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| Pay Cuts Become a Tool for Some Companies to Avoid Layoffs | Pay Cuts Become a Tool for Some Companies to Avoid Layoffs |
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| It was late and Martin A. Kits van Heyningen feared he was letting the team down at the company he co-founded, KVH Industries. Rather than lay off workers in response to the coronavirus pandemic, he had decided to cut salaries, and when he emailed a video explaining his decision at 3 a.m. last month, he was prepared for a barrage of complaints. | It was late and Martin A. Kits van Heyningen feared he was letting the team down at the company he co-founded, KVH Industries. Rather than lay off workers in response to the coronavirus pandemic, he had decided to cut salaries, and when he emailed a video explaining his decision at 3 a.m. last month, he was prepared for a barrage of complaints. |
| Instead, he woke to an outpouring of support from employees that left him elated. | Instead, he woke to an outpouring of support from employees that left him elated. |
| “It was one of the hardest things I’ve done, but it turned out to be the best day of my life at work,” said Mr. Kits van Heyningen. “I was trying to keep their morale up. Instead, they kept my morale up.” | “It was one of the hardest things I’ve done, but it turned out to be the best day of my life at work,” said Mr. Kits van Heyningen. “I was trying to keep their morale up. Instead, they kept my morale up.” |
| Even as American employers let tens of millions of workers go, some companies are choosing a different path. By instituting across-the-board salary reductions, especially at senior levels, they have avoided layoffs. | Even as American employers let tens of millions of workers go, some companies are choosing a different path. By instituting across-the-board salary reductions, especially at senior levels, they have avoided layoffs. |
| The ranks of those forgoing job cuts and furloughs include major employers like HCA Healthcare, the hospital chain, and Aon, a London-based global professional services firm with a regional headquarters in Chicago. Chemours, a specialty chemical maker in Wilmington, Del., cut pay by 30 percent for senior management and preserved jobs. Others that managed to avoid layoffs include smaller companies like KVH, a maker of mobile connectivity and navigation systems that employs 600 globally and is based in Middletown, R.I. | The ranks of those forgoing job cuts and furloughs include major employers like HCA Healthcare, the hospital chain, and Aon, a London-based global professional services firm with a regional headquarters in Chicago. Chemours, a specialty chemical maker in Wilmington, Del., cut pay by 30 percent for senior management and preserved jobs. Others that managed to avoid layoffs include smaller companies like KVH, a maker of mobile connectivity and navigation systems that employs 600 globally and is based in Middletown, R.I. |
| The trend is a reversal of traditional management theory, which held that salaries were sacred and it was better to cut positions and dismiss a limited number of workers than to lower pay for everyone during downturns. | The trend is a reversal of traditional management theory, which held that salaries were sacred and it was better to cut positions and dismiss a limited number of workers than to lower pay for everyone during downturns. |
| There is often a genuine desire to protect employees, but long-term financial interests are a major consideration as well, said Donald Delves, a compensation expert with Willis Towers Watson. | There is often a genuine desire to protect employees, but long-term financial interests are a major consideration as well, said Donald Delves, a compensation expert with Willis Towers Watson. |
| “A lot has happened in the last 10 years,” Mr. Delves said. “Companies learned the hard way that once you lay off a bunch of people, it’s expensive and time-consuming to hire them back. Employees are not interchangeable.” | “A lot has happened in the last 10 years,” Mr. Delves said. “Companies learned the hard way that once you lay off a bunch of people, it’s expensive and time-consuming to hire them back. Employees are not interchangeable.” |
| A recent study by the Conference Board with Semler Brossy, an executive compensation research firm, and Esgauge, a data analytics firm, found that 537 public companies had cut pay of senior management since the crisis began. The study did not specify whether any had also cut jobs, however. | A recent study by the Conference Board with Semler Brossy, an executive compensation research firm, and Esgauge, a data analytics firm, found that 537 public companies had cut pay of senior management since the crisis began. The study did not specify whether any had also cut jobs, however. |
