MEMO TO: All Bass Pro Shops and Cabela's Outfitters and team members
FROM: G.E., Vice President of Human Resources
DATE: April 3, 2020
SUBJECT: Important update for our team members
I hope you and your family members are staying healthy during this unprecedented time for us all. As our nation faces a challenge unlike any we have ever seen before, we want to share some important updates.
As part of our efforts to ensure we remain healthy and vibrant for the future, we most ask everyone to join us in making sacrifices during this incredibly difficult time:
- We are asking all salaried Outfitters to take a temporary reduction in salary, effective April 5. Our senior leadership team is reducing their salary by 20 percent, and reductions for the rest of our team will vary by salary ranging from 7 to 15 percent. The reduction will be based off the latest merit increase which took effect March 6, and may be partially offset by additional direct payments to you from the federal government. If you're a salaried team member, you can log onto Workday later today to determine how this impacts you. We are also temporarily freezing hourly merit increases at this time.
- We are also suspending the company's voluntary 401K matching contribution until further notice. Outfitters can still contribute to their 401K plan, though we cannot commit to a match until the nation's financial condition stabilizes.
We hope the actions we have taken this week help us weather this storm and return to happier days. While we intend for these measures to be temporary, we will evaluate the duration based on the impact of the coronavirus and resulting government actions, and continue to keep you informed.
We know the impact to you and your family is enormous, and we have strived to be as fair and considerate as possible in our actions. We are actively following state and local legislation daily to ensure we are helping you take advantage of any and all programs available to each of you.
If you have any questions, please contact your HR partner or business leader.
Our enduring goal is a healthy, thriving company where we can once again celebrate shared successes with team members like you.
Thanks to your commitment, we're confident we will get there together.