The company has been around for decades and to my knowledge has never done this before. We are profitable, but leadership wants to be more profitable and this was deemed to be one of the levers they are pulling.
I will be fine, I live well below my means and it’s only a week, but I know I have coworkers living paycheck to paycheck and this is going to hurt them – right at Christmas time. People will be canceling/modifying summer vacation plans and tightening Christmas gift budgets now to make ends meet… all in the name of corporate profitability.