A business sentiment survey carried out by employers group IBEC - with 760 companies - shows that 64% of companies anticipate a pay freeze and 62% anticipate a recruitment freeze in the next three months.
20% of firms surveyed said they were going to introduce a pay cut, with another 15% considering it.
29% of firms in the survey said they expect to reduce permanent staff numbers, while 39% expect to lay off temporary staff.
And 23% of companies surveyed said they were going to change the terms and conditions of the employment of their staff.
IBEC is calling for a new national agreement to set out an agreed response to the serious economic crisis will help to secure economic viability and protect the maximum number of jobs.
