Thirty-one percent indicated they are most concerned about insurance, 30% about raw material costs, and another 30% about rising energy costs, according to a Grant Thornton LLP press release. The majority said their company is reducing bonuses (55%) and a quarter (26%) said their company is reducing its 401(k) match.
Forty-two percent of respondents indicated their firm is reducing salary increases, while one-third reported their firm is reducing its health care benefits costs. The survey found other benefits costs being reduced are life insurance (11%) and disability benefits (10%).
The press release said less than a quarter (24%) of respondents said they are more worried than this time last year about their organization’s ability to continue. Nearly half (45%) indicated the same concern as last year about their firm’s ability to continue.
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