Here comes the trickle down

[bjl584]

The board of directors of our parent company just took a 20% pay cut until the end of April.
Now is the time of year when raises and bonuses are distributed.
We're all thinking that it's only a matter of time before the rest of us have to "feel the pain" as well.
Either layoffs or pay cuts/freezes are probably on their way.

I understand that they are trying to save money, but a 20% cut for someone with a 7 figure compensation package makes them, still millionaires.
A 20% pay cut for someone making $40,000 a year is going to be devastating.

[disneysteve]

I doubt they'll do 20% across the board for exactly the reason you say, but they certainly may make some degree of cuts for everyone.

I know one person whose job eliminated overtime hours. That person works a lot of overtime and depends on that income. Of course, he shouldn't, because OT is never guaranteed, but up until now, it's always been abundantly available.

A lot of urgent cares around the country are shortening hours or closing sites entirely because patient volume is off so dramatically. We've shut 2 of our 6 sites already and I'm expecting them to close more any day now. So even professional jobs aren't safe in this situation. That means staff losing hours or being laid off entirely, folks making maybe $15/hr, not highly paid people.

[kork13]

With the bill going through today beefing up unemployment, it seems that getting laid off entirely is better (at least for individuals) than losing hours.

[LivingAlmostLarge]

talking a month ago with a hospitality of a large restaurant chain they laid of 40% of works Feb 28th. The plan was another 40% in 2 weeks and then keep cutting. He was laid off on Feb 28 and came in Monday March 2nd to do taxes. He said they chose to do this so people could file for unemployment instead of working "reduced hours". Those who got to stay had a chance at survival. Those who got laid off well there was unemployment. Of course looking back I'm betting they laid off the next 40% and then more.

[moneybags]

A lot of urgent cares around the country are shortening hours or closing sites entirely because patient volume is off so dramatically. We've shut 2 of our 6 sites already and I'm expecting them to close more any day now. So even professional jobs aren't safe in this situation. That means staff losing hours or being laid off entirely, folks making maybe $15/hr, not highly paid people.

I'm surprised urgent cares volume is low. Why is that? I know Covid cases have to go to specific locations, but are less people getting sick with other illnesses or just not going in to get them checked?

[disneysteve]

I'm surprised urgent cares volume is low. Why is that? I know Covid cases have to go to specific locations, but are less people getting sick with other illnesses or just not going in to get them checked?

With schools closed and a lot of people working from home, all of the usual illnesses aren't getting spread around. Colds, flus, strep throat and stuff just isn't going around. With sports and activities all cancelled, there also aren't many injuries occurring. All of that stuff is the bulk of what we do. On top of that, people are afraid to walk into a healthcare facility unless absolutely necessary, so the person who maybe strains their back a bit is just staying home and taking Advil and using a heating pad rather than running to urgent care (which is what should happen anyway).

[Nutria]

the person who maybe strains their back a bit is just staying home and taking Advil and using a heating pad rather than running to urgent care (which is what should happen anyway).

That's one way for the country to reduce it's health care costs!!!

[disneysteve]

That's one way for the country to reduce it's health care costs!!!

Unfortunately I’m sure it’s more than offset by the tremendous cost of treating COVID.

[Nutria]

Unfortunately I’m sure it’s more than offset by the tremendous cost of treating COVID.

But just think how much more expensive health care would have been.

[amarowsky]

Some of the podcasts i listen to are super nervous about this bailout/stimulus though. Every non-corporate channel is worried about this being another massive transfer of wealth from Poor --> Wealthy. Main reason being the 500Billion earmarked for big business w/ no strings attached (as of yet, if I'm told proper). Or if "no strings" very very few "strings" that are set by a govt committee (likely a small one).

I have not read the bill in detail. Just parroting what I have heard, and keeping it in the back of my mind. This is the 2nd massive bailout in a 12 year stretch.... I really hope people do the right thing and don't get greedy. (i know people will get greedy no matter what, but I'm hoping of the Lion's share to do the right/better things w/ this bailout though)....

Overall I'm worried, but trying to stay sanguine and cautiously optimistic.