Just concluded a Zoom session among our global managers. The exec team did some worst case scenario planning and the impact on our business. The drivers were preserving jobs and preserving capital. I am proud to say that they have put the employees first and have built a plan to protect every single job in the company (about 325 people globally). So, no layoffs but we all share in some cost reduction. Our CEO is taking a 50% pay cut and all exec bonuses are gone for 2020. All execs are taking a 30% pay cut. All bonuses for all employees are gone for 2020. All employees will take a 5% pay reduction. No merit increases for 2020. Revenue generating roles in sales will still be paid commissions (that's good news for my team). It's never great news to hear you are getting a pay cut, but the upside is that everyone keeps their job and has benefits, etc. All of this will be reinstated once our business returns to normal.
That is relatively excellent to hear. Good for you and your company!
I haven't heard anything about our business, but I know we are still in demand...as long as paying for our services isn't at the expense of Maslow's hierarchy's bottom two tiers.
I have already accepted my 2020 bonus (paid in 2021) will be decimated
Historical note:
During the great depression, Kellogg's moved from a 40 work week to a 30 work week so more people could have a job. They stuck with it for decades afterwards.
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