Managers and Professionals Salary Survey 2018.

"Shock to the system" as managers see real terms pay drop and directors' bonuses slashed.

New data from the Chartered Management Institute and XpertHR show basic salaries and bonuses for directors and senior managers have fallen in real terms, with inflation overtaking pay increases for the first time in five years.

This comes after separate CMI research found managers worked an extra 44 days a year last year over and above their contracted hours - up from 40 days extra in 2015. The same research found 59% of managers are 'always on', frequently checking their emails outside of work and one in 10 had been forced to take sick leave because of stress.

This is a shock to the system for British business at a time when we need to attract 2m more managers into the work place. The UK is at risk of sleepwalking into a new productivity crisis because too many managers are chronically overworked and stressed by an 'always on' culture. If businesses can no longer attract talent through large pay packets alone they need to be far more creative in providing an environment that will motivate, retain and attract ambitious managers.

Petra Wilton, Director of Strategy, Chartered Management Institute