A huge number of finance directors this week said they would work without pay, providing support to the finance director at Regus who last week suspended his salary while attempting to rescue the company.
This week’s Accountancy Age/ Reed Accounting Personnel survey shows 40% of more than 400 FDs polled, would work without pay to save their company.
Regus FD Stephen Stamp and his chief executive Mark Dixon said they would work for free, a sentiment echoed by many of the FDs questioned.
Stephen Fish, FD at BWE, said he would work with no pay because he is a shareholder, while Simon Goldring, finance director at Goldring Motors, said no pay would help protect staff and maintain service. ‘It’s also about pride and job satisfaction,’ he added.
Many FDs did however say there was little chance of them taking a 100% pay cut. One said: ‘This is a personal preference, I need work, financially the people at Regus don’t.’
Of the 49% who would not work for nothing, incentive remained a key issue. ‘If you have no financial gain there is no point.’
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