Recession Affecting Teamwork

I received a press release from Cisco WebEx talking about some research they conducted into how the recession is affecting teamwork. 
 
The main finding is that despite employers and employees recognising the importance of teamwork in getting their business through the recession, cut backs in travel and face-to-face meetings are proving a challenge to creativity.
 
The research found that a third of employers (34%) are asking staff to cut out business travel and the same proportion are asking them to attend fewer face-to-face meetings. This is despite over half (51%) of both employers and employees acknowledging that this could adversely affect relationships with colleagues and customers.
 
Almost 70% of SMEs and mid-market owner/managers rank teamwork as one of their top three most valued staff attributes during the downturn, alongside passion for the business and flexibility to work different hours
 
37% of bosses have noticed their employees have become more insular at work
 
30% of bosses say that they now have less time to meet with their employees to develop new ideas 
 
I know that within the recruitment industry many firms are asking consultants to cut out the "meet and greet" type meeting and only concentrate on ones where their is a  firm business need.  Whilst this is bound to save money it may also affect the longer term pipeline of revenue.  Without these more casual meetings relationships are not being formed that may lead to future business.
 
On the note of teamwork I have seen a number of recruitment firms who are "allowing" staff to work from home a couple of days per week in order to reduce costs.  If the office is rarely full then the impromptu meetings and  "water cooler" conversations that can lead to new initiates and role-filing brainstorming sessions are bound to suffer.
 
Are you seeing this in your business?