Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 01-24-2013, 09:14 AM   #41
Thinks s/he gets paid by the post
tryan's Avatar
Join Date: Mar 2005
Posts: 2,452

Just curious: When was this?
2002 ... our VP didn't care what we did (as a Dept ... just meet your numbers). It was HR who was "adjusting" timecards.

FIRE'd since 2005
tryan is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-24-2013, 09:44 AM   #42
Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 1,400
During the tech meltdown my company did something similiar. Regular employees took 5% cuts, management took 10% cuts. The benefits got worse in a dozen little ways.

It was hard to get too worked up about it because it was obviously a terrible time in the industry, and it was clear that most companies in our field were fighting for survival.

I think it was very important symbolically that management took a larger cut than the rest of the workers.

We survived, although it was touch and go for awhile.

For people in my field, the tech meltdown was a much, much worse recession than the 2009 one.

Originally Posted by clifp View Post
Within a year of joining my former employer. It was announced that all salaries were being cut by 10% (except for directors and above who took a 10% cut and eliminated executive bonuses) we are all told that in addition we were all told that from now on we were expected to work 10% more per week; and our "flex tim"e was we could arrive anytime before 8 AM and leave anytime after 6 PM except on Fridays when 5 PM was allowed. Hourly workers were exempt from the 10% more hours. (I think plenty of guys learned how to operated office machinery when the admins left at 5... )

Times weren't great in Silicon Valley at the time, so I and most of my coworkers stuck with it, thankful that we were not part of the large number they were laid off. They did however grant additional stock options, and repriced existing ones to $.625/share.

About a year and half when the company returned to profitability. They threw a big party, gave us a bonus to that made up for our lost wages and announced a new profit sharing plan. Reading accounts later, the company was fairly close to going under and the RIFs and pay cuts quite possibly made the difference between survival and bankruptcy and if management did not do this I probably wouldn't have retired early.

I guess the point being that in not all cases is upper management trying to screw its employees. Although in general I agree with Ziggy, in this job market many corporations are ruthless cutting wage expenses, because they can.

Hamlet is offline   Reply With Quote
Old 01-24-2013, 10:42 AM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 13,124
Originally Posted by Hamlet View Post
During the tech meltdown my company did something similiar. Regular employees took 5% cuts, management took 10% cuts. The benefits got worse in a dozen little ways.
Sounds familiar, though I don't believe our management took much of a hit. In fact, they seemed to be adding more layers of BS management even as the worker bees got fired.

Acting associate part-time director of vice-presidency and such...

Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT -6. The time now is 06:39 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.