SAS Institute has recorded profits year after year since its foundation, the record which may end this year due to the pandemic. However, the company owner said that he is not highly concerned with dropping profits. Jim Goodnight expressed that the company is not looking to lay off any employees.
The coronavirus pandemic has pushed the global economy to a great crisis. In such a scenario, a lot of tech giants have indicated job cuts and furlough for employees to cut costs.
SAS Institute Says no to job cuts
However, SAS Institute has said that they will not be cutting the jobs or furlough employees since the company is in good shape and financially stable.
The CEO Jim Goodnight said that financially we’re in good condition, he added,
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“We’re not going to have any furloughs or layoffs in response to the pandemic. We may not make any money this year, but we made plenty in the past to get us by.”
He also said that it is not the right time for the company to fire employees as there is already a lot of stress around them.
Company is still in good shape
The company is one of the biggest software firms which provides solutions to more than 8 thousand businesses, Institutions, and government entities. The company noted revenue of around 3.3 billion two years ago. Right now, some of the clients of the company are suffering significant losses due to the covid-19 impact.
Clients and Businesses hurt big time.
Jim Goodnight further said,
“We have a lot of customers in the hospitality business: hotels, airlines, cruise ships,” “A lot of them are hurting big time. I mean, when are you going to feel comfortable getting on a crowded airplane again?”
Due to the crisis, a lot of clients have deferred payments, and there are other worse indicators expected. However, he indicated that the business is still as usual at his company. He said that the company is still a better position and can handle the pandemic crisis.
The company is doing better to take the hit.
“We are completely debt-free, so that puts us in a much better position to take a hit this year,” He added, “This model has served very well for SAS, and is why we can weather this storm better than some other companies.”
Relief to Employees
With most companies laying off employees due to the pandemic crisis, SAS institute’s decision of not laying off employees comes as a relief to the workforce. The CEO said that – “this is a terrible time to lay people off, It would just be horrible because you can’t go find another job”.