In February I discussed Land Rovers decision to cut working hours and freeze all pay increases, in order to save jobs. At this time research published by www.recruiter.co.uk suggested that workers would rather take a pay cut than loose their jobs altogether, well this seems to be the case at Honda in Swindon.
Yesterday Honda announced redundancies, wage cuts and pay freezes were to take place at its Swindon factory as a result of the current economic problems experienced in the motor industry.
This adds to an increasing number of companies asking staff to agree to pay freezes in order to reduce redundancies. With more and more companies facing hard times it seems that the majority of employers are opting to reduce or freeze workers salaries in order to beat the credit crunch.