Recession leads to greater awareness of employment market
Date posted: 08 Dec 2009
Britons are now more aware of the employment market and the steps that are being taken to help firms survive the recession.
More than two-thirds would choose a pay cut over redundancy, according to figures from SimplyWired.co.uk.
Of these people, nearly two in five said they would be willing to see their salary fall as they fear being able to find a new job in the current climate.
This is despite the majority (85 per cent) saying they feel that employees are paid less due to increased competition for positions.
Britons are now more aware of the employment market and the steps that are being taken to help firms survive the recession.
More than two-thirds would choose a pay cut over redundancy, according to figures from SimplyWired.co.uk.
Of these people, nearly two in five said they would be willing to see their salary fall as they fear being able to find a new job in the current climate.
This is despite the majority (85 per cent) saying they feel that employees are paid less due to increased competition for positions.
Duncan Browne, director of reward services at the Institute for Employment Studies, points out that pay cuts are not often made because of legal implications.
Rather, firms put a freeze on pay rises, he said.
Figures from the Office for National Statistics show that unemployment for 18 to 24 year-olds is now at 18 per cent - the highest since records began in 1992.
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