CEO's Bold Move: 20% Pay Cut and 4-Day Workweek Saves Company
A Canadian purchasing software company, Procurify, reduced employee workweeks by 8 hours and implemented a 20% pay cut to avoid layoffs during the COVID-19 pandemic. The CEO, Aman Mann, sought employee feedback before making the decision, which resulted in only one employee leaving. After three months, the company's budgets returned to normal, and salaries were restored to 100%. Procurify then made the 4-day workweek permanent, noting increased focus and energy among staff. This move aligns with a global trend towards shorter workweeks, with positive results reported in various trials.
