Economic Slowdown?

This has become a fancy word for the companies to use it for their selfish reasons.

Last week in a meeting, my company said that this quarter they have managed to book 150% more projects and last quarter they have had revenues of 30% more than projected numbers.

Today we get an email from the VP of HR saying that because of the economy slowdown, merit increases and promotions will not be given and a decision regarding this will be taken after March 2009 depending on the situation at that time.

2-3 hours after this, the PM sends another mail saying that we are having a lot of work which has to be delivered by first week of December so everyone will have to work at least 50 to 60 hours a week but in the time tracking system, enter only 40 hours.

At least on paper, Company has done well last quarter. This quarter, they have a good pipeline.
Still there will be no hikes or promotions. But we all have to work overtime which will not be tracked anywhere.

The company knows very well that the market situation is bad and the employees will think 10 times before quitting and as far as possible the employees will stick to their existing jobs. Company is exploiting this situation to their benefit now.
Its the same companies who were blaming the employees when the market was good that they don’t stick to one job and they keep changing jobs.
During bad times, when these companies treat their employees like this, the employees will return the favor to the companies when the situation is in their favor.