Grosvenor Group directors take 20% salary cut to show support to furloughed staff
The directors of the Grosvenor Group have taken a 20% salary cut to show their solidarity while staff are furloughed.
The business, which encompasses Grosvenor Leasing, Interactive Fleet Management and retail operations, said the move means all directors and furloughed staff are being treated equally.
Group CEO Shaun Barritt and chairwoman Nicola Johnson added that they both felt strongly that it was an important statement to the business that everyone should align themselves to the new payment conditions during these unprecedented times.
All furloughed staff are being paid 80% of their salary, and where staff earn more than the Government’s £2,500 cap, the group is topping up the difference to the 80% figure.
Those staff continuing to work full-time are retaining their normal pay. All directors, and other essential members of the account management, maintenance, rental, admin and customer services teams, are continuing to work to support customers and their drivers.
Commenting on the salary cut for directors, Nicola said: “This is precisely what my father, Brian Johnson, who formed the business in 1981 and sadly passed away last month, would have done.
“Grosvenor has always been a business built on a spirit of one team, togetherness and pride, and this is the reason why we have so many members of staff who have been with the business for very many years.”
She added: “We have decided not to furlough the directors nor any staff unnecessarily, partly because we feel we have the financial strength to work through this period but also because we would not wish to be seen as taking advantage of any government support we do not need.
“However, we genuinely feel for those we have had to furlough. It isn’t a decision that we, or any business, has taken lightly and the least we can do is reduce our own director salaries to 80% as well.”
Shaun Barritt added: “I’m sure many companies are extremely proud of the way their staff have responded to the coronavirus, and we are the same.
“Those that have sadly been furloughed have accepted the situation very positively, and for everyone who remains working they have all gone beyond what we could ever have expected to retain business as usual. I’d like to personally thank each and every one of our team for their dedication, commitment and understanding.”