Thoughts??
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CEO is also taking a 1 dollar salary for the rest of the year. Believe it or not they are actually supporting us.
This is the best news I ever heard on this forum believe it or not.
They haven’t even started and won’t start until much later!
This is why taking on huge a debt load to buy back stock is a bad idea. It helps hit and run activist investors like Elliot Management in the short term but it leaves the company on weaker footing when things go wrong like this. It’s good that CDK is committed to keeping people on until the end of May but after that it’s going to be rough going unless dealership business picks up.
Wow that’s good news. I expect some states to start a slowly opening by then.
Not only that means they haven’t even began to lay off.
If worse comes to worse they may start with implementation and training or any thing that far exceeds the number of stores still holding on.
I for once am proud to have this company supporting me when I need it the most
@tcye+141VOxeV , confirmed, CEO says there will be no layoffs unless the covid lockdown goes past May 31.
No temp layoffs or furloughs through to at least May 31st. According to email from Brian K.
Followed by zero pay raises and no bonuses
Waiting for the suspension of the 401k contribution, because that is what other companies are doing... in 3... 2... 1...
In the great recession dealer had parent ADP to shelter in, this time there is nobody. Wouldn't be surprised if there is a big impact
Where did you get that information?
CDK is laying off 400 contractors this Friday. The move to unlimited PTO was certainly calculated.
@3fib+141VOxeV Aren't you also anonymous? Why are you so pro CDK? The company treats people horribly.
Since we are no longer covered by the WARN act because of the virus outbreak, CDK with definitely take advantage of the opportunity to do another round of massive layoff
heard that all h1b, contractors, Indians will be laid off if the crisis takes more than 1 month.
I agree that layoffs are coming. OEMs have shutdown so it is only a matter of time until dealerships start to close. 2008 repeat.
@1lay+141VOxeV Listen, Mr. "Cope", like I've told you before, don't jump to the defense of this company. They do not have your best interest in mind. The recent change to "unlimited" vacation time is to clear the books of owed vacation time. I think this was planned before the virus even became an issue but the timing worked out to be perfect for CDK. Don't be surprised if a mass layoff comes soon. They were probably already being planned.
This crud was said during 2008
In the old ADP days
Guess what it came and went.
You can’t stop these things and cope All you want here. In the end what will happen does and with no consideration of this site.
The unlimited PTO is a telltale sign that layoffs are imminent. Not having to payout vacation time when they terminate you will be more money in their pocket.
Given that they just eliminated the old paid time off program and replaced it with an unlimited time off type program that doesn't require them to pay accrued but not taken time if they terminate you, the possibility of a mass layoff is very likely. Even more if the stock stays in the low 30's.
As always, our ever-thoughtful CHRO says that it's for our benefit!
It will be difficult to survive if a huge number of dealers start to close.