Peloton improves pay incentives to boost morale

Jul 11, 2022
349 views
0 comments
Share
Wellness Benefits

Peloton has sweetened its incentives for workers with one-time cash bonuses and changes to its stock compensation plan as the company fights to retain employees and fix its struggling business. Barry McCarthy, a former Spotify and Netflix executive has been working for the last five months to boost the morale at Peloton as part of a turnaround plan. In early February, McCarthy was CEO of Peloton, replacing John Foley as the company's expenses spiraled out of control and the demand for their bikes waned.

Peloton had cut 2,800 jobs or about 20% of corporate positions back then. Now, however, the company says that it is taking action so employees can benefit as the company works on its turnaround efforts, Shari Eaton, Peloton’s chief people officer says, "The extraordinary circumstances that we find ourselves in now really give us that chance to pause and look at what it is that we can do to ensure future success."

According to an internal memo, Peloton told employees that eligible team members would have their post-IPO options repriced to Peloton’s closing price on July 1 of $9.13. For employees who do not want stocks in the company. Instead of an equity grant, Peloton's hourly workers will be eligible for a one-time cash bonus in September. Many of the company’s hourly employees have said they would prefer to receive cash compensation over longer-term equity grants.

Source: CNBC

349 views
0 comments

Tags In

Healthcare Job Placements

Previous days news

Jul 8 Jul 6 Jul 1 Jun 29 Jun 27

Best tech jobs in the United States : BLS data

Sep 06, 2022
549 views
0 comments
Background Checks

For several reasons, the IT sector is appealing to job seekers. ...Read more

Salaries for Californian fast food employees might rise to $22 per hour

Sep 06, 2022
502 views
0 comments
Background Checks

Despite the opposition of restaurant owners who worried it would raise customers' bills, California Governor Gavin Newsom on Monday signed a nation-leading law providing more than 500,000 fast food employees additional authority and rights. ...Read more

Workers leave as job dissatisfaction grows

Aug 17, 2022
584 views
0 comments
Background Checks

Demands for improved pay and workplace environments are coming from workers in California to New York. ...Read more

Microsoft offers graduates from African nations job prospects in the US & Canada

Aug 17, 2022
479 views
0 comments
Background Checks

New graduates from institutions in Nigeria and other African nations have been made aware of job prospects by Microsoft. ...Read more

Casper is hiring professional sleepers

Aug 10, 2022
562 views
0 comments
Background Checks

A mattress company is searching for a role where napping while working is not only acceptable but also required. 'Casper Sleepers' are being hired by Casper, a New York-based business established in 2014. ...Read more

Peloton improves pay incentives to boost morale

Peloton improves pay incentives to boost morale

Tags In

Others news

Category

Tags

Articles