Senior executives faced with pay cuts

With the recession hitting businesses hard and unemployment figures at new highs, skilled professionals are facing large pay cuts or the threat of losing their job.

The research project, carried out by InterExec, found that almost two-thirds of headhunters have reported seeing senior executives being faced with dramatic pay cuts of more than 20%.

Kit Scott Brown, chief executive of InterExec, said, ‘Many employers are finding that redundant senior executives are forced to take significant pay cuts in order to get their next job.’

Despite these results some sectors are proving more buoyant than others and have found that their senior executives are still able to command higher salaries.

By Lauren King