Invesco, one of the world`s leading investment management companies, recently announced a salary reduction agreement for its employees in response to the economic challenges posed by the COVID-19 pandemic. The decision to reduce salaries was made to ensure the company`s long-term sustainability and maintain its ability to serve its clients.
The salary reduction agreement will affect employees globally, with senior management taking the largest pay cut. The salaries of the CEO and other top executives will be reduced by 20%, while other senior executives` salaries will be reduced by 15%. For employees at lower levels, the reduction in salary will be a sliding scale based on their compensation level.
Invesco`s decision to implement a salary reduction agreement is a difficult but necessary step to ensure the company`s long-term stability. The economic challenges caused by the COVID-19 pandemic have affected the investment management industry and forced companies to reevaluate their operations and finances.
In a statement, Invesco CEO and President Marty Flanagan said, “The salary reduction agreement is a necessary step to address the near-term challenges we are all facing. We remain committed to our employees, clients and shareholders and believe the measures we are taking today will position us well for the future.”
The salary reduction agreement is just one of the measures that Invesco has taken to address the economic challenges posed by the COVID-19 pandemic. The company has also implemented a hiring freeze, suspended travel and reduced non-essential expenses.
Invesco`s response to the COVID-19 pandemic demonstrates its commitment to its employees, clients and shareholders. The company`s decision to implement a salary reduction agreement is a difficult but necessary step to ensure its long-term sustainability and maintain its ability to serve its clients.
As the world continues to navigate the uncertain economic landscape created by the pandemic, it is likely that other companies in the investment management industry will also need to make difficult decisions to ensure their long-term sustainability. Invesco`s response to the challenges posed by the COVID-19 pandemic serves as an example of strong leadership and strategic decision-making.