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16 April 2020
United Kingdom: 1 in 4 executives at FTSE 100 firms take pay cut amid coronavirus crisis (study)
In order to combat the Covid-19 health crisis, 25 of the 100 companies listed on the UK’s flagship FTSE 100 index have cut executive pay, according to a study conducted by the High Pay Centre think tank and the Press Association, which was published on 14 April. The majority of these pay cuts are at the 20% mark, however many groups have gone a step further, such as the hygiene services company Rentokil, the CEO of which reduced their pay packet by 35%. Luke Hildyard, director of the High Pay Centre, says:...
Managing the fallout of Covid-19
16 April 2020
Spain: Inditex group to keep paying all employees in April despite closure of all its stores
Spanish clothing giant Inditex, which owns the retailer Zara, does not plan to make use of the extraordinary temporary lay-off measure (ERTE) that would allow it to claim special aid from the Spanish state, as it deals with the decline in business volumes amid the Covid-19 pandemic. The group’s management has announced to employee representatives that, during the month of April, it alone will bear the cost of closing its 1,580 stores in Spain and the halt to sales. It will therefore pay all salaries during this...
Managing the fallout of Covid-19
10 April 2020
United Kingdom: BT hands pay rise to non-management staff amid Covid-19 crisis
With demand for telecommunications services having skyrocketed during the Covid-19 pandemic, giant of the UK sector BT has expressed its gratitude to staff by handing a 1.5% pay rise to the majority of its workforce, effective from 1 July. The pay rise goes to 58,000 non-management employees, particularly technicians and call centre workers. Furthermore, BT has promised that none of its employees will lose their jobs over the next three months and that all staff members will still get 100% of their pay, even if...
Managing the fallout of Covid-19
9 April 2020
Canada: supermarket executives take to shop floor
Managers are rolling up their sleeves and getting their hands dirty. That’s the message being sent out by several supermarket chains. Loblaw, Empire, Longo, and the Canadian subsidiary of WalMart, have all asked head office managers to take the lift down to the shop floors and support their core employees. In this time of Covid-19 related crisis and fear, Anthony Longo, the general manager of the Longo’s deli chain in Ontario, wants to tell its 5,000 employees that they are not alone. He too is taking...
Managing the fallout of Covid-19
8 April 2020
Great Britain: audit firms using sabbatical leave to deal with the coronavirus crisis
In order to lessen the financial impact of the health crisis, audit and consulting firms are looking into the idea of the sabbatical leave option. Thus, professional services firm Grant Thornton has invited its employees to voluntarily choose between one of these two options by April 10, (i) take sabbatical leave until the end of June, during which they will receive 30% of their salary, or (ii) opt for a 40% reduction in their hours and pay until the end of May. Grant Thornton UK said, “These are clearly...
Managing the fallout of Covid-19
6 April 2020
Covid-19 spurs on digital transition at Taiwanese companies
Taiwan is one of the countries that has been least impacted by the Covid-19 pandemic. The island off the coast of China has recorded only 339 infections (as of 2 April), the vast majority of which are imported cases, and the Taiwanese population has not gone into lockdown. So far, no company located in the state has been requested to close its doors. However, in line with the government’s efforts to stem the epidemic before it spreads across the country, companies are being encouraged to review their management...
Managing the fallout of Covid-19
2 April 2020
Sodexo: launches a global employee support program with financing from senior group executives
In a press statement released on 02 April, French food services and facilities management company Sodexo announced, ‘Despite all our efforts, we know that this once-in-a-lifetime crisis currently confronting us will regrettably mean lay-offs for some of our on-site staff in some countries, while strictly adhering to local employment legislation. As a result, we have decided to establish a global Sodexo Employee Relief Program to help on-site staff, who face layoffs.’ The global program will be administered...
Managing the fallout of Covid-19
1 April 2020
Enel: implements insurance cover for all staff globally who need Covid-19 related hospitalization
On 26 March 2020, Italian energy company, Enel Group announced an agreement was signed with the professional services and financial risk-mitigation firm Aon SpA to provide a “Covid-19 Insurance Policy” for all its 68,000 employees worldwide. In the press release, it specified that this insurance was specifically designed to meet Enel Group’s needs and that it represented a pioneering initiative aimed at guaranteeing transnational support against the ongoing global health emergency. The policy...
Managing the fallout of Covid-19
24 March 2020
United States: warehouses and supermarkets hiring massively to cope with demand
During this Covid-19 pandemic, two business sectors are bucking a general downtrend with extremely strong growth, namely the supermarket and distribution sectors. With demand levels already high, both are multiplying their job offers, and with the free movement of people now hampered, their hiring methods have also had to adapt and the hiring pool has also altered as other businesses abruptly lay off workers. While in order to attract workers, the supermarket chains are boosting bonuses, they aren’t so quick to...
Managing the fallout of Covid-19