'Time to work 3% less hard': Company announces record-breaking profits, cuts employee's 401ks in the same meeting

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    Cheezburger Image 10383097088
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    My company announces Record breaking profits and slashes 401k in conference call
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    Today, the company I work for(200 people) - owned by a fortune 200 company - had our fiscal year review today. Our president talked for the first 15 minutes about how last year was the best year in all our 30 years of business - we smashed every projection. We have some of the companies largest projects EVER in the pipeline and We want to hire 30-40 new personnel in the next year.
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    Then he went on to say our parent company - a fortune 200 company in industry is forecasting a slowdown and nervous due to election year So, every employee in their umbrella of companies is no longer getting a 401k match. But not to worry because we just had the best year ever thanks to YOU!!!
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    Is this even legal?? Our company just had the best year ever making hundreds of millions and then slash our 3% match just like this??! Our stock is up 50% the past YTD (up 70$ this year)
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    They also did this and made us take a 7% pay cut during covid... but this isn't even covid!! Is anybody else going through anything like this? I mean I've heard of a few places doing layoffs right now but this is the first I've seen anything like this.
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    cl8855 · 18 hr. ago Welcome to capitalism, the top takes all the profits of your labor
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    shadow247 16 hr. ago • I have a unique view on this. I do 2x the work, and it's more complex than my Dad did. Same exact job. I make the same as he did in 2014 when he was forced to retire, in 2024..
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    He had a company car as well. I do not. Overall I cost the company 50 percent less, while do 100 percent more work than the field person I replaced. I work from home. So even more cost savings.
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    Life Round2 18 hr. ago Almost certainly legal. If you've got a signed contract that may be different. Time to ask for a 10% raise.
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    mx023 OP 17 hr. ago • I mean, I did sign a job offer. Does that count for anything?
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    • Born-Mycologist-3751 18 hr. ago The problem with a successful year is you have to top it next year. If you can't do it on the top line, you start trimming expenses. People cost is one of the biggest buckets of expense in most companies so it is an easy target. Of course, it is a penny wise, pound foolish approach since reducing internal investment leads to a downward spiral in the long run.
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    MillyHoho 18 hr. ago Certainly legal, just kinda sends the wrong message
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    irisuniverse 17 hr. ago The message being: do the bare minimum because you are anti- rewarded for hard work at this company.
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    Alone-Noise-3454 16 hr. ago • Time to work 3% less hard then
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    Skyhighsailor 16 hr. ago Naahhh. I'd say time to work 30% less hard.
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    Ceilibeag 17 hr. ago Time to leave. Your employer just showed you how much they value your contributions. Don't allow them to profit from your suffering.
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    mx023 OP 16 hr. ago Yeah I would say all 200 employees are thinking the same thing
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    distantreplay · 16 hr. ago This is precisely why we form unions. No one individual worker among you has the leverage to even influence a greedy decision like this. As an organized group you have the leverage to force ownership to reconsider.
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    • fenriq 16 hr. ago Now get out there and make them even more filthy profits they won't share with you again next year! GOOOOOOO0 TEAM!

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