Knight Frank has become the latest property firm to furlough staff in the UK, as the coronavirus pandemic continues to disrupt businesses.
The agent said it will top up employee salaries so that those furloughed will remain on full pay. The agent did not disclose the number of jobs or sectors affected.
Knight Frank has additionally reduced the monthly drawings of all its proprietary partners.
It has also decided not to apply an annual pay review this year and is implementing salary adjustments for those earning above a minimum threshold. This will be reviewed “as soon as markets permit”.
Alistair Elliott, senior partner and group chairman at Knight Frank, said: “As this pandemic continues to evolve, our paramount objective is to protect our people, protect their jobs, provide the best level of client service and be agile for the recovery when it inevitably occurs.
“To help us achieve this, 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.
“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.”
Others taking similar measures in recent weeks include Savills, CBRE, Colliers International and Lunson Mitchenall.
As disruption from the coronavirus pandemic deepens, many property firms have decided to cut back their workforces through furloughs, pay cuts or redundancies.
These include Cushman & Wakefield, JLL, Avison Young, Lambert Smith Hampton and Christie & Co.
As part of its initiative to protect jobs, the government has said it will pay 80% of wages for affected staff, up to a monthly cap of £2,500.
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