A third of multi-national firms expect to make redundancies, according to a new global survey.

The survey, from HR consultancy Mercer, shows that 35% of respondents expect to cut headcount, with 48% of manufacturing firms and 48% of technology firms likely to reduce their workforces by significant levels. In addition, 24% of those representing professional services firms and 28% from retail and wholesale firms also plan to cut jobs.

The survey also shows that 69% are likely to  hire below replacement levels and 70% of respondents do not expect to cut staff on international assignments, as these employees are often sent to high-growth markets. However, 42% conceded they would review international assignment programmes and policies as part of expense control.