CORPORATE RESPONSES TO COVID-19
The COVID-19 pandemic has forced corporations across the nation to implement new policies and measures in order to maintain business operations and mitigate employment losses during these unprecedented times. Companies are adapting to the situation and tackling the problem in a number of ways. Some have promised to continue hiring and retain employees while others are reducing pay and / or imposing temporary furloughs.
Furlough vs. Layoff
A surge in furloughs and layoffs has swept the nation as businesses react to the evolving repercussions of COVID-19. Many prominent employers are choosing to furlough their workers in lieu of layoffs, which is essentially a temporary unpaid leave of absence, whereas layoffs are a permanent termination of one’s employment. More often than not, furloughed employees can keep their health care benefits, which is a major advantage over being laid off, especially during a major health-related crisis.
Airlines
The Coronavirus Aid, Relief, and Economic Security Act, or “CARES” Act, was recently signed into law. A key component of the Act offers the airline industry $58 billion in aid, split evenly between loans and payroll grants. However, the loans are conditional on job protection, meaning air carriers that accept financial aid will not be allowed to lay off or furlough employees until September 30th. Despite the relief package, many airline employees are learning that they will not be earning their full salaries in the coming months due to the slow-down in daily operations. Berkadia will continue to monitor the situation and provide updates as new announcements are released.
Hospitality
Hospitality is among the hardest-hit industries by the coronavirus, which has triggered an increasing number of statewide lockdowns, bringing travel for business and leisure to a virtual stop. The $2 trillion CARES Act appropriates $500 billion in loans and loan guarantees to aid mid-sized and large businesses, the airline industry, and businesses that are critical to maintaining national security. While this offers some relief to hotel operators, American Hotel & Lodging Association (AHLA) CEO Chip Rogers stated that more needs to be done to protect hoteliers and workers while the industry takes time to recover. COMPANIES HIRING AND / OR COMPANIES IMPLEMENTING COMPANIES IMPOSING RETAINING EMPLOYEES PAY CUTS FURLOUGHS
Facebook, Inc. Information Technology General Motors Hyatt Hotels Corporation Menlo Park, CA Travel / Hospitality Company Manufacturing Chicago, IL Detroit, MI Amazon.com, Inc.* Retail Hilton Worldwide Seattle, WA Holdings, Inc. Travel / Hospitality Ford Motor Company** Manufacturing Google LLC Dearborn, MI McLean, VA Information Technology Mountain View, CA Marriott International Fiat Chrysler Travel / Hospitality Twitter Automobiles N.V. Manufacturing Bethesda, MD Information Technology San Francisco, CA Auburn Hills, MI Gannett Co., Inc. Media Microsoft Corporation* McLean, VA Information Technology Occidental Petroleum Redmond, WA Corporation*** Energy Macy’s, Inc. Retail Walmart, Inc.* Houston, TX Cincinnati, OH Retail Bentonville, AR JCPenney Company, Inc. National Association for Retail Target Corporation* Stock Car Auto Racing Plano, TX Retail Miscellaneous Minneapolis, MN (NASCAR) Gap, Inc. Daytona Beach, FL Retail Kroger Company* San Francisco, CA Retail Cincinnati, OH Six Flags Entertainment Simon Property Group, Corporation Travel / Hospitality Apple, Inc.* Inc. Real Estate Information Technology Grand Prairie, TX Cupertino, CA Indianapolis, IN Columbia Sportswear MoneyGram MGM Resorts Company Retail International, Inc. Finance International Travel / Hospitality Portland, OR Dallas, TX Las Vegas, NV
