Cirencester, UK-based Corin Group PLC has responded to the COVID-19 pandemic by announcing that it was setting a new 2020 goal and retaining all employees at full pay.
Corin, an orthopedic company, has nearly 900 employees globally. In a recent press release, Corin announced that it would not be laying off employees due to COVID-19. Instead, Corin will retain employees at “100% of their fixed pay.” In order to achieve this objective, Corin will redistribute managers’ and executives’ bonuses across the company.
Corin CEO Stefano Alfonsi commented on the company’s decision, “I strongly believe organizations and people are shaped by the environment and experience they are going through. COVID-19 is a culture defining moment for Corin. The way we will react and behave in this crisis will define our culture, our way of working together and eventually our company.”
Alfonsi also addressed Corin’s revised 2020 goal. Alfonsi stated, “Our new 2020 goal has been redefined: sustain our company through this situation by protecting our cash, focusing on the critical initiatives to remaining well positioned for the future growth.”
Alfonsi continued, “We will achieve our goal by further engaging our customers, maintaining our critical initiative on QA/RA and technology development for our winning Vision: Connected Orthopaedic Insight.”
Andy McCleod, president of Corin USA, told OTW, “I am very proud to be part of Corin in these unprecedented times. These actions, taken by the board, have many positive consequences for our people, our families and community, the healthcare system, as well as the U.S. economy.”
McCleod continued, “We are all grateful and highly motivated to come out of this crisis in a position of strength as we get closer to the recovery period from this pandemic.”
For OTW’s recent coverage of Corin see “Major Milestone – 25,000 TKRS/5,000 Balancebots – for Corin” and “Corin Enters Robotics Market with Omni Purchase.”
