A new survey by Watson Wyatt suggests that there may be hope for workforce reduction survivors. It appears that the worst of company layoffs is history. But history has a way of repeating itself.

The survey of large companies finds that the number of employers slashing payroll is declining, even though they’re expecting the economy to continue to experience pain. Thirteen percent of respondents said they expect to cut their workforces within the next year, down from 23 percent in the firm’s December survey.

It might be premature to breathe a sigh of relief, though, if you’re still employed. Layoff announcements still keep making headlines. According to Labor Department statistics, more than 235,000 workers lost their jobs in January. And, only two weeks ago, Nortel Networks announced that it would cut more than 3,000 jobs over the next several months, The Wall Street Journal reported.

The Watson Wyatt survey showed that 61 percent of employers expect their performance to suffer at least until the end of this year. It’s only logical that companies that continue to be very hard hit by the economy will cut everywhere they possibly can just to live to fight another day — and that would include layoffs.

But for businesses that have already downsized the workforce and can keep their head above water, other cost-cutting strategies are the preferred choice, according to the survey. After all, when the good times roll again there need to be enough talented people to steer the ship toward growth.

Raising the amount workers pay for health care coverage, reducing employer 401(k) contributions, and eliminating or reducing tuition reimbursement and other financial perks are on the horizon at many businesses. On a more draconian level, 8 percent of survey respondents said they’re preparing to shorten workweeks, while 4 percent said they plan to reduce salaries.

The silver lining in the gray sky is that many companies that have instituted layoffs have treated severed workers humanely. Twenty-nine percent offered enhanced severance benefits such as extended benefits coverage, extended pay, or extended job search assistance. ###