Large Corporations – No Heart, soul, or Honor

  • fishthumper
    Sartell, MN.
    Posts: 11897
    #1875125

    After 28 years of working for a large banking company. My wife was recently reward for her hard work with being let go. She has put in many long days and weeks of work for them over those years. They claimed it was do to Downsizing and reorganizing. She was given a 60 day notice during what time she is expected to train her replacement in the Philippines. Her Dept. had 9 employee’s and 6 were let go. Of course they keep the 2 managers and the 1 employee already in the Philippines. The average age of those let go was in the mid 50’s with a average years of service near 20+ years. I truly believe that Corp. greed is going to be one of the downfalls of this great county one of these days !!!

    philtickelson
    Inactive
    Mahtomedi, MN
    Posts: 1678
    #1875134

    I truly believe that Corp. greed is going to be one of the downfalls of this great county one of these days !!!

    Going to be?!? It already is. Double check who is the real beneficiary of the majority of legislation getting passed under this administration. Scratch that, under ANY administration(it’s just more extreme and ridiculously obvious with our current ‘leaders’).

    As the days go by it’s becoming clearer and clearer. It’s not ‘left vs. right’, it’s ‘rich vs. poor’, but the rich are sure to make it appear a left versus right debate.

    Before you say anything, when I say rich, I’m not talking about the people on here who can afford a cabin and a new boat, or the people with $5-10MM in their retirement account. I’m talking about the three comma club, aka: multi-billionaires.

    Since 1950, adjusting for inflation, CEO pay has increased by 1000%, worker pay has stagnated.

    Most CEO pay is like 300-1000 times more than the median wage of the other employees at the company.

    So next time you go to bash your millenial children for not being successful, just try to keep in mind that every single expense that we face today has increased substantially in the last 50 years, while compensation has massively failed to keep up.

    Of course, it’s possible the CEOs are working 300-1000 times ‘harder’ than their employees right? I know in my experience, upper level management 100% always deserves the pay they receive, the lower level employees don’t do crap. I mean, if all the truck drivers at Amazon quit for a day, who would even notice? But if Bezos stayed home for the day, all hell would break loose!

    https://www.forbes.com/sites/dianahembree/2018/05/22/ceo-pay-skyrockets-to-361-times-that-of-the-average-worker/#367c1c10776d

    Vote for someone who doesn’t receive massive contributions from corporations and we might actually see improvements to the lower and middle class. Until then, it will more of the same.

    glenn57
    cold spring mn
    Posts: 11761
    #1875135

    i’m going to assume provided she sticks it out there will be a severance package?????????

    other then the lost of 2 months wages and potentially the severance i’d tell them to train there own new replacements.

    i know easy for me to say. i’d also assume its where yo do our banking……..i’d be going elsewhere also!!!!

    good luck to you any your bride recovering from this!!!!!!!!

    fishthumper
    Sartell, MN.
    Posts: 11897
    #1875146

    i’m going to assume provided she sticks it out there will be a severance package?????????

    other then the lost of 2 months wages and potentially the severance i’d tell them to train there own new replacements.

    i know easy for me to say. i’d also assume its where yo do our banking……..i’d be going elsewhere also!!!!

    good luck to you any your bride recovering from this!!!!!!!!

    You are correct. She needs to work the next 60 days to received the severance ( The only good thing they did was pay a nice Severance package ) If it wasn’t for that you are correct she would not even be giving them the next 60 day’s.

    fishthumper
    Sartell, MN.
    Posts: 11897
    #1875147

    To make the bad situation even worse on her was the fact that the person who made the call to inform her could not even get her name right in the conversation. He called her 2 different names during the call and neither name was correct – Neither were even close and her name is not a hard one ( Dawn ) That pretty bad when they can not even get the name of the person who’s life they are upsetting correct.

    Eelpoutguy
    Farmington, Outing
    Posts: 10380
    #1875150

    Vote for someone who doesn’t receive massive contributions from corporations and we might actually see improvements to the lower and middle class. Until then, it will more of the same.

    Then there would be nobody to vote for.
    FYI- The gold rule has been applicable since the beginning of civilization.

    Since the 1950’s??? Seriously? When some people had a 16″ black and white TV, one phone, one car, kids shared bedrooms, hand-me-downs, one bath houses, etc.
    I laugh when that argument comes up. I’ll take 2019 over 1950 anyday and everyday.
    Now back to my wiener water soup.

    TROUTMAN
    S.E.Minnesota
    Posts: 304
    #1875154

    <div class=”d4p-bbt-quote-title”>fishthumper wrote:</div>
    I truly believe that Corp. greed is going to be one of the downfalls of this great county one of these days !!!

