Trade body's dropping revenues from advertising and events blamed for cost-cutting measures
The Royal Institution of Chartered Surveyors has suspended pay for staff at every level and announced its intention to make 18 redundancies.
The trade body said that while its revenue from membership fees had remained relatively steady, commercial activity such as book sales, advertising and events had tailed off. As a result, it has been forced to make job cuts and freeze pay.
Jim Carter, the chairman of RICS management board, said the body had already made reductions to its operating costs of about 5%, but the continuing downturn in its fortunes had called for more serious measures.
Sean Tompkins, RICS chief operating officer, said: “Like any business, RICS is not immune from the impacts of the current economic challenges and we have been watching the market impacts unfold very closely… Today we informed all staff that RICS itself needs to face up to some short-term pain while also being very mindful of the need to be ready for an upturn in market conditions."