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My Job is starting to feel the pinch...

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...at least there are no lay offs as of yet. However, yesterday they announced that there would be no raises this year (They gave out raises every year based on your performance review).

 

They also announced a hiring freeze as well as early retirement being offered to eligible employees (not mecwm27.gif ). Also, although details haven't been announced, they said there will be changes to our benefit package in hopes of cutting costs.

 

All I can say I hope this is as far as it has to go in my company...

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View PostParent company/Home office of several retail stores-I work in the finance dept

 

 

 

Within the company, i'd suspect your role were safer than most, but it seems most retail, except walmart, is hurting.

 

I think about half of the fear is realistic, and half media driven fear.

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My wife works for a large local retail chain. They have not had any layoffs yet. However, they have cut hours for all employees. This is understandable. They are also going to curb raises for this year. They have also stopped all new store openings. As of now they have no plans for layoffs.

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Engineering is slowing way down, we were booming just last fall. Refineries are holding all work except the necessary project that need to be completed due to government mandates. One Refining company I'm working with cut their capital project budget for 2009 by 2/3's. If it isn't bringing cash flow or infrastructure required it's on hold.

Three waves of lay-offs so far latest one was yesterday. Twelve people from my group were given notice. Raises are on hold and no reason to hire until things break.

Right now I'm in survive the year mode.

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We've had a freeze on hiring and wages since the first of the year. Last week, we had a few layoffs and the hourly workforce was cut to 32 hours/week.

Combine that with the fact that these guys were getting ot and bonuses, and it's pretty painful.Not only are sales down, but you also have to worry about getting paid for the orders you do ship.

It's really ugly, and I think it will get worse before it gets better.frown.gif

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I work in a relatively safe sector (established Biotech) we started hiring freeze last fall, budgeted and minimum travel imposed, and now... no raises until further evaluation in 3rd quarter.

 

Could be worse....pay cuts....or worse........ layoffs.

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View PostParent company/Home office of several retail stores-I work in the finance dept

 

 

 

corner of rt 30 and speen by the lake?

 

no capital spending is hurting my industry

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Well.................my place shut it's doors in Oct. Been looking but there is nothing out there. Networked with many of my friends and they have been laid off or there is a hiring freeze. Lucky unemployment can get me thru until I can collect SS !!!! At least that will be a steady income and a little more than unemployment. Then I can get any type of job or part time job just so I don't go nuts.

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I'm one of the very lucky few, as I got a raise and a bonus this year. The beginning of this year isn't looking all that great, not dismal, but not a lot of growth. I'm concentrating on some projects I'm working on to save the company a bunch of money. Trying to secure what I'm fortunate to have....a job.

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The company I work is celebrating it's 95th year in business, been through two world wars and a depression, they always stack chips when times are good, so far it's all good they aren't going to pencil my base salary still getting a commission check every month and still receiving twice a year bonus check, been told all 25 regional sales manager getting new company cars in June at our National sales meeting and 95th anniversary party.

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healthcare seems to be pretty safe. Been working for a private ambulance co. For almost 3 years now, just got my paramedic certificate, and with that a 3 dollar/hr raise. I feel pretty secure, and damn lucky at the same time

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I worked for a financial firm that had been around more than 80 years without ever having a quarterly loss, until its last. We were acquired at a fire sale price last March. About 80% of the company was let go, I survived with a job, but that's about it. Much of my retirement funds were in company stock that dropped in value 1,750% in a matter of weeks, and was then exchanged for the new company's stock, which has since dropped over 60% from the merger price. Talk about taking a beating. Oh, and annual compensation is down 64%.

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