May 4, 2020

Fast Company on Pandemic Pay Cuts, Cites ESGAUGE Database

In an article published on Friday, Fast Company cites the ESGAUGE database on pay reduction announcements made by Russell 3000 companies to respond to the financial fallout caused by the COVID-19 crisis. The story, authored by Christopher Zara, is titled “Pandemic Pay Cuts: The Growing List of Companies Reducing Salaries During COVID-19.”

“Some the findings may surprise you: For instance, the salary reductions are not just hitting top executives and their fat bonuses. At last count, 61% of the affected companies applied pay reductions to the base salaries of senior managers who make less than top-tier executives,” Fast Company writes. “It adds that 11% of all companies in the index announced base pay cuts between March 1 and April 24.”

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