'Last year was the best year in all our 30 years of business': Company announces record breaking profits, then slashes employees' 401k in same meeting

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Isabella Penn
Aug 4, 2024 7:00 AM EDT

If you're an employee putting in extra work at your company to excel, typically, you're going to expect some kind of reward for your efforts. We're not talking about some boring pizza party or a jeans pass for the office; we're talking about a raise, a bonus, or some other monetary value that shows that our company values our efforts. That's how you create employee retention. Well, this entitled boss seems to think otherwise.

This employee worked at a Fortune 200 company and was one day in a conference call with all of his coworkers. The company's president led the meeting, boasting about how last year was the company's best year in profits in all of their 30 years of operations. That's exciting news to hear as an employee because you know your hard work is paying off, and you're probably secretly hoping for some sort of thank-you gift where your boss can show his appreciation. But nope, quite the opposite happened to these poor employees

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  • 01
    r/antiwork ⚫ 16 hr. ago mx023 . My company announces Record breaking profits and slashes 401k in conference call
    via u/mx023
  • 02
    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 -
    via u/mx023
  • 03
    some of the companies largest projects EVER in the pipeline and We want to hire 30-40 new personnel in the next year. 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
    via u/mx023
  • 04
    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!!! Is this even legal?? Our company just had the best year ever making hundreds
    via u/mx023
  • 05
    of millions and then slash our 3% match just like this??! Our stock is up 50% the past YTD (up 70$ this year) They also did this and made us take a 7% pay cut
    via u/mx023
  • 06
    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.
    via u/mx023
  • 07
    cl8855 2d ago Welcome to capitalism, the top takes all the profits of your labor
    via u/cl8855
  • 08
    LifeRound2 • 2d ago Almost certainly legal. If you've got a signed contract that may be different. Time to ask for a 10% raise.
    via u/LifeRound2
  • 09
    • Born-Mycologist-3751 2d 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.
    via u/Born-Mycologist-3751
  • 10
    • Ceilibeag 2d ago Time to leave. Your employer just showed you how much they value your contributions. Don't allow them to profit from your suffering.
    via u/Ceilibeag
  • 11
    Agent-c1983 • 2d ago You need a union
    via u/Agent-c1983
  • 12
    MillyHoho 2d ago Certainly legal, just kinda sends the wrong message
    via u/MillyHoho
  • 13
    Alone-Noise-3454 . 2d ago Time to work 3% less hard then
    via u/Alone-Noise-3454
  • 14
    distantreplay • 2d 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.
    via u/distantreplay
  • 15
    Cheezburger Image 10383666944
    via Vlada Karpovich

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boss jobs employee job work coworkers overworked-employees Horrible Bosses entitled bad bosses Reddit company entitled people employment in the workplace
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