Arrow Electronics Cuts Pay to Avoid Layoffs

Arrow Electronics, a Fortune 500 company founded in 1935 in New York City, has started a plan that will cut employee’s pay in an effort to avoid layoffs. The plan will call for mandatory time-off in which employees will not be paid.
A company that deals in computer and electronic products, Arrow Electronics is yet another company adversely affected by the global financial downturn. It earlier unveiled a report that showed that the company’s net income fell more than 30% in the final quarter of 2008.
Paul Reilly, the CFO of Arrow Electronics, said that the company’s plan of mandatory time-off will …read more