With the economy in recession, the stock market down, and companies trying to turn a profit, a lot of employers have started to cut back. For some, it might mean eliminating the company Christmas party, while other companies are making massive layoffs or cutting pay.
I’ve noticed a few things getting cut from our regular company expenditures this year, and after talking to friends and family, I’m hearing of even more. For instance, our annual conference was canceled. We generally all head somewhere warm for a week to round up all of the employees in our division, hold workshops, get updates on the company, and do some team building. That’s out. In addition, there have been some little items eliminated such as holiday gifts for some clients. So, while it isn’t anything drastic, there are some cuts being made.
From others I’ve talked to, I’ve heard of canceled Christmas parties and other holiday events. But some are even going a step further and making changes to expense reimbursement limits. In some cases this is a lower limit allowed for expensing meals, or cutting back on mileage reimbursement. Depending on how much of your job involves traveling, this could become a significant burden.
So, I’m just wondering if anyone else has noticed any cutbacks where they work. If things are being cut, are they just little things, or will these cuts directly affect your bottom line?
Author: Jeremy Vohwinkle
My name is Jeremy Vohwinkle, and I’ve spent a number of years working in the finance industry providing financial advice to regular investors and those participating in employer-sponsored retirement plans.
Oh, to add on, a lot of my colleagues who got laid off in the first round (September) still haven't found jobs. It's tough out there.
JPMorgan Chase acquired my current employer, WaMu, and we're all being let go beginning January 31 and ending before the end of 2009. So, we've seen a lot of services stopped, the vending machines aren't replenished nearly as often as they used to, there are no planned parties, etc. In short, it's a crummy start to the holiday season.
The good news is that I'll stick around until the end of July...giving me plenty of time to network (hint HINT!!!) and find gainful employment.
A few people were let go about a month ago, and a few are going to possibly work less hours, but nothing major. Our company, being a Fortune 500 company, didn't have much perks to start out with anyway (no holiday bonus, no trip to anywhere for employees). My job is secure because I'm the only one does my job in my office, and I do hope I will get a raise that can keep up with inflation.
I'm fine, but my father works for DHL, and is one of those that's getting cut. They're letting go of those who are cut at his facility about 2 weeks before Christmas too, when it's ALWAYS busy. There would undoubtedly be work for everyone at least until the new year though.
I worked at one of the Big 4 accounting firms in their Financial Services Offices.I worked on client like AIG and some huge hedge funds.About 1000 employees including myself were laid off in September.From all accounts the cuts have continued since then...
I work for a Fortune 100 "Best Place to Work" - and a leading financial services provider. Merit increases have been eliminated for all salaried employees, they've cut our holiday bonuses, and then there lots of other little perks that have been 86'ed as well. We've laid off about 100 employees this year (the CBS/MBS specialists and some bankers), but everyone is anxious - HR directors have been spending a lot of time in closed-door sessions with VPs. Not a good sign.
One of the company's cutbacks this year was ME. I worked at a big auto parts maker and have seen several years of cutbacks. They've cut all the dead weight, now they're now making cuts into the bone to meet Wall St. promises.
My company has actually hired a couple of people in the last few months, generally for necesary positions. They're not cutting anything that I can see although the outlook isn't all positive for our type of work. We've been told, though, that we shouldn't worry since the company has very little debt and a good amount put away.
I have noticed a couple of things concerning my jobs. Our company health benefits package is much more expensive to enroll into then normal. Also, my company has been cutting back on employee recognition incentive, which I feel is causing employees not to work as hard as they usual do.
We won't be getting a Christmas bonus this year (which is fine with me as I've never counted on it anyway), but I also found out Thursday that we're laying off 15 people (not me ... yet). I work for a daily newspaper which was already in major trouble when the economy was still booming, so things are looking especially ugly for us. If anyone needs a good copy editor/page designer, I'm available. :)
I work for a company that is known to take care of their employees (no, it's not AIG). Anyhow, they have started to cut back on many perks. The good thing is that it isn't essential benefits or people, so I can't complain. It is the perfect opportunity for the company to cut costs and not get much pushback from employees.
I'm in a contract position that's pretty safe, but the company I'm placed at is definitely cutting back alot. We're not allowed to order office supplies unless it's an emergency, all training and travel for the rest of the year has been cancelled, absolutely no overtime, and the hourly employees are facing a huge layoff.
Once you see the water coolers start to disappear it might be a good idea to sharpen the pencil and take a look at the Resume.
It's always a good idea to keep your networking top of mind in the event that you might lose your job.