RICS axes 18 jobs and freezes pay

Surveyors trade body RICS is planning to axe 18 jobs and impose a pay freeze for all staff at every level in the organisation.

Sean Tompkins, RICS' chief operating officer said: "Like any business, RICS is not immune from the impacts of the current economic challenges and we have been watching the market impacts unfold very closely."

"The property and construction sector has been one of the hardest hit by the overall crisis in economic confidence and many chartered surveyors, and the firms that employ them, have had to face up to tough times while also balancing the need to be prepared for market improvement.

"The RICS itself needs to face up to some short term pain while also being very mindful of the need to be ready for an upturn in market conditions."

RICS revenues come mainly from professional subscription fee renewals and, while these have remained relatively stable this year, commercial activities such as book sales, advertising, sponsorship and events have all witnessed a decline.

There has also been a decline in dividends from equities, a reduction in cash deposit rates and income from RICS' investment holdings is also down. Membership continues to grow, mainly outside of the UK, but RICS is seeing a decline in the number of new trainees.

Jim Carter, chairman of the management board, said: "RICS has already reduced its operating costs by around 5% over the last year. This decision to make further cuts has not been taken lightly."