During the March 2016 layoffs, encana CFO said at a staff meeting we can not freeze salary or bonus because we have to be competitive in salary to attract talents. Instead we need to eliminate 600 people this time in order to be competitive.
This company is run by Texas cowboy and Albeta redneck, a freestyle management.
A pay cut would have saved countless people from hitting the streets and saved a few families from the stress and agony of joblessness....IN TODAYS MARKET!
Perhaps they were covering their owe asses and ensuring they are set up for big bonus next year!
Look at it this way; they cut the bottom line, reduce cost and overhead and impress the shareholders (to which the Executive and Board members individually are the biggest shareholders) and in turn get their annual bonus based on a non-reduced salary!
Oh BTW, the CEO got a 4+ % raise this year!
Perhaps they froze salaries and cut bonus after reading so mang negative feedback in the social media. Read the Glassdoor website for comments.
Salaries were frozen and bonuses got cut.