    Going to be?!? It already is. Double check who is the real beneficiary of the majority of legislation getting passed under this administration. Scratch that, under ANY administration(it’s just more extreme and ridiculously obvious with our current ‘leaders’).

    As the days go by it’s becoming clearer and clearer. It’s not ‘left vs. right’, it’s ‘rich vs. poor’, but the rich are sure to make it appear a left versus right debate.

    Before you say anything, when I say rich, I’m not talking about the people on here who can afford a cabin and a new boat, or the people with $5-10MM in their retirement account. I’m talking about the three comma club, aka: multi-billionaires.

    Since 1950, adjusting for inflation, CEO pay has increased by 1000%, worker pay has stagnated.

    Most CEO pay is like 300-1000 times more than the median wage of the other employees at the company.

    So next time you go to bash your millenial children for not being successful, just try to keep in mind that every single expense that we face today has increased substantially in the last 50 years, while compensation has massively failed to keep up.

    Of course, it’s possible the CEOs are working 300-1000 times ‘harder’ than their employees right? I know in my experience, upper level management 100% always deserves the pay they receive, the lower level employees don’t do crap. I mean, if all the truck drivers at Amazon quit for a day, who would even notice? But if Bezos stayed home for the day, all hell would break loose!

    https://www.forbes.com/sites/dianahembree/2018/05/22/ceo-pay-skyrockets-to-361-times-that-of-the-average-worker/#367c1c10776d

    Vote for someone who doesn’t receive massive contributions from corporations and we might actually see improvements to the lower and middle class. Until then, it will more of the same.

    Phil,you couldn’t have hit the bullseye more dead center with a lazer. applause

    Bearcat89
    North branch, mn
    Posts: 20228
    #1875155

    Now back to my wiener water soup.
    [/quote]

    rotflol rotflol
    My dad used to tell me that’s all they could afford for lunch

    fishthumper
    Sartell, MN.
    Posts: 11897
    #1875156

    Philtickelson – As far as the current political party being the cause of the problem, I don’t think it is that simple. This Corp. greed issue and outsourcing of jobs to foreign countries was going on under the previous administration as well ( Even more so when it comes to the outsourcing of jobs )

    As far as voting for someone who does not receive massive contributions from Corporations – When you know of a way to 100% determine that let me know.

    I have far less of a problem with where a prior Multibillionaire’s income is coming from than I do with where some currents multimillionair politicians income is coming from when they had little or no wealth prior to becoming a career politician.

    Huntindave
    Shell Rock Iowa
    Posts: 3088
    #1875157

    The average age of those let go was in the mid 50’s with a average years of service near 20+ years. I truly believe that Corp. greed is going to be one of the downfalls of this great county one of these days !!!

    I’m sure the severance package also includes a clause in which she agrees NOT to file any “age discrimination” action.

    I agree that greed is evil.

    fishthumper
    Sartell, MN.
    Posts: 11897
    #1875158

    <div class=”d4p-bbt-quote-title”>philtickelson wrote:</div>
    Vote for someone who doesn’t receive massive contributions from corporations and we might actually see improvements to the lower and middle class. Until then, it will more of the same.

    Then there would be nobody to vote for.
    FYI- The gold rule has been applicable since the beginning of civilization.

    Since the 1950’s??? Seriously? When some people had a 16″ black and white TV, one phone, one car, kids shared bedrooms, hand-me-downs, one bath houses, etc.
    I laugh when that argument comes up. I’ll take 2019 over 1950 anyday and everyday.
    Now back to my wiener water soup.

    eelpoutguy

    I’m not sure if I agree with you on this one. I don’t think the average wage has increase near as much since the 50’s and 60’s as the cost of living has. Just take home and auto prices for example. The Median home price in 1950 was 7400 and it was 11,900 in 1960. The Median value for a home in 2019 is expected to be 310,000 plus. That is 40X higher than in 1950 and 25X higher than in 1960. Average household income in 1950 was 3300 and it was 5500 in 1960. I know that the current household income has not increase at near the same rate as home prices have ( Current Medium household income is listed as near 64,000 ) I bet it is the same for most all other things as well ( Auto’s, Gas, Clothing, Food, Ect )

    fishthumper
    Sartell, MN.
    Posts: 11897
    #1875159

    <div class=”d4p-bbt-quote-title”>fishthumper wrote:</div>
    The average age of those let go was in the mid 50’s with a average years of service near 20+ years. I truly believe that Corp. greed is going to be one of the downfalls of this great county one of these days !!!

