I Jizzed in my pants
Holden Execs to take pay cut
Have they seen the light, or is it and empty gesture for when they lay a few thousand off.HOLDEN executives, including chairman and managing director Mark Reuss, will take a pay cut as the car maker continues to grapple with the global economic downturn.
The company confirmed the cuts would take effect from May 1 and included a 10 per cent reduction for all executives and a 7 per cent reduction for all senior staff.
Holden said there would also be no bonus payments to executives this year while the salaries of other staff, not governed by awards, would be maintained.
The company said the arrangements would be reviewed at the end of the year and were necessary in the short term.
"This is a critical time for our company and the automotive industry," Holden spokesman Scott Whiffen said.
"We are grappling with some of the worst market conditions in living memory.
"To survive in this environment we need to make some rapid changes to cut costs and today we've announced a number of decisions concerning executive and senior manager salary arrangements.
"These are short-term arrangements but we are also looking at initiatives to position the company for a viable, sustainable future."
The pay cuts come as Holden heads towards expected job losses after parent company General Motors announced plans in February to reduce its global workforce by 47,000.
On Tuesday Mr Reuss said the company was treating the prospect of laying off workers with the upmost care and respect.
"As a managing director it's a situation that keeps you awake at night," Mr Reuss told the National Fleet Conference in Melbourne.
"I wish we could carry the entire workforce through this period, but unfortunately these decisions will be necessary for our industry to overcome difficult times and be successful in the future."
Mr Whiffen said the decisions on Holden's structure and operations would be made in the coming weeks.
"The outlook for the current year remains exceptionally challenging," he said.
But he said the company was pressing ahead with plans to introduce a second car line at its assembly operations in Adelaide to build a new, fuel-efficient, four-cylinder model.
It would be good to see everyone take pay cuts through these tougher times! you could have a choice, a 10% pay cut or earn $300 (or whatever you get these days) a fortnight on the dole.
Either way, it may make others think about their own hip pockets!
Signage, Splash Backs and Display Systems
"No, I'm not a pessimist. At some point the world shits on everybody. Pretending it ain't shit makes you an idiot, not an optimist."
Infidel Bear
Mini Putt 2 Champion!
In the scheme of things, I doubt it will make any difference.
Could set a good precedent for other companies. If only politicians followed suit...unlikely though.
"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind."
- Theodor Seuss Geisel
Thats Dr to you.....
I don't support the notion of 'everyone' taking pay cuts through these tough times, as not everybody is in the same predicament.
I'll be taking a paycut when its absolutely necessary to keep my job - not a moment sooner.
Customize your life.
Shame GM D-Heads don't take a large pay cut. After all they spend more then they bring in. They spend more then they sell, Time they did something about it. Holden doing it is typical GM tactics, Make others suffer for their errors..
Originally Posted by Yoda
Tells it like it is.
Most of their top tier of management are working for free this year. Most of the rot started decades ago and I'm not sure if there is a way out.
Reaper
Customize your life.
Poor exec, Bet the big wigs walk around smiling as GM digs bigger holes.
Maybe it's for the best if GM went bankrupt, And Hyundai bought Holden.
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