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Strategy #1: Furlough or Temporary Layoffs

What is it?
A furlough is mandatory unpaid time off work in which employees do not continue working. Temporary layoffs suspend employment for a specific period of time. Both scenarios require employees to stop all work for a company.

Delay Strategy #2: Executive Pay Cuts and Delayed or Reduced Employee Salaries

What is it?
Executive pay cuts occur when CEOs opt to take a temporary pay cut to lower costs, such as how airline CEOs from Delta CEO and United are responding to the COVID-19 crisis. Alternatively, companies are also considering temporarily delaying or reducing employee salaries while employees continue to work.

Strategy #3: Cut All Non-Essentials

What is it?
Creative companies are ruthlessly cutting all non-essential spending in order to redirect those funds to employee salaries. Some examples include:

• Suspending all salary increases and bonuses across the organization
• Eliminating benefits like commuter subsidy, free lunches and snacks, etc.
• Reviewing monthly recurring expenses to see which tools and services can be consolidated or eliminated
• Pausing the hiring process for new positions that have not yet been onboarded