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Directors 'also hit by recession'
Nearly half of company executives have been subject to pay freezes this year, with many of them working over 55 hours a week during the current economic downturn, a new survey has found.
The Institute of Directors (IoD) said that its study of nearly 3,500 bosses showed that no-one in industry was avoiding the wider effects of the current economic downturn.
In the region of six per cent of those polled had also taken a pay cut.
Director general of the IoD Miles Templeman explained that with half of the directors taking a pay cut this year, it is showing that the recession is a situation affecting all levels of society.
He continued: "In order to keep their businesses going, we're seeing directors putting in much longer hours. This reflects both the severity of the recession and the commitment of directors to get their businesses and employees through it."
The largest membership organisation for business leaders in the UK, the IoD has been representing senior level professionals since gaining a Royal Charter in 1906.
Posted by Jo Morgan