Morgan Stanley Cinemark USA, Inc.* Caesars Entertainment Finance Media New York, NY Plano, TX Corporation Travel / Hospitality Las Vegas, NV Wynn Resorts Ltd. National Rifle Associa- Travel / Hospitality AMC Theatres Las Vegas, NV tion (NRA) Miscellaneous Media Leawood, KS Fairfax, VA Las Vegas Sands Corporation Travel / Hospitality Regal Cinemas Enterprise Holdings, Media Las Vegas, NV Knoxville, TN Inc.* Travel / Hospitality Bank of America St. Louis, MO Farmer Brothers Corporation* Finance Company Manufacturing Charlotte, NC Lee Enterprises* Media Northlake, TX Davenport, IA Rite Aid Corporation* SeaWorld Retail Travel / Hospitality Camp Hill, PA Endeavor Group Orlando, FL Holdings Media Instacart* Jones Lang LaSalle Retail Beverly Hills, CA Real Estate San Francisco, CA Chicago, IL Verve Talent and CVS Health* Textron Aviation, Inc. Health Care Literary Agency Media Information Technolgy Woonsocket, RI Wichita, KS Los Angeles, CA Urban Outfitters, Inc. Dollar General Retail Corporation* Retail NCR Corporation Information Technolgy Philadelphia, PA Goodlettsville, TN Atlanta, GA L Brands, Inc. Retail Albertsons Companies, Columbus, OH Vice Media Inc.* Retail New York, NY Kohl’s Corporation Retail Boise, ID Menomonee Falls, WI BuzzFeed, Inc. Pizza Hut* Media Restaurant New York, NY Nordstrom, Inc. Retail Plano, TX Seattle, WA Tesla, Inc.* Dollar Tree Stores, Inc.* Manufacturing Retail San Carlos, CA Ascena Retail Group, Chesapeake, VA Retail Inc. 7-Eleven, Inc.* Creative Artists Agency Mahwah, NJ Retail Dallas, TX LLC Media Los Angeles, CA Novum Pharmaceutical Papa John's Pizza* Research Services Health Care Restaurant Jeffersonville, IN Pittsburgh, PA Monument Health* Health Care Rapid City, SD Sysco Corporation* Domino's Pizza, Inc.* Distribution Houston, TX Ann Arbor Charter Restaurant Cumulus Media, Inc.* Township, MI Media Atlanta, GA Schlumberger*/** Energy PepsiCo, Inc.* Houston, TX Manufacturing Methodist Healthcare Purchase, NY Health Care Halliburton*/** System Energy Walgreen Company* San Antonio, TX Houston, TX Deerfield, IL Retail Dick’s Sporting Goods, PVH Corp.* Retail New York, NY Inc. Retail Coraopolis, PA
*Companies that are hiring *Companies also imposing furloughs *Also conducting layoffs **Cutting executive pay only **Mainly due to the drop in oil prices COMPANIES HIRING AND / OR COMPANIES IMPLEMENTING COMPANIES IMPOSING RETAINING EMPLOYEES PAY CUTS FURLOUGHS
Lowe’s Companies, Inc.* Oregonian Media Group* Retail Media Carhartt, Inc. Mooresville, NC Portland, OR Retail Dearborn, MI Outschool, Inc.* Education SolutionHealth* San Francisco, CA Health Care TJX Companies, Inc. Bedford, NH Retail Framingham, MA GE Healthcare* Health Care Alabama Media Group* Chicago, IL Media Spirit AeroSystems, Inc. Birmingham, AL Manufacturing Wichita, KS Publix Super Markets, Inc.* Retail Collins Aerospace* Manufacturing South Point Hotel and Lakeland, FL Charlotte, NC Casino Travel / Hospitality Zoom Video Las Vegas, NV Pratt & Whitney* Manufacturing Communications* Media East Hartford, CT San Jose, CA Ballad Health Health Care Johnson City, TN MLive Media Group* Abbott Laboratories* Media Manufacturing Grand Rapids, MI Chicago, IL Honda Motor Company, Ltd Manufacturing AbbVie, Inc.