In March my company made news when our employees voluntarily took temporary 20% pay cuts to ensure 0 layoffs
Our situation has improved & I just announced to our employees that everyone will be paid back in full - at a personal cost of $1M. They saved our company and deserve it.
here's the backstory on the pay cuts fastcompany.com/90483711/how-o…
let me adjust something here: the full cost to me is actually closer to $750k; I had miscalculated one of the figures and want to be transparent about that.
The backpay will be sent to employees as soon as next week as a separate paycheck.
When we faced an initial 50% revenue shortfall at the start of the pandemic, I asked our employees what they would do. As CEO I don't make top-down decisions.
98% voluntarily said they would cut their pay to save their coworkers' jobs. A dozen gave up all their pay, including me
The average employee will get about $4,300 in back pay.
Virtually everyone gave as much as they could, and it never sat right with me, but I justified it as necessary to keep the company afloat. I wanted to pay the money back as soon financially possible
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