City staff ready for pay cuts in tough climate

Most City workers would understand if their company was forced to cut pay in
response to the economic downturn, research claims.

The study, by global recruitment specialist Morgan McKinley, shows employees
in the sector are realistic about current market conditions and opportunities
following 11 September.

The survey of 1,200 City workers in London and Dublin reveals nearly a quarter
of employees would choose temporary pay cuts as an alternative to redundancy.

A similar proportion reveal they would opt for a reduced working week with
lower pay to avoid losing their jobs.

One in 10 staff would opt for unpaid leave and 29 per cent would like time
to do company-sponsored courses without pay.

More than a third of employees admit to feeling a little more stressed since
11 September and 5 per cent feel significantly more stressed.

A fifth of employees reveal that in future career moves work-life balance
would be a priority.

City Personnel Group development manager Hilary Jackson believes the survey
reflects the change in attitude towards work in the City since the event.

"With the current economic climate, 11 September has proved to be a
watershed for the sector. Staff realise that 2001 was not a good year for
employers and are being realistic that pay and bonus levels will be down,"
she said.

"The difficult conditions have made employers and staff a lot more open
to work-life issues."

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