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re: What should companies do with salaried employees, if shutting down?
Posted on 3/16/20 at 12:25 pm to Milesahead
Posted on 3/16/20 at 12:25 pm to Milesahead
quote:
You act like every company is sitting on nounds of cash. Most businesses would likely end up going tits up if they tried to pay everyone for 2 or more weeks with zero production
Got news for you then, they're likely going tits up anyway if they can't keep key personnel on payroll for 2 weeks without production.
1
Posted on 3/16/20 at 12:27 pm to lowhound
quote:
Got news for you then, they're likely going tits up anyway if they can't keep key personnel on payroll for 2 weeks without production.
Yall really don't know shite.
Posted on 3/16/20 at 12:28 pm to East Coast Band
Hopefully they had "business interruption" insurance which makes them able to pay employees...
Posted on 3/16/20 at 12:30 pm to East Coast Band
1.
They should have business interruption insurance and the government will help them keep the paychecks coming.
They should have business interruption insurance and the government will help them keep the paychecks coming.
Posted on 3/16/20 at 12:33 pm to The Pirate King
quote:
If your company can’t cover one payroll without going broke, you probably shouldn’t be in business in the first place.
This is an ignorant statement. You’d be surprised how many businesses that have existed for a long time wouldn’t be able to cover this expense. The majority of corporations aren’t Fortune 500 companies with millions of dollars on-hand
Posted on 3/16/20 at 12:35 pm to dgnx6
quote:
Yall really don't know shite.
The OP was about salaried employees, which is usually management and key personnel. I'm not talking about hourly or commission-paid employees or anyone that wouldn't get paid if they didn't show up for work, clock their hours in, or make a sale/product. Salary is a fixed wage rate that doesn't change with the amount of hours worked. If your business model doesn't have enough cash on hand to pay for your key personnel for at least a month, then you have a shitty business model and likely will fold in this crisis.
This post was edited on 3/16/20 at 12:38 pm
Posted on 3/16/20 at 12:41 pm to East Coast Band
Just pay the employees.
Don’t be a ghey
Don’t be a ghey
Posted on 3/16/20 at 12:43 pm to East Coast Band
quote:
1. Pay them anyway, no vacation hours required to be used
Posted on 3/16/20 at 12:44 pm to lowhound
Well said.....
Posted on 3/16/20 at 1:55 pm to LNCHBOX
quote:a shite ton of companies
How many companies can only produce if all workers are physically in the office?
Posted on 3/16/20 at 1:58 pm to The Pirate King
quote:but what happens if it turns into 2 payrolls? or 3? and at the same time all other fixed expenses are coming due all the while no income stream is coming in? small business aren't built for that
If your company can’t cover one payroll without going broke, you probably shouldn’t be in business in the first place.
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