CEOs Stand by Their Employees
Although people remain physically divided and isolated from the practice of social distancing, it seems like it is bringing people together as a whole.
According to Labor Department data, over 10 million Americans filed for unemployment benefits as economy plummeted from the corona virus outbreak in March 2020. However, despite a handful of companies reluctantly letting go of their employees, there are still a handful of companies who are trying to grasp hold of their employees.
In fact, Salesforce CEO, Marc Benioff, advised that all CEOs take a 90-day “no lay off” pledge to help everyone get through the crisis. Benioff has constructed an eight step plan to keep people safe, all while working to find a way to get people back to work safely. He also asked employees to consider paying their own hourly workers like housekeepers and dog walkers throughout the layoff period, whether they were working or not, was designed to give the CEO some wiggle room for at least some layoffs.
Other big companies such as Dick’s Sporting Goods has also taken the initiative to continually provide store employees full pay and benefits whereas Ed Stack, chairman and CEO, and Lauren Hobart, president, will receive no salary, according to a filing with the Securities and Exchange Commission. The base salaries of all other members of the company’s senior management team, as well as other salaried employees were temporarily reduced by graduated amounts.
Numerous other conglomerate leaders are following suit including: Columbia Sportswear Company CEO Timothy Boyle, Delta CEO Ed Bastian, and Marriott CEO Arne Sorenson.
Under such unprecedented circumstances, it is crucial for business leaders to realize they cannot operate as usual; they need to adapt and respond to people’s needs even if it means they have to create a new service from scratch. Changes at the top have to be made, otherwise the foundation will crumble.