Work Cut Backs

[Cylenchar]

As many of you know I work for a home builders in house mortgage company. Yesterday, they called a company meeting to let us know that effective the week after next, hours are being cut to thirty five hours a week. With the bonus structure being changed last week as well, many people here will be losing about 20% of their income versus what they made last year(which was a substantial cut from the year before). . Luckily my wife and me are not living above our means so can afford this, but many of my coworkers are going to be hurting.... However, looking at the numbers, I don't think this will be enough, I see another layoff coming within the next three months, with probably additional time cuts for the remaining employees. What really bugs me is that they have not laid off management to cut down to match the employee levels (my team has 5 managers for 17 employees). I have talked to several people who are now going to be facing foreclosure because their spouse lost a job and their hours are being cut.

[Hot dog]

Wow, I'm sorry to that. It is so scarry right now.

[aurielle]

Yes, times are tough everywhere. It looks like my job is going to have all employees take 2 days a month off without pay through June or July (I don't know if that includes managers and dept. heads) and they are talking about layoffs too. They're still working out the details so I'll know more soon enough. We don't live above our means either so we'll be able to deal with the mandatory time off, and we have enough EF to cover a few months of a layoff (still working on building it up). So far so good at DH's job although he is a bit nervous too.

I think the economy is going to get worse before it starts getting better and I am just hoping for the best and preparing for the worst.

[Goldy1]

My third grade teacher used to always say life isnt' fair. It was not fair my dh got laid off from his engineering job he worked at for 8 years while a guy who was there 4 months got to be kept on(must have been a pay issue but they could have offered my dh a paycut option, lol) but he got laid off shortly after too so it's all water under the bridge. Just goes to show look out for yourself and do not expect anything other than strictly business from you employer if not worse.

[Russell]

My wife just got laid off. I think she would've gladly taken reduced hours over termination - thankfully I'm still standing so far and can support the household but it's scary to think that if I get laid off we'll be in a tough spot.

[boosami]

Originally Posted by Cylenchar

Yesterday, they called a company meeting to let us know that effective the week after next, hours are being cut to thirty five hours a week.

A manufacturing plant near me cut all workers down to a 35 hour week. My friend who works there is now looking for a second job to make up the difference.

[Hot dog]

I work for the state and they have been laying off people and cutting back like crazy. There is a plan to lay off 700 more people. I am just trying to be smart and save extra in the EF but I know we would be in trouble with just one paycheck

[Phenomenal Woman]

Auto mechanics are going through through the same thing. If no cars come or not enough, they are told to leave early without pay. They usually get comissions for doing so many cars on top of they regular hours which is another deep cut in their total pay.

[Helena_Handbasket]

I'm sorry to hear that so many people are losing part of their wages. My plant has had voluntary layoffs for awhile to cut costs but sent a letter yesterday announcing that involuntary layoffs will be necessary starting as early as next week.

[Bluestreak]

That really stinks but home builders across the country are in deep trouble right now. I kinda know how you feel. I was out of work for 5 months as an appraiser but things have picked up recently due to mortgage rates.
Not to be harsh, but I would expect it to keep get worse for the home builder industry, depending what areas you cover of course. The RE market still has much correction ahead with extensive oversupply and the next few waves of foreclosures on the horizon. Good luck and keep living below your means.