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Dear Associates:
Business is bad. Here's what we're gonna do to you.
1. Dec. 28-29 are unpaid shut-down days.
2. We're cutting your pay 9% until at least May 1.
3. No profit sharing this year.
4. Merit Increase, normally on Mar. 1, will be deferred at least until May 1.
5. 401k matching is reduced from 100% of the first 6% of the match to 50% of the first 6%.
6. Hiring freeze will continue through at least May 1, so you'll have to continue to work really hard with lots of unpaid overtime just to keep up.
We'll see in April if we need to continue this. We will, because we can get away with it. Once everything goes back to normal, we'll reduce the profit sharing permanantly and not restore the 401k matching. We'll say it's because "other companies don't offer that". You'll also not get back any of the other stuff we've taken, including the big fancy holiday party. Your merit raises will be crap, but you'll feel happy because you'll get back the 9% we took from you. If things start to go good for us, management will get bonuses and you will get nothing.
Business is bad. Here's what we're gonna do to you.
1. Dec. 28-29 are unpaid shut-down days.
2. We're cutting your pay 9% until at least May 1.
3. No profit sharing this year.
4. Merit Increase, normally on Mar. 1, will be deferred at least until May 1.
5. 401k matching is reduced from 100% of the first 6% of the match to 50% of the first 6%.
6. Hiring freeze will continue through at least May 1, so you'll have to continue to work really hard with lots of unpaid overtime just to keep up.
We'll see in April if we need to continue this. We will, because we can get away with it. Once everything goes back to normal, we'll reduce the profit sharing permanantly and not restore the 401k matching. We'll say it's because "other companies don't offer that". You'll also not get back any of the other stuff we've taken, including the big fancy holiday party. Your merit raises will be crap, but you'll feel happy because you'll get back the 9% we took from you. If things start to go good for us, management will get bonuses and you will get nothing.
