Shared Sacrifice
By Ryan Goldberg Nov 11, 2008 8:15 am
Many workers who have kept their jobs are being asked to leave something on the table.
For the last month, few days have passed without another report of layoffs at major companies, and the cuts seem to be accelerating the way a wave picks up speed before it reaches the shore. In the last month, Pepsi (PEP) announced it would eliminate 3300 jobs; Fidelity (FSBI), 1300; General Motors (GM), 3,600; Goldman Sachs (GS), 3,200. The list goes on: Job cuts in October alone totaled 112,884, up 19% from September. It seems no industry is safe.
Job cuts have been the first shoe to drop. It’s a quick, though not painless, measure. But some companies haven’t resorted to layoffs -- not yet, anyway -- and instead have decided to cut other things, such as salaries, vacation time and holiday bonuses. Normally, these measures accompany layoffs, or serve as a sign that they’re on the way. Employees may get to keep their jobs - but they don’t get away unscathed.
Dell (DELL), the computer giant, asked employees last week to consider taking up to 5 days of unpaid vacation as a way to reduce costs. Although the decision is “voluntary,” employees are being urged to take the time off in the next 3 months. Dell is also offering voluntary severance packages to its employees and has a global hiring freeze in place. These measures follow in the wake of a nearly completed round of 8,900 job cuts.
General Motors is on the brink of extinction, and has thus thrown the kitchen sink at its employees. The automaker recently announced that it will suspend its 401(k) match, cancel bonuses payable in 2009, cancel its salaried tuition-assistance plans starting next year and reduce the length of time it pays workers under its severance and mutual-separation programs. Sadly, General Motors is a blueprint for a host of cost-cutting measures other companies might consider implementing.
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2008-11-11 20:06:32
sacrifice = send out resumes
I refuse to sacrifice.
If I was asked to do so I would politely agree and immediately upon going home start sending out resumes.
I am now self-employed and control my own destiny.
In the past I've been downsized, re-organized, re-classified, laid off, moved to another department, etc.
Every time I looked back the one thing I noticed was - the executives NEVER sacrificed.
Working for $1 = steve jobs - who BTW has BILLIONS in the bank.
No big deal.
Me $1 means no bills will get paid, mortgage, etc.
I belong to a union called me, myself and I
greatest union I ever joined and it's as loyal as any I've ever seen.
good luck though with them there sacrifices - who knows I may end up there if I can't turn a dime!!
If I was asked to do so I would politely agree and immediately upon going home start sending out resumes.
I am now self-employed and control my own destiny.
In the past I've been downsized, re-organized, re-classified, laid off, moved to another department, etc.
Every time I looked back the one thing I noticed was - the executives NEVER sacrificed.
Working for $1 = steve jobs - who BTW has BILLIONS in the bank.
No big deal.
Me $1 means no bills will get paid, mortgage, etc.
I belong to a union called me, myself and I
greatest union I ever joined and it's as loyal as any I've ever seen.
good luck though with them there sacrifices - who knows I may end up there if I can't turn a dime!!
2008-11-12 02:51:48
Shared sacrifice?
You stated
"General Motors is on the brink of extinction, and has thus thrown the kitchen sink at its employees. The automaker recently announced that it will suspend its 401(k) match, cancel bonuses payable in 2009, cancel its salaried tuition-assistance plans starting next year and reduce the length of time it pays workers under its severance and mutual-separation programs. Sadly, General Motors is a blueprint for a host of cost-cutting measures other companies might consider implementing."
Shared sacrifice? What about their one dollar dividend yielding a cool 29.8 percent?
Do you think that they will try and maintain their illusion on solvency by attempting to actually pay it? This sounds like the Pennsylvania Railroad that retained their illusion of solvency by paying their dividend right into bankruptcy. Whom do these people think they are fooling?
Sadly for the employees of General Motors; "The beatings will continue until moral improves" and the concept of shared sacrifice will take on a meaning so twisted that even Lee Atwater would have been embarrassed by it.
