chrisolson Posted September 24, 2009 Share Posted September 24, 2009 Last year the company I work for made some interesting financial decisions ... 1) Cut Senior VP and above salary by 10% 2) Eliminated annual merit increases for professionals and mid management. 3) Reduced merit pools for supervisors and below. 4) Elimintated company matching funds for 401K plans Pleased to say that it was just announced that those actions will be rescinded and all will back to normal for next year ! Link to comment
Lawman Posted September 24, 2009 Share Posted September 24, 2009 Last year the company I work for made some interesting financial decisions ... 1) Cut Senior VP and above salary by 10% 2) Eliminated annual merit increases for professionals and mid management. 3) Reduced merit pools for supervisors and below. 4) Elimintated company matching funds for 401K plans Pleased to say that it was just announced that those actions will be rescinded and all will back to normal for next year ! giving "credit" where "credit" is due????? Link to comment
motoguy128 Posted September 24, 2009 Share Posted September 24, 2009 Word is that we're tentatively sold out in some of our products for most of next year on new long term contracts. That compared to piling up inventory most of this year with sales levels so low, they weren't even worth mentioning. Our customer cust back and got conservative, but a planning on a rebound next year. I'll keep my fingers cross. We have a lot of capital projects on hold. It may be hard to meet the sales demand if we don't execute soem of those this year. Link to comment
chrisolson Posted September 24, 2009 Author Share Posted September 24, 2009 giving "credit" where "credit" is due????? Actually, just interested if any other members see a similar effect in their line of work. Tired of all the doom and gloom ... Link to comment
Lone_RT_rider Posted September 24, 2009 Share Posted September 24, 2009 giving "credit" where "credit" is due????? Actually, just interested if any other members see a similar effect in their line of work. Tired of all the doom and gloom ... I hope our company see's this as an option soon too. I am just happy to still have a job at this point, but it would be nice to have the benefits back we had before. Until then, I am holding on for dear life like everyone else. Shawn Link to comment
Firefight911 Posted September 24, 2009 Share Posted September 24, 2009 How I would love to get our browned out fire engine back. Link to comment
tallman Posted September 25, 2009 Share Posted September 25, 2009 3 years, no raises, more of same to follow. Probable salary reductions when stimulus package(s) go away after next year. One caveat, if population loss reverses and we begin to import yankees again, tax base will increase and funding will increase. That would most likely avoid any reductions. Time will tell... Link to comment
Fugu Posted September 25, 2009 Share Posted September 25, 2009 I'm fortunate that I am back at work. I'm back in a field I swore I'd never return to because it's the only place I could find a paycheck, and it's a decent company. That said, things are so tight everywhere that it's a killer. My salary, benefits, and potential merit bonus structure is there, but what is expected as a matter of routine is getting silly. Apparently the 6 day work week is normal. Travel Sunday, work Monday through Friday, get home Friday night at 8 or 9PM after return flights. I can't make it long term with this sort of work environment. I'll burn out. I've done it before, and that's why I left the field. What a wonderful feeling, to know that all you could get hired to do is something you don't like doing, swore to never to again, and now get to do 6 days a week. If I make it, I'll get a decent bonus check 1Q 2011. I have to ride out the rest of 2009 for possibly a pro-rata share, then bust ass all of 2010 and stay until I get that 2010 check. It's a damn retention device. Endure the pain until you get the carrot, otherwise it would be paid more frequently since production is tracked closely. Bah. I'm tired of the gloom and doom, too- but you know what? It's not getting better based on anything I can see in my daily life. Link to comment
Kathy R Posted September 25, 2009 Share Posted September 25, 2009 I'm fortunate in that I've been able to save all my life. It has paid off. Two years ago my employer went bankrupt. Six weeks later I went to work for a competitor who one year later laid off in Nov 08. I decided to move from downtown Chicago to upstate NY to lower my cost of living, change the scenery and to be near family. I decided to take the summer off, get a bike again and enjoy myself. As soon as I have time I'm going to get back to work. Link to comment
motoguy128 Posted September 25, 2009 Share Posted September 25, 2009 I'm fortunate that I am back at work. I'm back in a field I swore I'd never return to because it's the only place I could find a paycheck, and it's a decent company. That said, things are so tight everywhere that it's a killer. My salary, benefits, and potential merit bonus structure is there, but what is expected as a matter of routine is getting silly. Apparently the 6 day work week is normal. Travel Sunday, work Monday through Friday, get home Friday night at 8 or 9PM after return flights. I can't make it long term with this sort of work environment. I'll burn out. I've done it before, and that's why I left the field. What a wonderful feeling, to know that all you could get hired to do is something you don't like doing, swore to never to again, and now get to do 6 days a week. If I make it, I'll get a decent bonus check 1Q 2011. I have to ride out the rest of 2009 for possibly a pro-rata share, then bust ass all of 2010 and stay until I get that 2010 check. It's a damn retention device. Endure the pain until you get the carrot, otherwise it would be paid more frequently since production is tracked closely. Bah. I'm tired of the gloom and doom, too- but you know what? It's not getting better based on anything I can see in my daily life. You sound like a contract programmer, or a service technician or some sort. That's a hard life. I thin I'd rather be on the road 11 days and back for 3 instead. It would save them a lot of airfare. Link to comment
Selden Posted September 25, 2009 Share Posted September 25, 2009 Emory's main library and medical library eliminated 35 positions this week. I had been appalled at the amount of money universities (public and private) were spending for the past decade, building ever more lavish facilities, and now, with endowments down 20-30% (worse than that for Brandeis, which had invested with Bernard Madoff), they are having to face the consequences. I'm thankful that I got out at the end of 2008. It's going to be a long, slow recovery, but at least it looks like we dodged GD II. Link to comment
KDeline Posted September 27, 2009 Share Posted September 27, 2009 but at least it looks like we dodged GD II. I don't think so. Link to comment
Selden Posted September 27, 2009 Share Posted September 27, 2009 Reportedly, when Henry Kissinger asked Chou En-Lai what he thought about the French Revolution, his answer was "Too soon to tell." Link to comment
Matts_12GS Posted September 27, 2009 Share Posted September 27, 2009 There was a chap, from the WSJ I believe who was saying something to the effect that what we're seeing now is just a necessary "restocking" as companies have put off the whole of expenses as long as they could. So, durables are starting to inch up, etc but we're looking at a double dip sometime late next year. Endure the pain until you get the carrot, otherwise it would be paid more frequently since production is tracked closely. Bah. Sounds like my company. We're strong and my team/department has already been pr4aised for efficiencies saving $17MM in 2009 alone after a $15MM budget cut. The word on the street is for huge bonuses paid in Q1 2010. I hope I don't burn out, fade away or go postal by then... Link to comment
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