Facing a tough economy — demand down, interest rates up, disruption and uncertainty everywhere — companies are cutting back. A survey of 3,000 global executives conducted by consultancy AlixPartners, where we work, reveals that 20% have already conducted layoffs, 20% expect to, and 25% have imposed hiring freezes. In addition, 33% said they are building cash reserves, and 36% have embarked on expense-reduction programs. It’s the usual — and usually necessary — playbook.