A survey of insolvency practitioners on behalf of R3.
Date Published: 23 Nov 2009
Categories: Public and communities | Social | UK
Half of UK workers have taken actions that help companies survive the recession, according to research commissioned by R3, the insolvency trade body. By accepting pay freezes, working longer hours or making other changes to their work patterns, they are helping companies stay afloat and preserving jobs.
The poll commissioned by R3 shows that during 2009:
o One in three workers have worked overtime or longer hours without extra pay;
o One in ten have deliberately not asked for a pay rise in view of the recession;
o One in ten have taken unpaid leave;
o One in ten accepted a pay freeze;
o One in ten did not receive a bonus that they expected to receive;
o One in two people who work have taken at least one of these actions.
Insolvency Practitioners think these actions can play a key role in helping a company prevent insolvency. 42% of R3 members believe these activities can be the 'magic bullet' to help save a failing business and 91% think they can be helpful as part of a package of measures.
Peter Sargent, President of R3, says: “These people are the unsung heroes of the recession.
“Their personal sacrifices can help businesses survive the recession and, in some cases we’ve seen, they’ve made the difference between survival and collapse.
“A few people in a company taking pay freezes in the short term can prevent insolvency and job losses in the long term.“With record numbers of insolvencies and rising unemployment, these people make a significant contribution to their companies, their colleagues and the economy as a whole.”