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Oh *sweet*! Now they think that rather than getting rid of people, they
might just give us all a 10% pay cut.
Apparently, if we all unanimously agree to take a 10% pay cut, that will
take us *half* way to the break-even point. That plus their income
_assumptions_ (i.e., they're assuming that income is going to increase
soon) takes us to break-even. And they say (but it won't be in the
written document we'll all have to sign) that once we become profitable
again, they'll reverse the 10% cut.
So we have a choice: Either we all agree to accept a 10% pay cut
indefinitely, or some of us get the boot. And we have until close of
business *today* to decide.
Note again, we have to accept, in writing, a 10% pay cut. But they will
not put in writing that it's temporary. Note also that this cut isn't
even big enough to take us anywhere near break-even unless their income
assumptions turn out to be right. (In other words, they're expecting us
to get lots more work real soon now.)
Let me tell you, there wasn't much said in the meeting, but there were
some pretty unhappy boys and girls in there. Last month some accountant
came over from the USA and said everything is more or less OK. It's not
great, but it should get better shortly. This week, suddenly they're
talking about we must make savings, and in a few hours you need to
decide how we're going to do that. It's like... WTF changed since last
month?
Lots of unspoken questions in that room. I tell you, the atmosphere was
practically corrosive. Being in financial trouble is one thing. Being
left feeling like you weren't told the truth is another...
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