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My Firm Stopped Paying Me - Advice?

I’m in a tough situation.  I’m a salaried employee and my firm stopped paying me and a few of my co-employees about 6 months ago during a reorganization.  It’s a medium sized firm and only a few of us were affected so it’s probably not a sign of the firm’s financial distress.  I still receive emails from various departments and I’m actually busier than ever.  The company knows I’m still there but nobody will address the issue, not even HR.   I have been looking hard for another job, but no luck so far and I’m worried it’ll be even harder to find a new job if I quit this job.

Between the ramped up workload at the office, the financial stress and the time spent looking for a job, I’m beat.  Anyone have a game plan to get me out of this situation?

additional info - We already moved out of Manhattan.  We live in NJ, but it’s just EXPENSIVE living in this part of the country.  Plus I have a family to think about.  My wife is a working professional but I am/was the primary income.

Never Happened.

They fixed the glitch.

whats going on here?

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

theres a glitch

I don’t understand. You’re working there but you’re not compensated; that sounds legally actionable.

Or did they just lay you off but say you could say you were still at the company while you look for something else?  That would not be legally actionable. 

You want a quote?  Haven’t I written enough already???

I can certainly help, but I would need to know what firm.

Are you Milton from Office Space?

“Visit the Water Cooler forum on Analyst Forum. It is the best forum.”
- Everyone

So not only does Itera discourage people from going into finance, but he also doesn’t pay them.  I’d lay a steep bet he goes gangsta and xplains, “This is SS ER, you don’t get no comp till you earn it, na’mean?”

The poor indentured servant knows no other master and assumes they must pay their dues on the street one way or another.

I’d also lay a steep bet that the OPs post never happened and is simple one of the new residential trolls.  Weak trolling at that.

grzya wrote:

theres a glitch

There WAS a glitch, it seems as the Bobs have corrected it

'A flute with no holes, is not a flute. And a donut with no hole, is a danish'

CFAvsMBA wrote:

So not only does Itera discourage people from going into finance, but he also doesn’t pay them.  I’d lay a steep bet he goes gangsta and xplains, “This is SS ER, you don’t get no comp till you earn it, na’mean?”

The poor indentured servant knows no other master and assumes they must pay their dues on the street one way or another.

I’d also lay a steep bet that the OPs post never happened and is simple one of the new residential trolls.  Weak trolling at that.

So it’s my fault yet again that an anonymous poster isn’t getting his money in who knows what company he’s working at?

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

Yea idk about this CvM did itera delete a post cause he didnt seem to do anything here.

'A flute with no holes, is not a flute. And a donut with no hole, is a danish'

^nope. nothing here was touched.

it’s rather ironic he says I discourage people when he trashes sellside equity research jobs at every turn. I actually tell people it’s just fine as a career step in.

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

Unless of course they don’t get paid.

Im imagining this guy has a breifcase full of crackers, and his employer is Brandt Leland.

'A flute with no holes, is not a flute. And a donut with no hole, is a danish'

I’m playing Itera!  We good.

I think whoever his boss is is a genius.  Guy’s not getting paid, but guy still does his work…well, if the wheel ain’t squeeking, no need to grease it.

gamblingeconomist wrote:

They fixed the glitch.

God I laughed so hard at this.

Bob Slydell: Well, just a second there, professor. We, uh, we fixed the *glitch*. So he won’t be receiving a paycheck anymore, so it’ll just work itself out naturally.

Bob Porter: We always like to avoid confrontation, whenever possible. Problem is solved from your end.

No way that this is a real post.

bchad wrote:

I don’t understand. You’re working there but you’re not compensated; that sounds legally actionable.

Or did they just lay you off but say you could say you were still at the company while you look for something else?  That would not be legally actionable. 

It’s definitely actionable.  I think of it as a growing legal receivable.  They didn’t lay me off.  I’m still an employee at the firm actively working on things.  I may even be entitled to additional damages, but it’s wearing on me.  I don’t want to sue while I’m at the firm.  I could quit and then sue and create a company to work on a side project to fill the gap in my resume.

The firm is not a household name but if you’re in finance, there’s a decent chance you’ve heard of them.  Either way, not really relevant to the intent of my post.

Sue ‘em. That’s ridiculous. Absolutely insanely ridiculous. Why do you show up at all? Seriously the day I don’t get paid, I don’t come to work anymore until its cleared up. My time isn’t donated to any corporation. That’s just pure insanity. And you’re a push over to tolerate it.

“I can no longer obey. I have tasted command, and I cannot give it up.”

I’m sorry sir but you are an idiot to keep showing up for work 6-months with out getting paid. You’re either completely crazy and showing up to an empty office or your one hell of a loyal *******.

