Small business owners take pay freezes
Jan 27 2010
The majority of business owners have frozen their own pay, according to a survey from Santander, formerly Abbey National.
Some 59 per cent of owner-managers have taken a pay freeze, while just 33 per cent have frozen that of their staff.
A further 28 per cent have cut their own pay and 7 per cent say they have sold or refinanced personal assets.
Paula Ickinger, head of business banking marketing at Santander, says: ‘It is impressive to see that just one in 20 have had to cut jobs and is a testament to the commitment of business owners that they have, where possible, protected their staff. That should stand them in good stead for the return to growth that is tentatively underway.’
The research also shows 14 per cent of small businesses have increased bank borrowing during the downturn, while 32 per cent have put plans for business expansion on hold as a way to save money.
Of the 300 businesses surveyed, 35 per cent of owners say they have not taken holidays in order to help their business.
There are currently no comments on this article
Comments