According to an internal memo by Morgan Stanley, CEO James Gorman’s declaration about no job cuts for employees in 2020 inspired other banks to also follow suit. Banks like Citi, Wells Fargo and Bank of America joined in with Morgan Stanley to assure their employees that there would be no job cuts in the year. While the banks have stalled the move temporarily, the move has been followed by numerous other companies as well.
The recent development in the coronavirus pandemic has resulted in lots of gig workers either walking out or being fired by the organization. The Amazon worker who coordinated a walkout of staff members from its Staten Island warehouse has been fired. The reason cited by the retail giant was that the said worker was supposed to stay at home for 14 days on paid leave, as he had come in close contact with one of the workers who tested positive for the disease.
In a recent development in the area related to coronavirus – the warehouse, delivery, and other retail gig workers in the US went on strike on 30 March 2020. The strike was organized to call attention to safety and wage concerns for workers who are endangering their lives and laboring through coronavirus crisis. According to Instacart worker Vanessa Bain, there were about 200,000 workers from the online grocery delivery company Instacart. There were reports of about 15 workers walking off from their jobs at Amazon warehouse in New York.
According to an internal memo released by the automaker Fiat Chrysler, it stated top executives and other salaried would opt for about 20-50% pay cut amid the global coronavirus pandemic. A move is an act of ‘shared sacrifice’ brought on by the deadly COVID-19 outbreak, which has resulted in shuttered the Europe and North America plants. In the memo, CEO Mike Manley stated he would take a 50% of the pay cut starting 1 April 2020. The other global staff would be asked to go for a temporary 20% pay cut, the directors and the chairman would forego the rest of 2020 compensation.
In a recent announcement made by Air New Zealand on 31 March 2020, revealed that it would lay off about a third of its employees in the coming months. The announcement revealed that about 3,500 employees would be laid off as it struggles with the severe curbs on travel amidst the coronavirus outbreak. The airline had to also ground its almost entire fleet. The company also announced that it would start the large scale layoffs of its global staff within this week.
According to an online directory launched this week, by American Staffing Association (ASA), ASA and Retail Industry Leaders Association (RILA) had joined forces to fight the grave shortage of retail workers during coronavirus outbreak. The announcement made on 25 March 2020 revealed that ASA has partnered with RILA to address the immediate and critical need to fill up the vacancies for retail workers at grocery stores and pharmacies.
According to an announcement made by IRS and the US Department of Labor (DOL) on 20 March 2020, it was revealed employers who are subjected to the Families First Coronavirus Response Act (FFCRA) would be eligible for two new refundable payroll tax credits that would ‘immediately and fully reimbursed them’ for complying with the paid leave mandate. The announcement also stated the credits were designed to grant 100% reimbursement for paid leave pursuant to the FFCRA.
In a recent development in the coronavirus outbreak, employees at Instacart have planned to stage a strike on 30 March 2020, as they seek better protection against the deadly virus outbreak. The strike is likely to cause a mass disruption of customer orders, especially now when it is a time for soaring growth. According to one Vanessa Bain – a member of the activist committee who is at the helm of the strike – revealed that the strike will continue till the company doesn’t fulfill their demands for personal safety gear, and $5 hazard pays for each order, in addition, to access to workers who are at risk.
In a recent development, all the big banks of the US have postponed their decisions about firing their employees, as the coronavirus outbreak has hit their businesses hard. The banks’ executives are not sure how long the outbreak would hurt the economy and are worried about businesses suddenly snapping back. Banks like Morgan Stanley, Goldman Sachs Group Inc., Wells Fargo & Co, Deutsche Bank AG, HSBC Holdings PLC, and Citigroup Inc. on Thursday reassured their employees both privately and through public statements that there would be no job cuts on the table.
The recent guidance offered by the Occupational Safety and Health Administration (OSHA) for employers featured various ways, organizations can fight the global pandemic. The guidance also featured how employers can develop policies and procedures for prompt identification and even isolation of people identified sick or with symptoms.
According to the UN officials on Thursday, global job losses from the coronavirus crisis could far exceed the estimated 25 million just a few days ago. The officials also revealed US jobless claims have also increased to record levels, clearly displaying the scale of economic disaster. In a recent statement by the International Labor Organization – a UN agency, it was estimated a week ago that the global ranks of jobless would increase between 5.3 million and 24.7 million.
According to the Harris Poll for Glassdoor, it was revealed that most of the US employees (about 60%) were confident about their efficiency while working remotely amid the global pandemic breakout. The poll that featured about 1,000 adults had about 67% of respondents saying they would support the decision for indefinite remote working by their employers in response to coronavirus breakout, while about 28% of the respondents revealed that their employers have done nothing in order to curb the spread.
In a recent development in the coronavirus preventive measures, AMC Entertainment Holdings Inc – the world’s largest theater operator, announced on 25 March 2020 that it has placed its chief executive officer and all of its corporate employees on furloughs to preserve cash during the time of crisis. AMC spokesperson revealed the move has left the theater with no revenue but with the continuous substantial fixed costs.
In a recent announcement by CVS Health on 25 March 2020, it revealed in its response to coronavirus pandemic it plans to hire about 50,000 full time, part-time and temporary positions across the country. The announcement revealed job opportunities include positions like store associates, distribution center employees, customer service professionals, and home delivery drivers. The announcement also revealed that the technology-enabled hiring process would include virtual job fairs, virtual interviews, and virtual job tryouts.
According to the latest Talespin study released in March, it was revealed while soft skills training is a priority with more than a quarter of HR and L&D professionals, lack of resources and time stand in the way. The study reported about 70% of respondents have placed soft skills as their top three priorities but they also said lack of resources was the major challenge other challenge included difficulty in measuring ROI and insufficient or ineffective training tools.
ThyssenKrupp – the German elevator-to-car parts conglomerate – has announced a job cut of 3,000 jobs at its steel unit by 2026 as a part of a wage deal it struck with powerful labor union IG Metall. The announcement was made on 25 March 2020 and revealed that the job cuts would be done in a socially responsible way and there would be no forced layoff till 31 March 2026.
Organizations in their initiative to ease the stress of working from home in order to curb the coronavirus outbreak, have shared numerous programs for professionals who are working remotely. Various HR publications have published news and latest updates on the global pandemic. In addition, there are various tools available to aid businesses in order to maintain normalcy during the crisis hour.
In a recent development related to the deadly virus COVID-19, Wells Fargo & Co., joined hands with other US banks to pay out special compensation for its front-line workers amid coronavirus outbreak. The announcement was made in an internal memo seen by Reuters on 23 March 2020. The bank announced front-line workers like branch employees, call-center staff and technology specialists who have been coming to the office while others work from home due to coronavirus outbreak will receive an additional $200 per pay period with effect from 17 April 2020 up to their five paychecks.
The global aviation industry struggles to fight the deadly coronavirus outbreak, with the airlines world-over grounding their fleets, putting numerous workers on unpaid leave and seeking state bailouts to survive the current crisis. Singapore Airlines on 23 March 2020 described the pandemic as the ‘greatest challenge’ ever informed that it will cut its capacity by 96% thus grounding almost the entire fleet and also cost cuts on about 10,000 employees because of coronavirus inflicted travel curbs.
Instacart – online shopping retail – announced on 23 March 2020 its plan to recruit 300,000 more gig workers to meet the ongoing online grocery demand as the people are forced to stay indoors due to coronavirus outbreak. The retailer added with the cities on lockdown the shoppers are forced to shop and store the necessary items.
This website uses cookies to enhance website functionalities and improve your online experience. By browsing this website, you agree to the use of cookies as outlined in our privacy policy.
