Edited to add: My legal consultant has advised me to remove the name of the firm that is being discussed in the below post. Thanks. -Lori

The one topic of conversation that didn't get much play at our party last night was the large, locally-based financial services company where several of my family members and many of my friends work. Most of them were in attendance at our party last night, and this company usually winds up being a major discussion piece at our get-togethers.

I'm especially surprised no one was talking about the big issue--that is, the fact that this company is allegedly discontinuing their annual bonus. That's been a huge conversation-starter around here for the past six months or so.

I can't imagine what the fallout will be if this really does happen. This is most definitely a big deal; the company's bonus every June is the sole reason so many disgruntled employees work there. And EVERYONE I know who works there (and I know a lot of them!) is disgruntled, especially since their CEO came into power in the late 90s.

For some of the more tenured employees, the bonus equates to 30% of their salaries! It has always been touted by this company's PR machine as one of the primary benefits of working there. Sure, the company's base salaries are quite low compared to other firms in the industry, but the employees benefit from the "total compensation package" that includes the annual bonus, blahblahblah fishcakes.

Many people assume that there will be a mass exodus of employees from the company after the (alleged!!) announcement is made about the discontinuance of the bonus. But my question is this: where exactly will all of these people find other jobs if this does happen? This company is the largest employer in Chester County. I can't imagine what will happen if there is a huge glut of ex-employees from this company floating around the Philadelphia job market looking for new positions.

Based on the stat counters I use to track my visitors to this blog, I know that I have a bunch of readers from this company. What do you guys think? Remember, this blog does give you the option of posting anonymously if you don't want to leave your name!

Ideas? Thoughts?

Labels: family, friends, gossip, local news, money, opinions, work