Offered the Interim reduced workweek with a 20% pay cut. Are managers and above, including the CEO and his team also taking the 20% cut? Lead by example.
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If you get LRed Oct 7th, it is like your reduced workweek application never happened.
As far as the package size if you ask for the reduced workweek but then you're hit by the LR...I don't know, but look at how the dates align. In this order: 1. apply for the reduced workweek, 2. Oct 7 prenotifications of LR go out to those affected, 3. reduced workweek application approvals are communicated, 4. approved reduced workweeks start. So it seems that no reduced workweeks will start until after the LR prenotifications happen. It seems.
This is basically an offer to pay 20% of your salary to work a 4/10 week instead of a 5/8 week. We all know the workload won't be lightened, and you'll have to work longer days to finish your work to have your "day off". This program needed more incentive. Perhaps a protection against the upcoming LR, or a smaller salary reduction.
Or, taking it could signal you as being less committed and put you up front Instead.
No one knows... unless of course they work in that dept in HR. (Sorry, “People and Communities”. #whataloadofsh*te)
Not taking the “voluntary” reduction will move you to the top of the list for Q2,3 and 4 LRs.
No idea how many folks were offered the 20% reduction - our executives are probably exempt. I am guessing it was offered to pretty much everyone in the US - why wouldn't it be? I do not think it includes folks on H1Bs though. No confirmation on that - it's a rumor at this point.
I, for one, went to bed last night thinking it would be nice to have every Friday off through the end of the calendar year.
I do agree with getting guidance before signing anything employer-related - my biggest concern is the new salary level becomes permanent and somehow my benefits get messed up. I am going to reach out to an attorney I know and ask some questions.
Be very cautious of accepting this 20% reduction. By taking it, you are giving up protections and benefits of full time employment. They will initially say that you will retain benefits, but quickly change it from 32 hours per week to a max of 31.5 hours, eliminate all FTE benefits like insurance, PTO, bonuses, etc. They will never raise you back to 40 hours or above 31.5.
Anyone doing this needs to talk to an employment professional to understand quickly what your decision means. Plus, they will pack everything you use to do in a 48 hour work week, determine it is 32 hours per week, and you are still responsible for getting it all done.
All this is is a voluntary, high pressured colonic.
@1nbu+16xxno6B if you take the 20% reduction and then get selected for LR. Is the LR package based on the previous hours or reduced hours? You would need written confirmation of this before making any decision.
not sure what the problem is. If you fancy working reduced hours for reduced wages then doit. If not, don't. There is no forcing going on. Come on folks. You don't always have to be negative.
Cisco has $24 billion in debt... those stock buybacks were expensive. It's not easy pushing the stock over $40.
I recall back when I worked for HPE... there was a short time when individual contributors pay was reduced by 5%, managers by 10% and ELT executives by 20%... ahh, look at the greater sacrifice by the higher-ups! But then bonus time comes around. Guess who's bonuses represent, like, 90% of their take-home pay anyway! Turned out not to be so sacrificial after all.
For a company with 20 billion in cash this kind of desperation is odd.
Any idea what percent of employees were offered the reduced workload?
it's voluntary not mandatory offer