This includes 35% admitting to having taken significant pay cuts in the last five years to avoid laying off workers.
Far from just a short-term measure, of those who have reduced their earnings to avoid making redundancies, 60% say it’s something that’s lasted for more than a year and nearly one in five (17%) say it could go on indefinitely.
What’s more, when it comes to the actual amounts bosses are foregoing, they’re far from token gestures.
Of those that have reduced their own wages, 70% have cut them by as much as a half, while one in 20 admit to scrapping their salaries completely.
But the sacrifices don’t stop there. As well doing away with marketing and advertising budgets (21%), they’re re-locating to smaller premises (12%) and off-loading stock / inventory at greatly reduced prices too (7%).
Janet Connor, Managing Director, More Th>n, said: "Business owners care about the bottom line and rightly so. It’s sad that so many small business owners have had to remortgage their homes and take hefty pay cuts, but at the same time it shows real compassion on their part that they’re prepared to sacrifice personal gains for the sake of their staff.
"This research shows that the trading environment for small businesses remains tough but the latest set of results from the BIG suggest they might be able to look forward to the summer with greater optimism – the relatively low 0.31% increase in costs for Q4 2011 follows an even smaller 0.05% increase in Q3. Things won’t change overnight but this is good news."
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