If you are upset over the changes in the pension plan -
Corporate profits are hitting record levels, despite the fact that there are 5 million fewer people employed since January 2008.
"Do more with less" is a corporate mantra - not just Pfizer. CEOs are hired to grow revenue and/or profits. Since Pfizer has less revenue, but still has the pressure to continue to be highly profitable - cutting expenses (including people and their benefits) is the only way to continue to please Wall Street until revenue starts to move in a more positive direction.
Ian Reed is not interested in how this affects the everyday Joe (or Jane) - that's not his job. He is getting paid (well, very well) to satisfy the BOD, and the shareholders. Not the employees. CEOs know that they can shred the employees morale (and present and future economic stability), but in order to collect the paycheck (which most of us really need - we are also interested in our short term ability to satisfy our own version of Wall Street) we will continue to get the job done. Once the company starts to grow revenue (and increase profits even more), the lost jobs, benefits, etc. will not re-materialize. In fact, things could get even worse, as the pressure mounts for even more "efficiency". It's a vicious cycle. More jobs and benefits can be lost in the effort to remain "competitive" (more corporate speak).
Quote from the most recent Business Week - "there's no better time to be a talented entrepreneur - and there's no worse time to be a middle-class person without special skills".
Sadly, this description may apply to those of us in the salesforce. I don't mean to insult - lots of smart, talented people here - just not trained in areas that can't be replaced easily (or outsourced, or contracted or eliminated in favor of technology).
Get angry, get disgusted, get complacent. Worse - feel the fear of not realizing the money that you had planned on receiving to protect you in the years where you are not able to earn any additional income through employment. I wish I knew the answer. I feel like the rug has been pulled out from under us - years of work with this company now in jeopardy, less pension to rely on, savings earning nothing (or less, with inflation), investments moving sideways (after a long time contributing/investing faithfully), home value down 30%, medical costs skyrocketing, etc. I am in the same boat as I imagine many of you are. Time is not on our side.
Any thoughts? By the way - idiot or negative comments about not relying on the pension should find there way to another thread. Some of you rocket scientists are feeling pretty smug that you didn't have to count on the pension - but lots of people who are too far into their lives, families, careers, etc. are not as "smart".
Corporate profits are hitting record levels, despite the fact that there are 5 million fewer people employed since January 2008.
"Do more with less" is a corporate mantra - not just Pfizer. CEOs are hired to grow revenue and/or profits. Since Pfizer has less revenue, but still has the pressure to continue to be highly profitable - cutting expenses (including people and their benefits) is the only way to continue to please Wall Street until revenue starts to move in a more positive direction.
Ian Reed is not interested in how this affects the everyday Joe (or Jane) - that's not his job. He is getting paid (well, very well) to satisfy the BOD, and the shareholders. Not the employees. CEOs know that they can shred the employees morale (and present and future economic stability), but in order to collect the paycheck (which most of us really need - we are also interested in our short term ability to satisfy our own version of Wall Street) we will continue to get the job done. Once the company starts to grow revenue (and increase profits even more), the lost jobs, benefits, etc. will not re-materialize. In fact, things could get even worse, as the pressure mounts for even more "efficiency". It's a vicious cycle. More jobs and benefits can be lost in the effort to remain "competitive" (more corporate speak).
Quote from the most recent Business Week - "there's no better time to be a talented entrepreneur - and there's no worse time to be a middle-class person without special skills".
Sadly, this description may apply to those of us in the salesforce. I don't mean to insult - lots of smart, talented people here - just not trained in areas that can't be replaced easily (or outsourced, or contracted or eliminated in favor of technology).
Get angry, get disgusted, get complacent. Worse - feel the fear of not realizing the money that you had planned on receiving to protect you in the years where you are not able to earn any additional income through employment. I wish I knew the answer. I feel like the rug has been pulled out from under us - years of work with this company now in jeopardy, less pension to rely on, savings earning nothing (or less, with inflation), investments moving sideways (after a long time contributing/investing faithfully), home value down 30%, medical costs skyrocketing, etc. I am in the same boat as I imagine many of you are. Time is not on our side.
Any thoughts? By the way - idiot or negative comments about not relying on the pension should find there way to another thread. Some of you rocket scientists are feeling pretty smug that you didn't have to count on the pension - but lots of people who are too far into their lives, families, careers, etc. are not as "smart".