re: Now will be the time private companies will begin phasing out 401k contributions

Posted by Draconian Sanctions

Markey's bar

Member since Oct 2008

88509 posts

Posted on 3/29/20 at 8:53 pm to Norbert

quote:
The obvious answer to this is a government monopoly.

Another red herring

Posted by Stexas

SWLA

Member since May 2013

7140 posts

Posted on 3/29/20 at 8:53 pm to East Coast Band

Company I work for is discussing it already...

Posted by soccerfüt

Location: A Series of Tubes

Member since May 2013

76202 posts

Posted on 3/29/20 at 8:53 pm to EarlyCuyler3

quote:
Or organized labor.

You misspelled “organized crime” but we got your intent.

Actually your term is interchangeable with mine.

Posted by SEClint

New Orleans, LA/Portland, OR

Member since Nov 2006

49487 posts

Posted on 3/29/20 at 8:54 pm to Allthatfades

quote:
Dad works for Lazboy

..I could use a new chair tbh.

Posted by EarlyCuyler3

Appalachia

Member since Nov 2017

27290 posts

Posted on 3/29/20 at 8:56 pm to soccerfüt

quote:
You misspelled “organized crime”

Nope, I never even mentioned government.

Posted by BobABooey

Parts Unknown

Member since Oct 2004

16214 posts

Posted on 3/29/20 at 8:57 pm to East Coast Band

quote:
Easy and somewhat painless way to get lean fast.

“Sidesource” entire business units to another company, IBM for example. Employees become IBM employees overnight with a 1 year contract but continue to do the same work. Meanwhile, the original employees train visa’d workers in the US how to do the job and their contracts are not renewed after the year is up.

Posted by hobotiger

Asbury Park, NJ

Member since Nov 2007

5437 posts

Posted on 3/29/20 at 8:58 pm to East Coast Band

Already happened at my wife's company

Posted by thelawnwranglers

Member since Sep 2007

42515 posts

Posted on 3/29/20 at 9:00 pm to East Coast Band

We are 4% if you do 8%

Honestly would prefer they take pay so I get that dollar cost averaging

Posted by lsufanintexas

Member since Sep 2006

5124 posts

Posted on 3/29/20 at 9:01 pm to East Coast Band

the small consulting firm(120 people) work for just did this it only “temporary” yeah right

stopped all bonuses, 401k matching contributions stopped, 20% executive pay cuts and 10% pay cuts across the board and ceo stopped taking salary, We also cut about thirteen people from our staff.

This post was edited on 3/29/20 at 9:04 pm

Posted by nugget

Abrego Garcia Fan

Member since Dec 2009

15757 posts

Posted on 3/29/20 at 9:01 pm to Draconian Sanctions

quote:
Welcome to the corporatocracy, an endless race to the bottom. We have 40 years of Republican policies to thank for it.

Why do you hate a consensual agreement between two parties? As long as companies are fighting for talented employees, said employees will be compensated fairly. It’s obvious basic free market principles are over your head.

Posted by nugget

Abrego Garcia Fan

Member since Dec 2009

15757 posts

Posted on 3/29/20 at 9:04 pm to Draconian Sanctions

quote:
Sounds great in theory but creeping monopolization makes this less and less of a concern for companies.

This is not true. As the economy continues to move from manufacturing to technology, people are an even more important resource. It’s obvious you’ve spent little time in the real world and just sucked off mommy and daddy’s teet.

Posted by MSTiger33

Member since Oct 2007

21755 posts

Posted on 3/29/20 at 9:05 pm to nugget

We have a 7% match and a 10% profit share. I fully expect both to be toast this year.

Posted by thelawnwranglers

Member since Sep 2007

42515 posts

Posted on 3/29/20 at 9:05 pm to lsufanintexas

My small firm just delayed match deposit last go around

Posted by mmmmmbeeer

ATL

Member since Nov 2014

10189 posts

Posted on 3/29/20 at 9:06 pm to East Coast Band

The services my company provides are currently in very high demand (telecom). If they make cuts, be it benefits or RIFs, it's going to be VERY fricking telling. We went through the pension buyout years back. We went through the 401(k) match reduction years back. If they cut now, they can kiss my arse goodbye (20 years, lead engineering position).

Posted by MusclesofBrussels

Member since Dec 2015

5034 posts

Posted on 3/29/20 at 9:15 pm to soccerfüt

quote:
They better all get together on this strategy and all do it at the same time. Otherwise the first one to do it will see talented employees leave en masse to the competition who still offer that type of benefit.

Good luck job hopping for better benefits during a recession or possibly even a depression