* Advance Local Media Manufacturing Torrance, CA North Chicago, IL LLC* Media New York, NY Nissan Motor Co., Ltd. Aetna, Inc.* Manufacturing Health Care Franklin, TN Hartford, CT Condé Nast* Media New York, NY Lockheed Martin Recreational Equipment, Inc. Retail Corporation* Manufacturing Raytheon Technologies Kent, WA Bethesda, MD Corporation Manufacturing Waltham, MA Centene Corporation* OSF HealthCare Health Care Health Care St. Louis, MO Peoria, IL GameStop Corporation* Retail Wells Fargo & Company* Grapevine, TX Finance BSA Health System Health Care San Francisco, CA Amarillo, TX UW Health Health Care Citigroup, Inc. Madison, WI Finance Hanesbrands Inc. New York, NY Retail Winston-Salem, NC UnityPoint Health* eBay Inc.* Health Care Retail West Des Moines, IA San Jose, CA iHeartMedia, Inc. Media San Antonio, TX Mayo Clinic* 3M* Health Care Manufacturing Rochester, MN Saint Paul, MN Entercom Communications Corp.* Media Walgreen Company* Retail Philadelphia, PA Deerfield, IL *Companies also imposing furloughs **Cutting executive pay only Neiman Marcus Group, UnitedHealth Group* Health Care Inc. Retail Minnetonka, MN Dallas, TX Netsmart Technologies* Information Technology Overland Park, KS Trinity Health Health Care Livonia, MI Oracle Corporation* Information Technology Redwood City, CA Tenet Healthcare Corporation Health Care Motorola Solutions, Dallas, TX Inc.* Information Technology Chicago, IL Bon Secours Mercy Health Care Red Hat, Inc.* Health Information Technology Raleigh, NC Cincinnati, OH Citizens Financial Rensselaer Polytechnic Group, Inc.* Finance Institute Education Providence, RI Troy, NY Thermo Fisher Capri Holdings Ltd. Retail Scientific* Manufacturing New York, NY Waltham, MA Ralph Lauren Genentech, Inc.* Biotechnology Corporation Retail South San Francisco, CA New York, NY Intuit, Inc.* Information Technology Mountain View, CA Pittsburgh Zoo & PPG Aquarium Travel / Hospitality Whole Foods Market, Pittsburgh, PA Inc.* Retail Austin, TX Oyo Hotels & Homes Travel / Hospitality Dallas, TX The Home Depot, Inc.* Retail Atlanta, GA CarMax Retail Richmond, VA KPMG International* Finance Chicago, IL Genesco, Inc. Retail Ace Hardware Nashville, TN Corporation Retail Oak Brook, IL
*Companies that are hiring *Also conducting layoffs **Mainly due to the drop in oil prices COMPANIES HIRING AND / OR COMPANIES IMPOSING RETAINING EMPLOYEES FURLOUGHS
IntelliPro Group, Inc.* Information Technology Best Buy Co., Inc. Retail Santa Clara, CA Richfield, MN Akraya, Inc.* Information Technology Los Angeles Times Media Santa Clara, CA El Segundo, CA
Automatic Data World Wrestling Information Technology Processing, Inc.* Entertainment, Inc. Media Roseland, N.J Stamford, CT Alkami Technology* Information Technology Ross Stores, Inc. Retail Plano, TX Dublin, CA Altair Engineering, Inc.* Information Technology Burlington Stores, Inc. Retail Troy, MI Burlington, NJ
