Quarter of directors ‘would cut benefits’

Almost one in four company directors have admitted they would cut all the benefits on offer to their employees if they were able to do so, new research has found.

The survey by Lloyds TSB Autolease revealed that 23 per cent of respondents, when asked which benefit they would like to cut back on if they could, answered all of them.

This was the most popular answer, followed by company cars (14 per cent), bonuses (11 per cent), leisure allowances – such as gym membership – (eight per cent), healthcare (seven per cent), pensions (five per cent), childcare (two per cent) and holiday entitlements (two per cent).

Lloyds TSB Autolease corporate sales director Claudia Rose said: "These findings reinforce the view that HR departments are coming under enormous pressure to justify the role of benefits packages."

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She added that HR managers should have more of a say on far-reaching business decisions to avoid any all encompassing cost cutting measures.

The news comes after the Chartered Institute of Personnel and Development warned that redundancies are likely to continue to rise or remain at a high rate, even when economic recovery in the UK has begun.