Companies told: Think of salary cuts instead of layoffs

Caribbean companies should resist laying off their employees, even if it means cutting their salaries in half instead.

Zulfikar Ally, president of the American Chamber of Commerce of Guyana Inc., gave that advice yesterday and urged regional governments to help businesses cushion the blow from the coronavirus (COVID-19) crisis.

He was supported in his call for staff retention where possible by Jamaican chartered accountant Allison Peart, of Peart Advisory Services Ltd, and Bahamian tourism expert Vincent Vanderpool-Wallace, of Bedford Baker Group.

They participated in an online webinar hosted by the Inter-American Development’s (IDB) Caribbean Department on the topic, The Caribbean And Coronavirus: Options For Businesses.

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