Firms 'looking at alternatives to redundancy'
Commercial insurance
8th June 2009
Companies in Britain are adjusting employment patterns of workers rather than making widespread redundancies during the recession, new research has revealed.
According to the Keep Britain Working campaign, businesses have been finding new ways to cut costs, such as reducing working hours or benefits and staff have been given additional roles and responsibilities.
More than half of the 1,600 workers polled for the report (54 per cent) stated that they had seen a cut in pay, a loss of benefits or a reduction in hours since the start of the recession, which may be of interest to liability insurance customers.
James Reed, founder of Keep Britain Working, said: "The UK workforce has demonstrated unprecedented flexibility during this recession, allowing organisations to explore a whole range of cost-cutting responses other than relying solely on redundancies."
However, he also cautioned that British workers are "increasingly pessimistic" about their future job prospects.
Meanwhile, almost nine out of ten UK employees (88 per cent) have been suffering sleep problems as a result of work, according to a survey by recruitment portal Monster.
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