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SME Bosses Cut Pay Rises and Lead by Example

SME Bosses Cut Pay Rises and Lead by Example

According to research carried out by Santander, the parent company of the Alliance & Leicester banking brand, questioning small business owners about how they had coped with the impact of recession in 2009, staff pay freezes seem to have been a dominant feature.

In the survey of small business owners who had achieved a turnover of up to £1m, 33% of bosses admitted that they had frozen staff pay during 2009, while 60% had frozen their own pay in order to help pull the business through this period of recession.

The same report also showed that 7% of business owners had taken the decision to sell or refinance personal assets such as houses or cars in order to generate finance for their business.

Only 19% of business owners declared that they had not found it necessary to make any cuts during this period.

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Author: | February 5, 2010 | 0 Comments

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