Less pay, longer hours report reveals

COMPANY directors are facing longer hours and pay freezes as the recession continues to bite, a survey by the Institute of Directors (IoD) has suggested.

The report revealed that 44% of executive directors have had a pay freeze, with a further 6% taking a pay cut.

Only 1% of small companies offer a final salary pension scheme and up to half of directors are working more than 55 hours a week, according to the recent findings.

The IoD annual directors rewards survey analysed 3,468 jobs from 1,200 organisations. The results published are based on evidence drawn from all sectors and size of organisation.

Miles Templeman, director general of the IoD, said: “With half of directors taking a pay cut or a pay freeze this year, we can see that the recession is affecting people at all levels of seniority in the private sector. From the shop floor to the boardroom, no one is immune.

“In order to keep their businesses going, we’re seeing directors putting in much longer hours. This reflects both the severity of the recession and the commitment of directors to get their businesses and employees through it.”