Quercus staff volunteer for pay cut

<p>Staff at Quercus have voluntarily taken a pay cut to avoid the need for redundancies, the company has revealed. It is understood those on salaries above &pound;30,000 will have 10% sliced off their annual salary. The &quot;salary sacrifice&quot; was suggested to company c.e.o Mark Smith by &quot;several<br />members of the Quercus staff&quot; in light of the deteriorating economic climate. Smith said he was &quot;delighted&quot; to have found a resolution &quot;without losing members of the Quercus team&quot;.</p><p>Two people have left the company voluntarily, including Nicolas Cheetham, who has joined Atlantic to head up its new list Corvus. These two positions will not be filled. Of Cheetham&#39;s departure, Smith added: &quot;I think the move to Atlantic is an excellent one for Nic&rsquo;s career and I wish him all the best in the new role.&quot;</p><p>Smith added: &quot;The overwhelming response to the proposed salary sacrifice scheme is testament to the outstanding team spirit within Quercus.&quot; Smith said the pay cut, and other cost-cutting measures, suggested Quercus would save an &quot;adequate&quot; amount.</p><p>But he added: &quot;The board will be constantly reviewing our position through the course of the year and if trading falls below our plan, then further savings will be sought.&quot;</p><p>Late last year Quercus warned its investors that it expected its profits for the year ending 31st December 2008 to be below market expectations, as a result of &quot;exceptionally challenging recent market conditions&quot;. It said it planned to implement a programme of cost-cutting, which included a reduction in staff costs and a review of the company&#39;s future staffing requirements.</p>