When Wellness Week was implemented during Covid, Nike used the opportunity to axe the profit sharing retirement benefit. The messaging stated, "We are prioritizing investments into employee well being and pay continuity for retail athletes." The decision made sense and there wasn't much push back at the time. Today "wellness week" was taken away, but nothing was mentioned about reinstating what we gave up - the profit sharing plan. All of that coupled with an Oscar worthy performance and the audacity to ask for complete focus and commitment while taking benefits away. Appalling!
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- First we gave up 401k profit sharing for Wellness Week.
- Next we give up a yearly raise for that year.
- Then they change the bonus criteria to give us less of a bonus.
- We beat the metrics of each preceding year for the last 2 years but somehow still get less of a bonus .
- Now they take away Wellness Week and pretend we didn't give up our 401 profit sharing for it. This makes our baseline 3% raise actually a -2,5% raise if you take in account the inflation projected rate of 3.5%.
What happened to saving company culture and Do The Right Thing?
The retirement savings thing was on its way out well before Covid. I thought it was a great perk but when total rewards did their survey in 2016 to drive directions of benefits, the employee spoke volumes of wanting more cash up front.
That’s what moved us to all the policies were living in now as of circa ‘19-20. JD sped it up.
Anyway, wellness week was great. I get it. But we straight up su-k as a business unit right now. When HR introduced it was due to partial COVID but we had a record breaking year financially. Those times are dried up. If we get cooking or we can anticipate more layoffs. From everything I’ve heard (like 2016), everyone is about me, so I’m assuming we’re cooked.
"Slippery Slope" aint so silly anymore, is it?
Almost every senior executive gushed about Wellness week every year. This was 100% EH play and a test of T's loyalty by making her do the announcement
I get removing wellness week is a backhanded way to deliver 2% paycut, but why get rid of remote weeks? Remote weeks were instrumental in producing my largest and most meaningful deliverables in the last 2 years. Sometimes you just need to step away from campus, put your head down and have extended periods of times of quiet focused work.
Nike is too short term thinker right now. There are 52 weeks in a year. Excluding PTO and holidays is what, 45 weeks... what is ONE week in 45 weeks? 2%? Is it really worth it?
have a consistent plan, good products, help teams work together as one. The results will come. Yes the results matter - but the journey matters just as much.
They gave me the gift of making keynote decks and leading an IBA meeting where I do absolutely nothing. Cheers.