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UPS Retirement Topics
Pension vs. 401(k)
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<blockquote data-quote="Anon Guy" data-source="post: 197005"><p>This thread is a great demonstration of the difference in attitudes towards retirement of the Gen-X and later folks vs. those raised under the 'old economy'.</p><p></p><p>In the past, much of the 'pro labor' movement has been of a collectivist bent. "We need to stick together to...protect our rights, protect our pension, pay etc.". In my opinion, the negative effect of that is a sense of entitlement that has no foundation in business realities. It also sets up benefits as a moral question (we DESERVE it!) instead of a market one, thus making the issue ripe for political exploitation at the peril of future stability.</p><p></p><p>The younger generation IMHO, who has in recent years seen how easily (and often) entitlement systems have been exploited, plus a marketplace changing so rapidly that there is no guarantee a company will be around in 30 years to make good on its promises, seeks a more direct and personally accountable system.</p><p></p><p>The positive aspects of this change seem to be; personal empowerment, a culture of ownership, and the alignment of personal goals with pro-business goals. The negative of course being; how to transition to such a system while still maintaining benefits already promised, how to retain the empowered workers, and how to help educate people to ensure they are adequately looking out for their own best interest (historically, not a good track record there). </p><p></p><p>How quickly and effectively things get sorted out, I think, will have a huge impact on how successful companies like UPS are. We have already seen in other threads the challenges faced by UPS in recruiting and retaining the best and brightest in the management ranks, I think the same issue exists in the Teamsters as well, just lagging by a few years. </p><p></p><p>There is probably going to be plenty of heated words and bad blood to go around before this is resolved, but it is a good thing that we can talk about it on forums like this as I feel it will help shape the opinions of decision makers on the way to making UPS a (hopefully) stronger company.</p></blockquote><p></p>
[QUOTE="Anon Guy, post: 197005"] This thread is a great demonstration of the difference in attitudes towards retirement of the Gen-X and later folks vs. those raised under the 'old economy'. In the past, much of the 'pro labor' movement has been of a collectivist bent. "We need to stick together to...protect our rights, protect our pension, pay etc.". In my opinion, the negative effect of that is a sense of entitlement that has no foundation in business realities. It also sets up benefits as a moral question (we DESERVE it!) instead of a market one, thus making the issue ripe for political exploitation at the peril of future stability. The younger generation IMHO, who has in recent years seen how easily (and often) entitlement systems have been exploited, plus a marketplace changing so rapidly that there is no guarantee a company will be around in 30 years to make good on its promises, seeks a more direct and personally accountable system. The positive aspects of this change seem to be; personal empowerment, a culture of ownership, and the alignment of personal goals with pro-business goals. The negative of course being; how to transition to such a system while still maintaining benefits already promised, how to retain the empowered workers, and how to help educate people to ensure they are adequately looking out for their own best interest (historically, not a good track record there). How quickly and effectively things get sorted out, I think, will have a huge impact on how successful companies like UPS are. We have already seen in other threads the challenges faced by UPS in recruiting and retaining the best and brightest in the management ranks, I think the same issue exists in the Teamsters as well, just lagging by a few years. There is probably going to be plenty of heated words and bad blood to go around before this is resolved, but it is a good thing that we can talk about it on forums like this as I feel it will help shape the opinions of decision makers on the way to making UPS a (hopefully) stronger company. [/QUOTE]
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