I've been with a tech startup for 4 years now and i thought it had been pretty good so far.
On Friday, the CEO posted that our profits were above what we had on the forecast and our expenses were down 25%. With this type of opener, I anticipated some good news to follow. Even if it was only a pizza party or something stupid like that.
He proceeded to tell us that every employee is taking a 5k benefit loss. These benefits were essentially cash, untaxed.
I worked my way up an extra 10k over the last 4 years but just lost half of my progress. They say they'll reevaluate in the future, but if we're losing benefits while breaking all of our goals, I don't see much promise moving forward.
The raises have come yearly but they just took 2 years of raises away with this change.
A few people acknowledged and acted like it wasn't a big deal but I'm sure everybody feels slighted by this.
I'm at a loss. Afraid to send applications because I know it's such a long dragging process but I think that's what I have to do.
I went on LinkedIn to start applying on Friday but stopped when I saw that the CEOs wife got a promotion to a chief position the same day we all took a pay cut.
It's so discouraging. I think I'll spend time this week watching videos to work on my resume and start sending them out this week too.
Just wanted to share my story. Jumping around really is the way to go. Nobody cares about your life outside of work. The big guys only care about more money, regardless if they're taking it out of their employees mouths.
Rant over – if anybody has resume advice or sources, please send them my way. Any other advice appreciated.
Thanks everyone