XPO | 5% give back, lose 401K match....

5% of $55,000 seems like a lot harder hit to a bottom level front-line employee than 5% of 600,000 for the CEO.

What bothers me more is the vacation/PTO day policy.
When the economy picks up, will they go back to the old way of earning/taking vacation/PTO days?
I doubt it.

I can understand times are tough. But, (not seeing the video yet) was there any mention of giving these things back?
If economy picks up, in a year, 6 months, 18 months, whenever, will they then say, "Here's your %5 back, and then here's this year's _% raise on top of that?"

I doubt that too.

In a sense, this is like the government and taxes. Have you ever known of a tax that the government rescinded?
"We need to raise a sales tax to build a courthouse."
O.K., but then when the courthouse is built and paid for, funny there's no mention of taking that tax back off the books.

Same thing here. I'd bet you $20 that the economy could rebound before Halloween and we never get that 5% back. Any more raises will start right where everyone is as of April 16.

I'm sure that people aren't going to quit in droves today, after all, where can they go?
But, I'm sure the number of people looking for a job increases dramatically tonight.

And, seriously, can no one at CGO see irony of repeatedly telling us things are bad (which most of us know), we must save at every opportunity, we must band together as a team and weather this storm; all the while cranking out new posters, videos & books? That stuff costs money, and I don't need a motivational poster to make me work harder.
I need a corporate leadership that practices what it preaches and sets an examples for others to follow throughout the organization.
If I saw a memo announcing all spending on frivolous crap is at an end, that would impress me more than the executives taking a 5% pay cut. After all, as I said, for many of us, 5% to them is more than we make all year.
Good Post. You are right people will not quit today but, they will be quitting in mass when this economy turns and not just drivers.
 
This does suck, I certainly don't want to lose anything, but it seems like some people are effectively blind to what's going on in the United States and the world the last few months.

**** is going bad.

Two local carriers I used to work for have closed in the past two weeks. One is just locked up and the other is running THREE out of about 50 drivers, emptying out its warehouse. After that, the padlocks come out.

YRC is hurting bad, other big boys are hurting...

I was expecting worse. A lot worse. I'm just prayhing things change and that I'm high enough on the board to make it to that day. Please don't take that as company suckup BS, this is REAL... right now, this situation at Con-Way? It ain't that bad. Look around.
 
The worst thing was when he answered those 'questions' at the end... the one about "Will the pay go back when the economy turns"? Yeah, his answer sounded like corporate-babble for "No, not likely"
 
o well at least we still have a job so we loose about $50.00 a week is that going to break anyone
just deal with it that's what i going to do
i still have a job so i am still working
 
This is what is wrong with this company we have to many a$$ kissers and none of them have a set.Please open up your wifes pocket book and reattach them.If we don't do or say anything this will happen again once the 2nd qtr. numbers come out in June or July if you don't believe it you are a fool.it's people like(at least i still have a job and i've been here 20yrs)are the ones that i'm talking about i'm not trying to start any beef with any one but i'm just stating the plain fact's.I to have been here a long time and i'm sick and tried of what greed is doing to this company.In closing i just hope everyone wakes up and think's about the situation before us it is GREED and only GREED.
 
Go to CNN money. Upper mngmt. got 10% if I read correctly! Retainer fees for board of directors was also reduced and or done away with! All this did not go well on stock market today: We closed down near 13 bucks a share today!
 
Sad,a few years ago most Con-Way employees were doing hand stands when parent shut down C-F after it bled it dry to build Con-Way and now things come full circle. Maybe they will keep a few P & D people and have truckload pull the trailers between terminals. Others have done it ??Good luck !!
 
with the market the way it is i understand the 5% and the 401k match being taken back. what i dont understand though is the vacation time between april and jan. 1st being negated. how is that going to put cash in the companies pockets in the near future other than maybe some people holding on to a week or 2? by taking(stealing) 9 months of earned vacation elegible time sends a bad message to the employees. its shady at best and not very thought out. there is more to this vacation thing then they arent telling us...but as usual, leaving us in the dark and clamoring for the truth...hang in there guys!
 
As I understand it the vacation thing frees up cash. If you use Con-Ways current method of accruing vacation (one that is fading away) the company has to set aside actual cash equal to the wages of every employees entire vacation time in an account. That's a LOT of money for a company this big.

By doing this I think it frees a big nut of cash, and then, by using the accruing as you go method, they can help lower that cash reserve amount.

As for taking vacations at the beginning of the year, virtually any company that runs this sort of accrual pattern allows you to have a certain amount of 'negative' days, so you can 'borrow' days from later in the year. So long as conWay allows negatives, you'd be able to take early vacations.
 
At least that's how i think it's supposed to help and work. There could be something hidden in there, though. I don't know.
 
As I understand it the vacation thing frees up cash. If you use Con-Ways current method of accruing vacation (one that is fading away) the company has to set aside actual cash equal to the wages of every employees entire vacation time in an account. That's a LOT of money for a company this big.

By doing this I think it frees a big nut of cash, and then, by using the accruing as you go method, they can help lower that cash reserve amount.

As for taking vacations at the beginning of the year, virtually any company that runs this sort of accrual pattern allows you to have a certain amount of 'negative' days, so you can 'borrow' days from later in the year. So long as conWay allows negatives, you'd be able to take early vacations.


ER has not come out with the offical policy on the pto/vacation days. You are not losing anything here you will still get your time as service rank allows. Talking with some in ER today they are looking at the negative bank as a way to open vacations year round. Be a nightmare if they didnt. As for the accuring part, you are correct. With the accrued vacation the company must sit that money aside....have available for payment of all earned monies.
 
i have no issue with the "new" system of accrueing vacation time..that makes sense. what makes me leery is that in the past we paid for our vacations through the previous years work. so, we have our vacation for for last year available this year. with that being said, starting jan. 1st we accrue as we go, so then wheres my vacation time for this year? i may be wrong but it seems to me they just expect us to eat that time. while a new guy might have to lose 1-2 weeks a senior guys loses 4-6, hows that even remotely fair? part of me suspects something far more sinister and under handed than simply taking those weeks away but for the lack of proof and unwillingness to rumor monger ill keep them to myself.
 
What a crock of BS.
The only way the economy is going to get better is if people spend money. If no one has money to spend the economy will not recover.
Corperate idiots keep sending jobs overseas to make more profit, however eventually no one here can afford their product since no one will have a job.
I'm not a friggin rocket scientist , however it only takes common sense to figure these things out.
Now Conway wants to give us less money so that we can not buy things & help the economy, how is this suppose to help?
All they did was add themselves to the problem.
Man, you are right on with this post; Con-way is only adding to the problem. Even more by not matching the 401K and hurting the stock market. I believe it was Henry Ford who said he wanted to pay his employees a decent wage, so that they could afford to buy his cars..I think he started all of this.
Henry Ford - Wikipedia, the free encyclopedia
 
For April 2009 thru December 2009, you will accrue zero vacation days. The company is taking about $800 to $3000 that they promised from each of us, depending on your length of service and hourly rate. With the 5% cut and the pension catchup match, I lost about 18% of my compensation today. all these years and not s#&T to show for it. How depressing. I'm sure that this is just what they calculated they could get away with. At least we still have a job, for now
 
Something funny from the video today; The frozen pension is now more frozen (WTF). Previously it was supposed to grow until 2011, now it's done. Frozen for good.
 
Top