Firms 'add hours, cut wages' in crisis
Entrepreneurs are increasingly cutting jobs and wages in an attempt to survive in the current uncertain economic climate, it has been revealed.
Research carried out by think tank the Tenon Forum found 26 per cent of business owners have let go of staff since the start of the credit crunch, while 24 per cent are planning to cut wages by an average of nine per cent over the next 12 months.
The study also indicated 28 per cent of UK entrepreneurs have lengthened their working day in response to the economic downturn.
Head of the group Carl Jackson said: "In these uncertain times, bosses and their staff need to work together to ensure their businesses are in the best possible position to have a successful year in 2009."
Earlier this week, the British Chamber of Commerce stated companies should work on their business plans and concentrate on sales and marketing in the face of the financial downturn.
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Filed: 06-01-2009
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