Would you stay?

Anonymous

June 20,2022 at 7:20PM UTC

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Would you stay?

My firm changed it's private equity partner (that is how they framed this) and within a year replaced all the c-levels, laid off dozens of staff, and now has frozen our merit raises and bonuses. Worse is that hundreds of us were presented our merit raises in a performance review and a bonuses. This was weeks ago and none of us have been paid any of it. We are told our added compensation wasn't approved by the private equity's board and have been given no information on if/when we will ever see this money. Its been over 2 months of waiting and useless meetings that bring no answers. My Manager, his Director and the VP of our team all have no idea what is going on. With all the C-levels being new, no one knows them well enough to just ask them "WTF?" I'm not unhappy with my work or current pay but this has seriously killed morale and work culture. I'm not sure if/how they can rebuild our trust.

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AnonymousJune 20,2022 at 7:49PM UTC
This is usually a sign that the valuation of the company is way down and the equity partner invested of certain assets to incorporate into their own portfolio. Letting the c suite go signals that your company will no longer operate on their own and will be folded into the equity partner's current holdings. Their timeline is most likely by year end.
The good news is you have a 6 month runway to find a great job and keep that paycheck coming in while you do it along with your benefits.
So update your resume, get all your medical and dental examinations taken care of and keep your head up.
Seldom do you have such a nice exit plan.
This is tge
AnonymousJune 20,2022 at 9:07PM UTC
Your focus needs to be on financial survival. See the writing on the wall in that it is possible your company is tanking. Apply aggressively to other jobs (pick a stable company that has been through a few depressions). And peace on out.
AnonymousJune 20,2022 at 11:22PM UTC
Is there any kind of employee resource group or union or obudsman or mediator so folks could collectively advocate for themselves?
I also 2nd what other person said about looking out for your own financial resources and career path too...writing on the wall sentiment.
JJJune 21,2022 at 12:13AM UTC
Yeah they messed up and will not be able to rebuild trust but something tells me they do not really care that much.
Lauren FraleyJune 21,2022 at 5:12PM UTC
Dust off your resume and start actively interviewing. These are all massive red flags that the company is not doing well.
Melissa NobileJune 22,2022 at 12:37PM UTC
Welcome to the 90’s…. History repeats itself over and over. My advice since we lived through it…
Save as much as you can
Look for new jobs - but be picky
Think about sticking it out - you might find you are rewarded for doing so.
Things are going to get really tough for a while, so prepare if you can.