"General Motors is on the brink of extinction, and has thus thrown the kitchen sink at its employees. The automaker recently announced that it will suspend its 401(k) match, cancel bonuses payable in 2009, cancel its salaried tuition-assistance plans starting next year and reduce the length of time it pays workers under its severance and mutual-separation programs. Sadly, General Motors is a blueprint for a host of cost-cutting measures other companies might consider implementing."
Shared sacrifice? What about their one dollar dividend yielding a cool 29.8 percent?
Do you think that they will try and maintain their illusion on solvency by attempting to actually pay it? This sounds like the Pennsylvania Railroad that retained their illusion of solvency by paying their dividend right into bankruptcy. Whom do these people think they are fooling?
Sadly for the employees of General Motors; "The beatings will continue until moral improves" and the concept of shared sacrifice will take on a meaning so twisted that even Lee Atwater would have been embarrassed by it.
2008-11-16 23:09:31
American workers are toast
What we are witnessing is a lowering of the economic living standard in the US. With a global economy, the $40/hour American job and the $2/hour foreign job will have to reach equilibrium. Call it "sacrifice", I call it a reality of the global economy phenomena. Companies are moving to cheaper countries. As their economies grow they will be become a bigger market for "stuff" than we are. American middle class workers are toast with their declining wage and maxed out debt. It is sad to see the government give our tax money to just banks and financial companies. Our politicians think all we need is just another loan or some teaser kickback. Why not spend the money to build infrastructure. Building infrastructure would create American jobs, and maybe we would actually have something to show for it. What will happen when China starts spending more on their infrastructure and less on buying our debt?
I can not understand how it is okay to bail out AIG and banks like JPM. JPM even claims they do not need the money. Why reward greed and fraud with money and let GM go down the tubes. Yes, I consider opaque CDS's a fraudulent tool. Who invented that sack of $h&! ?
McCain said it was vital to have a free trade agreement with Columbia. He even made a trip there to show how in touch he was. If he wanted to be in touch maybe he should have went to Detroit. My sister-in-law went to Columbia this summer for Convergys (the people you call when you have problems with your "stuff"). She is in human resources, and Convergys was thinking of expanding there. Workers there will work for $1.80/hour. I wonder what will be contributed to their health care, retirement, etc.? McCain said the workers in Michigan will be retrained for other type jobs. What jobs, a $10/hour "would you like fries with that sir" job? Maybe we could go global. Now how do you pronounce "fries" in spanish?
Just one more rant: It made me sick to hear Mr. Griffin state he had a tear in his eye overlooking Canary Wharf. All those derivative workers in London instead of New York.
As a veterinary clinic owner I get a tear in my eye when I have to euthanize a pet because their owner can not afford treatment. More and more pet owners in our county are living paycheck to paycheck, and they have very marginal credit. The number 2 and 3 employers in our small county are moving production to Mexico, China, and Korea within the next 8 months. Okay I'm done.
I can not understand how it is okay to bail out AIG and banks like JPM. JPM even claims they do not need the money. Why reward greed and fraud with money and let GM go down the tubes. Yes, I consider opaque CDS's a fraudulent tool. Who invented that sack of $h&! ?
McCain said it was vital to have a free trade agreement with Columbia. He even made a trip there to show how in touch he was. If he wanted to be in touch maybe he should have went to Detroit. My sister-in-law went to Columbia this summer for Convergys (the people you call when you have problems with your "stuff"). She is in human resources, and Convergys was thinking of expanding there. Workers there will work for $1.80/hour. I wonder what will be contributed to their health care, retirement, etc.? McCain said the workers in Michigan will be retrained for other type jobs. What jobs, a $10/hour "would you like fries with that sir" job? Maybe we could go global. Now how do you pronounce "fries" in spanish?
Just one more rant: It made me sick to hear Mr. Griffin state he had a tear in his eye overlooking Canary Wharf. All those derivative workers in London instead of New York.
As a veterinary clinic owner I get a tear in my eye when I have to euthanize a pet because their owner can not afford treatment. More and more pet owners in our county are living paycheck to paycheck, and they have very marginal credit. The number 2 and 3 employers in our small county are moving production to Mexico, China, and Korea within the next 8 months. Okay I'm done.
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