WASHINGTON - Revenue may be down and the pressure to slash costs intense, but some companies say job cuts are not an option.

Companies that have avoided layoffs amid this recession are the exception, not the rule. Employers have cut 5.1 million jobs since the recession began, including 663,000 last month alone. But some are looking to shave costs while keeping their work forces intact, so that when the economy does turn around, they'll be ready to ratchet up production again.

Economists say that's a wise move.

"If you overshoot on the downside and lay off workers, it puts the company at a disadvantage when the economy comes back to life," said Sean Snaith, economics professor at the University of Central Florida.

Costco Wholesale Corp.'s profit is down 27 percent year-over-year, but the discount store has not laid anyone off, choosing instead to freeze hiring at its corporate offices. The only workers let go have been holiday seasonal hires.

The company says it recognizes that labor remains its most valuable - if costliest - resource.

"We're certainly sharpening our pencil everywhere we can," said Bob Nelson, Costco's vice president of financial planning and investor relations. Nelson couldn't recall any layoffs at Costco since the closing of some stores in the 1980s.

Other steps companies are taking to cut costs are not exactly harmless to workers. Chief among them: capping the number of hours employees can work, cutting or freezing pay and suspending matching payments to 401(k) plans.

Casino operator Wynn Resorts is trimming pay and cutting back on retirement fund matches. Credit agency Equifax Inc. froze pay for all U.S. employees for 2009 and at some of its foreign offices as well.

A survey by job placement firm Challenger, Gray & Christmas this year found 71 percent of companies polled had laid off some workers. More than a quarter had implemented pay freezes or cuts.

Despite the alarming job losses nationwide, John Challenger, the firm's CEO, said it's more common now than in past recessions for companies to find other paths to savings than laying people off.

That's because many companies have concluded that layoffs could be costlier down the road. Employers who have laid people off have to find, hire and train new ones when the economy recovers. Workers with specialized skills or strong customer contacts aren't easily replaced.

Marvin Windows and Doors, a Minnesota company, hasn't laid off any of its 5,300 workers - despite the collapse of the housing market. Its sales were flat in 2008 and have fallen this year.