WWE has apparently informed employees and staff members across numerous departments that there will be no promotions or raises for the time being. The report come following earlier reports that morale backstage on this week's SmackDown was at a low.
According to Mike Johnson of PWInsider, WWE has decided to freeze all promotions and raises following the recent earnings release.
WWE informed employees about this decision via their supervisors and managers. Meetings were held across different divisions within WWE, despite rumors suggesting that the information was relayed at a large gathering. The news comes following earlier reports that backstage morale was at an all-time low before tonight's episode of SmackDown.
Despite promotions and raises being frozen, one silver lining WWE has told its employees is that they are still eligible for bonuses based on their performance for the company. However, it does not help in the overall perspective, considering the fact that many staff members are doing double the amount of work they used to, following numerous lay-offs and firings due to the COVID-19 pandemic.
As of now, there is no word on how long this reported freeze of promotions and raises will last. Hopefully, this is just a temporary setback for WWE, and things can return to normal as soon as possible.
WWE took this decision following the recent earnings release
As mentioned earlier, WWE made this decision out of caution following the recent earnings release. WWE's stock fell from 56 dollars per share on Thursday to 49.23 dollars a day later. That is a 6.77 dollar drop in just a day's time, add to that the unpredictability of the market during the COVID-19 pandemic and WWE is right to be cautious during these times.
Hopefully, things will change soon for the company. One of the major reasons for such a loss was due to the inability to have a live crowd during shows. While the Thunderdome has been great, WWE will surely be looking forward to the return of live audiences and sold-out stadiums.
If reports and rumors are to be believed, WWE is working on plans to bring fans back in some manner for WrestleMania 37. Only time will tell how things unfold for the company.