Avison Young launches voluntary redundancy programme
Avison Young is offering UK staff voluntary redundancies as part of a multi-million-pound cost-cutting initiative spanning the UK, the US and Canada.
The agency is understood to have given staff until the end of November to accept the offer and expects the cuts to effect the company’s support staff more than customer-facing fee earners.
A spokesperson for Avison Young said: “This week, Avison Young announced C$25m [£15.7m] in cost reductions to our business, including staff downsizing. These actions are a critical step in managing the impact of the economy on our industry while also positioning ourselves for the future.
Avison Young is offering UK staff voluntary redundancies as part of a multi-million-pound cost-cutting initiative spanning the UK, the US and Canada.
The agency is understood to have given staff until the end of November to accept the offer and expects the cuts to effect the company’s support staff more than customer-facing fee earners.
A spokesperson for Avison Young said: “This week, Avison Young announced C$25m [£15.7m] in cost reductions to our business, including staff downsizing. These actions are a critical step in managing the impact of the economy on our industry while also positioning ourselves for the future.
“This decision will impact most geographies and levels of the business and follows global cost containment initiatives; we aim to complete these actions as quickly as possible in compliance with all applicable laws. As a firm powered by people, these moves are never easy. Throughout this process, we are committed to treating all impacted staff members with the transparency, respect and support they deserve.”
Many of the big agencies have announced cost-cutting programmes during recent weeks as a downturn hits dealmaking markets, driven by a broader economic downturn.
Last week, JLL’s chief human resources officer, Laura Adams, said in an investor presentation that the current market had given the firm “an opportunity to look at ways in which we can operate more efficiently”, adding: “Unfortunately, that may have some impact on a small percentage of our people.”
Last month, CBRE announced US$400m (£347m) of cost reductions, some $300m of which “will be permanent in nature, with the vast majority coming from headcount reductions”.
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