Staving Layoffs - Controlling Pay

(Originally posted Jan 25th)

Companies are, perhaps predictably, managing personnel costs now by controlling pay.  In most cases, salaries have been frozen, bonuses are being cut or eliminated.  In some extreme cases,  salaries are actually being reduced. 

And given the job climate, the employees can only say, "Thank you, may I have another?"

Yahoo has, starting this week, frozen pay raises.  Bonuses have also been cut (but per my sources, hopefully not completely eliminated in all cases).

  AMD has had layoffs (1,100 people), and the remaining employees are enduring pay cuts ranging from 5% - 20%

And Circuit City's 30K+ employees are all going to lose their jobs, as the chain shuts down.  (Note - I went to one of their stores, and didn't really find things selling for a huge discount.  This isn't like Sharper Image's going-out-of-business sale)

Having fired over a thousand people, Saks is also freezing wages, and removing 401K contributions for the year

Caterpillar, which I would say is the most successful autos-related company in today's climate, is cutting pay - up to 15% for regular employees, and up to 50% for executives

YRC has cut pay by 15% for employees that are non-union, and by 10% for its drivers

Hutchinson is reducing pay by 5% for its remaining employees