Principal employees
- Thread starter pfgemployee
- Start date
My wife was laid off last fall. Another good friend who had been with the company saw what was coming about a year ago and took another position. I do know Principal is bloated in HR and in their spending in marketing. I really feel for everybody because it was a great place to work until the last year or so.
Story has hit the Register:
Principal announces widespread pay cuts | DesMoinesRegister.com | The Des Moines Register
Principal announces widespread pay cuts | DesMoinesRegister.com | The Des Moines Register
That's a joke. There are only around 300 companies that compete for that ranking---and THEY ALL NOMINATE THEMSELVES.
So, if you're keeping score at home:
October 08--550 cut, freezing pay for salaried employees, loss of some perks at work, travel greatly reduced
Spring 09--another 60 some gone. Pay cuts across the board, PTO bank max lowered (plenty of people at their max will lost pto now).
How bad is it here? They are even removing many clocks to avoid having to replace batteries. I'm not joking.
BUT...I'd rather be in this position than be collecting unemployment right now and looking for a job.
Look at the bright side, at least you still have a job. I bet shareholders would love to be only down 7-10%.
Most of Principal's employees are probably already down 40% in their investment portfolios like 401k's. I don't think your comment will soften the blow of the paycut.
Not a personal fan of PFG, but I do give them credit for this - instead of just laying people off.
Decrease in pay > lay-offs.
Decrease in pay > lay-offs.
Well at least the bigger cuts go to those who make more. Could be flipped the other way so that those making over 100k get no cuts. That seems to be the American way, take from the poor so the rich can prosper more. I wonder what kind of cuts if any your executives are taking?
My office of 15 people or so just took a 10% cut in pay last week. We're a pretty tight knit group, so we're glad no one had to go, but it isn't going to make paying the bills any easier. Architecture sucks...
Considering most executives get paid in stock and other things tied to the success of the company, I'm willing to bet they've taken huge, huge paycuts beyond the 10% for anyone making over 100k.
It's easy to be down on it, but just be thankful you've still got a job. I like to see companies doing everything they can to cut costs without laying people off right and left. While there are always rumors of PFG laying off tons more, this is hopefully a good sign that they're looking at all options.
I'd really say that all depends where each individual is in their own life. You can say that for yourself, but for those just a few years away from retirement, that is not their concern at all.
CycloneErik
Well-Known Member
Where I work, we've taken raises off the table for 2009, but we're still hiring new people. Most of us have concluded pretty quickly that keeping the same income is better than none.