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Lower Pay Coming; How will you afford the mortgage when your salary gets cut?
Topic Started: 18 Sep 2014, 01:23 PM (4,370 Views)
DragonGM
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IBM has initiated a new training program that will cut the pay of participating employees by 10 per cent.

A copy of the September 12 memo, seen by Computerworld, was sent to IBM employees in its Global Technology Services strategic outsourcing group. The memo sent to affected employees begins by telling the worker that an assessment has revealed "that some managers and employees have not kept pace with acquiring the skills and expertise needed to address changing client needs, technology and market requirements."

It then tells the recipient that "you have been identified as one of these employees," and says that from mid-October through the end of March, "you will dedicate up to one day per week," or up to 23 working days total, "to focus on learning and development."

But IBM is coupling this training with a six month salary reduction. The key statement in the memo is this: "While you spend part of your workweek on learning and development activities, you will receive 90% of your current base salary."

http://www.computerworld.com.au/article/555126/ibm-cuts-pay-by-10-workers-picked-training/
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stinkbug
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IBM is not a nice place to work.

Here's some reading for those who have experience with big blue... http://www.ibmemployee.com/
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While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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DragonGM
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stinkbug
18 Sep 2014, 01:42 PM
IBM is not a nice place to work.

Here's some reading for those who have experience with big blue... http://www.ibmemployee.com/
I agree. I worked there for 7 years. It has only gotten worse over the years.

Sadly, what they do to their employees only foreshadows what is coming in the larger workplace.
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peter fraser
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DragonGM
18 Sep 2014, 01:44 PM
I agree. I worked there for 7 years. It has only gotten worse over the years.

Sadly, what they do to their employees only foreshadows what is coming in the larger workplace.
I think what you will find is that our incomes in $AUD remain constant or improve steadily but our ability to buy foreign sourced goods diminishes rapidly as our dollar falls.

Cost of fuel and transported goods will also rise. We will have to change our spending habits. Life will get tougher.

Any expressed market opinion is my own and is not to be taken as financial advice
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stinkbug
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DragonGM
18 Sep 2014, 01:44 PM
I agree. I worked there for 7 years. It has only gotten worse over the years.

Sadly, what they do to their employees only foreshadows what is coming in the larger workplace.
I also worked at IBM for several years. It wasn't too bad when I started but became steadily worse until it was virtually unworkable.

IBM are now using a number of 'last resort' tactics to prop up their share price and meet their 2015 EPS guidance of $20. I think this could destroy the company.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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K-town
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peter fraser
18 Sep 2014, 01:53 PM
Life will get tougher.
It couldn't have been any easier over the last 20-odd years.
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stinkbug
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K-town
18 Sep 2014, 02:08 PM
It couldn't have been any easier over the last 20-odd years.
Agreed. The period from about 2001 to 2006 especially was the cushiest in a long time.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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Dr Watson
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Quote:
 
How will you afford the mortgage when your salary gets cut?
The RBA will cut the rate of interest, will they not?
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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peter fraser
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K-town
18 Sep 2014, 02:08 PM
It couldn't have been any easier over the last 20-odd years.
In about the year 2000 our dollar was only worth 50 cents USD. We used to joke that $1AUD wasn't enough to buy a litre of petrol and now it isn't.

Jokes aside though it was expensive to holiday overseas, the cost of imported goods, jewellery, almost everything was sky high. A 2 litre car cost $20,000 and it still does but we earn much more now so really the prices have fallen to a fraction of they once were in real money terms.

We don't notice when prices are falling but we will when they start rising. However I wouldn't expect our dollar to fall to below 80 cents US so maybe imported goods will get 12% dearer - we can cope with that.
Any expressed market opinion is my own and is not to be taken as financial advice
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newjez
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Dr Watson
18 Sep 2014, 02:11 PM
The RBA will cut the rate of interest, will they not?
Dollar seems to be coming down quite nicely without rate cuts.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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