Most organizations say they are reducing bonuses as a cost-saving measure, according to a survey of chief financial officers and senior comptrollers by Grant Thornton LLP.
Fifty-five percent of respondents said they are reducing bonuses, the most popular cost-saving measure identified in the survey, followed by reducing pay raises (42 percent), decreasing stock options and similar compensation (34 percent), trimming healthcare benefits (33 percent), and lowering the 401(k) matching contribution (26 percent).
In terms of pricing pressure, 77 percent of respondents said they are most concerned about the price of employee benefits, while 31 percent are concerned about insurance, and another 30 percent about raw material costs.
Twenty-four percent of respondents said they are more worried about their organization's ability to continue as a going concern compared to this time last year. Thirty-one percent of respondents said they are less worried this year than they were last year.