| To be sure, if the crisis lasts longer than expected and the economy keeps shrinking, it is possible these salary reductions will not be enough to stave off job cuts. Other large corporations have cut salaries as well as jobs to stem coronavirus-related losses. | To be sure, if the crisis lasts longer than expected and the economy keeps shrinking, it is possible these salary reductions will not be enough to stave off job cuts. Other large corporations have cut salaries as well as jobs to stem coronavirus-related losses. |
| Still, the sudden nature of the economic threat has created a different mind-set among some managers than existed during the last recession, Mr. Delves said. Some companies did try to cut pay rather than jobs back then, but the impulse seems more widespread now. | Still, the sudden nature of the economic threat has created a different mind-set among some managers than existed during the last recession, Mr. Delves said. Some companies did try to cut pay rather than jobs back then, but the impulse seems more widespread now. |
| “What we’re seeing this time around is more of a sense of shared sacrifice and shared pain,” he added. | “What we’re seeing this time around is more of a sense of shared sacrifice and shared pain,” he added. |
| When the pandemic hit, HCA was increasing revenue and adding employees, said its chief executive, Sam Hazen, “and to put them out on the street because of some virus just wasn’t something I was going to do.” | When the pandemic hit, HCA was increasing revenue and adding employees, said its chief executive, Sam Hazen, “and to put them out on the street because of some virus just wasn’t something I was going to do.” |
| With stay-at-home orders covering much of the country and bans on elective surgery in many states, HCA’s hospitals were left with a revenue shortfall. The company suspended its share repurchases and quarterly dividend to bolster its financial position, and it reduced capital spending. | With stay-at-home orders covering much of the country and bans on elective surgery in many states, HCA’s hospitals were left with a revenue shortfall. The company suspended its share repurchases and quarterly dividend to bolster its financial position, and it reduced capital spending. |
| Mr. Hazen donated his salary for April and May to an internal fund for employees in distress, while senior management took a 30 percent pay cut. White-collar employees at lower levels saw their compensation reduced by 10 to 20 percent. | Mr. Hazen donated his salary for April and May to an internal fund for employees in distress, while senior management took a 30 percent pay cut. White-collar employees at lower levels saw their compensation reduced by 10 to 20 percent. |
| All in all, about 15,000 employees were affected, out of a total of 275,000. The company does not expect the pay reductions to extend beyond June. | All in all, about 15,000 employees were affected, out of a total of 275,000. The company does not expect the pay reductions to extend beyond June. |
| HCA also created a pandemic pay program that allowed more than 120,000 nonexecutive hospital employees to receive 70 percent of what they earned before the virus hit. Employees, including union members, are also being asked to forgo a raise this year. | HCA also created a pandemic pay program that allowed more than 120,000 nonexecutive hospital employees to receive 70 percent of what they earned before the virus hit. Employees, including union members, are also being asked to forgo a raise this year. |
| “We needed our people to have as much peace of mind as possible,” Mr. Hazen said. “Our culture is centered on taking care of our employees. This is an opportunity to further differentiate our culture with our people and with our communities.” | “We needed our people to have as much peace of mind as possible,” Mr. Hazen said. “Our culture is centered on taking care of our employees. This is an opportunity to further differentiate our culture with our people and with our communities.” |
| Aon, with 50,000 workers around the world, was even more aggressive about reducing salaries. Top executives there gave up 50 percent of their base pay, with most remaining employees getting a cut of 20 percent. | Aon, with 50,000 workers around the world, was even more aggressive about reducing salaries. Top executives there gave up 50 percent of their base pay, with most remaining employees getting a cut of 20 percent. |
| “We wanted to say no one would lose their job because of Covid-19,” said Greg Case, Aon’s chief executive. | “We wanted to say no one would lose their job because of Covid-19,” said Greg Case, Aon’s chief executive. |
