In the context of the COVID-19 pandemic and its impact on the economy, Quadient today announces a series of initiatives aimed at mitigating the impact of the crisis on jobs throughout the organization, as well as preserving the compensation levels of its employees wherever possible.
The fast spread of the virus has required regular and rapid adjustments across the organization, leading Quadient to step up furlough and time-reduction measures across its businesses. The Company expects furlough and time-reduction measures to impact approximately 30% of its employees worldwide.
In this exceptional context, Geoffrey Godet, Chief Executive Officer of Quadient, has decided to waive his entire 2020 variable annual compensation and the payment of his supplementary pension for the year, which should represent a 60% reduction in his total annual compensation. Details of his compensation package will be disclosed in the Company’s Universal Registration Document and subject to shareholder approval at the next General Meeting.
The Company’s top management team, comprised of approximately 140 executives, is also showing its solidarity by freezing their 2020 salary increases, and will waive a significant part of their 2020 annual variable compensation. Salary increases for all other employees are maintained, as originally planned at the beginning of the fiscal year.
These solidarity measures complement the programs already introduced by the Company to its employees earlier this year, including:
- Hiring freeze, alongside increased internal mobility and continued investment in internal training opportunities;
- Maintaining health coverage and pension benefits for all employees, including in countries where this is not a legal requirement; and
- Mitigating the impact of the crisis on the employees’ income and maintaining standards of living, as much as possible.
In addition to these initiatives, today Quadient announces it has set up a solidarity initiative in which the top management team can donate all or part of their existing vacation days to other Quadient employees who, for personal reasons (e.g. childcare or support for family members affected by COVID-19 in particular), have expressed a need for additional time. From these donated vacation days, Quadient has committed a minimum contribution of €20 per donated day, which will be devoted to an organization supporting the fight against COVID-19 and its economic impact.
Quadient remains committed to protecting its employees, and will continue investing to guarantee its support and operational continuity for its valued customers and partners around the World.