Job market

[piemma]

Well I have to admit that I got the &%$# shocked out of me. The company I work for, a technology company, just wacked 30% of our work force and gave the rest of us a 20% pay cut and took all healthcare benefits away.

They stated that we all have to "tighen our belts". My problem is that as a sales guy I exceeded my quota last year. Brought in $1.4M in new business. The company as a whole doubled their revenue figures for 2008. I wonder where all the money went?????

I got a sneaking idea that some of the executive management team all got big bonuses and us grunts are just getting the shaft for our hard work.

[Saltheart]

I know it doesn't help but your not alone. Don't try to figure out why in terms of performance of you or the company. the economy is now an excuse for all the employers to be predetory. History shows that in time it will turn around and when they need you , remember how ruthless they were and pay it back in spades.

[piemma]

Thanks, man. I needed a pick me up

[BigFish]

Jeez Piemma, they can take your healthcare away like that??? They suck! Good luck with all that!

[RIROCKHOUND]

Originally Posted by piemma

Thanks, man. I needed a pick me up

I thought you were looking for a new gig anyways.

[BigBo]

I may be looking soon myself. Problem is....where?
Things will get better eventually I guess. Unfortunately, I think they're going to get worse before that happens though. I wouldn't mind as much if I were younger. Gonna be a bumpy ride me thinks.
Good luck Paul.

[Uncle Matt]

Together we can.... That's bull sh!t.

[Crafty Angler]

Good luck, Paul - the only thing you can do is just duck and cover until this crap passes over us...

[piemma]

Originally Posted by RIROCKHOUND

I thought you were looking for a new gig anyways.

I am but didn't expect to take a 20% hit on my base while I looked. I am more pissed about them doing this to my tech support guy. He has 6 kids!

[Back Beach]

Sorry to hear it Paul. Many are even worse off as you stated.

Things(bad) are happening so quickly right now its blindsiding many people. I just finished reading(three times) a great book entitled "The four hour workweek" by Tim Ferriss. Although the book is about minimizing your presence on the job while maximizing your income, the author suggests you constantly ask yourself..... If I were to become unemployed tomorrow, do I have a survival plan?
I'm not suggesting you'll be unemployed, but many people are finding themselves in unfortunate situations with regard to employment and never really gave their financial survival much though until they received termination notice.

Keep your chin up, you've fought much tougher battles than this and won.

[fish4striper]

sorry Paul seems to be the way of the times,

They told us no raises for this year and doing a bunch of other cost cutting in lieu of no massive layoffs. Guess I'm lucky I have a job.

I guess you need to be on wall street or a politician to make out these days. The rich get richer, us workin stiffs get poorer.

Originally Posted by piemma

Well I have to admit that I got the &%$# shocked out of me. The company I work for, a technology company, just wacked 30% of our work force and gave the rest of us a 20% pay cut and took all healthcare benefits away.

They stated that we all have to "tighen our belts". My problem is that as a sales guy I exceeded my quota last year. Brought in $1.4M in new business. The company as a whole doubled their revenue figures for 2008. I wonder where all the money went?????

I got a sneaking idea that some of the executive management team all got big bonuses and us grunts are just getting the shaft for our hard work.

[RIJIMMY]

Hang in there Paul, round 2 of layoffs are due here next week.
This sucks all around and I still dont see an end in sight. I'd feel a little better if I was putting a hook in the back of a fat bunker and let it swim.

[Clammer]

Paul ;;

how long are they gonna carry the medical .. they must have given you some time ;
At least now in RI ..you can get individual BC & BS .. its not cheap & they take guys like you & me ;;;

BOL BUD ><><

[Joe]

Sorry Paul.

[RIROCKHOUND]

Originally Posted by piemma

I am but didn't expect to take a 20% hit on my base while I looked. I am more pissed about them doing this to my tech support guy. He has 6 kids!

I know. Just saying

Sucks.
It's the same thing in the state, when they claim the ave state worker makes $X, so whats 20% or paying a huge chunk of your health care? It's a lot for someone like a department secretary making 30G.

good luck.

[piemma]

I didn't mean for this to come across as weining. I have health coverage. The company was reimbursing me for my coverage but not my wife.
The whole thing just pisses me off because they obviously made a boat load of profit. The Company went from revenue of $4.6M in 07 to $9.5M in 08 with essentially the same number of employees (i.e. the same overhead.) So they grossed $5M more in 08 yet wack 30% of the staff and cut everyone's salary and health coverage.
It smacks of what's happening on Wall Street.

Personally, I am more pissed about the ethics of what they did than anything else. I'm going to be 62 in October and I should probably retire then and fish full time.

[Raven]

Originally Posted by BigBo

I may be looking soon myself. Problem is....where?

