Pay levels still haven’t returned to pre-recession levels for more than a quarter of senior management in the North West.
According to research, almost two fifths of chiefs in SMEs across the region were forced to take a pay cut during the economic decline, with over half of that number seeing their salary scaled back by between five and 10 per cent.
These figures come from the latest Close Brothers Business Barometer, a quarterly survey that assesses the opinion of SME owners and senior management from a variety of sectors throughout the UK on a range of financial and economic issues.
Mike Randall, CEO, of Close Brothers Asset Finance, Mike Randall said: “It’s somewhat surprising to find that pay scales are still reduced for so many senior managers across the North West. The recession increased stress levels, both at work and at home with many worrying about issues like reduced income and financial security.
“Now, even though the economy is recovering, it seems that many may still be feeling the negative effects of the downturn.”
Mr Randall added: “While official reports show we are out of recession, we may still have some way to go to get back to where we were.
“Our figures suggest that many firms are still deeply concerned about their finances, with almost a third of those we surveyed claiming that cash flow worries keep them awake.”