Both companies and employees believe they will see significant job losses within their firms this year, a new survey has found.
Among the measures taken by management to raise morale and deal with cost cutting include offering workers flexible hours in order to maintain their roles, it has been reported.
The survey, commissioned for the Leaders in London 2008 summit, found that 47 per cent of 1,236 company executives polled said they have frozen pay rises.
Almost half of respondents also said they had halted the granting of large bonuses.
Managing director of Leaders in London Ros Oxley said: "Business leaders are increasingly finding that they're at the sharp end of the credit crunch and need to take stock of how they run their organisations."
These results come as the Confederation of British Industry today predicted that the economic slowdown is set to continue for much longer than previously thought.
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