market timer wrote: ↑
Fri Apr 10, 2020 10:28 pm
Many companies are asking executives to take pay cuts in this environment. It is likely I'll be asked to take one, so I would like to respond appropriately. My view is that a 25% pay cut is reasonable due to lower productivity when working from home. I'm happy to agree to that with the understanding that my work week will be 30 hours instead of 40 to account for increased child care with the kids out of school. If asked to take a 50% pay cut, I'd prefer a layoff and severance, as I have a side project I'd like to pursue. Is this a reasonable position to take?
I can relate in one way, such that I’m a highly compensated executive.
I can’t relate to your position/perspective.
We implemented a reduction to all of our employees, with a bigger amount possibly forthcoming.
Our intent is to not lay off anyone.
Our exec team asked for a bigger decrease than the rest of the staff. A 25% cut to someone making $30-$75k per year much more impactful than us taking 50+%.
We did offer all of our folks additional vacation time as some type of positive benefit.
Do I have a employment contract — yes.
Am I willing (asking) to take a cut outside of this agreement with the understanding it will go back to status quo after the storm - yes.
We’re in the manufacturing space. Our business is down, but not devastated.
I truly feel for all of the folks in the service and travel industries.
It’s important the economy not stay idle too much longer or the quarantine will be much more devastating than the virus itself.
For those in a similar position, never forget your journey to the roles you are in now. None of us would be successful without all of the great people you are leading that helped in your success. Lead by example - now more than ever.