Disney, Fox Execs’ Pandemic Pay Cuts Reportedly Ending

[Dead2009]

https://**************.net/2020/08/...al&utm_source=twitter.com&utm_campaign=buffer
After taking massive pay cuts due to the struggles surrounding the global pandemic, executives at Fox and the Walt Disney Company are reportedly getting their original pay restored.

According to Deadline, “the temporary pay cuts, which Fox imposed due to the impact of the coronavirus pandemic on the entertainment industry, ended July 31 as originally planned. The Disney temporary salary reductions, which had been open-ended, will be lifted starting August 23.”

Execs from both companies were reportedly notified via internal emails.

 

[rteetz]

And thousands remain furloughed...

 

[HairyChest]

So this means everything is good, they are profitable again, employees can now come back and guests can expect the general park/entertainment experience right?

 

[Farro]

All companies are doing this. I'm on a temporary paycut right now to be lifted in November.

Yes they furloughed others, but there are jobs that are deemed necessary and those workers received temp paycuts.

It was all related to setting budget for next fiscal year.

 

[CastAStone]

I imagine this means they expect to hit whatever Q4 target they set for themselves internally.

 

[anthony2k7]

I imagine this means they expect to hit whatever Q4 target they set for themselves internally.

Or they know they're gonna miss it by miles so want to bank what they can before are forced to resign!

 

[randumb0]

Does this now mean they will restore the stock dividend?

 

[Farro]

Or they know they're gonna miss it by miles so want to bank what they can before are forced to resign!

That's not how it works.

 

[Tiki Birdland]

Disney corp should be ashamed. They have nothing that warrants restoration of their bonuses.IMO, they need to restore the company to profitability before patting themselves on the back like this.

 

[BrianL]

Disney corp should be ashamed. They have nothing that warrants restoration of their bonuses.IMO, they need to restore the company to profitability before patting themselves on the back like this.

As far as I can tell this only effects base salary, not bonuses. It is similar to what my company did.

 

[CastAStone]

Disney corp should be ashamed. They have nothing that warrants restoration of their bonuses.IMO, they need to restore the company to profitability before patting themselves on the back like this.

They’re not necessarily getting bonuses, just as they are going to start getting their full salaries again. Their bonuses are calculated on a performance status, and The company is not performing

 

[Tiki Birdland]

They’re not necessarily getting bonuses, just as they are going to start getting their full salaries again. Their bonuses are calculated on a performance status, and The company is not performing

regardless of bonuses or base pay. ANY restoration should be delayed until at least 90% of the workforce is back on the job. SHAMEFUL

 

[Farro]

regardless of bonuses or base pay. ANY restoration should be delayed until at least 90% of the workforce is back on the job. SHAMEFUL

Thats not how any company works.

 

[CastAStone]

regardless of bonuses or base pay. ANY restoration should be delayed until at least 90% of the workforce is back on the job. SHAMEFUL

Look I agree at least with the VP and up levels, but if you’re honestly surprised by this, I don’t know what to tell you.

 

[rteetz]

I just hope that they can start doing more for those who are furloughed. Obviously cutting park hours doesn’t help that though.

 

[New Mouse]

Thats not how any company works.

Because people.just accept it.

 

[Farro]

Because people.just accept it.

Where I work - top execs got a 30% paycut, middle management got a 20% paycut, the rest of us salaried non-management workers got a 10% paycut (including me). Some also were let go, some took voluntary early retirement. We were very lucky in our department because we are such a small staff and one person left early during the pandemic. They've now just eliminated that position.
We all also had to use a certain amount of vacation days.

Some hourly workers were furloughed, some had cut hrs, some weren't affected. It all depended on how the workload in their respective departments was affected.

The hospital did this to offset the losses of this year and try and set the start of next fiscal year back on even ground (in the red? black? I don't know).
They had a set time for all of this and our pay comes back full in November. Some hourly people come back full in November.

They've already met their goal and then some. So less people are going to lose their jobs.

Unfortunately some are still going to be furloughed in areas (mostly provider offices that never reopened) that never bounced back. In fact they may be involuntarily let go.

Is it sad? Of course! But that's business.

What would you propose? I should never get my full salary back because business was bad due to Covid and others lost their jobs? Even though my job workload increased? Even if they cut the redundancy in middle management, it still would't bring back the jobs that were lost due to lack of customers.

And I'm not being flippant about this. Everyday I wait for that call that my job suddenly isn't needed anymore.

I'm sure someone can explain this better than me.

 

[andyman8]

All companies are doing this. I'm on a temporary paycut right now to be lifted in November.

Yes they furloughed others, but there are jobs that are deemed necessary and those workers received temp paycuts.

It was all related to setting budget for next fiscal year.

As far as I know, Disney is one of the first companies in their field to lift the pay cuts/reinstate full executive pay. NBCUni, for example, instituted similar pay cuts and restrictions. NBCUni also reversed any bonuses/raises to most managers awarded after January. This is across the whole company, not just UOR. None of that has been lifted.

I cannot overstate how tough the next 12-18 months are going to be for companies like Disney (media/entertainment companies). The outlook is quite bleak for the time being, so for me, this seems very premature (especially given that they still have so many CMs on furlough; seems tone deaf, given the high visibility of their brand). But then again, it builds on my takeaways from the earning's call: the executive team seems to think the worst of COVID-19 behind them and is a straight ascent back up to where they were...

 

[tarheelmjfan]

Where I work - top execs got a 30% paycut, middle management got a 20% paycut, the rest of us salaried non-management workers got a 10% paycut (including me). Some also were let go, some took voluntary early retirement. We were very lucky in our department because we are such a small staff and one person left early during the pandemic. They've now just eliminated that position.
We all also had to use a certain amount of vacation days.

Some hourly workers were furloughed, some had cut hrs, some weren't affected. It all depended on how the workload in their respective departments was affected.

The hospital did this to offset the losses of this year and try and set the start of next fiscal year back on even ground (in the red? black? I don't know).
They had a set time for all of this and our pay comes back full in November. Some hourly people come back full in November.

They've already met their goal and then some. So less people are going to lose their jobs.

Unfortunately some are still going to be furloughed in areas (mostly provider offices that never reopened) that never bounced back. In fact they may be involuntarily let go.

Is it sad? Of course! But that's business.

What would you propose? I should never get my full salary back because business was bad due to Covid and others lost their jobs? Even though my job workload increased? Even if they cut the redundancy in middle management, it still would't bring back the jobs that were lost due to lack of customers.

And I'm not being flippant about this. Everyday I wait for that call that my job suddenly isn't needed anymore.

I'm sure someone can explain this better than me.

I don't think they're talking about hourly employees. Their complaint is about highly paid Execs going back to full pay, while so many part time & hourly employees are still furloughed with no signs of returning soon. As a matter of fact, my guess is they'd feel the same about the Execs in your company going back to full pay, before you did. That is, unless you get paid a heck of a lot more money than I suspect you do.

 

[Farro]

I don't think they're talking about hourly employees. Their complaint is about highly paid Execs going back to full pay, while so many part time or hourly employees are still furloughed. As a matter of fact, my guess is they'd feel the same about the Execs in your company going back to full pay, before you did. That is, unless you get paid a heck of a lot more money than I suspect you do.

I can confirm I don't make a lot of money!