I work for a large freight transportation company that has been operating at near record margins, despite lower volume. Recently, our entire office staff has been informed that our shifts are being reduced from 8 hours to 7 hours.
Because we’re hourly employees, this results in a 12.5% reduction in our paychecks, 401k contributions, etc. There is no timetable for us to return to normal operations. I’ve worked here for over 12 years, and will be able to absorb the financial strain for the time being. But, I’m gutted for my coworkers who have worked here for 20+ years & don’t know how they’re going to be able to pay their bills since inflation had already taken its toll.
I think it’s worth noting that our company has spent billions (with a “b”) of dollars in the last several years on stock buybacks, and that, despite lower volumes, we (as a company) are still making money hand over fist. I had hoped this would be my last job; now, I’m updating my resume (it’s been a while!) & searching for other opportunities, although the available openings seem to pay less with worse benefits.
I wish I had a stronger point to make, but, honestly, I just feel gutted & defeated. So, maybe the system worked exactly as it’s designed.