Bad news here at work

[slam]

Our company president sent out an email this week with major news. We are on a March 1st cycle for bonuses, raises and promotions.

2008 was a good year for us with revenues up 6% over 2007 but because they are afraid of what 2009 will look like, the email made 3 announcements:

1) No raises as of March 1st. They will reconsider for July 1st depending on how things look then at which point there may or may not be any raises.

2) No promotions as of March 1s. They plan on having promotions as of July 1st.

3) Bonuses will be paid as expected on March 1st. These are never Wall Street bonuses, but can definitely be relevant.

Best guessing by people around here is that there will be very limited or no raises on July 1st but that there will be promotions, though somewhat limited. Of course, this is a year that I happen to be up for one of those. We find out our bonuses sometime in the next few weeks.

I know, I know. At least they weren't announcing layoffs.

[Bob78164]

Our company president sent out an email this week with major news. We are on a March 1st cycle for bonuses, raises and promotions.

2008 was a good year for us with revenues up 6% over 2007 but because they are afraid of what 2009 will look like, the email made 3 announcements:

1) No raises as of March 1st. They will reconsider for July 1st depending on how things look then at which point there may or may not be any raises.

2) No promotions as of March 1s. They plan on having promotions as of July 1st.

3) Bonuses will be paid as expected on March 1st. These are never Wall Street bonuses, but can definitely be relevant.

Best guessing by people around here is that there will be very limited or no raises on July 1st but that there will be promotions, though somewhat limited. Of course, this is a year that I happen to be up for one of those. We find out our bonuses sometime in the next few weeks.

I know, I know. At least they weren't announcing layoffs.

I've forgotten, if I ever knew. What do you do for a living? --Bob

[MarleysGh0st]

I know, I know. At least they weren't announcing layoffs.

Whew. That's what I expected to read when I saw your subject line. No raises this year is awfully mild news, all things considered.

We've been told that our company fully met our goals for last year and that the bonus will be paid. There's some complicated formula for that, but it's never clear enough to calculate that ones bonus will be $X. I never make plans for spending it until its in my checking account, anyway.

The rumor I heard is that raises this year will be capped at 3%, maximum. Again, that's pretty mild news.

We also got our notice about the trading window (for exercising stock options) will be opening for about one week, next month. Considering that the stock price is in the basement, I don't think that's a concern for anyone.

[christie1111]

Okay, no raises or promotions here either, but right now I think that is goos news.

Glad you have your job!

[BackInTex]

Our company president sent out an email this week with major news. We are on a March 1st cycle for bonuses, raises and promotions.

2008 was a good year for us with revenues up 6% over 2007 but because they are afraid of what 2009 will look like, the email made 3 announcements:

1) No raises as of March 1st. They will reconsider for July 1st depending on how things look then at which point there may or may not be any raises.

2) No promotions as of March 1s. They plan on having promotions as of July 1st.

3) Bonuses will be paid as expected on March 1st. These are never Wall Street bonuses, but can definitely be relevant.

Best guessing by people around here is that there will be very limited or no raises on July 1st but that there will be promotions, though somewhat limited. Of course, this is a year that I happen to be up for one of those. We find out our bonuses sometime in the next few weeks.

I know, I know. At least they weren't announcing layoffs.

We're getting news next week (I got a pre-read version) that all annual pay review/increases are on hold indefinately. We will get bonuses and I think they will be about 3 times what they were last year. We had a good 2008 and a not so good 2007 so bonuses should be about target this year. The memo also mentions that we obviously still need to give merit increases and promotions to top performers, but the annual standard increases are not going to happen.

[slam]

The memo also mentions that we obviously still need to give merit increases and promotions to top performers, but the annual standard increases are not going to happen.

What particularly irked me about the absolute freeze in pay was that I was due a significant merit increase this year as my role has changed considerably over the last two years. The delay in promotions also irks me for personal reasons (as well as being mystifying to everyone). About a year and a half ago I was thrown out of my office, along with every one else at my level as part of an office "restacking". The promotion would get me back into one as well as earn me an extra week of vacation per year.

Again, I am certainly glad that at least they aren't doing layoffs and am appreciative that others are in more difficult situations.

Bob #'s: I work at a large HR consulting firm dealing with retirement stuff including pensions.