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Consultant Pearl Meyer found that 6% of companies have reduced or eliminated employer contributions or matches to their retirement plan, and 16% are considering it.
“If boards don’t stop to think about what can unintentionally happen by not adjusting their own pay, they could face increased reputational risk,” said Jan Koors, managing director.
“This pandemic impacts industry sectors differently, and its effect on pay and workforce decisions vary as well,” said Jim Hudner, managing director at Pearl Meyer.
"Most boards want to do the right thing and shareholders will remember how companies behaved at this time," said Simon Patterson, managing director at Pearl Meyer.
“While the longer-term impact of COVID-19 on the economy is unclear, companies are beginning to inventory the impact and are considering a range of people actions to ensure they can effectively navigate this massive disruption,” said Brett Herand, principal at Pearl Meyer