Updated from 2:51 p.m. EST
In an effort to pare back expenses and minimize damage from the recession,
is targeting temporary worksers.
Microsoft will reduce by 10% what it pays staffing agencies for current projects and will not increase rates for workers retuning from mandatory 100-day "vacations," according to
The Associated Press
. The company also intends to cut overtime and overall temporary man hours.
Though Microsoft doesn't divulge how many temporary workers it employs, an analyst with McAdams Wright Ragen estimates it's between 40,000 and 60,000 worldwide, according to the AP.
Microsoft, which recently outlined its
to weather a recession that's already cost it
, joins fellow tech giant
in trimming payroll by
targeting temporary workers
taken similar measures, including a salary freeze announced in January in addition to earlier job cuts.
Other companies, like
, are taking pay cuts even further by extending them to regular employees.
Microsoft shares closed down 3.2% to $16.42 Thursday.