So I spoke with a friend who still works for my former employer

[Orrex]

Broadly speaking, the company is in financial services and employs about 1,800. The boss I had at my time of departure was easily the worst boss I've ever had. Worse than the 7-11 manager who stole dozens of cartons of cigarettes each month, and worse than the restaurant manager who used to pop pills in the walk-in freezer.

Anyway, the work-week and my most recent former employer is 35 hours: 9:00 to 5:00 with an hour for lunch, totaling thirty-five hours.

My friend informed me that, due to the current economic situation, no raises will be awarded in 2009. That sucks, but to be honest the company was never short of excuses for why it couldn't give raises or bonuses.

In addition, the work week is now 8:30 to 5:00, for a total of 37.5 hours. No big deal, right?

Well, that increase in hours doesn't translate to an increase in pay. In essence, everyone who works there is taking a pay cut.


To soften the blow, the powers-that-be assured the workers that the top managment team was taking a 10% pay cut. Whoop-de-fucking-doo. They each pull in several million a year, so their pay cut alone is larger than what I netted in 9 years of working there. Guess they'll have to cut back on the lighting of cigars with $100 bills for a while.


But seriously, how much does that suck? To be told that, in addition to getting no raise/bonus, you're taking a cut? That's no way to keep up with the cost of living!

[SeattleGirl]

1. I vote that the poobah's of the company LIVE on 10% of what they

currently make.

Granted, it would probably still be a decent wage.

But it just seems it would be more fair if they did that, instead of taking a 10% pay cut.

[Orrex]

3. I said something very similar to my friend

And believe me, the honchos sure as shit don't work 80 times harder than the people in my former department.

[GOPisEvil]

2. My company is going from 38.75 hours to 40 hours per week.

No increase in pay. HR says salaries are based on 40 per week now, so us employees have been getting 15 minutes free per day. :eyes:

[XemaSab]

4. That sucks

x(

[LeftyFingerPop]

5. 2.5/35 = 7 % real pay cut.

7 % real pay cut plus 5% yearly inflation = 12% worse off than last year.

Sucks.

[Orrex]

6. Yes, they certainly do bend over backwards for their employees

Incidentally, female employees had to wear skirts or dresses until early 2001.

[LeftyFingerPop]

7. Seriously? They couldn't wear business suits? n/t

[Orrex]

16. Nope

Skirts and shoes with "a defined heel."

[Citizen Number 9]

8. Didja notice that unemployment

is up to what, 6.7%?

Everyone I talk to is pretty glad to have a job and are willing to say it.

Once the economy gets better, you should really hold them over the grill for everything you lost during this time and more. :thumbsup:

[madinmaryland]

9. Well a suggestion for you/your friend. Maybe he needs to take a bowel

movement on company time.

Not a brazilan, of course.

Just sayin.

[Connonym]

10. This is probably going to be the new trend

One of my jobs recently installed new software and then cut our pay stating that the software would make our jobs easier (30% pay drop). And because the economy is so terrible right now people are afraid to tell them to stick it because they'd easily be able to hire someone else at probably even LESS than the pay cut. Once again those fuckers have the upper hand and even when the economy does improve again they're going to be stingy about increasing pay. I shudder to think how much worse it would be if gas was still $4 a gallon. I wish we were brave enough or cared enough to strike the way the French do.

[Orrex]

11. It's the reverse of so-called 'sticky prices'

As I learned here on DU, "sticky prices" happen when various factors cause retailers and manufacturers to increase prices. The recent spike in oil prices was used to justify all kinds of increases, on the assumption that it cost more to transport everything. Of course, when oil prices go down, the retailers and manufacterers are very slow to drop prices again, and that's why they're "sticky."

In the current case, the company has argued that the crappy economy justifies the pay cut, and knowing how the company operates, I suspect that they'll hit employees' health coverage next. But when the economy turns around (whenever that might be), I doubt they'll shorten the work week again or otherwise improve the workers' stake in things.

Once again those fuckers have the upper hand

That's it exactly.

[Callalily]

12. I'm on salary and work

far more than the typical 40 hour work week. But to be serious? I'm still thankful I've got a job.

[Orrex]

15. But did they spring your payment terms on you all of a sudden

Or did you take your 40+ hour salaried job with open eyes while in a position to say yes or no?

This company, like many others, has its employees up against the wall and is taking advantage of yet another opportunity to screw them.

[leftofthedial]

13. in the world of the long-term unemployed,

it doesn't sound entirely bad.

[Orrex]

14. Having worked there, and having been unemployed, I can say definitively

That it worse to work for that company.