Megabroker to reintroduce salary reviews ending two years of cost-cutting
Willis will end its two-year pay freeze and bring back annual salary reviews.
The megabroker introduced pay freezes two years ago during the height of the recession but will start reviews again in April next year.
A Willis spokesman said: "We’re pleased that Willis will resume its normal practice of annual salary reviews in April 2011. Our people continue to work hard through the economic crisis and soft insurance market to deliver solid results and compete vigorously in the marketplace. Their efforts have put us in a strong position to capitalize on our many opportunities when conditions improve."
The review is a turning point of two years of cost-cutting and pay reforms by Willis to cope with the recession.
Last summer, Willis gave its staff the the option of sabbaticals on 30% pay and the four-day week options. It came just weeks after making 300 staff redundant.
The London and New York-based broker also took a tough line on company expenses, slashing accounts compared to the pre-credit crunch era.
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