Alto Pharmacy* Health Care Einstein Healthcare San Francisco, CA Network Health Care Philadelphia, PA Coursera, Inc.* Education Mountain View, CA Gogo, Inc. Travel / Hospitality Chicago, IL Daniels Health* Health Care Chicago, IL Rensselaer Polytechnic Institute Education Match Group, Inc.* Media Troy, NY Dallas, TX Tower Health Bellhops* Health Care Distribution Reading, PA Chattanooga, TN Penn Highlands Hungry Howie’s Pizza & Healthcare Health Care Subs, Inc.* Restaurant DuBois, PA Madison Heights, MI Vox Media, Inc. United Parcel Service* Media Distribution New York, NY Atlanta, GA St. Bernards Healthcare GOJO Industries, Inc.* Health Care Manufacturing Jonesboro, AR Akron, OH FedEx Freight Costco Wholesale Distribution Memphis, TN Corporation* Retail Issaquah, WA University of Wisconsin System Education Varsity Tutors* Education Madison, WI Clayton, MO Petco Animal Supplies, Tractor Supply Inc. Retail Company* Retail San Diego, CA Brentwood, TN Baptist Health System Slack Technologies, Health Care San Antonio, TX Inc.* Information Technology San Francisco, CA Quest Diagnostics Manufacturing Secaucus, NJ ALDI, Inc.* Retail Batavia, IL Tenet Healthcare Corporation Health Care BJ’s Wholesale Club Dallas, TX Holdings, Inc.* Retail Westborough, MA The Walt Disney Company Travel / Hospitality H-E-B* Retail Burbank, CA San Antonio, TX Sauer Brands, Inc. APN Software Services, Manufacturing Richmond, VA Inc. Information Technology Newark, CA Academy Sports + Outdoors Retail Enterprise Solutions, Katy, TX Inc. Information Technology Santa Clara, CA WEX Inc. Information Technology Portland, ME Tesco PLC* Retail El Segundo, CA Banner Health Health Care Phoenix, AZ Fred Meyer* Retail Portland, OR Groupon, Inc.* Retail Chicago, IL New Seasons Market* Retail Portland, OR Tribune Publishing Media Chicago, IL
*Companies that are hiring *Also conducting layoffs **Mainly due to the drop in oil prices COMPANIES HIRING AND / OR RETAINING EMPLOYEES
Progress Software Corporation* Information Technology Bedford, MA
Fidelity Investments, Inc.* Finance Boston, MA
Moderna, Inc.* Manufacturing Cambridge, MA
Biscom, Inc.* Information Technology Westford, MA
Liberty Mutual Group* Health Care Boston, MA
Anthem, Inc.* Health Care Indianapolis, IN
Cisco Systems, Inc.* Information Technology San Jose, CA
Salesforce.com, Inc.* Information Technology San Francisco, CA
Sutherland Global Services* Information Technology Pittsford, NY
Royal Philips* Manufacturing Cambridge, MA
Magellan Health, Inc.* Health Care Phoenix, AZ
Johnson & Johnson* Manufacturing New Brunswick, NJ
Humana, Inc.* Health Care Louisville, KY
Fiserv, Inc.* Finance Brookfield, WI
*Companies that are hiring
This is an evolving list of company announcements that will be continually updated throughout the crisis. Sources: TechCrunch; Fast Company; CNN; CNBC; PR Newswire; TechCrunch; USA Today; Newsweek; Dallas News; St. Louis Post-Dispatch; Business Insider; Barron’s; Bloomberg; The Wall Street Journal; The Daily Beast; TheStreet; Deadline; Skift; Pittsburgh Business Times; Atlanta Business Chronicle; World Oil; American Banker; Candor; ABC, Inc.; KAKE; Albany Business Review; MSN; Bristol Herald Courier; The Hill; The Seattle Times; Journal Star; Deadline; Myhighplains.com Daily News; News & Record; Kansas City Business Journal; Daily Herald; Fierce Healthcare; Modern Healthcare; San Antonio Express-News; Market Watch; Veriety; NBC Universal, Inc.; Eyewittness News; WHYY; FOX 2 Detroit; The Oregonian; Talk Business & Politics; New Hampshire Union Leader; Arizona Daily Star; U.S. News & World Report; The Hollywood Reporter; WYFF News; Reuters; Houston Chronicle; ABC 15; Dice; KGW8; Boston Business Journal; TechRepublic; FlexJobs