Would you take a voluntary 5% pay cut?
Poll: Would you take a voluntary 5% pay cut?
Total Members Polled: 290
Discussion
Would you take a voluntary 5% pay cut?
Say you were being asked to take a 5% pay cut… A bit of background before you click yes or no…
You work in the IT industry as a project Manager
The pay cut is purely voluntary
Your employer has just made 1000’s redundant recently
You like your job; it has been a good company to work for the last 2 years…
You are mid 50’s
Your mortgage is paid off; you have substantial savings, plus a public sector pension from a previous job, currently frozen
You are paid about right for the job you do
You could take the 5% and hardly feel it (i.e., your savings would reduce by 5% PA)
So, yes or no?
Say you were being asked to take a 5% pay cut… A bit of background before you click yes or no…
You work in the IT industry as a project Manager
The pay cut is purely voluntary
Your employer has just made 1000’s redundant recently
You like your job; it has been a good company to work for the last 2 years…
You are mid 50’s
Your mortgage is paid off; you have substantial savings, plus a public sector pension from a previous job, currently frozen
You are paid about right for the job you do
You could take the 5% and hardly feel it (i.e., your savings would reduce by 5% PA)
So, yes or no?
For me personally, I wouldn't. I didn't last year when asked to take a 10% cut. But that's me, 33 years old and it wouldn't be the end of the world if I didn't work for a couple of years. I also had the confidence that I could find another role at my "usual" rate (i.e. not 90% of it).
As it turns out I've had no problems finding a new contract (or two) for more money, and as good if not better conditions. The projects are perhaps not as good, but hey ho.
In your situation, I'd probably stay put, unless you feel very confident you can get another job. If you are asking on here, I'd suggest money is a factor, so stay where you are and keep the income stream going.
As it turns out I've had no problems finding a new contract (or two) for more money, and as good if not better conditions. The projects are perhaps not as good, but hey ho.
In your situation, I'd probably stay put, unless you feel very confident you can get another job. If you are asking on here, I'd suggest money is a factor, so stay where you are and keep the income stream going.
In the circumstances you have described I voted yes. However I probably wouldn't myself. After all they are contractually obliged to pay you your full salary, and they can't simply make you redundant for failing to accept a pay-cut. Put it this way, say business picks up next year. Are they going to re-instate the full drop then add inflation on top? Hardly likely.
This all depends on how the company is doing. IF this is about HP EDS UK employee's upcoming vote then I say NO as they are making a stinking profit and senor Mark Hurd is not really cutting 20%. See here: http://www.damiansaunders.net/
All of HP/EDS UK need to say NO, and everyone knows who will be at the top of the list for the next RIF (inevitable in a Mark Hurd world).
If the company is losing money then it is a different matter altogether.
All of HP/EDS UK need to say NO, and everyone knows who will be at the top of the list for the next RIF (inevitable in a Mark Hurd world).
If the company is losing money then it is a different matter altogether.
Edited by Targarama on Friday 27th March 20:24
Olivera said:
Matt172 said:
too right, we're in the process of having a 15% pay cut go through at work, was either yes to that or 20% redundancies 
puts me on less money than when I started
My response to that would be go f*** yourselves. I'd take my chances with the 20% redundancies. puts me on less money than when I started
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