In bad economic times, a companywide holiday shutdown can be a big source of savings for employers, but for employees it's a bit of a mixed bag.

When companies impose vacations to cut costs, it's a not-so-subtle sign that they're not completely confident that brighter days are right around the corner. Last year, Cisco raised some eyebrows by shutting down most of its North American operations from Dec. 29 to Jan. 2 as a cost-saving measure. And HP increased its traditional holiday break from one week to two.