Thinking the company might give us something decent or at the very least NORMAL for Christmas and instead getting NOTHING or a few remote people got some old crusty pretzels and a strange patch that no one knows what to do with. What happened to just a Christmas ham or turkey? #AnotherNewLow
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Like if you think spending $500m on the north building feels like a huge mistake! Surprised the board consisting of well qualified policy owners agreed to it. I hope the next CEO is more pragmatic.
I doubt senior leaders care about their 401k match, their max contribution is a small percentage of their pay. Plus, employer 401k contributions are capped at $69,000 in 2024. If they have the same plan employees do, they are way better off getting 9-13% of their total comp put into the cash balance. Taken to the extreme, the CEO would get $69,000 from a 401k match, but now receives 13% of his pay ($15 million? X 13% = $1.95 million) in cash balance. He probably makes more than that, and probably has a much more lucrative incentive plan though. Still, a lot of the most highly compensated people are better off under the current plan/without the match.
The mutual structure may have some advantages, but it leaves our leaders largely unaccountable for their actions. No shareholders can take a stake and demand changes. The governance structure is poor- one man is President, CEO, and Chairman of the Board. He can do whatever he likes, and he has. Insurance companies are more state regulated. Safe to say he gets paid a ton and has insane perks, why would you leave?
the information you seek is in the NYDFS Schedule G.
You do know NM isn't a public company and doesn't file a 10k right?? Obviously not.
If you work(ed) there guess you didn't understand what kind of company you work(ed) at/for.
Has anyone seen a recent copy of NM's 10K? I'm curious what the execs are making and if they are still getting their 401k matches while everyone else is not.
I would like to hear from JES why putting some new windows on the North Building costs $500M and the entirely new 44 story Couture building across the street is only $190M. Policyholders should be equally concerned and suspicious.
Vice President of Business Analytics. Sounds like daddy got him a job that pays a little better than a ballboy.
CEO’s son works for the Brewers.
My favorite was basing the company's marketing strategy around a 2-inch patch on a baseball team's jersey. They probably spent $5M for the ever so slight glimmer of hope that ESPN or FOX would use their telescopic cameras to do a closeup of the player's shoulder jersey and get some free advertising. We all know people will rush out to buy from NM after seeing a microscopic patch on a baseball player's jersey.
It was nice not having WIT propaganda shoved down my throat daily this year.
P2 - Permanent
T2 - Temporary?
My most memorable moment was going from a P2 to a T2 and still not having any idea what the F that actually means.
Seems the management chose cutting board gift to symbolically signal the employees that our career will be on the chopping block after a year.
Now it’s time for us to start a chopping block channel in slack. The HR will be actively involved like last time because even they are much affected by current layoffs.
If I can jump ahead a year getting rid of JES in 2024 will be 99.99% of employee's favorite happening.
I still will not forget the fiasco of the cutting boards. Some people never received theirs while others received two. And there ended up being a whole Slack channel devoted to cutting board discussions, even HR was getting involved there and contributing to the discussion.
I already see people listing their patches on eBay under the Brewers Memorabilia category.
I am looking to see how the company changes once JES retires. I've been hearing mumblings from friends up above that the new CEO will be announced likely in February alongside JES's retirement timeline. The other CEO news I heard was that TG was supposed to be the new CEO, but he was caught venting lately that he didn't get it, CM has been described as a possible candidate at this point.
I agree, we got modest holiday gifts and PTO during the pandemic but never received anything in the years prior. We do now get two floating holidays on a permanent basis, which is great.
For me, my favorite happening had to be the highly anticipated release of LOTR Return of the King, it did not disappoint, you just don’t see many movies like that made these days.
New North is a silly boondoggle, a new building would cost far less. The lack of a 401k match will harm the average mid career employee to the tune of tens of thousands of dollars by the time they retire. I don’t need a turkey or ham.
NM once gave time off between Christmas and New Years. The grinch of HR even took that benefit away from those still at Shawshank Mutual. Enjoy your pretzels and patches for those that managed to get one.
Last year they had weird cutting boards I think? My favorite thing was spending $500M to add some windows to the North Building and then showing how all of our competitors pay higher dividends and no money for employee 401k's. Nice move Johnny.
there has never been a tradition of holiday gifts at nm. what are you rambling about?