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Companies saving in the Recession - Irish Job News - News on Jobs for Ireland


Companies saving in the Recession

10 February 2009 | esb | No Responses by paul savage.

News came today that ESB (www.esb.ie) want to introduce a 2 year pay freeze for it’s 8,000 staff members.  They have approached the trade unions, and leading by example with  management wage cuts. CEO Padraig McManus is taking a 10% cut while other senior mangers are taking a 5% pay cut, and this is also along with having the 2 year pay freeze.

It’s good to see that the managers are leading the way and giving the staff a good example. Granted these guys probably get paid significantly more than the average ESB worker. But to the workers it shows that they are at least making some effort.
For the average ESB worker things start to get a little more as they have just recieved a 3.5% wage increase as part of the national wages deal. And the further 2.5% is due in June. But if the pay freeze comes into effect then this might come into question. The ESB union released a statement saying that they still expect the National Wags Agreements to be honoured and keeping the ESB inline with what the Social Partnership agreed on last year.

One thing to remember is that because of the recession, many companies might start to introduce some cost saving measures, under the guise of the down turn in the economic situation. And of course people are now starting to realise how lucky they are to have jobs, compare with those guys at DELL, Kostal and other companies around the country. Having a job that pays less over 2 years is better than having no job at all.  Right now the employment market upperhand lies with the employers, and I’m sure that they will use it to their full advantage while it lasts.

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