WeWork will be paying each employee at least 50% of their target bonus, and be re-evaluating employee goals in light of the pandemic, CEO Sandeep Mathrani told employees in an all-company meeting Thursday.
The guaranteed bonus comes as the company, like other office real estate companies, has seen challenges in the wake of the pandemic and six months of remote work. Employees were told that it was "more important" to reward people in hard times than in good years by Mathrani, an employee who was at the meeting told Business Insider.
WeWork's bonuses are typically determined by a mixture of company and personal performance, with employees receiving their whole target bonus when both they and the company perform well, according to a source familiar with the situation. Mathrani also told employees the company would be reevaluating and setting out new goals for WeWork and its employees in light of the pandemic. giving WeWork $4.1 billion in cash and unfunded cash commitments.WeWork nabbed a fresh $1.
WeWork, like other real estate and flexible-office providers, is grappling with the global effects of the pandemic on its business. It lost 81,000 members in the second quarter of 2020, and saw its revenue rise only 9% year-over-year in the second quarter after ballooning 45% year-over-year in the first quarter.
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