Re:Salaries Get Chopped for Many Americans Who Manage to Kee...
by JeremyNT on Wednesday May 27, 2020 @04:40PM
(#23329668)
Anecdote, my wife's employer cut pay for employees at her level by 10% (technically in the form of her working 10% less, but her position is salaried and she's not likely to really take that time off). The exec level is taking a bigger haircut.
My own employer cut exec salary by 10% but it terminated its retirement benefits across the board (~10% of base compensation contribution). There is also normally an annual merit/COL salary adjustment this time of year, but that was skipped across the board.
Both of us work at very large, successful non-profits (she in healthcare, I in education) that otherwise are well regarded as good employers. So this isn't just some pent up excuse for a greedy corp to cut a check for the shareholders and execs at the cost of the working stiffs.
I know you're asking for more than anecdotes, but this sure smells like a broad trend (and, to be honest, a reasonable strategy) to me.
My own employer cut exec salary by 10% but it terminated its retirement benefits across the board (~10% of base compensation contribution). There is also normally an annual merit/COL salary adjustment this time of year, but that was skipped across the board.
Both of us work at very large, successful non-profits (she in healthcare, I in education) that otherwise are well regarded as good employers. So this isn't just some pent up excuse for a greedy corp to cut a check for the shareholders and execs at the cost of the working stiffs.
I know you're asking for more than anecdotes, but this sure smells like a broad trend (and, to be honest, a reasonable strategy) to me.