Small businesses short change employees
Small businesses are still struggling to offer employees competitive salaries, according to an Institute of Management survey.
The 1999 Smaller Business Review reveals that executive pay in smaller companies rose by 5.9 percent compared to the 6.9 percent enjoyed by those working for larger corporates.Christine Hayhurst, manager of public affairs commented, ‘It is encouraging to see that executives in small businesses have recovered some of the ground lost last year. However, they are still lagging their colleagues in business overall.’Other key findings for the small business market include;Managers’ resignations down by 5.1 percent. However, this is still the highest level since 1990.Redundancies among managers has doubled to 2.3 percent.Labour turnover is highest in the South East with resignations at 7 percent.