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BOSTON Arnold confirmed that it would cut some 40-plus employees, about 7 percent of its headquarters workforce here this week and institute across-the-board pay cuts in its three primary offices.
The pay cuts, believed to be a first for the agency business during the current economic downturn, are being made to keep job layoffs to a minimum and will hit the highest-salaried employees hardest, an Arnold representative said.
In addition, Arnold will attempt to mitigate the impact of both the job and salary cuts by paying “performance bonuses” to both remaining staffers and those being laid off, with the funds coming from its 2008 profits.
The pay cuts and bonuses will impact all staffers at every agency office and level of employment, up to CEO Fran Kelly, the rep said.
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