| Mr. Case said he was heartened because overseas employees, who had the right to reject the salary cuts, overwhelmingly accepted them. About two-thirds of Aon’s work force is outside the United States. | Mr. Case said he was heartened because overseas employees, who had the right to reject the salary cuts, overwhelmingly accepted them. About two-thirds of Aon’s work force is outside the United States. |
| But Mr. Case said the company was bracing for long-term disruption. “The risk on the horizon is potentially much greater than 2008-9,” he said. “We are preparing for scenarios that are multiples worse than that.” Aon says the need for the pay cuts will be reviewed monthly. | But Mr. Case said the company was bracing for long-term disruption. “The risk on the horizon is potentially much greater than 2008-9,” he said. “We are preparing for scenarios that are multiples worse than that.” Aon says the need for the pay cuts will be reviewed monthly. |
| Avoiding layoffs will leave Aon better prepared for when the economy does rebound, Mr. Case said. “When clients need us most, we will be there,” he said. | Avoiding layoffs will leave Aon better prepared for when the economy does rebound, Mr. Case said. “When clients need us most, we will be there,” he said. |
| Certainly, for chief executives and the highest-ranking officers, salary cuts are not as painful as it would first appear. That’s because for most, the bulk of their compensation comes in stock awards, said Amit Batish, manager of content and communications for Equilar, a private research firm that tracks executive pay. | Certainly, for chief executives and the highest-ranking officers, salary cuts are not as painful as it would first appear. That’s because for most, the bulk of their compensation comes in stock awards, said Amit Batish, manager of content and communications for Equilar, a private research firm that tracks executive pay. |
| “Salaries are a drop in the bucket for most executives, but it does send the message that we are helping out the organization,” he said. | “Salaries are a drop in the bucket for most executives, but it does send the message that we are helping out the organization,” he said. |
| Still, the fact that a few companies were able to avoid layoffs by reducing salaries raises the question of whether more businesses could have averted job cuts in the last two months. | Still, the fact that a few companies were able to avoid layoffs by reducing salaries raises the question of whether more businesses could have averted job cuts in the last two months. |
| With government unemployment benefits available for laid-off workers, many American companies were quick to cut their work forces, said Kathryn Neel, a managing director at Semler Brossy. “In European countries, where wages were subsidized, they managed to keep more people on the payroll,” she added. | With government unemployment benefits available for laid-off workers, many American companies were quick to cut their work forces, said Kathryn Neel, a managing director at Semler Brossy. “In European countries, where wages were subsidized, they managed to keep more people on the payroll,” she added. |
| Sharing the pain more broadly this way might have prevented the unemployment rate from hitting its highest level since the Great Depression while also better positioning companies for the eventual recovery. | Sharing the pain more broadly this way might have prevented the unemployment rate from hitting its highest level since the Great Depression while also better positioning companies for the eventual recovery. |
| Firms that cut heavily in 2008-9 were not ready when the economy eventually rebounded, according to Gregg Passin, a senior partner at the human resources consulting firm Mercer. “They lagged companies that were more cautious about cutting people,” he said. | Firms that cut heavily in 2008-9 were not ready when the economy eventually rebounded, according to Gregg Passin, a senior partner at the human resources consulting firm Mercer. “They lagged companies that were more cautious about cutting people,” he said. |
| A no-layoffs policy also builds loyalty. “No one wants to be in a situation where their salary is cut,” Mr. Passin said. “But we really do believe the way you treat employees today is the way they’ll treat you tomorrow.” | A no-layoffs policy also builds loyalty. “No one wants to be in a situation where their salary is cut,” Mr. Passin said. “But we really do believe the way you treat employees today is the way they’ll treat you tomorrow.” |
| Updated June 12, 2020 | |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. |
| Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. | Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| At KVH Industries, Ronda Vye was not demoralized by the pay cut — she was relieved. Although her 10 percent salary reduction hurts, said Ms. Vye, a director of digital marketing, “it’s manageable and everyone is thankful to know they have a job.” | At KVH Industries, Ronda Vye was not demoralized by the pay cut — she was relieved. Although her 10 percent salary reduction hurts, said Ms. Vye, a director of digital marketing, “it’s manageable and everyone is thankful to know they have a job.” |
