How companies are cutting costs

Monday, February 28 2011

With the current economic climate, companies are looking for ways to cut their expenses to avoid potential layoffs.

A survey from global outplacement consulting firm Challenger, Gray & Christmas revealed that 92 percent of surveyed executives are looking to initiate ways for cost-cutting resolutions, according to Network World. Some of these actions, the new report mentions, involve cutting labor costs by eliminating events like holiday parties. Some also plan to freeze salary raises as well as reduce year-end bonuses.

Companies are also looking into other efficient ways of communicating with clients as well as staff to cut costs. With 66.7 percent of those surveyed saying that they would cut travel costs, several online advances can be used to help. Web conferencing is growing, as more executives are using the technology as an effective solution in reducing travel expenses.

Web conferencing technology is a system that allows two or more parties to communicate online through audio and video messaging. Being able to communicate face-to-face with a client or an employee through the use of the technology not only cuts travel expenses, it also enables a faster decision-making process.