IGT Announces Covid-19 Survival Plan
The gambling industry is unfortunately not exempt from the crippling effects of Covid-19 and operators and business leaders all over the world are increasingly faced with having to make some very tricky and oftentimes downright heart-wrenching decisions in an effort to protect not only their employees, but also their investors and commercial assets. Gambling tech-giant and Lottery systems developer and provider IGT Plc is currently faced with having to do exactly that, and the company recently revealed what it considers its immediate contingency plan intended to protect its assets and its workers in the United States.
The company on Thursday issued a personal statement by the Chairman of its North American Global Solutions unit, namely Robert Vincent, which statement introduced a new United States directive that has at its core a number of contingencies intended to soften the blow, as it were, of covid-19 in terms of its overall commercial well-being.
Furlough Is The New Reality
Vincent explained in the statement that IGT had decided to implement an 8-week long temporary furlough program, which effectively came into force on April 6. This, said Vincent, was the only way in which the company knew how to help ensure the health and safety of its workforce, as well as the livelihood of its investors and stakeholders, whilst also protecting its customers from harm.
Some 2,300 members of the corporation’s staff have been officially placed under the provisions of an 8-week furlough, which is in many aspects similar to temporary layoff proceedings. In addition to the workforce furlough, senior leaders and executives have all agreed to embrace cuts to their basic salaries. This is to ensure that the company can afford keeping the health and welfare benefits of its North American workforce in place for the duration of the furlough period.
Sow Now To Harvest Later
The idea, said Vincent, is to support the welfare of IGT’s workforce by focusing on keeping the industry alive and going in the short-term to ensure longer-term survival and success. What this basically translates to is that there will necessarily be a period during which employees will have to bite the bullet financially, so to speak, in a collective effort that will hopefully ensure that there is a job and a livelihood for everyone to return to after the coronavirus pandemic has eventually passed.
The fact that the company is doing all it can to keep health and welfare benefits going in favour of its workforce, is commendable and even exemplary.