The coronavirus pandemic has hammered industries into a wall of troubles. Organizations are now calling the impact of this pandemic worse than any other pandemic or war has ever caused. The novel virus which originated in China has now become a global problem. So far the virus has claimed more than 19,000 lives and infected about 446,000 individuals in 196 countries.
The pandemic has sent shockwaves through the restaurant, hospitality, travel and airline industry crippling them worse than the great depression and World War 2. Theater and film industry which has more than 150k workers is also facing severe problems as cash flow has gone to zero and governments closed theaters to prevent the transmission of the virus. Their revenues are drying up as people everywhere take on social distancing to slow the spread of the virus.
To keep the businesses going on and sustain themselves in this long unpredictable pandemic, several CXOs and top management executives of major corporations have announced that they will take a salary cut. Many founders have even said that in order to safeguard their workforce and to avoid layoffs, it is important that the upper management reduce their compensation.
Individuals from all walks of life have appreciated the efforts the CxOs are putting in place to help employees and keep business as usual. Here is a list of some of the executives who decided to forego their salaries:
Sandeep is a journalism and mass communication graduate with a keen interest in politics and business. He is a part of Research & Content team at HrNxt.com.