City Professionals split over wheter to cut hours to prevent job cuts

Only 52.2% of City workers would cut their hours to save a colleagueís job, according to GRS, the specialist executive search consultancy.

In an online poll of 2,000 City professionals, 1,044 said theyíd rather cut their hours than see a colleague lose their job, while 956 said theyíd refuse to cut their hours.

Clearly the Cityís workforce was deeply divided over the issue, although insurance professionals were least keen to save their fellow workers (only 49.3% would cut their hours), while those in Tax demonstrated the most camaraderie (56.6%).

GRS asked approximately 2,000 City professionals whether, in light of Obama's inaugural address (ëit is the selflessness of workers who would rather cut their hours than see a friend lose their job which sees us through our darkest hoursí) they would cut their hours to save a colleague's job.

The huge rift in attitudes to shorter hours and lower pay explains the difficulty KPMG had getting consensus from its staff for such a programme - when it became the first accountancy firm to offer its employees a four-day week. Eventually, around 85% of KPMGís staff agreed to work flexibly as an alternative to company-wide redundancies. The BBC and the Financial Times have also announced shorter hours for less pay in a bid to stave off redundancies.

Lucinda Brown, Managing Director GRS UK, said ìAs the four day week spreads from the factory floor to the heart of the City, Londonís professionals are increasingly having to face up to the fact that the future holds not only a reduced working week, but also pay cuts. The problem is that only 52% of City professionals are interested in a deal that might save their colleaguesí jobs – it seems theyíd rather take a calculated risk of possibly losing their job than have their own salaries cut. And if only 52% of a companyís workforce is willing to back a scheme like this, savings may be too limited to make it a viable alternative to mass redundancies, especially when the threat of a divided company (between those that opt-in and those that refuse to) is taken into account.

GRS polled professionals in Paris, as well as those in London. Whereas Londonís workers demonstrated some solidarity with their fellow employees, their French counterparts proved far less altruistic, with only 48.0% saying theyíd cut their hours.

Stphane Lehideux, Directeur Gnral of GRS Paris said, ìIím not particularly surprised people are more reluctant to cut their salaries on this side of the channel, nor am I ashamed. Salaries are much lower in Paris than in London or New York – people have less ëwriggle roomí. Secondly, by law, you cannot lower someone's salary in France - people know this would be a very complicated process, and that if a company tried to push that kind of decision, it would probably end up in court.î