. Yet, only one in seven reported that the economy was currently impacting hiring decisions. Most companies, however, said they were implementing or weighing cost-cutting measures.
Companies polled seem to be taking the economic slowdown in stride.
Going over the budget Wausau-Mosinee Paper Co. of Wausau, Wis., was among the companies reporting that the shift in the economy is forcing it to scrutinize all costs. Stuart Carlson, senior vice president of human resources, noted that the company is trying to limit overtime and, while a hiring freeze has not been instituted, it is closely examining the merits of every hiring request. Each business unit must submit plans outlining its hiring needs. Now we require that business units present, in person, justification for each additional employee. Kent Strueling, vice president of human resources at America First Credit Union, said his Riverdale, Utah, company has not been impacted as heavily as others by the faltering economy and is in fact growing.