Tuesday, January 13, 2009

Peyton PHlaCe updates...

I decided to work from home today because I had to take care of some business that I could not take care of in the evening (yeah, bankers have the greatest hours - if you are a banker).

I could probably have taken care of things at lunch but I had a lunchtime meeting with my boss and coworkers who reside farther west (Wisconsin and California).

So, rather than have to leave the office a couple hours before lunchtime or after the normal lunch hour, I just did not go in....

While I was on the phone with my boss, I got an email from corporate informing all full time employees that, in addition to the recent cost-cutting measures recently put into place, Peyton PHlaCe will not be increasing salaries at all this year with the exception of promotions.

What recent cost-cutting measures?
In early November they laid off quite a few people, but opted to pay them their regular salary through the end of the year, provide benefit coverage through March, provide outplacement services immediately, offer severance packages to be paid in Jan, and pass their work along to those who were not laid off....
Then, just when the severence packages start to kick in (at the start of the new year), they rehire some of the previously laid off employees - through contracting agencies.
So now Peyton PHlaCe is paying severance, full benefits, and a much larger salary to a contracting agency for employees they could not afford to keep 6 weeks ago.

Since those cost cutting measures did not work out quite as well as they thought they would, they will try a different approach. No raises - unless they can find a way to promote you...of course, all this during a delayering reorganization still in process...so it may not be in anyone's best interest to seek a promotion...

What are the chances that that lotto ticket I bought is THE winner????

1 comment:

Dawn said...

I can completely sympathize. It's exactly the same where I work. We had several people retire in 2008 who were not replaced, thus cutbacks through attrition. 2009's budget year is s'posed to be the worst it's ever been, so of course no raises. Now employee coverage is so thin, it's hard to keep up as it is, but those all knowings in charge want even more out of us left here, and just be glad we have jobs. Don't get me wrong, I am glad for that..but off the record I'd love to say... BITETH ME!