    I’m sure the severance package also includes a clause in which she agrees NOT to file any “age discrimination” action.

    I agree that greed is evil.

    You are correct sir – No legal action or talk to any media. along with a long list of other things

    sticker
    StillwaterMN/Ottertail county
    Posts: 4418
    #1875161

    Been here done this, it ain’t fun. Give your heart and soul to a company for 25 plus years and they yank the rug out from under you. flame No such thing as loyalty any longer.

    I wish you and your wife the best of luck in overcoming this. On the bright side, the same administration that Phil is bashing has the economy booming and jobs are easy to come by, everyone is hiring.

    Eelpoutguy
    Farmington, Outing
    Posts: 10380
    #1875167

    Fishthumper,
    How are people affording those homes,driving two cars, the list goes on and on and on?
    Do you think overall people have a better life in 2019 compared to 1950?

    big_g
    Isle, MN
    Posts: 22418
    #1875169

    If she can hold out for a year and a half, most things are fixin’ to be free so…..

    On a serious note, sorry this happened to her. It happens in most industry… and I hate to admit it but… Unions stop/slow that crap.

    bzzsaw
    Hudson, Wi
    Posts: 3478
    #1875177

    I went through this 5 years ago also. Very stressful process. I couldn’t be happier now (unless I was retiring). The job market is very favorable now. Lots of big banks in the TC area if she wants to stay in that line of business. Best of luck to her.

    philtickelson
    Inactive
    Mahtomedi, MN
    Posts: 1678
    #1875188

    I wish you and your wife the best of luck in overcoming this. On the bright side, the same administration that Phil is bashing has the economy booming and jobs are easy to come by, everyone is hiring.

    When did that economy start to boom? And who is it booming for? 51% of Americans have zero money in savings, median retirement balance is $3,000, average credit card debt is $10,000…

    It’s worth keeping in mind that most outer-ring cities of the twin cities are in a much different financial state than the majority of the country. People are struggling.

    Sure, it is definitely booming for the ultra rich, and that’s by design.

    I won’t spoil the surprise about trickle-down economics and ‘tax breaks for the wealthy’ though!

    <div class=”d4p-bbt-quote-title”>philtickelson wrote:</div>
    Vote for someone who doesn’t receive massive contributions from corporations and we might actually see improvements to the lower and middle class. Until then, it will more of the same.

    Then there would be nobody to vote for.
    FYI- The gold rule has been applicable since the beginning of civilization.

    Since the 1950’s??? Seriously? When some people had a 16″ black and white TV, one phone, one car, kids shared bedrooms, hand-me-downs, one bath houses, etc.
    I laugh when that argument comes up. I’ll take 2019 over 1950 anyday and everyday.
    Now back to my wiener water soup.

    Uhhh, if only there a piece of legislation that tried to limit the amount of money candidates receive through SuperPACs and shell companies, while also making it more transparent to American voters who is pulling their strings? Man, it would have been a pretty cool thing to try to pass something like that…I wonder if something like that ever went through the house, maybe even as the very first piece of legislation since the majority flipped to Democrats?

    Oh wait, that was like one of the biggest parts of the ‘For the People Act’, the very first piece of legislation passed through the house this year.

    It’s almost like there’s a group of senators, one in particular, of a very specific party that won’t allow any legislation to be run through the senate.

    I’m starting to think that there is one party that very much wants to keep receiving gigantic sums of moneys from ‘anonymous donors’, and there’s another party that wants that information to be transparent to voters AND limit the amount.

    There is an ever growing income gap in the US, and that is by design, but we are reaching a breaking point.

    big_g has a great point about unions, but I think you will also find that there is one party that is very much against them, and that might be the party whose ‘base’, would benefit the most from them.

    onestout
    Hudson, WI
    Posts: 2698
    #1875196

    Always nice to read a thread that has been hi-jacked to talk about politics. coffee

    lindyrig79
    Forest Lake / Lake Mille Lacs
    Posts: 5795
    #1875206

    Greed is evil. But we have many many luxuries and freedoms here because capitalism works. Look around at the alternatives.

    Best of luck to your wife, I’m sure she’ll find something and probably will even like it better.

    bigpike
    Posts: 6259
    #1875211

    Always nice to read a thread that has been hi-jacked to talk about politics. coffee

    Take it with a grain of salt. Anyone involved in business/ industry understands how big government and big business are hand in hand with the little guy getting crushed on a regular basis.

    Fishthumper: Keep the faith: job changes, career changes etc. while never fun going through are many times in the long run for the best. Stick to the positive and you and your wife will come out of this just fine.

