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SEFL | Executive Pay Cuts???

Red Snapper

Red Snapper

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Per a Wall Street Journal Article Today...FedEx Cuts Wages, Will Other Companies Follow?

FedEx’s announcement today of a 20% pay reduction for CEO Frederick W. Smith, 7.5%-10% cuts for other senior FedEx executives and a 5% decrease for remaining U.S. salaried exempt personnel wasn’t in direct response to easing prices. The company cited weakened economic conditions as the reasons for the wage cuts, which were accompanied by the elimination of merit-based pay increases and a suspension of 401(k) matching.

Do you think this might be a good Idea for SEFL. According to my TM we are looking at operating in the red for December '08 and all of '09. Would our executives step up and take one for the rank and file? Could we all do without our 401K match? Would this help turn our company around to profitability faster?
 
Red Snapper said:
Per a Wall Street Journal Article Today...FedEx Cuts Wages, Will Other Companies Follow?

FedEx’s announcement today of a 20% pay reduction for CEO Frederick W. Smith, 7.5%-10% cuts for other senior FedEx executives and a 5% decrease for remaining U.S. salaried exempt personnel wasn’t in direct response to easing prices. The company cited weakened economic conditions as the reasons for the wage cuts, which were accompanied by the elimination of merit-based pay increases and a suspension of 401(k) matching.

Do you think this might be a good Idea for SEFL. According to my TM we are looking at operating in the red for December '08 and all of '09. Would our executives step up and take one for the rank and file? Could we all do without our 401K match? Would this help turn our company around to profitability faster?
Click to expand...

i dont see my tm, taking a cut he would quit.
 
I was just looking around over at the FedEx thread. They have a mix of salaried and driving posters. The sad part is that some of the salaried folks who are getting a 5% pay cut already make less than their drivers. They are used to quarterly bonuses too. They are loosing their 401K match, all raises, all bonuses and a 5% pay cut. That would be a hard pill to swallow.
 
I think the quickest and easiest way for sefl to take some of the hardship away from its employees, is to let go the part time dock people, I hate to say it but most if not all the part timers have a second job, and our full timers are lucky to get 30 hrs a week right now, its doesn't seem fair to me. I know how important the part timers are to SEFL ops, but we could service our customers just as well if they let our full time people fill in were the part timers do...
 
Red Snapper said:
Per a Wall Street Journal Article Today...FedEx Cuts Wages, Will Other Companies Follow?

FedEx’s announcement today of a 20% pay reduction for CEO Frederick W. Smith, 7.5%-10% cuts for other senior FedEx executives and a 5% decrease for remaining U.S. salaried exempt personnel wasn’t in direct response to easing prices. The company cited weakened economic conditions as the reasons for the wage cuts, which were accompanied by the elimination of merit-based pay increases and a suspension of 401(k) matching.

Do you think this might be a good Idea for SEFL. According to my TM we are looking at operating in the red for December '08 and all of '09. Would our executives step up and take one for the rank and file? Could we all do without our 401K match? Would this help turn our company around to profitability faster?
Click to expand...


To use Fed Ex as a benchmark regarding what SEFL should do is a "slippery slope". (ever come back from ASH in the ice... it is a whole new meaning to slippery slope)

If cuts have to happen...they happen. The return to profitability will happen when the economy returns. Eliminating our 401 (the equalizer between non union and union pensions) with the union vote legislation coming up....not a good plan for fedex


Instead of us focusing on cuts, why not focus on getting business. Just because we dont get to see many of our customers at work, dont mean we dont get to see them.

If all 6-7000 employees asked everone they knew, encountered, or knew of...
"if you have anything to ship at your work, or know of anyone that has something to ship, would you please call me...here's my cell" or better yet, give them your salespersons number or you terminal managers number.

People at Church, people at bowling,people at feed stores, hunt clubs, grown children, siblings, neighbors, friends, places you shop (especially places you are giving money to). I bought a rebuilt inline 6 cyl in october from dallas. When the co said it would be coming with Siai I asked them to send it SEFL. They called back and said ok.

I'd make Dominos bring my pizza sefl if I could

I'd had rather SEFL find more ways to make money than ways to cut the money I make. It sounds a lot less painful. Just my opinion
 
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