In several papers over the past few days, there have been stories written about how big and small companies are cutting labor costs, but avoiding layoffs.

In today’s New York Times story, there are a number of examples of companies enforcing a 1 percent wage drop, or moving to four-day weeks, extending unpaid holidays, and taking unpaid vacation time.

With so many layoffs, it would be easy to simply cut a position here or there. But if you’ve taken the time to train these people, and they’re doing a great job, you’ll be starting from ground zero again if you have to hire new people when the market starts to come back.

Have you implemented any creative cost-saving measures? Share your strategies here to help other companies avoid more layoffs.

Happy Holidays.

Dec. 22, 2008.