    Timmy
    Posts: 1235
    #1875219

    It sucks.

    I long ago eliminated any sense of loyalty to the company because I know that will never be reciprocated.

    Bingo!

    As far as comparing the 50’s to today, it isn’t a fair comparison. The median home then and the median home now are two different animals. 2br, 1b, 1000 sq ft home with a one car garage used to house a family with one car and no boat/toys…. the median home now is a 3br, 2b, 2000sf home with a garage or two that houses a family, truck, car, 4 wheeler, boat, camper, etc…… keeping up with the jones’s is a BIGGGGGG factor in the current situation of the ‘average’ guy trying to ‘make a living’.

    sji
    Posts: 421
    #1875220

    Now back to my wiener water soup.

    rotflol rotflol
    My dad used to tell me that’s all they could afford for lunch
    [/quote]Its not so bad, you get use to it.

    Don Meier
    Butternut Wisconsin
    Posts: 1655
    #1875226

    Local bank here was bought out , don,t know what went on there . I do know what it feels like to work for a company 41 years , never even got a thank you ! Basically see ya ! When Pentair owned us it was probably the best the employees were treated! Now it’s all about greedy owners.

    glenn57
    cold spring mn
    Posts: 11761
    #1875231

    If she can hold out for a year and a half, most things are fixin’ to be free so…..

    On a serious note, sorry this happened to her. It happens in most industry… and I hate to admit it but… Unions stop/slow that crap.

    as a union rep I agree. devil whistling at will employment is evil.

    Andrew Pansch
    Posts: 107
    #1875232

    I lost my position this spring to corporate restructuring…. was told two months earlier that my position was safe. Well it was because they needed me to cover for others that had left. Still don’t have something. The most frustrating part is the long waiting after interviews to be told we’re going with someone else.

    glenn57
    cold spring mn
    Posts: 11761
    #1875234

    <div class=”d4p-bbt-quote-title”>glenn57 wrote:</div>
    i’m going to assume provided she sticks it out there will be a severance package?????????

    other then the lost of 2 months wages and potentially the severance i’d tell them to train there own new replacements.

    i know easy for me to say. i’d also assume its where yo do our banking……..i’d be going elsewhere also!!!!

    good luck to you any your bride recovering from this!!!!!!!!

    The day I stop working for a bank is the day my accounts move to a Credit Union.

    been at a credit union for over 25 years!!

    gimruis
    Plymouth, MN
    Posts: 17246
    #1875260

    Luckily the unemployment rate is like 3% and so there is no shortage of jobs out there.

    David Anderson
    Dayton, MN
    Posts: 506
    #1875289

    As many are saying, the available jobs out there may give your wife a new opportunity to find something that may in fact pay her more, she might even like it better as there is no shortage of companies looking for good qualified people, even in areas like St. Cloud. The average stay of a millennial employee these days is less that 20 months so her previous work history should make it easy. I agree with corporate greed issues however eventually these companies will find out that it isn’t just about the labor savings. My brothers company attempted to move all of it’s IT functions to India, that didn’t work very well for the employee cost was cheap but the corporate costs caused by the delay’s and fixed protocols were extremely expensive. As to the people fuss about big companies most forget that both public and private unions, 401K’s, IRA’s are dependent on large companies in their hedge funds, mutual funds, investments to make money to either grow or support their obligations. Remember that the Mall of America was funded substantially by the teachers union….why? To get the returns needed to meet their union pension obligations. Unfortunately we are all a product of “Corporate Greed” and if a large company isn’t meeting your standards for “ethical behavior” make sure to tell your financial advisor to pull all your money out of anything that company is part of as a protest, especially your retirement savings. It is sad but I can guarantee that if you have any retirement funds in investments, when you say corporate greed first look in the mirror and say, yep I don’t approve of corporate greed so 2% a year is perfectly acceptable for me.

    fishthumper
    Sartell, MN.
    Posts: 11897
    #1875295

    Fishthumper,
    How are people affording those homes,driving two cars, the list goes on and on and on?
    Do you think overall people have a better life in 2019 compared to 1950?

    eelpoutguy

    I believe how people are doing it these days is that a lot of them are all living on the edge – Lots of people have lots of big debt
    I’m not saying that the overall life isn’t better now than in the 50’s or 60’s but I truly believe that their money went just as far or farther than it does now.

    jeff_huberty
    Inactive
    Posts: 4941
    #1875296

    Remember that the Mall of America was funded substantially by the teachers union….

    whistling substantially finacnced MOA? “Show me the Money”

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