16 July 2009
Over half of buyers would take a pay cut to help their organisation through the recession, the latest SM poll has revealed.
The survey of 100 buyers found 52 per cent would sacrifice a portion of their wages to improve their organisation's financial position. A few of the respondents admitted they have already accepted a reduction, in some cases up to 10 per cent of their annual salary. Some argued staff should be rewarded for their efforts when economic conditions improve and businesses recover.
Many of the 48 per cent against taking a pay cut felt savings could be achieved in other ways, for example, negotiating better deals. One buyer noted better overall financial management of a business would offset the need to make salary reductions.