This guy works for his wife, NO WAY someone works 6 months for no pay and can come home to their wife and tell them that unless they work for their wife 

geo wrote:
Sue ‘em. That’s ridiculous. Absolutely insanely ridiculous. Why do you show up at all? Seriously the day I don’t get paid, I don’t come to work anymore until its cleared up. My time isn’t donated to any corporation. That’s just pure insanity. And you’re a push over to tolerate it.

Believe me, I know it’s “insanely ridiculous” because I’ve been living it.  I show up because: I’m loyal to my co-workers, I enjoy a lot of what I do, I believe I am accruing a legal receiveable against a firm that has the means to pay it and I think being employed will make it easier for me to find a job than if I quit and were unemployed.

I could sue before I leave.  This is interesting because it would create an additional potential reason to sue if they fire me because I sued for unpaid wages.

Some days I think I’m a push over, other days I think I’m ruthlessly logical for being able to tolerate this BS knowing that this is accidental generousity on their part since they’ll have to pay me backwages and liquidating damages (“double damages”).  The condition here though is I have to continue working.  If I just started staying home I wouldn’t have much of a case to collect wages and liquidating damages.

Should I just initiate the lawsuit while I’m still at work?

MailSnoop wrote:

I’m sorry sir but you are an idiot to keep showing up for work 6-months with out getting paid. You’re either completely crazy and showing up to an empty office or your one hell of a loyal *******.

I attended an Ivy league college and graduate school so I’m not an idiot.  I’m not crazy, I’m not showing up to an empty office and I’m probably only more loyal than average.  As hard to believe as my story sounds, it’s true.  I have a hard time believing that others would really quit before they find another job.  Maybe they would just stay home until they were paid, but I don’t think people would quit outright.

My cash flow situation is a major nuisance too.  I am asset rich but much of my excess equity is tied up in real estate and I cannot refinance or take out a home equity loan with just my wife’s income.

One thing a little different from others on this board is that I’m probably much older than everyone else.  Positions at my level aren’t as easy to come across as they were when I was 22-27.  Just takes a lot more networking with contacts and headhunters.  One whiff that you’re unemployed and they stop returning your emails/texts.  When I was younger and positions were more fungible, I don’t remember unemployment being a huge problem.

The only thing I can do is send my blessings which I have done.

I like you, do you like me? In Kazakstahn we think America technologely very good, and now I see is a very primitive.

Take your meds Zach.

Yayyywork wrote:

Im imagining this guy has a breifcase full of crackers, and his employer is Brandt Leland.

Hahaha. 

“These reports you handed in. It’s almost as if you have no business training at all… I don’t know what this is supposed to be.”

“Well, I’m, just tryin’ to get ahead..”

It’s pretty obvious you are only showing up for your family. I would work hard to get a new job ASAP and take legal action for unpaid wages once you start working elsewhere. It’s silly to be loyal to your coworkers who may be trying to do the same thing behind your back. This is finance afterall, not some arts company. Sooner or later someone will need CF badly and just leave, and you’ll be the one holding the bag. If your coworkers are as good to you as you are to them, no one is going to blame you for leaving to take care of your family.

Make sure you have a paper trail and document the non-responses from mgmt and HR. You’ll need those to stay in Court.

"Verdict: TRUE" - Fact Check

You need contact your State or County’s department of Labor or whatever it’s called where you live.  Today! 

Everyday you increase your risk of not getting paid.  What’s wrong with you?

Sweep the Leg: "I’m tired."
KMeriwetherD: "Well, you were basically Legolas in the Battle of Water Cooler."

Do they at least agree that they owe you back pay for the last 6 months, or are they asking you to come in and contribute for free, perhaps with a vague promise that you’ll be rehired/paid again when cash flow gets better?  If there is no chance of you getting paid again, then it is pretty crazy for you to keep working for them, except perhaps for the caveat in the next paragraph.  If they can’t afford to pay you because of cash flow, then you should be asking for equity (though - assuming this is a startup company with cash flow problems - you are likely to get diluted in the future even if you get equity).

I get that you might want to go in at least to convince yourself that you aren’t lying on a couch all day, and to tell another employer that you are doing things that look work-like, or perhaps you are still covered by a medical insurance plan that you feel you can’t afford to lose, but it does seem crazy to let yourself be exploited by people who are likely to keep riding your gravy train while they can.  If they can get you to work for free, the only way they ever have an incentive to start paying you again is if you are able to provide something unique that no other person can provide and your disappearance will be a problem.  That’s hard to do, but the only situation where it sounds like they have an incentive to start paying you.

At the very least, you should reduce your hours and take time to 1) look for a paying job, and 2) enjoy time with yourself and/or your family.

You want a quote?  Haven’t I written enough already???

I would make sure you are working teh bare minimum. Defn don’t go over 40 hours a week at the very least.

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.