Look to The Bio tech sector... why? Because the restrictions on
stem cell research have just been lifted...

the companies participating in stem cell research are on the fast track. People have recently said about Obama ...your ending Gitmo and killing babies... not true, as embryonic fluid was also found to have stem cells in it... I know it means huge changes but taking away health care is totally unacceptable.

Paul, sorry to hear of your situation. But it sounds like to me
your past performance would look excellent on your resume.

[rwilhelm]

Sorry to hear that. I could see if your company was hurting but it sounds like your company had a great year despite the economy. Unless future sales look very grim?

[RIROCKHOUND]

Originally Posted by piemma

Personally, I am more pissed about the ethics of what they did than anything else. I'm going to be 62 in October and I should probably retire then and fish full time.

When you get a new gig, send them a farewell gift...
Mail them a frozen eel.
and make sure you mail it parcel post so it takes a while to get there..

[Jenn]

Join the club. Over the summer (our BUSY time we got a mandatory cut across the board to 32 hours....that 20% down from 40...see a trend?) It was supposed to be for a month but lasted over three months. Well here we are again in our SLOW period cut again to 32 hours. This on top of no XMAS bonus or raise which I have gotten yearly for the past 6 years. Its just one hit after another......

[Jenn]

oh and I forgot to mention that our largest client (the major backbone of our business) reportedly layed off 40% of its people!

[Raider Ronnie]

Sucks reading stories like this every day !
And to think Jason Veritec is offended playing for $5 mill this season !

[gf2020]

Originally Posted by RIJIMMY

Hang in there Paul, round 2 of layoffs are due here next week.

Is that Fidelity? Their second round is supposed to be next week.

[5/0]

Originally Posted by piemma

I didn't mean for this to come across as weining. I have health coverage. The company was reimbursing me for my coverage but not my wife.
The whole thing just pisses me off because they obviously made a boat load of profit. The Company went from revenue of $4.6M in 07 to $9.5M in 08 with essentially the same number of employees (i.e. the same overhead.) So they grossed $5M more in 08 yet wack 30% of the staff and cut everyone's salary and health coverage.
It smacks of what's happening on Wall Street.

Personally, I am more pissed about the ethics of what they did than anything else. I'm going to be 62 in October and I should probably retire then and fish full time.

Im sorry to hear about the going on's at your work,the health care is the real kicker,it sucks.
In time's such as these alot of companies such as yours who made a large profit can just jump on the economy wagon and say hey times are tough sorry.

Paul Im sorry for you & yours to go through this but it could be worse.


I got a 33% pay cut and was told I must work a 40hr. work week
So I know how your feeling.



5/0

[Saltheart]

medical coverage seems to be the thing that is holding many people hostage to losy jobs and or employers. What sort fo coverage is available for people who lose coverage because of a layoff or a company discontinuing coverage?

Maybe we should start a new forum where peole can discuss , contribute, find info on such things as unemployent , health coverage , etc. It sure is a timely topic!

[piemma]

Thanks for the feedback. Sad to see that I am not alone. Let's just hope our new President turns this boat around.

[HESH2]

in my old and slow years now i can't remember worse times than present time.so many law offs of several thousands,banks and wall street tanks.all major mfg jobs overseas.i feel for all of you,i guess you just gotta bite the bullet and be thankfull you still are working and got something cause there nothing else out there.i personally got a couple family menbers hanging by there finger nails with a really bad auto co in the motor city.good luck everone,hang in there.

[Tagger]

We'll just have to ride this out ,we have no choice .. I could really stew over this situation . Last time I did that, I got a bald spot on my head . Sux your company had a banner year and still bent everyone over. What can we do but, hold on and regroup . Next time the economy spikes I'll be leaving the major work force (old) before Wall Street wrings it out again . Bastages... good luck and hang in there . One thing I've learned in the past .. A recession is not a good time to take up heavy drinking ..

[RIROCKHOUND]

Originally Posted by HESH2

in my old and slow years now i can't remember worse times than present time.so many law offs of several thousands,banks and wall street tanks.all major mfg jobs overseas.i feel for all of you,i guess you just gotta bite the bullet and be thankfull you still are working and got something cause there nothing else out there.i personally got a couple family menbers hanging by there finger nails with a really bad auto co in the motor city.good luck everone,hang in there.

You know, I worked with an older gentleman around 9/11 (he was mid-70's then) and he said 'Kid, I've seen the best of times, and this ain't it'...

I believe him...

[piemma]

I feel bad for the younger folks. I'm past the worrying stage in my life. My wife is retired with an income. My kids are grown and my house is payed for. We don't have an extravagant lifestyle and other than fishing I just work a lot. The kids with little ones are the ones I worry about including my kids and grandkids. This isn't going to turn around quickly.