Worked for a company in Scarborough, ON which hired a new CEO and HR Director in late 2019 just a few months before the Pandemic happened. When Covid hit, this is what happened:
- They immediately gave the entire company a 35% pay cut (part of the Ontario workshare program, which I believe results in people having to use their EI benefits to makeup for the remainder).
- They then proceeded with a company wide layoff of salaried employees, some of whom had been with the company for 10+ Years. I am guessing large severances were paid out.
- In the following months, there began a steady exodus from this company. Entry level to upper management resigned. Lots of people recruited by eager competitors and clients.
- Company reputation ruined. A lot of the employees who were laid off/resigned had to be hired back.
- Invested money in a new production facility.
- Now the CEO, HR Director and Engineering Director have disappeared from the webpage that companies have which displays all the Executive level people. HR Director has updated their LinkedIn to a new role.
My guess is that these three teamed up and decided to fire a lot of people. They decided to fund the severances with the pay cuts. Then the Engineering Director joined in and said build me a new plant while you're at it. For some reason, they did not foresee that cutting pay would result in resignations and they ended up having to hire back a lot of the people whose employment they terminated and this pissed all the execs off and they got rid of the CEO and maybe also the other two. The terminators, thus, became the terminated.
Does anyone with insight into this executive life have any insight to offer? Is my guess probably what happened? Or am I way off?