Planning to Retire

10 Benefits Your Employer Will Cut Next Year - Salary

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December 1, 2008 RSS Feed Print
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Salary freezes. Workers accustomed to getting an annual cost-of-living raise may be out of luck next year. Four percent of companies have already frozen salaries and 12 percent more plan to, Watson Wyatt found. "As a cost-saving measure, it can have a fairly significant impact in terms of managing increases in cost," says Laura Sejen, global director of strategic rewards at Watson Wyatt. "Typically, it would be for 12 months, and then the organization would revisit the decision."

Layoffs
Hiring freezes
Higher health costs
Travel restrictions
Training cuts
Canceled parties
Reduced merit increases
Pension freezes
Cut 401(k) matches

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Having worked in states at both extremes of union influence, I can definitely say that unions are absolutely necessary to keep emplpoyees from being overrun by whims of greedy employers. ON THE OTHER HAND...It's clear to me that many unions and/or locals completely cost their employers an undue burden by shielding members who are lacking in what used to be the American work ethic. I, for one have been told by shop stewards to "slow down" to just meet expectations, or have been required to hire unecessary affiliate tradesmen and/or apprentices just to get jobs done.

That's the same kind of greed's that putting companies out of business as CEO extortionism. The definition of the phrase "earning a living" is not always clear.

Mark of AZ 5:01PM December 08, 2008

Wife's union just negotiated a three year contract with the utility she works for. First year: 6.75% raise. Second year: 3.75% raise. Third year: 4% raise. I shudder to think of what would "raises" would have looked like without union backing!

Dave of CA 10:58PM December 02, 2008

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