Pay reduction.......

[KimberPB]

I got back from lunch today and found an email from our parent company (a Bank) that stated effective March 16th we would see a 3% pay reduction! What a roller coaster. First we have reviews and no raises. Then they announce they were profitable and gave us bonuses. Now we get an email telling us we will see a 3% pay reduction on our next pay checks. So were profitable but making pay cuts?!?!?!? Only thing I can think of is we are either not profitable as they say or since we took bailout money we have to meet some standards set by the government and show some sort of reduction in operation cost. Oh well who knows at least I’m still getting a pay check.

Just needed to vent! And I thought Obama was going to fix all this crap!

 

[Glock Fan]

Not quite the "change" you expected??? :fie: I knew the man was trouble from when I first heard he was running for President.



gf

 

[HK4U]

Well the Obamanation did promise change. Sorry to here the bad news. I am sure we are all in for more bad news before things get better.

 

[ricbak]

:angry:
Just plain disturbing...

 

[toreskha]

:angry:
Just plain disturbing...

Not as disturbing as a pink slip. Most of those types of bad results, even during "poor" economic times, come from poor management strategy that doesn't take caution into account.

The institution that I work for has apparently decided to pursue an ambitious course of expansion on several different fronts. They've succeeded mightily in spreading themselves too thin. Recently, they lost a contract to provide support services to the military, and as a result will be laying off dozens of contract workers. Good job, guys. :wacko: IMO they were never equipped to pursue or make good on that contact to begin with, and should have left it alone.

 

[Scarecrow]

that sucks.. sorry to hear that.
I've even started donating plasma again to get some extra cash.. it can be an extra few thousand a year if you do it as often as you can... keeps me buying ammo

 

[stumpjumper101]

you apparently were making too much money for Mr. Obama so he is going to take your excess money and give it to the bum out on the street who has done nothing to deserve it. CHANGE CHANGE CHANGE he and all his followers should be tried for treason. So far he has broken every promise he made during his campaign. has spent in his first month in office more than W. spent in two terms as president.

 

[PascalFleischman]

Sucks to hear, but companies are getting LAUDED for this route. Cutting 401(k) contributions, no bonuses, pay cuts, etc. Stuff they have to do to stay solvent, I guess. Look at FedEx.....they sort of started this trend. Sure beats a big ol' pink slip.

It'll bounce back.....it sucks for now, but they usually reward folks for sticking with them through the hard times.

 

[KimberPB]

Sucks to hear, but companies are getting LAUDED for this route. Cutting 401(k) contributions, no bonuses, pay cuts, etc. Stuff they have to do to stay solvent, I guess. Look at FedEx.....they sort of started this trend. Sure beats a big ol' pink slip.

It'll bounce back.....it sucks for now, but they usually reward folks for sticking with them through the hard times.

Ya I know it could be worse and I thank God I still have a job.

 

[ricbak]

Not as disturbing as a pink slip.~

Sorry, I did not get back to you sooner, My bad... Yup, I understand "Pinks" I got one of them almost a year ago. The competition for what positions that are out there is really unbelievable. Where the requirments for a position was a BS/BA degree is now a Masters or better.

~The institution that I work for has apparently decided to pursue an ambitious course of expansion on several different fronts. They've succeeded mightily in spreading themselves too thin. Recently, they lost a contract to provide support services to the military, and as a result will be laying off dozens of contract workers. Good job, guys. :wacko: IMO they were never equipped to pursue or make good on that contact to begin with, and should have left it alone.

Sometimes, I'd like to be a fly on the wall to understand the thinking on situations like that.... If you ask now, What were you thinking, the reply will be "Sounded good at the time!" Just plain Disturbing....

 

[Sheldon]

And the question is..... they cut your pay by 3%... did they cut theirs too????:fie:

 

[KimberPB]

And the question is..... they cut your pay by 3%... did they cut theirs too????:fie:

I think you know the answer to that! lol

During the meeting I asked if the 3% pay reduction meant that I could cut my productivity by 3%. Management didn't find that funny.

 

[toreskha]

Sorry, I did not get back to you sooner, My bad... Yup, I understand "Pinks" I got one of them almost a year ago. The competition for what positions that are out there is really unbelievable. Where the requirments for a position was a BS/BA degree is now a Masters or better.
A rule of thumb going forward might be that unless you're super competitive in your field, have a backup career in case you need to bug out. A real estate license, welding certification, or just a side business that you can expand if things get difficult at your normal job.

Sometimes, I'd like to be a fly on the wall to understand the thinking on situations like that.... If you ask now, What were you thinking, the reply will be "Sounded good at the time!" Just plain Disturbing....

Yep. Rooms renovated, cubicles put in, computers set up, employees hired, now all for nothing. That was an impressive use of a small hill of taxpayer money. I'd like to know how much...probably at least $200k on the low end.