This article was updated on May 4.
The COVID-19 pandemic has brought a grim reality for the economy and the workforce at large. However, in the face of these tumultuous times, many employers are committed to protecting the jobs of their employees. They’re demonstrating leadership and stepping up with bold people-over-profit decisions to keep the world at work.
The following compilation shines a light on what organizations of all sizes in all industries are doing right now to maintain and maximize productive, committed and inspired workforces.
No Layoffs: Tech’s Next Big Idea
Many technology companies have decided to institute a “no layoff” policy for their employees during these tumultuous times. Not only is this good for workers, but it’s smart business, writes Tae Kim of Bloomberg. Kim asserts that company reputations are built during tough times and promising job security engenders loyalty from one of companies’ most important assets: human capital.
Richard Branson Offers Private Island as Collateral to Save Jobs
Billionaire founder of the Virgin Group, Richard Branson, said he would offer his Necker Island estate in the Caribbean while seeking a commercial loan from the United Kingdom government. Branson’s airlines, Virgin Atlantic and Virgin Australia, like many airline companies, are drowning amid the massive decline in travel because of COVID-19 restrictions.
Charter Communications Promises No Layoffs for 60 Days
Charter Communications, which operates Spectrum cable and internet, promised earlier this week that it will not lay off or furlough any workers for at least the next 60 days. The company said it is planning wage increases for all hourly workers from $15 to $20 over the next two years, with immediate increases of $1.50 an hour for frontline field and customer operations employees.
Nvidia Promises No Layoffs, Offering Raises
Jensen Huang, CEO of tech company Nvidia, announced that the company won’t be laying off any of its employees or asking them to accept pay cuts as a result of the coronavirus epidemic. In fact, the company is giving raises to all of its employees to provide additional financial security during the crisis.
ServiceNow CEO Makes the Pledge
On Thursday, ServiceNow CEO Bill McDermott became one of the most recent CEOs to take the “no layoffs” pledge issued by Benioff. However, McDermott took it a step further by pledging not to lay off a single employee in 2020 and announced the company is also hiring. The company plans to fill 1,000 jobs worldwide, as well as hire 360 college students as interns this summer.
Cisco CEO Won’t Cut Jobs
On April 10, Cisco CEO Chuck Robbins joined a growing number of tech companies that have pledged not to cut jobs in response to the COVID-19 pandemic. Robbins is also calling on other companies to make the pledge as well.
Marsh & McLennan CEO Pledges No Layoffs
As job losses from COVID-19 were already mounting in mid-March, Marsh & McLennan CEO Dan Glaser became one of the first executives to pledge to his workers that there would be no layoffs at his company. Additionally, Glaser announced a $5 million fund that would offer grants to employees facing financial hardship and reminded people of the "formidable resources and financial strength" of the company.
Morgan Stanley CEO Promises No Layoffs This Year
Morgan Stanley CEO James Gorman said in an internal memo that there will not be a reduction in force at the company in 2020. Gorman said the decision was made with 100% support of the company’s operating committee.
Citigroup CEO Assures Job Security
Banking giant Citigroup’s CEO Mike Corbat informed his more than 200,000 workers that the company will temporarily suspend any layoffs amid the COVID-19 crisis.
Bank of America CEO Committed to No Layoffs
In an interview on CNBC with Jim Cramer, Bank of America CEO Brian Moynihan said the bank is committed to no layoffs in 2020. The company hired 2,000 people in March and raised the minimum wage to $20 an hour in the first quarter of 2020.
Goldman Sachs and Others Vow ‘No Layoffs’
Goldman Sachs, Wells Fargo, Deutsche Bank and HSBC CEOs have all vowed that they will be postponing decisions about staff cuts as the coronavirus outbreak hits their businesses hard.
Visa CEO said No Job Swiping in 2020
Visa chairman and CEO Alfred F. Kelly Jr. informed his 20,000 employees that there won’t be any layoffs in 2020 related to the COVID-19 crisis.
FedEx CEO Doesn’t Foresee COVID-19 Layoffs
FedEx chairman and CEO Frederick W. Smith said during an interview on “Face The Nation” that his company is not projecting any layoffs as a result of the coronavirus pandemic.
