Friday, December 19, 2008

Big Ups to FedEx, and Good Luck to All

OK, I am not typically one to praise corporations, being a former MCI employee who was shit-canned when Worldcom ruined a really great company (I am not a company man either, but MCI had vision and treated employees pretty well). Anyway, I heard this story on the way in to work this morning. Article @ NPR here.

FedEx is hurting from the down economy. Rather than laying people off, they are cutting salaries, temporarily, starting from the top down. The CEO, Fred Smith, is taking a 20% pay cut off base salary. Other executive/managers are taking similar cuts.

Initially, I think the tops execs should take serious cuts, because their future depends on their company's survival, but I must respect the decision to keep people working. Besides losing your income when laid off, you also lose your health insurance, and I imagine their insurance is pretty good. This means they are likely carrying their spouse/kids. If the spouse works, their insurance is likely lousy and/or expensive. When I was laid off we had to go with my wife's company insurance, and for the two of us the cost was astronomical compared to what we were used to.

Also, it is smart for FedEx. They are going to get big employee loyalty points. Their image will not be tarnished from a layoff, and if a cynic like me can praise their executives, they are going to earn big points with many people.

I hope everyone out there is weathering things well. I am a defense contractor, and the wife is in medicine, so our income seems assured. Any of you out there working for companies that are in trouble, good luck. If you get hit by the layoff bug, keep your online friends in mind. You never know who knows someone in your industry. If you do get laid off, don't be ashamed of it. There are forces beyond your control at work. Also, don't be above collecting unemployment insurance. You have been paying into it with every hour you worked (that's in the US, not sure how our Canadian, British, and Aussie friends handle things).

Now, to lighten things up. I give you, Spaghetti Cat

1 comment:

Keith said...

Great post. It is nice to see companies looking after their employees. I'm really thrilled that FedEx is trying to keep their employees on during this rough time. There are a lot of people hurting. I've known quite a few people so far who have been laid off. I work for a cleaning service. Not necessarily what I'd like to do the rest of my life, but it pays the bills. I'm just thankful to have a job.

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