Knight Frank is furloughing agents and other staff with the company topping up the taxpayers’ funding to ensure employees get 100 per cent of their usual salary.
A statement from senior partner and group chairman Alistair Elliot says: “During a time when residential and commercial markets have slowed, we are participating in the government’s Coronavirus Job Retention scheme, resulting in a number of our UK staff being placed on furlough.
“The partnership will be topping up the government funding so that those on furlough remain on full salary.
“We have also decided not to apply an annual pay review this year and are implementing salary adjustments for those who earn above a minimum threshold, which we will review as soon as markets permit. We have also reduced the monthly drawings of all our proprietary partners.
“These are uncertain times but Knight Frank is a strong firm with great people and great clients. Our teams are adaptable and remain committed to ensuring the ongoing success of the partnership.”
Connells is known to have furloughed the majority of staff in its 600 branches but has suggested they will be paid their full salaries and commissions until the end of May.
Some weeks ago Purplebricks said it would furlough its directly-employed staff; there are around 300 call centre and head office staff on traditional work contracts, in addition to its 600-plus self-employed territory owners and Local Property Experts
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My heart goes out to all agents, particularly the junior office negotiators at the moment. Its not just the shut down; its the gradual haemorrhage of pipe line business and sale fall throughs.
Its going to take a long time to re charge the machine and at what level of value? As a valuing surveyor undertaking private and bank work, I don't feel very inclined to stick my neck out at the moment.
Well done KF and other businesses who are looking at maintaining their head count during these uncertain times which are impacting on everyone. They see the value in their people and of their people and understand that it is these key people that 'make' the business, and it will return to a similar level.
I feel smaller businesses might fall through the cracks where sales is a major revenue stream as they may not see any sales completed until later this year.
Couldn't agree more Phil, KF should take credit for their actions
Knight Frank taking a positive step, in uncertain times, preserve and persevere, the touchstone of any organisation looking to sail through the current stormy waters. The real problem is that with lockdown now until at least 6th May, and probably longer - which agencies have the deepest pockets to safeguard their businesses.
Tough times - and tough decisions.
Well done Knight Frank. Not just Furlough and top up but loftier safeguards/solutions as well.
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