CEOs trying to protect the bottom line without layoffs

In late March, South Florida CEOs were asked: Do you anticipate having to lay off any employees? If not, what other measures are you taking to protect your organization’s bottom line? JJ Gouin Getty Images/iStockphoto

In late March, CEOs were asked: Do you anticipate having to lay off any employees? If not, what other measures are you taking to protect your organization’s bottom line?

Each and every one of the dedicated professionals at the Jewish Federation of Broward County are essential. Layoffs would not only wreak havoc on our employees and their families, but the Jewish communities that depend upon us. Fiscal responsibility is the hallmark of our Federation and Charity Navigator has recognized us as a four star charity, their highest rating. It’s not only what we’re doing now that is protecting our bottom line, it’s the fiscal stewardship we’ve shown in the past.

Michael Balaban, president, CEO, Jewish Federation of Broward County

As an insurance executive, I have always espoused that we are part of one of the oldest and most venerable industries. More importantly, our client base is diverse. Given this, I do not plan any layoffs. If the economy continues to deteriorate, I will consider taking all executive compensation to ‘zero,’ before looking for modifications in payroll to the general workforce. The second step, if this doesn’t resolve the issue, would be to reduce payroll, per household, with consideration of financial stressors for each individual. I am also following the news regarding business loans for small businesses, as we do have less than 500 employees.

Anita Byer, CEO, Setnor Byer Insurance & Risk

The goal is no layoffs. To what degree that can be achieved by the business community depends greatly on the promptness and level of COVID-19 related assistance provided by the state and federal governments. The probability of substantial layoffs grows exponentially every day assistance is delayed. We are seeing many businesses realign their service and product delivery channels to ensure some maintenance of revenue flow, but not nearly enough to survive long term. Some of us believe this pandemic will trigger massive paradigm shifts in the ways we do business. Most of those changes will become evident in post-pandemic recovery, but they will be significant and ubiquitous for most sectors.

Carlos R. Fernandez-Guzman, president, CEO, Pacific National Bank (PNB)

I don’t want to speculate about this but some departures have already happened organically as some employees have been forced to leave work to care for their young children now remotely learning at home. Regarding the bottom line, every decision attached to an expenditure is being evaluated extremely carefully.

Bernie Navarro, founder and president, Benworth Capital Partners

We will exhaust all options before laying off employees, although we will have to reduce employee hours, and we will be tested to find creative new ways to stay in business. One fortunate action step was starting online ordering (of food) two months ago — this will help us.

Julio Ramirez, president, CEO, JEM Global Consulting

We are not anticipating laying off anybody; we have a robust protocol for working from home remotely, and will conduct depositions, conferences, hearings through video conferences.

Stuart Singer, administrative partner, Fort Lauderdale office, Boies Schiller & Flexner

We do not anticipate layoffs because we are able to continue our work remotely and the state and federal governments continue to provide the funding necessary to support early learning programs, just like they are doing for school districts. The 1,200 early learning programs we have under contract to provide school readiness, VPK and Early Head Start educational services to 50,000 children annually, continue to receive their monthly payments based on their enrollment. This was authorized by Governor DeSantis through executive order. Most are small family-owned businesses that would most certainly have to go out of business without the continued payments. Early learning programs depend on multiple funding sources to stay in business, so they are doing their very best to avoid layoffs.

Evelio C. Torres, president, CEO, Early Learning Coalition of Miami-Dade and Monroe

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