I've heard some rumors that it is very possible that paycuts will follow instead of layoffs.
This is just someone’s guess and I don’t have more precise details about it, but it doesn’t seem impossible to me that it could happen.
I definitely feel underpaid at Xerox given the amount of work I do and that would definitely be my breaking point and the reason I would leave here right away.
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Apple in Cary that is interesting. Tough choice for potential employees. Work for Apple, or a dead brand no raise low pay no 401k awful benefits? good luck xerox
Carry failure, interesting, as Apple announced a $1B Raleigh center, 3000 emps
HR will come up with creative ways to save money. May be true. Here's a thought, maybe if the CEO gave up his salary for a year it could save some money...
Pay cuts allow people to quit if they don’t like it (Xerox goal of reducing worker counts). If people accept the cuts, Xerox wins there as well (saves money). So this is another tool in the reduction bag.
After the Cary failure, they will be looking at cheaper ways to save money. Layoffs are costly.
If they stopped dividends shareholders would care. which is why they continue to waste money on them while the "one boat" sinks
Look at the affiliations of most BoD members and there's your sign
I think pay reductions are an excellent idea for the entire executive committee. Their compensation should be reduced significantly until they deliver on the promises of a "turnaround" (i.e., revenue growth). Why does the board continue to allow these executives to be paid so handsomely while the financial results continue to shrivel, along with employee moral. Where's the comp committee? There should be a redesign of executive compensation so that the company pays for positive performance. These folks work for the shareholders. How long will the shareholders keep paying for poor performance before they demand a change?
why would anyone agree to that? they will still do layoffs in the future. It is guaranteed they can't promise they wont. They already take away benefits, never agree to lower pay!
The agency Managers at Xerox Toronto are already complaining that paying $14/hr (minimum wage) is too much for the company.
Don’t think they won’t do this. Last year Xerox told HCL to implement 30% pay cuts to team members that supported me. They were told only to work 28 hours a week. And then later in the year, as a final insult, they were all let go.
@1dxw
No way, nobody is getting raises.....get real!!!!
It depends on what group you are in. Many “professional” roles (usu. office workers, not union) have been targets of “job leveling” and comparison to “industry average” rates which translates to pay cuts/salary reductions. This has been delayed for years as other strategies to reduce headcount were employed such as the Cary “nerve center” forced relocations, 401k match schedule, reduction in benefits, bonus program changes, etc.
COVID has shown that furloughs are an option for them as well.
Lies. I just approved pay increase for my operations for 31 warehouse employees