As many businesses are forced to furlough staff or in the worst cases make redundancies, the remuneration of high earners has understandably come under the microscope.
Premier League footballers have attracted much of the public’s ire as clubs dither over salary cuts for millionaires while in some cases using government money to subsidise the wages of lower-paid non-playing staff.
By comparison, the scrutiny on other industry sectors has been less intense, but retailers shouldn’t believe their policies on executive pay during the coronavirus crisis will pass by unnoticed.
Thankfully, many have already taken positive steps. DFS, which has closed all of its showrooms, manufacturing and distribution operations, was among the first to announce that its senior leaders would reduce their pay while the shutdown continues.
Others have since followed suit. Arcadia’s senior leadership team and board have agreed to take salary cuts of between 25% and 50%, while group chief executive Ian Grabiner will receive no salary or benefits until the crisis is resolved.
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