Bosses who sack the most make maximum money
September 2nd, 2010 - 1:50 pm ICT by ANIBosses of the 50 US companies that sacked the most staff during the recession earned 42 per cent more than their peers, concluded the research.
A report by the Institute for Policy Studies in Washington concludes chief executives shared little of the pain felt further down their workforces as unemployment peaked at 10.2 per cent last year.
A manager of an SnP 500 company saw a modest fall in remuneration last year, down from 9.4 million dollars in 2008 to 8.4 million dollars.
However, those who took the most aggressive approach to cost cutting often fared the best as average chief executive compensation of such organizations was US dollar 12 million, says the research.
The highest-paid ‘lay-off leader’ was Fred Hassan, former head of the drugs company Schering-Plough, who earned US 49.7 million dollars.
‘You see really serious long-term consequences of lay-offs. You get lower morale in the workforce, which can turn into lower productivity over time.
You have the cost of having to re-hire and re-train people when things pick up’, the Sydney Morning Herald quoted Sarah Anderson, director of the institute’s global economy project as saying. (ANI)
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