Freeze, Don’t Move!

According to news reports, including one here, Governor David Patterson ordered a pay freeze for all staff of the Executive Chamber. This chilling move is a challenging tactic for challenging times, and should be applauded. Over the weekend, while working on a story for WWD, I interviewed several Wall Street analysts who are encouraging faltering, multi-billion retailers to engage in similar tactics. Jeff Van Sinderen, of B. Riley & Co., and Dana Telsey, of Telsey Advisory Group, both said companies need to be in a “defensive mode” given current economic conditions. This means freezing pay (what the governor is doing) and putting bonuses on hold as well as putting a freeze on new hires. In some cases, cutting staff is also needed. Putting the entire New York State government in a defensive mode is an approach that would help bolster its financial position in the short and long term, and is something that should be considered.

1 thought on “Freeze, Don’t Move!

  1. The $250,000 in raises the governor gave to a dozen of his top workers in February will not be rolled back, a spokesman said.

    This is not acceptable; neither are the raises given locally, including that of the mayor’s…………
    pg

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