Even though signs appear that more companies are looking to hire, the fact that the nation is still saddled with an unemployment rate of around 8.3 percent means many small business owners remain contemplating whether or not to hire.

For some small business owners who were especially hit hard by the most recent recession, the word layoffs became an all-too familiar term, hitting many workers at the most inopportune times.

In the event one's small business is still wondering if layoffs are possible in the future, there are alternatives that will not only allow a company to break even or even prosper, but also keep countless workers employed.

Whether one's employees end up working less or additional hours, taking a pay cut or trimming benefits, business owners should team up with their employees to save the company money, meaning fewer individuals have to deal with unemployment.

Among the options to lessen business expenses and maintain more of one's workforce:

• Lessen the office electric bill – By trimming office expenses such as electricity, small businesses can see a quick change in their overall expenditures. Some ways to do this include using motion sensor lighting and turning off computers at day’s end. Another option to look at is changing the hours for the work week. Instead of the typical 9 to 5 day, five days a week, consider offering your employees a 10-hour shift four days a week. By doing so, business owners shut down the business for a full day, in the process reducing the costs for electricity.
• Rework health benefits package – Even though it is a given fact that millions of employees take advantage of their company’s health insurance plans, many companies are now turning to their employees and asking them to take on additional costs. In doing so, the company can in turn save money and still offer a percentage of benefits to their employees. In the event one decides to rework their benefits package, make sure to not gut it to the point where potential employees turn away from the company as a result.
• Worker furloughs – While voluntary furloughs don’t often go over well with employees, they provide the employer with an opportunity to save on costs. With a furlough, the employee generally has an unpaid temporary layoff or leave of absence.
• Non-financial bonus options – The company can also save some money by looking to non-financial things to incentivize employees, including timeshares, free tickets or coupons to movies, restaurants etc. These work as a means to reward employees for hard work minus handing out financial bonuses.
• Reduce salaries – Last but not least, this is often the final thing one can do before the layoff surfaces. While it will not be popular with one's workers, most will probably accept this over the idea of losing their jobs altogether. Keep in mind that most employees are making varied salaries, so make sure the pay cuts are fair. Just as important, be sure to explain clearly to each and every employee why such cuts are being instituted.

While they may not always come to the surface, these are but a few of the ways companies can cut down their expenses and avoid the pink slips, something all employees will be appreciative of.

Dave Thomas, who covers among other items small business start up loans, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.