Stores and businesses across the U.S. and abroad are temporarily closed or sending employees to work from home amid the coronavirus pandemic. This has caused a drop in the oil market due to reduced travel and consumption, affecting all businesses within the oil and gas industry.
Business owners around the world have an increased responsibility to take action. From small businesses that are integral in the marketing or training portion of the industry (i.e. animation & graphic studios) to large drilling companies. It begs the question, how will these companies keep their employees paid? And also keep their clients happy?
Many companies are continuing to keep their employees paid, despite store closures. The majority of these companies are large corporations, which makes it easier for them to pay employees. Even in this, there is only a handful of CEO’s reducing or donating their salaries to keep employees paid. One of those business owners is the Texas Roadhouse CEO who is donating his entire salary and bonus for the rest of the year to pay his employees.
Industrial3D, Inc is a veteran-owned small business being affected by the coronavirus pandemic. In an unprecedented course of action for small businesses, I3D is joining the handful of large companies whose CEO’s are donating their salary to retain employees. In addition to donating his salary, I3D’s Founder & CEO, Beau Brown, reduced the current billing rate to clients by 40% to provide relief during this difficult time.
Beau Brown, in an email to clients offering a 40% billing rate reduction and the announcement of a salary donation, states, “The way we can do this is by sending some of our employees to work from home, some are taking temp pay cuts, reducing monthly office expenses and general overhead, to include me as CEO not taking a salary for the next few months if not the rest of the year if need be.”
Industrial3D urges all fellow small businesses to take action, in some capacity, to provide relief and help employees and clients through this difficult time.