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William Hill CEO Opens Fund to Grant Salary to Employees
March 29, 2020 TamaraTam
As have the majority of businesses around the world, dominant provider of sports betting content, William Hill, is also dealing with the affects the coronavirus COVID-19 is having resulting from the unprecedented global shutdown.
The company has already sent 600 workers home and closed several locations to prevent additional spread. CEO Joe Asher is looking for alternative solutions to prevent further losses and enhance the workers’ security. He has just activated the employee fund, which will consist of his entire salary and provide workers with additional .
Background
After the May 2018 legalization of the sports betting industry in America, a number of operators started to show interest in both casino and sportsbook activity with more contenders getting involved. Approximately eighteen months later, after states worked fast and furious to legalize sportsbooks and sports betting, Covid-19 has emerged and caused the closure of highly promising industry…
Most operators are encountering a harsh period and have to choose between shutdown or temporary closure. Thousands of people are out of jobs and the situation has become more than serious.
William Hill is one of the most reputable sports betting operators that has built its portfolio of clients and significant financial reserves. A complete shut down is not an option for William Hill US, but it has already sent employees home.
After the company released 600 employees, CEO Joe Asher came to the idea to open the William Hill Foundation to offer financial to employees who are the most affected by the layoffs.
On this occasion, CEO said:
“I didn’t feel right about continuing to get paid while so many people were out of work. So, I just decided to donate all of my salaries to the foundation and encourage everybody else in the company who’s still working to donate what they can.”
Asher has decided to contribute his entire 2020 salary to the fund and hopes to see other employees doing the same thing.
Present Situation
The present situation is more than concerning for worldwide casino operators. Most of them are looking to reduce operational costs and remain liquid during the pandemic. Some employees are ready to sacrifice their own interest for the good of the company while others pull back in the tough moments.
Everi Holdings President and CEO, Michael Rumbolz has also decided to redirect his annual salary to affected employees. Additionally, the entire executive team will face a 70% reduction in payment. He said:
“With essentially all revenue and the associated workload having been reduced to near zero and limited visibility as to when our customers may reopen for business, we have taken decisive actions appropriate for the current level of business and to prepare our Company to withstand a potentially prolonged period of minimal industry activity.”
Source:
“William Hill CEO to create fund, donate salary to employees“, calvinayre.com, March 26, 2020.
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Well-done for William Hill CEO! The company has already been recognized in the community and this step will enhance the trust and overall safety of employees