Companies may be re-evaluating their programs and focusing on initiatives that will generate immediate revenue. Be flexible when you're asked to take on new projects, and work with your manager to identify initiatives that are most important to the company's bottom line.
Many companies may be filling open roles internally instead of hiring, so this could be a good time to put feelers out if you're interested in a different sort of position within your company.
Employees may be asked to take on additional tasks as companies become leaner. Be willing to learn new skills; your firm may offer to subsidize training. Also, identify tasks that can be delegated or put on hold as your duties expand.
Managers performing cost/benefit analyses of specific programs may request more detailed reports on the time and expense associated with your projects. Carefully track expenditures and monitor how your time is allocated so you don't have to scramble to provide this information. Also, proactively provide recommendations that can trim costs or improve a program's impact.
Pared Down Perks:
Firms looking for ways to reduce budgets may cut down on pricey "extras" -- for example, this year's holiday party may be a potluck, versus a lavish spread. Accept that sacrifices are being made. Try to maintain a positive disposition.
It's not a prospect anyone likes to think about, but it's wise to be prepared, especially if your employer is struggling. Increase your networking activities and update your resume so you can launch an immediate job search if necessary.