Research has shown that small businesses are going to great lengths to protect the jobs of their employees during these hard economic times. One in ten small business owners have even gone as far as to re-mortgage their own home to free up money to pay wages rather than making their staff redundant.
35 per cent of business owners have admitted to taking significant wage decreases in the last 5 years to avoid laying off staff and not just as a short term measure. 60 per cent of them have taken a salary cut for over a year with 17 per cent saying it could continue indefinitely. 70 per cent have cut them by as much as a half, while one in 20 have admitted to scrapping their salaries completely.
Don’t wait for things to get worse, contact Beer & Young today to talk about investment.
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