Ridiculous cost-cutting measures

What are some that you’ve seen at your firm… Flights over 12 hours moved to coach, where they used to be business class All trips over $2,000 need to be approved by an executive We switched from tall coffee cups to short coffee cups worldwide - people would counter that by just making two coffees No more napkins, paper plates, plastic forks/knives etc. Blockage of music websites and streaming radio for data storage savings Free gym now takes small amount of cash out of your paycheck each month They removed green tea, but left all the other crappy teas

No coffee Shorter breaks (for the people that have scheduled breaks, I am kind of on my own so I do whatever) No music streaming Some people dont get corporate laptops (hope mine doesnt get taken) No more personal ball washers

nuppal Wrote: ------------------------------------------------------- > No more personal ball washers Is this a Louis Black ref ?

^ YES! I am so happy someone got that

  • 7% 401k match cancelled - 80% tuition reimbursement down to $8000/yr. - No salary increases unless SIGNIFICANT job change - CFA/CFP stipend cancelled - Cash bonus for passing CFA levels cancelled Best quote ever from the head of our business unit at a company meeting at the conclusion of telling us about all of this… “We can all weather this economic environment if we all come in a little earlier, stay a little later, and work a little harder.” yeah…about that.

^ I guess these aren’t ridiculous…just wanted to vent.

Printers automatically print on b/s of paper. Not kidding. No blackberrys below VP level.

gongshowsgocheddar Wrote: ------------------------------------------------------- > - 7% 401k match cancelled > - 80% tuition reimbursement down to $8000/yr. > - No salary increases unless SIGNIFICANT job > change > - CFA/CFP stipend cancelled > - Cash bonus for passing CFA levels cancelled > > Best quote ever from the head of our business unit > at a company meeting at the conclusion of telling > us about all of this… > > “We can all weather this economic environment if > we all come in a little earlier, stay a little > later, and work a little harder.” > > yeah…about that. Wow, that is brutal. Even the 401K match? I think the ball washer comment is about Fidelity, no? I guess even the best in this business is not completely immune to this $hitty crisis.

Not as bad as GM, this was in the WSJ last year: GM is on a drive to cut costs by $10 billion and here’s one of its latest initiatives: GM facilities now have to empty their own wastebaskets. This memo was recently circulated at the company’s test track in Milford, Mich.: MILFORD PROVING GROUND OPERATIONS COST SAVINGS INITIATIVE As approved by the MPG Steering Committee, effective January 5, 2009, wastebaskets within offices and office cubes will no longer be emptied by the WFG housekeeping Staff. This cost savings initiative is consistent with other GM nonmanufacturing sites including the Warren Technical Center. All employees should empty their own wastebaskets into the waste containers located in common hallways, stationary supplies areas, break areas, etc. As previously communicated, please do not utilize personal wastebaskets for food wastes as wastebasket plastic liners will not be available. Food wastes should be deposited in the provided food waste containers located throughout the building areas. Personal recycle cardboard trays, also to be emptied by employees, will be available for your convenience. Wastebaskets in lobbies, conference rooms, garages, and labs will continue to be emptied by the WFG housekeeping Staff. This cost savings initiative will reduce site housekeeping operating costs by $54,000 annually. The savings includes housekeeping labor and wastebasket plastic liners. The new wastebasket-policy is only the latest penny-pinching measure introduced at the Milford facility. In recent weeks, proving grounds engineers have had to switch to standard pencils instead of the mechanical pencils that used to be readily available. More than 500 wall clocks in the offices are not longer being maintained to save on the cost of replacing and disposing of batteries and re-setting the time twice a year for daylight savings time. A few years ago, Ford also told workers to empty their own garbage cans to save money. But the move backfired when trash piled up in offices.

My 401K contribution match was cut too, albeit not completely… I think that is the worst thing you can do for employee morale short of stiffing them on bonus

$tarving_Banker Wrote: ------------------------------------------------------- > gongshowsgocheddar Wrote: > -------------------------------------------------- > ----- > > - 7% 401k match cancelled > > - 80% tuition reimbursement down to $8000/yr. > > - No salary increases unless SIGNIFICANT job > > change > > - CFA/CFP stipend cancelled > > - Cash bonus for passing CFA levels cancelled > > > > Best quote ever from the head of our business > unit > > at a company meeting at the conclusion of > telling > > us about all of this… > > > > “We can all weather this economic environment > if > > we all come in a little earlier, stay a little > > later, and work a little harder.” > > > > yeah…about that. > > > > Wow, that is brutal. Even the 401K match? I think > the ball washer comment is about Fidelity, no? I > guess even the best in this business is not > completely immune to this $hitty crisis. Yep, the entire match. It was either cut benefits or lay off the non value added people. Imagine that, lol.

They were flirting with dropping the 401k match & 6k course credit In the end, they cut bonuses by 25-30%. The “Green Team” gave us all these stupid plastic mugs with our company logo. That didn’t work too long as the paper cups are now back. No more bagel Fridays. We also use to go out as a team a lot when I first started. Now its a rarity =(

That’s a pay cut of over 6% most likely (unless you have other significant non-monetary benefits like healthcare etc). That’s pretty harsh, but I’ve heard of worse. I think senior staff in CLSA took pay cuts of 20%-25% last year.

what kind of notice do you expect if bonuses are going to be cut significantly? Say bonuses come out in Feb.? I don’t think my company would stiff us without notice, but you never know.

No styrofoam cups and back to pots of coffee instead of the individual brews. No blackberry’s for most

I have witnessed 4 people who all make over $200/hr debate for 15+ minutes on whether to spend an extra $100 per year on something.

gongshowsgocheddar Wrote: ------------------------------------------------------- > - 7% 401k match cancelled > - 80% tuition reimbursement down to $8000/yr. > - No salary increases unless SIGNIFICANT job > change > - CFA/CFP stipend cancelled > - Cash bonus for passing CFA levels cancelled > > Best quote ever from the head of our business unit > at a company meeting at the conclusion of telling > us about all of this… > > “We can all weather this economic environment if > we all come in a little earlier, stay a little > later, and work a little harder.” > > yeah…about that. I know where you work…lol

For those of you who are at work, you do know that your internet activities are monitored, right? Or your company fired all the monotoring people as a part of cost cutting measure?

$tarving_Banker Wrote: ------------------------------------------------------- > For those of you who are at work, you do know that > your internet activities are monitored, right? > > Or your company fired all the monotoring people as > a part of cost cutting measure? the latter

No holiday dinner this year. Used to have a nice company lunch once every week, now it’s once every month Free snacks/candies before, now none But still unlimited music/FB/Youtube