I work for a $50MM+ annually in sales company currently with 153 employees...eff. January 1 this year, there was a freeze on salary increases, company contributions to 401K, and the president/CEO took a 20% cut in pay. We’re holding our own for now; hoping and praying we reach our ROE goal by 30 Sept. to get our bonuses on 1 Dec. It astounds me to know of how much the private sector has had to cut back to make ends meet, but is not done in local/state/federal govnment spending. It’s like another poster said on this thread...”And elections are going to change that?!!!” Doubtful.
They bought out the company I originally work for about 2 years ago and I now work for a $120B+ plus company which has made a considerable profit every year. However, it hasn't made as much as it wanted, so there have been no pay raises for several years, no promotions, no bonuses to speak of, and 401K matching is no longer automatic. That is in addition to the 5% across the board pay cut, the additional 10% pay cut for one month for my division, the 'salary readjustment to bring us in line with corporate norms' that cost some people as much as an additional 25% cut in salary. There has been some talk about salary adjustments this year to bring compensation back in line with local averages, but only for off shore employees.
There is a humorous aspect to all this. In an incredible sense of timing, the company chose the month after the big salary readjustments to issue it's annual employee attitude survey. When they announced the results they seemed truly puzzled that so few people participated and so many of those that did were dissatisfied. Can they be that clueless?