Financial impact of COVID on employers

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mater-three
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Let’s just say I got a job last week working opposite to the hubby
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LiveWhatULove
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Smarties wrote:
Sat May 23, 2020 10:57 am
My company is huge, and still operating, but we've taken a big blow. This pandemic is expensive - to implement safety and sanitization measures, make special accomodations for people who cant work, people working from home, a lot of lost productivity.

We'll come out of everything in tact but I predict little in the way of annual raises next year. And people are going to flip when that comes. There is also talk about taking away some of our Christmas holiday. That might start a revolt :/

People seem to think there are endless pots of money out there in the ether that some people are hoarding. The company, the government... All they can say is the company execs only care about getting their bonuses. But they aren't getting any bonuses.
I know there are evil C-level execs in the business world. But honestly, the ones I know and the documentaries I have seen, they work harder, face far more stress than most employees realize to earn their salaries. All our c-level admin have taken 15-20% pay cuts as a sign of the sacrifice in difficult economic times.

DH has a similar experience to yours, with his employees and some co-workers just appalled at the announcement of all raises on hold. But I do not think people can conceptualize how bad the sales numbers are & how low the stock price is and just what that means for the company. He sees my struggles and is like “guys, my wife just lost 15% of her salary & a bunch of co-workers, let’s be real here!”
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LiveWhatULove
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mater-three wrote:
Sat May 23, 2020 2:07 pm
Let’s just say I got a job last week working opposite to the hubby
Well, congrats on the new job, even if it wasn’t your original plan. I hope you like it!
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LiveWhatULove
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Bubbs wrote:
Fri May 22, 2020 2:18 pm
I hope you will be okay.
I work for a huge company, they don't share a lot unless it has to be public. They didn't close, so I don't know how much has changed.
Thank you for your well wishes.
SilentNeko
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The company I work for is losing money, but we all are optimistic, more now that we are preparing to reopen. No reopen date though. But I’m close enough to retirement that if the place shuts down, I can just retire, and step out of this rat maze.
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LiveWhatULove wrote:
Fri May 22, 2020 2:14 pm
Anonymous 4 wrote:
Fri May 22, 2020 1:35 pm
I live in Canada where the government is giving businesses a subsidy for payroll (75% of the employees average pay). All of us have had our hours cut by at least 75% and the owner has decided he's taking the subsidy but won't be topping anyone up. So he gets us working for him for free and we bare the brunt of the businesses, loss. I havent' finished the numbers yet but it looks like, after payroll is recalculated, the owner is doing BETTER financially this year than last for the same quarter.

When this is over I'll be looking for a new job.
Wow, that seems unethical, but I guess, maybe he thinks he needs for it future quarters.
Unethical yet not illegal. He's of the belief that if a person isn't actually working they shouldn't get paid. The amount of hours I've worked for him and not gotten paid would equal a few pay cheques but that's a totally different thing in his books.
Msprekteacher
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We are OK. My husband is an inventory control manager for a metal manufacturing company. They have military contracts so they have been working the whole time. They had a few contracts canceled but nothing that hugely effected their ability to function.

I am more concerned for my own position. We will be paid until June 20, but with summer camp cancelled and the CDC making crazy demands who knows...If I’d lose my position it would suck but we wouldn’t be homeless.
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Kikibix wrote:
Sat May 23, 2020 2:02 pm
In the beginning they used it as an excuse to get rid of people that weren’t really wanted, then they went to layoffs and voluntary layoffs with the idea of recalling those people when business picks up. The accounts i normally deal with have slowed down so I am helping out wherever I can in other areas. Our company has been able to transition to helping supply Covid related products to help other businesses reopen and that’s what’s been keeping us going. I think we will make it but it’s scary. I think more layoffs might come and the recalls also won’t necessarily come for all departments.
That happened to us where one guy got laid off. He was skating on thin ice anyway and covid-19 was the final blow. He does come when needed. And the rest of us took pay cuts. Which I expected. I'm not stupid we're just getting by. I predict as far as bonuses this year will suck. I'm just glad this didn't happen even three years ago or I'd be crying for the beer I wouldn't be able to afford. I wasn't in a good place then.
Pjmm
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Msprekteacher wrote:
Sat May 23, 2020 10:45 pm
We are OK. My husband is an inventory control manager for a metal manufacturing company. They have military contracts so they have been working the whole time. They had a few contracts canceled but nothing that hugely effected their ability to function.

I am more concerned for my own position. We will be paid until June 20, but with summer camp cancelled and the CDC making crazy demands who knows...If I’d lose my position it would suck but we wouldn’t be homeless.
I saw what the CDC wanted. I'm not a teacher and I still know that's crazy even for high school. Obviously none of them have children. Someone had a video on Facebook about them. He was like "their own computers? Say what?" My district doesn't even have textbooks for every student. They have classroom books. And the CDC wants everyone to stay in one classroom. How will that work for high and middle school you morons? I was shaking my head. They'd better get realistic.
Msprekteacher
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Obviously I teach pre-k so for the most part the kids are with their peers and teachers all day BUT we do have an after school program so how is that to happen?

It’s utterly insane. I said to our principal that if my boys were preschool and pre-K age that there would be no way in hell I’d pay for them to go to school in the fall. It’s ridiculous the expectations.

Pjmm wrote:
Sun May 24, 2020 11:11 am
Msprekteacher wrote:
Sat May 23, 2020 10:45 pm
We are OK. My husband is an inventory control manager for a metal manufacturing company. They have military contracts so they have been working the whole time. They had a few contracts canceled but nothing that hugely effected their ability to function.

I am more concerned for my own position. We will be paid until June 20, but with summer camp cancelled and the CDC making crazy demands who knows...If I’d lose my position it would suck but we wouldn’t be homeless.
I saw what the CDC wanted. I'm not a teacher and I still know that's crazy even for high school. Obviously none of them have children. Someone had a video on Facebook about them. He was like "their own computers? Say what?" My district doesn't even have textbooks for every student. They have classroom books. And the CDC wants everyone to stay in one classroom. How will that work for high and middle school you morons? I was shaking my head. They'd better get realistic.
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