Should Businesses do a Pay Cut if the Employee is Working Remotely?

Guests: Dennis Chung: CEO Supreme Ventures Ltd. Ian Neita:  Group Executive Director of Yello Media Group Welcome to Your Business Matters, a podcast of EXIM Bank Jamaica where we bring thought leaders together on thought-provoking ideas and methods to help grow your business Before 2020, only 6% of the American  labor force had the opportunity to work from home with statistics showing that approximately 29% of work done in the office could have been accomplished from home without any loss of productivity.   Amidst the many changes that work has seen, work from home orders is among the top two things businesses across the world have implemented for the safety of their human resources. With employees making less use of amenities and resources such as the physical workspace that companies rent or lease, utility bills, and monthly maintenance fees, the question of pay cuts can no longer be ignored. Companies, as we know, are in business to make a profit, and inflation dictates that businesses identify ways to reduce costs and overheads which could potentially include the salary of their employees. Today we discuss pay cuts amidst the work from home reality with guests Ian Neita, Group Executive Director: Yello Media Group along with Dennis Chung, CEO: Supreme Ventures Services Ltd. Some of what we discussed include: Implications of salary cuts to the business Methods of compensation to the employee amidst the work from home reality Legal implications of cutting an employee’s salary We also touched base with a member of our audience Shelly-Rae James who posed this question to our guests “What are some of the best ways for employees to negotiate a flexible pay structure?” Connect with our guests: Connect with Ian at Yello Media Group and the Jamaica Chamber of Commerce  on LinkedIn and all other platforms.  You may contact Dennis at Supreme Ventures Ltd. Thank you for joining us on Your Business Matters hosted by Heneka Watkis-Porter of the Entrepreneurial You podcast. Remember to join us next week for another exciting episode with our thought-provoking leaders as they debate thought-provoking ideas and methods to help grow your business and move closer to your goals. To stay in touch, you can connect with us on your favorite podcast platforms at ‘Your Business Matters’ where we bring the matters to the table or visit eximbankja.com for further information and business resources. As you continue to mind your business, I leave with you this quote from Sherrod Brown "Anyone who has tried to pay a heating bill, fill a prescription or simply buy groceries knows all too well that the current minimum wage does not cut the mustard."  Take care.