So the company imposed a mandatory pay cut for US employees and voluntary for non US. They offered severance and early retirement and got plenty of takers. In a matter of a few weeks they then mandated one third of the company out on furlough. The only thing that changed between phase 1 and 2 was that the financial community required evidence that the company was taking major steps to reduce costs. We also declined loans under the Cares Act for which we were eligible presumably on the grounds that the conditions were not ideal for Sabre. We need a good leader at the head of this company and I think SM is trying to hold on to as many employees as possible but lets be honest about why we do what we do.
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If the company can lie about needing h1b during good times it can lie about it during bad times.
There needs to be a law that a company cannot have H1B workers if they are going to furlough. For god's sake, take care of our locals! They can be trained!
Why so hard on our execs? It takes alot to keep their 10,000 sq ft homes air conditioned in the Texas summer while they work from home.
@kwo+14IzbWGl
There are a lot of different stipulations depending on what bail out bucket you dipped into. The original poster was correct in his statement of that. IMO he was incorrect that SM was trying to hang on.
If they cared AT ALL about staff they would have taken the government loan.
I freely admit. I bet poorly on this situation.
I though those guys at the top were Greedy but my oh my were my eyes opened.
I just feel bad that I allowed my BLR team to give up any of their hard earned cash. The C-level and EVP level at this company is horrid.
It will be interesting to see if they survive this talent drain in 6 months.
We were eligible for bailout money available to the travel industry. The "unfavorable conditions" to Sabre were that it placed limits on executive compensation and wouldn't allow layoffs or furloughs until September. Sabre quickly declined when they heard "limits on executive compensation".
Almost certain the Cares Act is for companies with 500 employees or fewer. Sabre is not quite there... yet. Thank you, Lord!
If it reaches that level they'd only have VPs and Chiefs. 😲
For KRK the pay cut is no longer voluntary.