GM temporarily cuts pay by 20% for 69,000 salaried workers
The reduced pay, which begins Wednesday, will be repaid in a lump sum with interest no later than next March 15, according to a list of actions announced by the company obtained by CNBC.
About 6,500 U.S. employees who cannot work from home will go on paid leave, which the company is calling a “salaried downtime paid absence.” The workers will receive 75% of their pay, keep seniority and retain health benefits.
In addition to the 20% salary deferral for white-collar workers, executives are also taking cuts of 5% or 10% to their cash compensation, excluding bonuses, stock options or other incentives. The GM board will take a 20% reduction in total compensation.
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Joe Jamrog is a longtime researcher at i4cp, having worked at the company for over 20 years in a variety of capacities. Joe's #1 priority is working with members of i4cp's communities to help them with their organizational research needs by curating resources, data, and other materials to help address critical questions and challenges.
Joe also manages all i4cp research surveys and is responsible for creating and perfecting the survey instruments used to collect the tens of thousands of data points the i4cp research team uses to analyze and discover the best and next practices of high-performance organizations. He subsequently uses Tableau and other tools to make that data accessible to both the research team and i4cp members.