Gravity Employees Take Voluntary Pay Cuts to Keep Business Afloat
Gravity Payments CEO Dan Price made headlines five years ago when he released his plan to raise the minimum wage at his company to $70,000 per year. Now, as his business is taking a hit during the pandemic, his employees have decided to sacrifice to stem its losses. Price, determined not to lay off any of his employees, approached them for ideas. The employees volunteered to take pay cuts, each one choosing how much they could sacrifice individually, with a dozen opting to take no pay at all.
Walkers Shortbread Staff to Receive Full Pay During Closure
Baking organization Walkers Shortbread Limited has closed all production operations with immediate effect but will still continue to pay its staff in full throughout the duration of the closure. All employees will receive 100% of their pay with staff working from home if they are in a position to do so.
Easyjet to Pay Staff 80% of Wages After Suspending all Flights
British airline Easyjet will pay all of its employees, who are unable to work from home, 80% of their average pay through the government’s job retention scheme. The agreement between the two parties means that for a period of two months, employees who are unable to work from home will be paid 80% of their monthly salary.
Cuban Reimbursing Employees Who Patronize Small Businesses
Mark Cuban Companies announced that they will reimburse any of their employees (including those who work for the Dallas Mavericks) for all lunch and coffee purchases from local, independent small businesses.
Texas Roadhouse CEO Foregoing Salary and Bonus
W. Kent Taylor, CEO of restaurant chain Texas Roadhouse, is foregoing his salary and bonus from March 18 through Jan. 7, 2021 and the money will be used to pay front-line workers, MarketWatch reports. The chain said it is also suspending its dividend as it moves to conserve cash during the coronavirus pandemic.
Hotel Giant CEO Foregoing Salary
Marriott CEO Arne Sorenson announced that he will not be taking a salary for the remainder of 2020 to help stem the financial cost of the coronavirus pandemic, reports Yahoo Finance. Sorenson added that Marriott’s executive team will also be taking a 50% pay cut for the rest of 2020.
Airline Executives Attempting to Soften the Blow
Delta, Alaska Air, United, Southwest, JetBlue, Allegiant, Spirit, IndiGo’s and British Airways CEOs have all announced they’re taking some variation of a pay cut to assist workers amid the devastating losses from the COVID-19 pandemic, according to Yahoo Finance. Among the most drastic:
- Delta CEO Ed Bastian and the board of directors will forego their compensation over the next six months
- Alaska Air CEO Brad Tilden is cutting his base salary to zero.
- United CEO Oscar Munoz and President Scott Kirby will forego their base salary through June
- Allegiant CEO Maurice Gallagher and President John Redmond are taking a full pay cut.
GE CEO Giving up Salary
General Electric Chairman and CEO H. Lawrence Culp Jr. will give up his full salary for the remainder of 2020 and the vice chairman of GE and president and CEO of GE Aviation, David Joyce, will up half of his salary starting April 1.
Talent Agency Doing Its Part
Beverly Hills-based United Talent Agency CEO Jeremy Zimmer and co-presidents Jay Sures and David Kramer will give up their salaries for the rest of 2020, reports the Los Angeles Times.
Marc Benioff Issues ‘No Layoff” Challenge to CEOs
Salesforce CEO Marc Benioff is calling on CEOs to take a 90-day “no layoff pledge” as part of an eight-point plan to end the coronavirus crisis.
CVS Is Hiring
CVS Health plans to immediately fill 50,000 full-time, part-time and temporary positions across the country, the company announced. The job opportunities include store associates, distribution center employees, customer service professionals and home delivery drivers. Much of the hiring will be done virtually, the company said.
Some Companies Are On a Hiring Spree
At a time when millions of Americans are losing jobs at restaurants, hotels and airlines because of COVID-19, a few large companies are in the midst of a hiring spree, writes NPR. These companies include supermarkets such as Kroger and Albertsons, pharmacies like CVS and Walgreens and convenience stores likes Dollar General and 7-Eleven.
Know of a company we missed? Email us and we'll add them to the list.