This is a difficult time in the world right now, and it’s having an impact in many different ways. More and more, people have to stay at home as part of a self-quarantine. That means some individuals aren’t working at all or they’re working a lot less than before. Not only are they worried about the virus but now, many have a valid fear of losing their jobs and putting food on the table.
While some companies have come under scrutiny because they refuse to pay their workers sick leave, a few CEOs have stepped up to ensure their workers still receive a fair wage. These bosses go above and beyond to help their employees make ends meet. And for their efforts, they’re getting a lot of recognition.
One of these CEOs is the President of Columbia Sportswear
Tim Boyle chose to cut his salary, dropping it to just $10,000. While that’s a huge move, it’ll allow the company to continue to pay its workers even with the stores closed. As retail workers, most of these employees depend on their paychecks to pay bills. So, this kind of financial help is a big deal.
This will pay 3,500 employees
Thanks to Boyle’s actions, 3,500 employees will still get a paycheck until April 10. But he isn’t the only person at the company who’s making changes to help. There’ve been reports of at least 10 other executives in the company taking a 15 percent pay cut during these uncertain times. That’ll further help the employees behind the scene, working to keep the business running.
The stores are currently closed to help flatten the curve
Columbia Sportswear stores are currently closed to help mitigate the spread of the virus. According to Boyle, “Columbia has been in business since 1938. Boyle said, “Its weathered many storms by focusing on the well-being of consumers, employees, and the larger community.
He went on to explain, “We have taken many steps to carry out the health and safety advice from the relevant health authorities around the world to limit potential transmission of COVID-19. We look forward to seeing you at our stores in the future.”
Boyle isn’t the only CEO making a drastic move
While Boyle’s actions are amazing, he isn’t the only one helping his employees during the pandemic. Dan Price, the CEO of Gravity Payments, is also taking a major pay cut. Back in 2015, he reduced his salary from $1.1 million to $70,000. That way, he could pay all his employees that same amount.
But now…he’s cutting his salary to $0
Because of the health crisis, Price decided to eliminate his salary altogether. By making this bold move, he doesn’t have to lay off anyone at this time. His goal is to keep the team together during this ordeal.
The trend is catching on
The COO of Gravity Payments is also reducing his pay. Tammi Kroll chose to cut her $250,000 salary down to $0. That’s after she already took a million-dollar pay cut to join the company. This is the kind of leadership workers look up to.
Hopefully, others will follow suit
These CEOs are setting a great example of what it takes to be a leader.
As more workers struggle to make ends meet, hopefully, there’ll be more people in top positions willing to step up to the plate. After all, everyone’s in this together.
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Source: Today
