The survey also found that:

• Overall confidence remains relatively unchanged at 58%, up slightly from 57% in the first quarter.
• Fifty-one percent expect hiring to increase within the next six months, up from 42% in the first quarter.
• CHROs expect difficulty in retaining staff. Only 34% expect employee retention to increase over the next six months, down from 45% in the first quarter.
• Nearly half say employee engagement is increasing. As in the first quarter, 45% report that employee engagement has increased in the last six months, while 14% report a decrease. In a February survey of 1,600 employees, however, 30% reported a decrease in employee engagement.
• More than one-third believe employee trust in leadership is increasing.
• CHROs are taking short-term measures to address the economic downturn. Forty-two percent are eliminating non-business-critical travel; 36% are freezing all but critical- position hiring; 22% are reducing or delaying employee development opportunities; and 15% are conducting layoffs.

"Over the past few years, acute labor shortages have taken the challenge of hiring workers to a whole new level," says Rebecca Ray, Ph.D., executive vice president, human capital, for The Conference Board. "This may be why, despite a weakening economic environment, CHROs are thinking twice before resorting to layoffs. Indeed, our survey results reveal that CHROs are focused on shorter-term actions to address the economic downturn, which also reflects our forecast that the recession will be short and shallow."