Refreshing change of heart
November 8, 2008Gannett Co. Inc., media mogul, announced this week that its CEO is taking a pay cut. All the staffers’ pay will be frozen, and Craig Dubow’s cut amounts to only $200,000 of his total annual compensation of $7.5 million with bonus and stock awards. But still…I find it refreshing and inspiring.
Imagine if all corporations did that now, in even larger amounts. (Dubow’s cut was 17 percent.) What if all senior level leaders took just a 5 percent pay cut? Wouldn’t that help their operating budgets considerably, and ideally spare the rest of the staff from harm?
I would even go so far as to say that most of us – at any level – would take a pay cut over a job loss in today’s economy. We can all tighten the old belts a bit more, but if your job and income disappear, desperation sets in. Especially now.
I hope more leaders will follow Mr. Dubow’s lead.
