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Hawaii Recovery not Until 2012 or Later, CEO Survey Indicates

(page 5 of 6)

What other cost-cutting measures have you taken in the past 6 months?

- Renegotiated all vendors for cost reductions.

- Employers need to be creative to keep workers busy.

- Our problems are with the government just as much as the recession. A long and unreasonably delayed building permit cost well over $1 million in cost overrun and lost revenue. The State Government is out of control.

- Better purchasing, eliminate unnecessary costs. No layoffs, pay cuts but did institute pay freeze.

- Not buying any new equipment until things improve.

- None required. income reduction is in land sales which take little to no manpower on our part while other work continues. (Note: substantial increase in second half due to sales that closed in July and will close by year end. Year on year revenue is likely to be a reduction of revenue of around 10%.)

- Cut inventory.

- Found ways to be more efficient in all areas of business.

- Reduced overtime for hourly employees, implemented energy-saving initiatives.

- Small adjustment to workforce to reflect workload’s slight decline.

- Financially constrained by tight credit market, growth in revenue and profit, need to expand staffing, bankers not supportive.

- There are not many projects out there to bid.

- We continue to expand, as this represents a time for a return to foundational planning, increased training, and with a better market to find those seeking new opportunities, a great time to hire.

- And if that was not bad enough you would think the State would become more business friendly...

- Watched expenses. Watched utility costs, Internet costs, office supply costs.

- Laid off 60 staff and eliminated 30 positions. Some changes in workforce hours.

- Reduced or eliminated travel expenses. Eliminated company holiday parties. Reduced or eliminated staff training expenses. No salary increases. Kept selected open salaried positions vacant.

- Negotiate harder with vendors. Increased employee portion of medical contributions.



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