I asked around and there are no info when will we get back 401k match, bonus and RSU.
Anybody knows?
It is weird that even that company I saving the money of all those 3 items, we gave lower guidance for next quarter. Not sure if that means that at least this year those benefits not coming back.
When the company can make a profit... probably not anytime soon. SSD chips are cheaper than toilet paper and server farms have a surplus in HDD inventory for probably another year. Doesn't look good and with higher capacity drives manufacturing will be reducing work force while maintaining similar or greater storage quantities.
DG could never give a direct response, instead dancing around the topic of restoring 401k matching and STI. The board should fire DG because he is doing nothing for WD.
@Maxtor
Max roe was going OOB prior to being acquired by STX. WDC had MC and JW while STX had JV.
Before HGST there was IBM. Back then bonus was called variable pay. It was much more explicit then that the whole point was to be able to dial back pay when times got hard so that fewer people would get laid off.
At Maxtor we had a 401K match until we were lay-off when bought by Seagate.
WD must be in bad shape to cut the 401K.
Some companies pay the 401K match in December for the whole year:
When people quit before December no match.
This arrangement helps, if there is no stock option or bonus to keep people.
Failing company made worse by overpaid executives.
Failing company made far worse by de-motivated employees
I wouldn't expect it anytime soon... Cloud segment was the biggest loss and cloud providers have enough drives in warehouse to weather a few more quarters... Not to mention the new drive capacities. People/business just aren't using these quantities of storage yet, so the demand isn't there yet...
Easier to leave than waiting for RSU's and bonus and match. Polish resume and interview.
Saving money on benefits doesn’t offset a huge drop in HDD sales.