In an effort to scale back costs, Hewlett-Packard Co. is asking its employees, including its Chief Executive Carly Fiorina, to either take a pay cut or use up accrued vacation days. In accordance with company tradition, the company request is voluntary—employees may decide to take a lower pay cut or give up fewer vacation days, according to the company spokesman. Other ways the company is looking to cut costs include asking employees to turn in company cars and instituting tighter cell phone and travel policies.
See "Hewlett Asks Employees to Take Pay or Vacation Cut", Nicole Volpe, The Washington Post, June 28, 2001