I pointed this out on another forum. In early 2007 when it was announced that the traditional pension would be terminated, at approximately the same time Fred S was telling Wall Street that FedEx would increase profit margins to 10%. How do I know that? It was reported in the Wall Street Journal, and using Google to verify I found the minutes of the quarterly teleconference between FedEx exec's and representatives of major Wall Street investment firms. At the time the profit margin was running at about 6.7 or 6.8%. That would increase profits over a billion dollars a year! So where did the extra money come from? Reminds me of the statement Fred S made in the mid-90's in the monthly World Wide Update we used to receive in the mail. We had as topped out couriers gone about 3 years without a raise at that point and Mr. Smith told us that to give a 2% raise across the board to topped out employees would cost the company an extra 30 million a year and they just couldn't afford it. That was the same time that they announced to Wall Street that they had earned a 250 million dollar profit in one quarter for the first time. But couldn't afford a 30 million dollar A YEAR raise?
I'm a rehire, got frustrated with lack of raises and quit. Tried my own business, came up short, found out there was a FedEx station in my hometown after moving back in with my parents. I had worked 11 years before quitting as a long time topped out courier. But was rehired at $10.85hr after 15 months away. OK, I screwed up, will just gut it out for the 7 or 8 years it takes to top out again, according to my and other mgrs. At least I can continue to add to my pension. That was over 11 years ago.
That's what really bothers me about the tone some here have taken. There was a time when a courier position was treated as an honorable profession with a future by this company. To say now that we were stupid to take an entry level position and stay in it when it was always represented as a solid job with a future is disingenuous. We came to work knowing that if we worked hard, and we did, that while we wouldn't get rich, we would be rewarded enough for our efforts to take care of our families. But the company made some very costly mistakes, like Zap Mail, and discovered they could cover their mistakes by taking from the rank and file. Soon we were seen as a source of profit enhancement. Year over year our benefits were stripped until the ultimate betrayal, taking our traditional pension. And reasonable pay for what we do fell by the way side too. All while telling us and the world that they care about their people. And why? Why did they do all this? To make extraordinary amounts of money for a relative few.
So now some want to tell us to stop our whining, take it like a man, life's hard, get over it. So that's what our society has come to, accept your lot in life which is help the rich to get ever richer while you struggle. But hey, if you are a clever fellow you can be an enabler, pushing your former coworkers to the limits in exchange for a better future for yourself. And you wonder why extremists like Obama and company got into power?
So if i don't like it, why not leave? Where am I going to go at 48 in this economy?
If "People-Service-Profit" was ever more than a slogan, if the company's people were ever first in that equation, if they truly care about our lives, our families, our future, then take the necessary steps to restore our faith in a company that I for one used to be willing to do wind sprints for.
At this point in our history it's crucial that everyone stand up for themselves. Because as they've stripped away everything to increase profits and maintain a high stock price, they are about out of options. To continue down this path they will have to do some serious restructuring, marching towards the inevitable contractor model. Regular employees in large numbers may very well become a footnote in this company's history. And we were the ones used to "make it happen on the frontline."
