COVID-19 is not discriminatory. It does not see the colour of our skin, the number in our bank accounts, or our ranking in society. It doesn’t take into account the amount of followers we have or where we are in the world.
Though there is no doubt that Coronavirus is horrendous, it has also shown the brightness in humanity.
From the NBA players, owners, and mangers coming together to support their arena staff, to the different restaurants offering free meals to heath care workers, to the many artists and influencers offering free Instagram Live tutorials and concerts, many have come together to help ease the COVID-19 pandemic’s burden.
Disney’s Executive Chairman Bob Iger forgoes his entire salary to help shoulder the financial weight the crisis has caused on the entertainment company.
The mission statement of The Walt Disney Company, in part, is to “entertain, inform and inspire people around the globe.”
The senior executives–including Bob Iger and the new CEO Bob Chapek, who took a 50% pay cut–have certainly inspired people with their pay cuts. The Disney Theme Parks, due to the pandemic, had to close their doors, taking a huge toll on the Disney revenue stream. Movies in production are also delayed.
The saving grace for this company is the launch of Disney+ streaming service. With more people at home during the days, there has been an influx in streaming.
CEO Tim Boyle of Colombia Sportswear slashed his annual salary to $10,000.
As a result, the company’s 3,500 employees will continue to get paid.
CEO of The Marriott and the entire executive team are taking pay cuts to help pay their hospitality workers.
Announced in a video, Arne Sorenson detailed that Mr. Marriott and himself would be foregoing their salaries for the remainder of 2020. Additionally, his executive team would all be “taking a 50% cut in pay” to support the Marriott business.
The travel industry is one of the hardest hit sectors; with travel restrictions, the shutdown of tourist attractions, the limiting of flights, and all else, the industry is seemingly standstill.