Stupid economy

[Joemonkey]

*snip*
there will be no merit salary increases for employees this year
*snip*
requests for incremental positions that departments believed would be necessary will not be approved at this time
*snip*
reducing travel and entertainment budgets and cutting back on consultants
*snip*
these are difficults times but we know we can count on you
*snip*

sigh...

 

[CPA]

join the club.

 

[Ns1]

at least you still have a job

 

[OCGuy]

Sounds like they are doing the right things in order to keep the company afloat, and you employed. :thumbsup:

 

[leftyman]

at least you are still a Dear Fellow Employee.

 

[funkymatt]

Originally posted by: Ns1
at least you still have a job

this.

im still getting a review, but no chance of a raise or bonus. unlt'd paid overtime makes me happy though

 

[spidey07]

haha! Tell them they can count on you finding another job for more money!

 

[Joemonkey]

Originally posted by: OCguy
Sounds like they are doing the right things in order to keep the company afloat, and you employed. :thumbsup:

i wonder if the C level bonuses are getting cut?

 

[mugs]

Originally posted by: OCguy
Sounds like they are doing the right things in order to keep the company afloat, and you employed. :thumbsup:

Yeah, I mean the pay freeze sucks, but complaining about travel, entertainment and consultants being cut is kind of silly.

 

[hiromizu]

I got this yesterday:

"Dear employee, as a cost allocation shift maneuver, you will not be getting your previous project share, but you may use your corp card this week to buy lunches for yourself."

 

[zebano]

Same thing is happening here. Just be happy to have the job.

 

[Babbles]

Originally posted by: leftyman
at least you are still a Dear Fellow Employee.

:thumbsup:

I got laid off in December. . . I think I would have rather receive no increase in salary than 100% reduction in pay.

 

[JS80]

Originally posted by: Joemonkey

Originally posted by: OCguy
Sounds like they are doing the right things in order to keep the company afloat, and you employed. :thumbsup:

i wonder if the C level bonuses are getting cut?

Who cares? They run the company or it's theirs. They can do what they want. You are just a worthless pawn that probably barely creates value.

 

[spidey07]

Originally posted by: zebano
Same thing is happening here. Just be happy to have the job.

That is a terrible way to look at it. OP got screwed over with an essential pay cut. You don't have to take that if you are decently skilled, just go find another job. You'll likely make more money by jumping ship.

You are in control of how much money you make and your career, don't let somebody else dictate it for you or drop into "I'm lucky to have a job". It's a defeatist attitude.

 

[JS80]

Originally posted by: spidey07

Originally posted by: zebano
Same thing is happening here. Just be happy to have the job.

That is a terrible way to look at it. OP got screwed over with an essential pay cut. You don't have to take that if you are decently skilled, just go find another job. You'll likely make more money by jumping ship.

You are in control of how much money you make and your career, don't let somebody else dictate it for you or drop into "I'm lucky to have a job". It's a defeatist attitude.

Amen. And OP don't take his advice the wrong way. It's not to justify your class envy and bitching about C level bonuses. He's saying go better yourself and become a C level asshole who fires people to retain their bonuses.

 

[Goosemaster]

we had that meeting a month ago:roll:

oh wait...that hurt

 

[Yreka]

Originally posted by: spidey07

Originally posted by: zebano
Same thing is happening here. Just be happy to have the job.

That is a terrible way to look at it. OP got screwed over with an essential pay cut. You don't have to take that if you are decently skilled, just go find another job. You'll likely make more money by jumping ship.

You are in control of how much money you make and your career, don't let somebody else dictate it for you or drop into "I'm lucky to have a job". It's a defeatist attitude.

You dont happen to work for AIG do you ?

 

[sactoking]

I agree that "At least you still have a job" is not always a valid way to look at things, even in this economy.

At my job, in the last 365 days:
We've been notified of a cessation in the employer match of our 401(k) effectively cutting everyone's pay 3%
We've been notified that at the next annual renewal, we will have to pay a portion of our health insurance premiums for the first time ever. Our dependents will continue to be covered 0%.
We've been notified that annual performance raises have been capped at 1.5%.
I became the second person ever in our company to get the professional accreditation that I hold.
I created a new territory and have grown it into the single most productive territory in the company
I set company records for volume of business handled measured by three separate benchmarks

I took an effective paycut of 1.92% (1.5% raise minus 3% cut in fringe benefits plus .42% that represents the additional tax burden on the fact that an untaxable benefit was replaced by taxable income).

And this in a company that had $17.4mm in premium (sales) and $2.09mm in income after tax. Hell, we had an underwriting gain of $4.04mm. Our combined ratio is 63.2%! I don't think that owners of successful companies using the economy as an excuse to underpay performing employees makes me fortunate.

