The coronavirus pandemic and resulting economic fallout have pressured compensation plans -- salaries, bonuses, 401K matches and more -- worldwide.The latest evidence: Thirty percent of employers cut pay in response to the COVID-19 pandemic. Of those, more than half (55%) reported the cuts allowed them to avoid layoffs, according to recent survey results released by Challenger, Gray & Christmas Inc.Of those surveyed that instituted pay cuts:44% reported pay cuts across the board; 34% said the cuts were for executive or senior-level employees only; and 11% for certain positions. Moreover:56% of companies that cut pay said the reductions would last until business conditions allow; 25% they would last until the end of 2020; and 19% said cuts would be reversed at different times for different workers. None of the respondents indicated the cuts would last until the pandemic ends, indefinitely, or be permanent.Amid that backdrop, multiple technology companies have publicly disclosed compensation plan updates and changes amid the pandemic. Examples disclosed in May 2020 include:Dell and sibling company VMware froze employee salaries, cut executive pay and suspend 401K retirement plan matching. Nutanix confirmed furloughs. OpenText temporarily reduced salaries until mid-2021.
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COVID-19 Pay Cuts: How Coronavirus Economy Impacts Salaries, Compensation

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