A new CIO.com report finds that more than half of IT heads surveyed (53 percent) plan to slash budgets in response to unfavorable economic conditions. That number is up from 40 percent in the previous quarter. In the first quarter of 2008, it was only 17 percent.

These numbers don't tell the entire story. The survey also found that nearly 60 percent of CIOs are implementing IT hiring freezes and more than one third have begun reducing IT headcount. An estimated 35 percent of CIOs plan to cut pay in 2009, and nearly a third plan to reduce their full-time, in-house staff, according to the survey.

For more details:
- see this CIO.com article

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