Partner Article

Selfless north workers are ‘unsung heroes of recession’

A new survey has found that more than half of northern workers have gone the extra mile during the last year in recognition of the business difficulties caused by the recession.

Research commissioned by R3, the insolvency trade body, has found that significant numbers of employees had worked unpaid extra hours or unpaid overtime, accepted pay freezes or reductions, worked longer hours or making other changes to their work patterns, all of which could help companies in difficulty stay in business and thus preserve jobs.

The survey, carried out across the North East, North West and Yorkshire, found that 55% of respondents said they had made some sort of personal sacrifice at work during 2009, in terms of either time or money.

More than a quarter (28%) of those questioned said they had worked unpaid extra hours or unpaid overtime, with almost one in five (19%) saying they had taken unpaid leave.

Jim James, North East regional chairman of R3 and head of the Insolvency and Corporate Recovery Unit at Newcastle-based law firm Ward Hadaway, said: “Whilst we have seen many hundreds of regional companies either run into trouble or go out of business altogether, without the unselfish actions of these unsung heroes of the recession, that number could have been far higher.

“In some cases with which our members have been involved, such personal sacrifices have made the difference between survival and collapse – a few people taking pay freezes or unpaid leave in the short term can make a big difference to a company’s cashflow, and thus help prevent insolvency and job losses in the longer term.

“With record numbers of company insolvencies, along with high unemployment rates, the significance of the continuing contribution that these people are making to their companies, their colleagues and the economy as a whole should not be underestimated.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .