Comments on: 7 ways companies are cutting back this year

By: threadbndr

threadbndr — Mon, 16 Mar 2009 15:57:28 +0000

No raise, tiny bonus, hiring freeze and fewer temps, more expensive health care.

No layoffs in my division yet – keeping fingers crossed. It’s rough everywhere.

By: Carnival of Personal Finance#196: Music Edition

Carnival of Personal Finance#196: Music Edition — Mon, 16 Mar 2009 11:31:35 +0000

[...] out for 7 ways companies are cutting back this year! Gather Little By Little [...]

By: DDFD at DivorcedDadFrugalDad.com

DDFD at DivorcedDadFrugalDad.com — Sun, 15 Mar 2009 04:29:47 +0000

Things are tough and getting tougher . . . time to prepare.

Here are my ideas for the new environment we are in:

Are you prepared for the unexpected? What if you go to work tomorrow and you were laid off?

Is your resume updated?
Do you have interview clothes? A suit? Is it pressed? Shined shoes?
Do you have ideas of where else you might want to work? A competitor? A supplier? A customer?
Is your emergency fund funded?
Is your network of family, friends, and business associates in place?
Do you have a Plan B?
Can you and your family switch to emergency mode quickly?

By: Friday Finance Findings for March 13th : Generation X Finance

Friday Finance Findings for March 13th : Generation X Finance — Fri, 13 Mar 2009 14:01:50 +0000

[...] 7 Ways Companies Are Cutting Back This Year – Companies are cutting back, there’s no question about that. But every company is different, and there may be action that can be taken before letting people go. What are you seeing where you work? If your company is cutting back, what are they cutting back on? [...]

By: Funny about Money

Funny about Money — Fri, 13 Mar 2009 03:15:55 +0000

We haven’t had a raise in two years, and probably won’t get one for another two years.

The furlough day in every pay period amounts to about a $300/month net pay cut for me. If your employer works a deal with the Unemployment Insurance people, it (and you) can participate in the Shared Work plan, whereby you get a day of UI for each furlough day. In Arizona that amounts to a grandiose $48 on a $240 day of gross pay. Hardly worth the headache of applying. But 12 of them amounts to around $575, less taxes, so I guess it can go into the emergency fund.

Naturally, we’re all thankful not to be laid off. However, the state is now planning another 20% budget cut for the university, which will mean massive layoffs, even of tenured faculty. So those of us who are nontenured or classified don’t count on hanging around forever.

By: Ken

Ken — Thu, 12 Mar 2009 23:51:12 +0000

I have been told no training will happen this next year. I will be taking a 2% pay cut this next budget year. It’s much better than a layoff so I will be glad to continue to have a job.

By: Trevor @ Financial Nut

Trevor @ Financial Nut — Thu, 12 Mar 2009 22:14:42 +0000

Las Vegas’s economy is really hurting right now, as people aren’t have nearly as many big work conventions like they had in the past. And if they do, they keep it more local.

By: KS

KS — Thu, 12 Mar 2009 20:29:46 +0000

Talk about bad economy. Except for the last item my company did all of the above. Further I haven’t received a raise since 2006, and on top of that pay was reduced by over 20% just some time ago. And this after several brutal rounds of layoffs. I am glad that I still have a job, but it still hurts a lot.
I pray God has mercy on us all!

By: SJ

SJ — Thu, 12 Mar 2009 18:45:34 +0000

On the college front I think less companies are recruiting. It also reminds me of a phd comic with less free food.

Luckily, I don’t think it’s hit too hard yet… I’m glad recruitment costs are affected less.

By: Wayward

Wayward — Thu, 12 Mar 2009 17:54:20 +0000

My company and my fiance’s company have initiated items 1 through 6 on your list. Thankfully, we’ve both managed to dodge item number 1, though he’s actually been forced to take a 5% pay cut. (after only receiving a 2% raise in 7 years).

Cutting retirement contributions was the thing that bothered me most. Not only are they messing with my ability to care for my family here and now with wage freezes (or reductions) and health benefit cut backs, they’re also messing with my ability to provide for the future.

Love the coffee note. It needs a twin for not leaving dirty dishes in the office kitchen sink.