Financial impact of COVID on employers

[LiveWhatULove]

For those of you who work, how is it going? Has your employer shared the financial impact of recent public health policies?

I just finished another Zoom meeting regarding the negative financial ramifications of COVID. Pay-cuts, terminations, oh my, it's a mess. How goes it for your family? I hope better than ours!

[stilltfez]

For those of you who work, how is it going? Has your employer shared the financial impact of recent public health policies?

I just finished another Zoom meeting regarding the negative financial ramifications of COVID. Pay-cuts, terminations, oh my, it's a mess. How goes it for your family? I hope better than ours!

We were lucky, the Mr got furloughed but only every third week. A few people in his area/department got full furloughs. All raises are not going to occur, the hospital and college lost millions a day because they could not do surgeries. Slowly the surgeries are starting to happen but only in specific areas.

[Lotus]

I am a recruiter I work with one other person. I am very nervous.
I have some steady work in food manufacturing, they have not slowed down their hiring process. I do remember during the subprime mortgage debacle of '08 it took almost two years before we felt the impact to where we almost closed our doors.

I hope you and your family are OK. Very uncertain times.

[Lotus]

For those of you who work, how is it going? Has your employer shared the financial impact of recent public health policies?

I just finished another Zoom meeting regarding the negative financial ramifications of COVID. Pay-cuts, terminations, oh my, it's a mess. How goes it for your family? I hope better than ours!

We were lucky, the Mr got furloughed but only every third week. A few people in his area/department got full furloughs. All raises are not going to occur, the hospital and college lost millions a day because they could not do surgeries. Slowly the surgeries are starting to happen but only in specific areas.

nice to read you and your family are going to be OK.

[mommy_jules]

DH is a teacher with a 12 month contract, so financially we haven’t been affected. We aren’t sure yet what this summer will hold. Since he is 12 month employee, he is usually at school 4 days a week or education conferences over the summer.

[MrsDavidB]

I hope you guys will be ok. My DH is in the military so it is business as usual and pay always remains the same no matter what is going on thank goodness.

[LiveWhatULove]

For those of you who work, how is it going? Has your employer shared the financial impact of recent public health policies?

I just finished another Zoom meeting regarding the negative financial ramifications of COVID. Pay-cuts, terminations, oh my, it's a mess. How goes it for your family? I hope better than ours!

We were lucky, the Mr got furloughed but only every third week. A few people in his area/department got full furloughs. All raises are not going to occur, the hospital and college lost millions a day because they could not do surgeries. Slowly the surgeries are starting to happen but only in specific areas.

I am glad to hear that, I remember you said that his retirement funds were hit hard too, so he had to keep working no matter what.

One of my employers is a community health system, revenue was down 60% compared to the previous year, so I understand the surgery thing.

[LiveWhatULove]

I am a recruiter I work with one other person. I am very nervous.
I have some steady work in food manufacturing, they have not slowed down their hiring process. I do remember during the subprime mortgage debacle of '08 it took almost two years before we felt the impact to where we almost closed our doors.

I hope you and your family are OK. Very uncertain times.

Yes, so uncertain, the knowledge that we haven't seen the worst and just not knowing just how bad it will get. I understand the nervousness!

[Momto2boys973]

MY husband is an employer and for the first month he paid his employees without work. It’s been tough because they’re spending money that’s not being productive. It’s not like me paying my cleaning lady, which I would be doing anyway if she was coming in and I don’t have any real loss. But in the case of a factory like my husband’s, money spent is supposed to go for production and earnings, not just thrown away.
For this past 2 weeks they’ve been able to restart production but very carefully. They have different stations come in to work on different days so the factory is pretty much empty on a daily basis with just the handful of workers in one station. Of course, all workers have to wear masks and keep a distance. Offices are closed.
My sil, who’s the administrator is torn because from an administrative point, it’s terrible to spend unproductive money. But she can’t leave the people hanging and neither can DH and my fil. But at least now some production is coming out.

[LiveWhatULove]

MY husband is an employer and for the first month he paid his employees without work. It’s been tough because they’re spending money that’s not being productive. It’s not like me paying my cleaning lady, which I would be doing anyway if she was coming in and I don’t have any real loss. But in the case of a factory like my husband’s, money spent is supposed to go for production and earnings, not just thrown away.
For this past 2 weeks they’ve been able to restart production but very carefully. They have different stations come in to work on different days so the factory is pretty much empty on a daily basis with just the handful of workers in one station. Of course, all workers have to wear masks and keep a distance. Offices are closed.
My sil, who’s the administrator is torn because from an administrative point, it’s terrible to spend unproductive money. But she can’t leave the people hanging and neither can DH and my fil. But at least now some production is coming out.

One of my co-workers owns a brewery and has had a similar experience, paying people with not as much to do. And with the restaurant situation, they have a lot of product just sitting getting stale as no one needs the product.