A survey by Quatt Associates shows 19% of trade groups cutting compensation for top executives, and there may be more bad news to come as fiscal years end for more associations. “We’re going to see salary reductions and bonus reductions,” said Charlie Quatt. “People are going to be careful about managing money... There could be more (salary cuts)." One silver lining: Many groups already are finding effective ways to adapt to the new circumstances.
Virtual tools like videoconferencing have helped, but member activism and tapping into existing relationships is more important, according to CEOs.
Many associations likely didn’t have insurance to cover event cancellations, and many of those that did opted out of optional disease coverage.