Corporate execs reduce pay to $183,000 in solidarity salary sacrifice

TORONTO, ON – Amid the economic fallout caused by worldwide measures to contain the spread of COVID-19, companies are facing difficult workforce planning decisions.

Many small businesses, particularly in the food service, retail and hospitality sectors have temporarily laid off swaths of workers at all levels of business operations.

Even as top line revenue drops to nearly zero, senior leadership must continue to work but they want to share the pain of hourly workers that may be disproportionately affected by the pandemic.

“I’d like to announce that I, along with 4 other officers of our company, will be taking a 75% reduction in salary for the rest of the year,” explained Roger Simpanico, CEO of Impact Industries. “With my sacrifice, in 2020 I will take home no more than $183,000 in salary.”

Simpanico went on to describe how he intends to set a good example for fellow industry executives in making sacrifices during these unprecedented times.

Despite good intentions, Simpanico received immediate push back on the salary amount touted as a sacrifice.

“Look, I know it may still appear to be a lot of money and while many employees may be losing out a few thousand dollars in the interim, I’m set to lose $540,000 this year, so please don’t lecture me on sacrifice,” replied Simpanico.