Disney, Fox Execs’ Pandemic Pay Cuts Reportedly Ending

[BrianL]

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.

This is similar to my situation and we are getting full pay reinstated too. Some workers were laid off and that's unfortunate, but you can't keep everyone that you want to without full pay. I am not very high-up on the food chain, I didn't have to take a huge cut, but it's still nice to be getting it back.

 

[AvidDisReader]

Funny, ok for other people to have their pay cut but just not me. I do not get this philosphy. It does not matter if you are at the bottom, middle, or top--nobody wants or likes their pay cut. This whining that those big bad executives are getting their pay back but no one seems to care about the large number who were out right released due to cutbacks. As a society we all have become very me oriented.

 

[BrianL]

Funny, ok for other people to have their pay cut but just not me. I do not get this philosphy. It does not matter if you are at the bottom, middle, or top--nobody wants or likes their pay cut. This whining that those big bad executives are getting their pay back but no one seems to care about the large number who were out right released due to cutbacks. As a society we all have become very me oriented.

It just doesn't work that way though. My company took temporary measures and permanent measures. The pay cuts were temporary, but layoffs were not. They have laid people off at other times too when there wasn't a pandemic or anything - sometimes the numbers were soft, sometimes it was just a re-organization. This is a lot of both, and while unfortunate, the layoffs were part of it. They can't continue to pay everyone less forever. Now, if my meager 10% cut could be used to keep someone on board - I'd do that, but it's not an option and wouldn't even come close to covering one person for a year.

 

[mom2rtk]

How did those poor execs ever muddle through?

 

[Farro]

It just doesn't work that way though. My company took temporary measures and permanent measures. The pay cuts were temporary, but layoffs were not. They have laid people off at other times too when there wasn't a pandemic or anything - sometimes the numbers were soft, sometimes it was just a re-organization. This is a lot of both, and while unfortunate, the layoffs were part of it. They can't continue to pay everyone less forever. Now, if my meager 10% cut could be used to keep someone on board - I'd do that, but it's not an option and wouldn't even come close to covering one person for a year.

Meager to you, my 10% pay-cut plus his loss of work for a few months (painter/drywall guy) is hurting us. I'm just hoping my pay comes back in November and they don't decide to make it permanent!
I will say our execs pay-cuts last through January and they were larger.

I'd really have to see how Disney did their pay-cuts, etc. across the board before coming to a judgement. As always, I never exactly trust what's reported.

 

[BrianL]

Meager to you, my 10% pay-cut plus his loss of work for a few months (painter/drywall guy) is hurting us. I'm just hoping my pay comes back in November and they don't decide to make it permanent!
I will say our execs pay-cuts last through January and they were larger.

I'd really have to see how Disney did their pay-cuts, etc. across the board before coming to a judgement. As always, I never exactly trust what's reported.

Oh, I understand. My situation is different in that I am single and only have a cat to support. For me, it didn't hurt too much, but I can totally understand where the impact would be greater for others, especially those taking a higer percentage cut. I would not expect them to accept that forever, or even until everyone got their job back - it's just not feasible, which I what I was trying to say. It doesn't make anyone selfish or uncaring - it's just the way it works.

 

[jcbftw]

I agree the optics are bad but for a lot of execs, their base salary and any temporary reduction pales in comparison to the enormous bonuses they receive each year. Iger's base salary in 2019 was $3M but he made an extra $44.5M in bonuses and stock awards/options. That's where the real executive money is. Not sure how COVID will impact the bonuses but I'm sure the executives will still get a few million.

At my company (a private non-profit, so a bit different), executive leadership is going without performance-based bonuses in the FY21 fiscal year.

 

[Tiki Birdland]

Funny, ok for other people to have their pay cut but just not me. I do not get this philosphy. It does not matter if you are at the bottom, middle, or top--nobody wants or likes their pay cut. This whining that those big bad executives are getting their pay back but no one seems to care about the large number who were out right released due to cutbacks. As a society we all have become very me oriented.

Tell that to the families laid off and having trouble getting food to the table. I've seen the lines. I've heard the stories. Executive pay restoration is shameful, regardless of whether it's Disney or any other company while they have people on the street.

 

[AvidDisReader]

My advise is to strive to become that executive so you can be at the top. We all have choices to make. In my own life I started in management, but decided not to persue that course. So I am not going to cry about someone who strove to achieve and succeeded. What happened to the American Dream of being able to attain what your talent and ability allow. What is too much pay? Who is to say. But we all throw out generalities that this person makes too much. Sorry, I believe in capitalism, from watching this world go round the last 60 plus years I have not seen a better system in this world.

 

[New Mouse]

My advise is to strive to become that executive so you can be at the top. We all have choices to make. In my own life I started in management, but decided not to persue that course. So I am not going to cry about someone who strove to achieve and succeeded. What happened to the American Dream of being able to attain what your talent and ability allow. What is too much pay? Who is to say. But we all throw out generalities that this person makes too much. Sorry, I believe in capitalism, from watching this world go round the last 60 plus years I have not seen a better system in this world.

Thats not capitalism.

 

[buzznina]

Do I agree with WDW reinstating full salaries to their Exec's while they have thousands furloughed, NO, but I am not one bit surprised by this. They took a pay cut "only"on their salary which does not effect all their other benefits and financial compensations that they get yearly and for the executive VP's and higher that is just a drop in the bucket. The lower VP's are the ones that really got hurt, because their salaries are a lot less and do not get all that compenstion that the executive VP's do.
This was what was published by WDW when the cuts went into effect. "Disney implements pay cuts as a cost-cutting measure as a temporary action that would remain in effect until Disney saw a “substantive recovery” in business."

 

[ponyboy]

What I don't understand is why some people are so worried about how much other people are paid. Lol