 

[DeadByDawn]

In the last 4 months or so where I work:

No raises at all for 2009 announced
Pension done away with (~2% of pay)
401k matching done away with (~3% of pay)
Hours cut 10%

Yeah, I'm still grateful to have a job

 

[sjwaste]

Originally posted by: sactoking
I agree that "At least you still have a job" is not always a valid way to look at things, even in this economy.

At my job, in the last 365 days:
We've been notified of a cessation in the employer match of our 401(k) effectively cutting everyone's pay 3%
We've been notified that at the next annual renewal, we will have to pay a portion of our health insurance premiums for the first time ever. Our dependents will continue to be covered 0%.
We've been notified that annual performance raises have been capped at 1.5%.
I became the second person ever in our company to get the professional accreditation that I hold.
I created a new territory and have grown it into the single most productive territory in the company
I set company records for volume of business handled measured by three separate benchmarks

I took an effective paycut of 1.92% (1.5% raise minus 3% cut in fringe benefits plus .42% that represents the additional tax burden on the fact that an untaxable benefit was replaced by taxable income).

And this in a company that had $17.4mm in premium (sales) and $2.09mm in income after tax. Hell, we had an underwriting gain of $4.04mm. Our combined ratio is 63.2%! I don't think that owners of successful companies using the economy as an excuse to underpay performing employees makes me fortunate.

Your combined ratio is 63% and you took a pay cut? What the hell?

I'm guessing this is insurance. What product lines even make almost a 40% underwriting profit? That's nuts to begin with, you should be seeing bonuses and profit sharing based entirely on that ratio, not a pay cut.

Time to move on. You'd be better rewarded elsewhere. Also was that designation CPCU, or did you go beyond that?

 

[sactoking]

Originally posted by: sjwaste
Your combined ratio is 63% and you took a pay cut? What the hell?

I'm guessing this is insurance. What product lines even make almost a 40% underwriting profit? That's nuts to begin with, you should be seeing bonuses and profit sharing based entirely on that ratio, not a pay cut.

Time to move on. You'd be better rewarded elsewhere. Also was that designation CPCU, or did you go beyond that?

Contract Payment & Performance surety is where we're making 37% profit.

My designation is AFSB- Associate in Fidelity and Surety Bonding. It's from the AICPCU.

Oh, we also took a hit as there were no bonuses last year.

 

[sjwaste]

Originally posted by: sactoking

Originally posted by: sjwaste
Your combined ratio is 63% and you took a pay cut? What the hell?

I'm guessing this is insurance. What product lines even make almost a 40% underwriting profit? That's nuts to begin with, you should be seeing bonuses and profit sharing based entirely on that ratio, not a pay cut.

Time to move on. You'd be better rewarded elsewhere. Also was that designation CPCU, or did you go beyond that?

Contract Payment & Performance surety is where we're making 37% profit.

My designation is AFSB- Associate in Fidelity and Surety Bonding. It's from the AICPCU.

Oh, we also took a hit as there were no bonuses last year.

So you basically write Miller Act bonds on construction and the like? Is there a commercial equivalent to that too? I'm ignorant as to the line of business, but I spent a few years in personal auto P&C.

You're seriously getting screwed. As bad as the economy has been, insurance has done very well (ignoring AIG). Where are the profits going if the employees are taking cuts? Are you subsidizing an LOB that isn't doing well, or maintaining executive comp growth?

Congrats on the designation. Anything from AICPCU isn't easy to get. We're not talking MCSE's here, so it's quite an accomplishment. Where is the ceremony this year? At my old company, a lot of people saved their last exam for the Hawaii year

 

[boomhower]

Similar to what's happening here as well. No merit raised last year and none again this year. But it could be worse. Our insurance is still free(dependents are not, family is $600 a month) and they still contribute 5% to out 401k(yeah loving that). From what they say we will still get a cost of living increase so we have it better than a lot of people which we are grateful for but no merit raise still sucks.

 

[Joemonkey]

Originally posted by: spidey07

Originally posted by: zebano
Same thing is happening here. Just be happy to have the job.

That is a terrible way to look at it. OP got screwed over with an essential pay cut. You don't have to take that if you are decently skilled, just go find another job. You'll likely make more money by jumping ship.

You are in control of how much money you make and your career, don't let somebody else dictate it for you or drop into "I'm lucky to have a job". It's a defeatist attitude.

I guess that's what makes me mad

no increase + inflation = pay cut

and spidey, you know anyone in Louisville hiring SMS/Desktop engineers?

 

[Fritzo]

Originally posted by: Joemonkey
*snip*
there will be no merit salary increases for employees this year
*snip*
requests for incremental positions that departments believed would be necessary will not be approved at this time
*snip*
reducing travel and entertainment budgets and cutting back on consultants
*snip*
these are difficults times but we know we can count on you
*snip*

sigh...

Worse:

Dear Former Fellow Employee...