- Some retailing companies ensure continued benefits and compensation for company employees as businesses remain closed, following lockdown protocols.
- Columbia Sportswear and Gravity Payments Executives cut their salaries to ensure that company employees are compensated.
- Twenty-five (25) million lay-offs in retail companies are estimated as the global pandemic continues to keep businesses closed indefinitely.
The coronavirus pandemic leaves retail employees without their regular salaries as companies put a temporary stop in their production pipelines. Retailers like Sephora and Macy’s ensure continued benefits and compensation for company employees as stores remain close for the weeks to come.
A staggering 25 million lay-offs in retail companies are estimated as the global pandemic continues to keep businesses closed indefinitely.
Two CEOs protect their company employees, ensuring there will be no lay-offs within their companies as the crisis continues.
President and CEO of Columbia Sportswear Company, Tim Boyle, announced to cut his annual salary down to 10,000 dollars, all to keep about 3,500 retail employees of the company compensated, receiving regular pay, as their stores remain closed until April 10.
Ten top executives of the company, at least, have volunteered to a 15% salary reduction, according to The Oregonian.
Columbia has been in business since 1938 and has weathered many storms by keeping our focus on the well-being of consumers, employees and the larger community. https://t.co/TGABBKxvO9 pic.twitter.com/R2Ydny3fK4— columbia1938 (@Columbia1938) March 28, 2020
The CEO issued a statement posted on the website of the company. “Columbia has been in business since 1938 and has weathered many storms by keeping our focus on the well-being of consumers, employees and the larger community,” it reads. “We have taken many steps to carry out the health and safety advice from the relevant health authorities around the world to limit potential transmission of COVID-19. We look forward to seeing you at our stores in the future.”
Dan Price, CEO of Gravity Payments, tweeted that his entire salary will be committed to helping all of his employees, ensuring that no lay-offs will take place as the company struggles under this economic collapse that comes with the coronavirus pandemic.
The CEO of Gravity Payments has done this before, back in 2015 when he cut his 1.1 million-dollar salary at the time to 70,000 dollars for the welfare of all company employees.
I cut my CEO salary from $1.1M to $70k, mortgaged my house and gave up my stocks & savings so my employees could make more. My lifestyle changed dramatically but I’m happier now because it was the right thing to do.— Dan Price (@DanPriceSeattle) February 28, 2020
Investing in your employees is WORTH IThttps://t.co/0hFKWGZDlE
“5 years ago I cut my CEO pay from $1.1M to $70k so I could pay all my employees at least $70k,” he wrote. “That’s not good enough anymore. Today I cut my pay to $0. I’m committed to laying off 0 of our employees. It’s not much but it’s what I can do. We’ll get through this together.”
The COO of Gravity Payments, Tammi Kroll, has followed suit in cutting her $275,000 pay to $0.
“She already took a million-dollar paycut, leaving her Silicon Valley executive job, to come here,” he shared in another tweet. “We’ve lost half our revenue but together we’re going to have 0 layoffs.”