Bosses ‘taking on debt’ to avoid redundancies

Posted 12/04/2012

New research has highlighted some of the lengths company bosses are willing to go to in order to avoid having to make redundancies.According to a study by More Than Business, 35 per cent of owners have taken a pay cut in a bid to reduce spending and save jobs.Some 70 per cent claimed to have cut their salaries by as much as a half, while one out of 20 of the respondents said they are no longer being paid.Janet Connor, managing director at More Than, stated bosses rightly care about their bottom line, adding: said: “It’s sad that so many small business owners have had to remortgage their homes and take hefty pay cuts, but at the same time it shows real compassion on their part.”Earlier in the week, it was revealed that staff at Lambeth College have been told they are facing redundancy as a result of the institution receiving a bad report from Ofsted, Your Local Guardian reported.Posted by Ross Strowger