Recessions have consequences. One of the consequences is companies that are freezing wages, bonuses and other compensation. It makes sense, of course. If your revenue isn’t rising, it is hard to give out raises and expand benefits at the expense of customers. Or survival.
Big companies are not immune from this trend. FedEx has frozen wages and salaries. So has Weyerhaeuser. Alcoa froze salaries — plus is laying off 13,000.
Even the freezing of salaries isn’t preventing companies from laying people off.
The one ray of good news: some companies that are freezing wages and salaries of workers are also reducing the salary and bonuses of senior executives. About time.
Would you accept having your salary, benefits and bonuses frozen? Do you think you could still be laid off if you did?
Or, do you have any choice?
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