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City staff ready for pay cuts in tough climate

first_imgCity staff ready for pay cuts in tough climateOn 22 Jan 2002 in Personnel Today Most City workers would understand if their company was forced to cut pay inresponse to the economic downturn, research claims. The study, by global recruitment specialist Morgan McKinley, shows employeesin the sector are realistic about current market conditions and opportunitiesfollowing 11 September. The survey of 1,200 City workers in London and Dublin reveals nearly a quarterof employees would choose temporary pay cuts as an alternative to redundancy. A similar proportion reveal they would opt for a reduced working week withlower pay to avoid losing their jobs. One in 10 staff would opt for unpaid leave and 29 per cent would like timeto do company-sponsored courses without pay. More than a third of employees admit to feeling a little more stressed since11 September and 5 per cent feel significantly more stressed. A fifth of employees reveal that in future career moves work-life balancewould be a priority. City Personnel Group development manager Hilary Jackson believes the surveyreflects the change in attitude towards work in the City since the event. “With the current economic climate, 11 September has proved to be awatershed for the sector. Staff realise that 2001 was not a good year foremployers and are being realistic that pay and bonus levels will be down,”she said. “The difficult conditions have made employers and staff a lot more opento work-life issues.” Related posts:No related photos. Comments are closed. Previous Article Next Articlelast_img read more