Frozen at the end of the year. People are pi---d. It’s the reason many stayed around as long as they did. Instead they will now kick in 4% to a savings plan and some profit sharing.
23 replies (most recent on top)
Just waiting patiently for the news of the profit sharing. In looking at all the comments, it appears that a lot of people are disappointed. I like free money. Sure, 14% is better than 12%, but its free. I just wish Emerson would allow you to sell back your PTO.
Vanguard will play with our hard-earned money and give us a 5% return!
Rollouts went so well, HR is letting “people managers” inform their teams of other changes rolling out so company brass doesn’t have to take the heat. Emerson won’t need layoffs when attrition rate and retirements jump in FY25
I believe it still is 15% from Emerson. A 4% match, 4% guaranteed profit share, and then 0-7% additional profit share based on performance. Obviously you have to contribute 4% to get the match, but your 4% would bring it to 19%
So any other areas having a “roll out” meeting? I know I posted the reply to the HR claiming you “could still get up to 15% of your wages” and low and behold that very equation showed up in Stokes email. Emerson 7+4+(your)4 = 15%.
Awful, awful company.
OneEmerson is what this is.
The lump sum payout option of the pension plan is a nice addition. If anyone was on the fence, that may accelerate their departure. Tough market conditions ahead. Big budget cuts coming.
Thanking my lucky stars that I am almost out of here. I can't even count the number of experienced, intelligent employees that have finally said sc--w it over the last 5-6 years. I can tell it was a pleasure working with ppl that took pride and were actually productive in their jobs even back when Farr was the one sc--wing us over. Seems that we cared about our customer, their productivity and how we helped them.
Now we just have to look forward to is what ever policies our Praetorian Guard feels is political correct, how they can re-write or re-define history and show their latest edicts are really in our best interest. Wait! maybe, just maybe, is it possible that Emerson is implementing this to improve Black Rock's investment portfolio or Vanguards latest ESG push?
Look forward to spending time in the future actually helping Emerson customers to be productive rather than telling them to bend over and bring your own Vas---ne, and yes, I see all of this tied up into one complete package.....
You must be part of HR if you consider it 15%. The max the company is going to put in is 11%, the back of the workers is making up the other 4%. I ran the numbers, and the profit sharing company portion was usually 13-15%, not including my portion.
Here are some valuable keywords to tell if the new policy su-ks.
HR says it’s a good thing.
It doesn’t apply to unionized employees. If it was a good deal, the union employees would approve it.
Reply to @2yee+1u5Fg25Q:
Vesting is two years now, so good luck keeping talent let alone attracting it with our pathetic “market average” pay scales. Changing this to 8% guaranteed is all the company needs to not make any additional profit sharing contributions and continue making shi**y M&A like Flexim.
I’m glad I bailed when I did. I hit my early retirement age with pay both sides of healthcare and ran. My former division had been going downhill for several years and I only stuck around because I had hit the age where my pension amount started to ramp up some. I’d mention to the new hires I worked with that I envied them a bit, because after 5 years the 401K matching vested and they could dash out if they were tired of the BS.
I burned myself out for the company, working tons of straight pay OT, only to get told that “no raises this year, because some other division had a bad year”, and when a raise did come in, we were lucky if it covered inflation.
Feel terrible for those who were thinking “just another year” or could retire but can’t due to family situations
Or it’s a way to keep people from retiring early because they lost so much talent the last 5 years.
Total sc--w job!! They are betting some people can’t afford 4% because cost of living is ki-ling families. That saves them 4% for workers that can’t contribute. It’s to “help” you out. I had 3 months of sick leave and they took it away by saying they gave us more. Just like the news…gaslight and say it’s good for you. If you had $100k in savings 3 years ago the value has decreased to $80k today. Can’t wait to see the improved bonus!!! Thanks Emerson!!!!
Raise wages and salaries. Employees need money now to help offset inflation. No one cares about money in the future when we are hurting for money in the present.
Reply to: @1pnn+1u5Fg25Q
Max is still 15%. If you contribute 4%, they will match 4%. You also get a guaranteed 4%. On top of that is the 0-7% profit sharing based on your business unit. So all together, a potential max of 15% if you put in 4%
I saw that the profit sharing is now capped at 7% based on how your business unit does
So max now is 11%, provided you max out the matching ----> was that in the email Emerson sent? Because if it was there, I missed it.
Plus they capped vacation rollover at 150% of yearly accrual.--> Yeah, if you are an id--t with 200 hours of vacation at the end of the year, you won't accrue more until you have less than 200 hours. Dunno, there are people who just accumulate vacation and never use the time ... yup, it's theirs to decide what to do with the vacation time, but still.
I’m betting no cost of living raise for salary --> I am pretty sure of that LOL
And they wonder why the HR survey was bad --> Gotta love the each group has to come up with action items but you wonder what is the action item from leadership, since that is that part that came back as the most negative lol
I saw that the profit sharing is now capped at 7% based on how your business unit does. So max now is 11%, provided you max out the matching. Plus they capped vacation rollover at 150% of yearly accrual.
I’m betting no cost of living raise for salary.
Measurement solutions. Boulder, CO.
And they wonder why the HR survey was bad.
Corporate froze the pensions and moved to a 401k only (no profit share) in 2016.
Well, some of us only had profit sharing since a long time ago plus our regular contribution
Someone needs to ask Lal if corporate still gets their pensions
PSS for sure.
What BU?