Report predicts over 600,000 jobs could go in the UK next year
A report published by the Chartered Institute of Personnel and Development has predicted that at least 600,000 jobs will be lost across the UK next year, the worst losses since 1991, the BBC reports.
The warning from the professional body for managers and personnel staff comes as a growing number of firms apply for administration, with construction and building materials companies among the worst hit.
Those who retain their jobs will face a lean 2009 as well, the report predicts, with pay freezes likely across sectors. The CIPD's recent survey of 2,600 workers indicated that more that a quarter of UK workers did not expect a pay rise next year, while some feared a cut in wages.
The CIPD's reward adviser, Charles Cotton, offered some advice for businesses: 'More than ever, this is a time where organisations need to engage in an open and straightforward communication with staff, clearly explaining the reasons for any difficult measures that will affect them.'