| “I’d much rather take a pay cut than see one of my fellow employees lose a job, especially in this economic environment,” she added. “Where are they going to find work? | “I’d much rather take a pay cut than see one of my fellow employees lose a job, especially in this economic environment,” she added. “Where are they going to find work? |
| Ms. Vye said she did not know how long the cut would last but had told her team it could extend through the end of the year. | Ms. Vye said she did not know how long the cut would last but had told her team it could extend through the end of the year. |
| KVH is a fraction of the size of Aon or HCA, but Mr. Kits van Heyningen employed a tiered system for the salary reductions at his company. Senior managers took a 15 to 25 percent pay cut, while lower-level employees faced a 10 percent trim. Employees earning less than $50,000 were spared any reduction. | KVH is a fraction of the size of Aon or HCA, but Mr. Kits van Heyningen employed a tiered system for the salary reductions at his company. Senior managers took a 15 to 25 percent pay cut, while lower-level employees faced a 10 percent trim. Employees earning less than $50,000 were spared any reduction. |
| “We’d never done a pay cut before,” said Mr. Kits van Heyningen, who started the company in his parents’ basement more than three decades ago. “A lot of people thought it would be a huge hit to morale.” | “We’d never done a pay cut before,” said Mr. Kits van Heyningen, who started the company in his parents’ basement more than three decades ago. “A lot of people thought it would be a huge hit to morale.” |
| But Mr. Kits van Heyningen knew that drastic action was needed as the crisis deepened in March. Much of the mobile connectivity equipment and services that KVH provides is aimed at the maritime market, and the marine electronics dealers that sell KVH products to yacht owners in the United States were unable to stay open. | But Mr. Kits van Heyningen knew that drastic action was needed as the crisis deepened in March. Much of the mobile connectivity equipment and services that KVH provides is aimed at the maritime market, and the marine electronics dealers that sell KVH products to yacht owners in the United States were unable to stay open. |
| In Italy, a major boat builder, the economy was likewise closing down. Other companies in the sector had gone bankrupt and Mr. Kits van Heyningen did not want KVH to share their fate. | In Italy, a major boat builder, the economy was likewise closing down. Other companies in the sector had gone bankrupt and Mr. Kits van Heyningen did not want KVH to share their fate. |
| “We have no idea how long this is going to last,” he said. “The uncertainty is the problem.” To help make up for the pay reduction, Mr. Kits van Heyningen has told employees they can have Friday afternoons off. | “We have no idea how long this is going to last,” he said. “The uncertainty is the problem.” To help make up for the pay reduction, Mr. Kits van Heyningen has told employees they can have Friday afternoons off. |
| John Croy, a software architect, said that he did not plan to take the time off but that he felt it was worth losing pay to avert layoffs. “We’re surviving,” he said. “We’re going to be stronger for this.” | John Croy, a software architect, said that he did not plan to take the time off but that he felt it was worth losing pay to avert layoffs. “We’re surviving,” he said. “We’re going to be stronger for this.” |
| When the initial responses poured in the morning after he emailed the video, Mr. Kits van Heyningen said he felt like George Bailey in “It’s a Wonderful Life,” the 1946 film in which the town of Bedford Falls comes together to support the Jimmy Stewart character and his bank, Bailey Bros. Building & Loan. | When the initial responses poured in the morning after he emailed the video, Mr. Kits van Heyningen said he felt like George Bailey in “It’s a Wonderful Life,” the 1946 film in which the town of Bedford Falls comes together to support the Jimmy Stewart character and his bank, Bailey Bros. Building & Loan. |
| In this case, the employees were coming together to support KVH — and one another. “I had hundreds of emails,” he said. “Workers earning less than $50,000 were asking if they could participate. People really feel like they are in it together.” | In this case, the employees were coming together to support KVH — and one another. “I had hundreds of emails,” he said. “Workers earning less than $50,000 were asking if they could participate. People really feel like they are in it together.” |