TORONTO (Reuters) -Three-quarters of Canadian companies are uncertain or don’t think the worst is over when it comes to the recession, according to a survey published on Monday.
The survey, released by Rubin Thomlinson, an employment law firm in Toronto, found that 70 percent of businesses said low morale is their biggest challenge.
The survey also found that more than half of companies surveyed have dismissed employees in the past 12 months as a result of the global economic downturn, with 80 percent cutting between 1 percent and 10 percent of their workforces. (here).
Companies are cutting costs by trimming budgets, imposing hiring freezes, reducing bonuses and working hours, making cuts in training and adjusting benefits.
But there is good news: 43 percent of companies said they didn’t anticipate more cuts in 2009 going into 2010.
The survey’s 219 respondents overwhelmingly said that better and frequent communications at all levels of their organizations is critical. Good communication they said is key to keeping employees motivated and engaged.
Reporting by Nina Lex; Editing by Frank McGurty