Boston Scientific temporarily cutting hours for most of its U.S. workers

Boston Scientific (NYSE:BSX) announced today that it is taking actions in response to the COVID-19 pandemic, including pay cuts.

In anticipation of an even larger impact from the coronavirus outbreak in the second quarter, the Marlborough, Mass.-based company said in a news release that it is taking proactive steps to reduce costs so it can be in a strong position when healthcare systems begin to recover and elective procedures return to normal volumes.

The company said it is significantly reducing the salaries of its CEO, board of directors and executive committee members and, where appropriate, temporarily reducing workweek schedules for employees. According to a company statement, the temporary cuts include a four-day workweek for much of the company’s U.S. workforce over the next 90 days, which represents a 5% salary decrease for the year.

Other measures include decreasing discretionary spending and implementing precautionary measures to ensure business continuity in supply chain and manufacturing. Precautions include rotational shifts, segregating buildings and limiting movements across sites.

By | MassDevice

Image Credit: Boston Scientific

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About Peter Coffaro 787 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the orthopedic industry. Recognized by MedReps.com as one of the top medical sales influencers in the industry; he has 10 years of combined sales management experience and has held positions as a Director, General Manager and Distributor. Peter has worked for some of the top orthopedic companies in the world - Zimmer, DePuy and Stryker. He is also the founder of OrthoFeed: a popular blog that covers orthopedic news and emerging medical technologies. Peter is a three-time Hall of Fame award winner at Johnson and Johnson and has an extensive background in organizational development, business development, sales management, digital marketing and professional education. Peter holds a B.S. degree in Biology from Northern Illinois University.

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