https://wtop.com/business-finance/2024/07/would-you-take-a-pay-cut-to-avoid-a-layoff-a-third-say-yes/
6 replies (most recent on top)
Interesting has nothing to do with Truist
Would I take a pay cut vs being laid off with no income: of course! With a family to support this is a no brainer. Now would I take the pay cut and sign a contract to remain for 5 years, no way. I would take the pay cut and once I found a better opportunity I am turning in my notice. This company is a sinking ship, most know that, so if a teammates’s resume is not up to date, it should be.
This is capitalism working as designed. Exploit employees, customers, other companies, whatever is required in order to transfer money to the C Suite and the shareholders. That is the only purpose, anything that appears to benefit one of the exploited groups is unintended or just the minimum cost of doing business.
Not to mention low single digit (if any) pay increases in a cumulative 4 year inflation environment of 20-30% CPI increase. The job market su-ks for many, and Truist knows it. Squeeze employees as much as you can. Never let a crisis go to waste.
Unfortunately, in one way or another everyone that is still employed here has, in fact, taken a pay cut and remained. 401(k) contribution cut; paying for parking for RTO; worse insurance; etc. All of those are real reductions in compensation. Executive management is counting on our willingness to stay without regard to those unilateral "pay cuts."
So...people would rather keep a job, keep the money coming in, etc., rather than get nothing. Hate to say it, but that kinda makes sense.