RICS to cut jobs as downturn bites

The RICS has frozen all staff salaries for the next financial year and is looking to make 18 redundancies.

The RICS, which has already cut costs by 5% in the past year, will be making other cutbacks, notably in the number of meetings.

In a statement, the RICS  cited ‘current economic challenges’ and said it had made the decision after watching the ‘market impacts unfold’. Staff have been told that there will be some short-term pain at the organisation.

Sean Tompkins, RICS chief operating officer, said: “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.”

He said that RICS revenues from professional subscriptions had held up relatively well but that book sales, advertising, sponsorship and events had all declined, along with the value and returns of RICS investments.

Although RICS membership continues to grow, mainly outside the UK, Tompkins said there has been a decline in new trainees.