Would you rather accept a company-wide pay cut but have no more layoffs or risk being laid off again and again?
I'm just curious. I'd personally be okay with a reasonable pay cut if it meant I could finally get some piece of mind and stop worrying all the time.
Pretty ridiculous to ask employees who have already gone without a pay increase for 9 1/2 years, to also take a pay cut. Actually, it's brutal, and unconscionable. How about we do away with the very expensive executive offsite activities, and black cars, as well as the in house gourmet meals, chauffeurs, and instead, give executives pay cuts each quarter when they under-perform. They all have targets starting with the CEO. I believe they are eating off the fat of the land, cashing in, and watching the company implode. Or perhaps poising the company for a sale or takeover. Where is the government now when we need it? I need my job, and I do more than I am asked to do. AIG needs outside help.
When I started there was a freeze on pay increases, around 9/11. Then when they started giving raises, it was around 2%. They were never generous with the workers. Of course management got more PTO, raises and bonuses as well as stock. Then they took away raises which affected our 401 k because they didn't have to match on that. Started the bell curve as a way to get rid of people. Also on the 401k they changed how they matched. They used to match more after you hit 10 years etc. They also froze any pensions. The reason I came to AIG was because of the Pension and the 401k. Also the ability to buy AIG stock at a discounted rate. I ended up losing on that too. Now pay cut. Why not take away some of the perks that senior management get? There is so much greed at the top of this company.
I’d rather get laid off (I did 4 years ago) than take a cut in pay. I don’t want to work for a company that treats people like cattle. I would rather move on and start over someplace else. If they take away pay what else will they take away?
Agree completely with the CEO comment. It is hard to agree to a pay cut when the CEO pulls in that much money.
How about the CEO take about a 40m pay cut. He's proving himself worthless.
Pay cut wouldn't change the risk.
The underlying issues remain thus the expense issues will remain.
You would just have less money and a lower severance.