New Corporate Owners Gutted Benefits: How to Deal?
The company I work for was recently acquired. We've just gotten the list of benefits the new company provides, and it's markedly worse than what we had, for more money per month.
Clearly, the obvious option is to start jobhunting.
However, until I find something else appropriate, what do I do? I feel a profound sense of betrayal by the current remaning management, the past owners who cashed out, and the new corporate overlords. It was no secret that acquisition was the goal, but we got told over and over again that the vetting process was considered and thoughtful, to make sure that our company was merging with a partner who shared common corporate cultures.
As an engineer, I feel like I have very little recourse other than to vote with my feet, but I want there to be repercussions for us being treated like this.
How do I go about daily tasks when I keep asking myself "why bother?"
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[ 0.26 ms ] story [ 47.0 ms ] threadYour options are: 1) leave, 2) attempt to unionize, or 3) suck it up. If you leave, you can do a half-ass job at transitioning your work and take your knowledge with you, but it's unlikely the bosses care about that or even notice. It's unlikely that you can successfully unionize, but if you do, the bosses will really appreciate the repercussions of their actions.
> How do I go about daily tasks when I keep asking myself "why bother?"
You said it yourself: you feel betrayed by all the people you're working for. Do the bare minimum expected of you, and save your energy for planning your next step.
Basically, is there a way to frame things as net-neutral at least until you find something else?
Salaries did not change, but the amount we need to pay each pay period for health, dental, vision, etc. has gone up about 25% (not unexpected) but the coverage we get for that has gone down significantly.
We had arguably, really good insurance coverage. Low deductibles (less than 1000), on the order of $20-30 copays.
Now, for 25% more a pay period, we have much higher deductibles, much higher out of pocket limits, co-insurance (we now have 20% coinsurance until the out of pocket max is hit), the prescription formulary moves up to the higher tiers a lot of medications coworkers take....
Same with life insurance/dental/vision. It's more per pay period for significantly less coverage.
There's no way to frame it as net-neutral, unfortunately.
Take stock of your entire work situation. Don't just look at pay and benefits, but also intangibles like flexibility, do you like your coworkers, do you like what you're doing, commute time, etc. etc. Once you've done that, decide if the whole package still makes sense or if you're better off elsewhere.
Most importantly IMO, let the anger go and coldly decide what's best for you and what you care about. This wasn't personal. This is simply a result of the political, economic, and cultural system we live in.
If not, vote with your feet.
And the likely response you'll get is: "Let's not pointlessly talk about the old benefits package, it's gone, so it's a moot point. We engage in salary surveys to make sure our pay is competitive, and we think yours is fair and some make less than you..."
"Hey, I see you've reduced my compensation. Let's discuss my new salary."
As for behavior; are you a professional? A professional performs to best of their ability. Take a fireman or a teacher; they don't "Do the bare minimum expected of you".
I would just leave.
Don’t do this to yourself, friend. Let this be a learning experience as you figure out your next steps.
I hope it works out for you!
Presumably, remaining management received healthy post acquisition retention packages.
Relative to how you felt treated. Don't take it personal, it's just business.
Incidentally, 'engineer talent retention' is a Top Priority for senior managers. Your skills are marketable, you've got leverage.
Have you asked them to True-Up your comp?
However, they made across the board salary increases to offset these costs.
Great company. Great culture. Great people.
But I still made the decision to switch to a FAANG for the comp increase.
Here's my recommendation:
1. Take a breather. Things are really good for engineers right now, and it'll be ok.
2. Ask your manager about this in your next meeting. Explicitly state that it represents a comp decrease. They should respect that concern (even if they can't do anything)
3. Get an offer elsewhere. Everyone thinks they're underpaid. Offers represent the truth.