Step 1: Cut back on unnecessary projects, canceling them, reducing their scope or increasing their timeline; and lay off workers who are no longer have work to do.
Step 2: Cut back or freeze wages, increase part time work at the expense of full time work, stop hiring, consolidate office space, and reduce unnecessary costs.
Step 3: Wait ...
If work/revenues begins to increase in the near future increase investment/spending ... If they stay the same or get worse return to step 1.
Most companies have completed step 1, and are already on step 2 or step 3, and the slowing of job losses does not mean that the economy is getting better or has stopped getting worse; it only means that more companies are waiting to see what their revenues are like before they make further cuts. It is very likely that we could see another wave of layoffs before the end of the year which pushes the reported unemployment rate past 15% and the "Real" unemployment rate past 20%.
