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 ┬ú1m, 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.