Company cuts employee wages by an average of 8% to remain competitive in downturn
Board members at consultant Currie & Brown are to take a 25% pay cut as part of a package of salary reductions designed to combat the recession.
In a letter sent to staff today, the firm said the cuts would affect all employees earning more than £20,000 on a sliding scale. The changes will come in on 1 April.
The average reduction will be around 8% but the group board has agreed to chop earnings by a quarter.
The firm blamed the move on demand from clients to cut fees amid the “challenging” economic environment.
Chief executive Euan McEwan said: “Currie & Brown must remain competitive, in an environment where clients are demanding significant cost reductions and efficiencies from suppliers, including ourselves, as a condition of continuing to do business with them. This we simply cannot ignore.
“We are endeavouring to safeguard as many jobs as possible in Currie & Brown as we manage our way through these unprecedented times.”
Last month rival consultant Gleeds announced it would cut pay across the board by up to 12.5%.