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March 5, 2009
HOLLAND, MI - Office Furniture Maker Herman Miller announced today it plans to reduce hours for salaried employees.
The company issued a news release Thursday afternoon. In it officials said, "Today Herman Miller announced further cost reduction actions in the company's fixed overhead operating expenses, in line with reduced demand caused by the present global economic weakness."
The cuts include a temporary reduction in the work hours of salaried employees and 401K company match. The statement explains the plans in detail, "Herman Miller will temporarily implement a 10% reduction in hours and pay for most U.S. salaried employees through closure of most of its facilities every other Friday, beginning March 13, 2009.
Brian Walker, President and CEO of Herman Miller says the hope is these steps will prevent further layoffs.
Read the complete statement from Herman Miller below.
Formal company statement issued March 4, 2009
Today Herman Miller announced further cost reduction actions in the company's fixed overhead operating expenses, in line with reduced demand caused by the present global economic weakness.
Since December 2008, the company has implemented a series of corporate-wide cost saving measures, including the reduction and elimination of program spending, elimination of temporary workers, an enhanced voluntary separation offer to employees, facilities consolidation, manufacturing lay offs, and job eliminations. Despite efforts to use other forms of cost reductions, layoffs, voluntary separations, and job eliminations have impacted approximately 1,100 employees worldwide.
Unfortunately the continuing global economic weakness requires the company take further action. To minimize the potential for further job reductions and ensure its ability to rapidly respond and grow as market conditions improve, Herman Miller will temporarily implement a 10% reduction in hours and pay for most U.S. salaried employees through closure of most of its facilities every other Friday, beginning March 13, 2009. Additionally, Herman Miller will also temporarily suspend its matching contribution to employee 401K plans beginning March 9. Both actions are similar to recent steps taken by other companies. Herman Miller intends to resume normal hours and reinstate the matching 401K contributions as soon as business conditions permit.
Brian Walker, President and CEO, noted, "As difficult as these decisions are, we are doing what is necessary to ensure the continued strength of our business while minimizing further job losses. These steps will also enable us to be better prepared for economic recovery and renewed growth. I'm grateful for the understanding and commitment of our people throughout this economic ordeal and look forward to the better days we know are ahead."
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