This has got to be the funniest executive annoucement that I ever heard. Yahoo! is said to be freezing pay increases of employees for this year in a cost cutting measure. What I would like to know is if there is anyone who dares to expect a pay increase. I think that he would be darn lucky not to suffer from a pay cut or to totally lose his job.
If you look at the various companies that have laid off their staff left, right and centre, you could see that the economic woes haven’t just touched the finance or credit industry or the auto industry only. Many other industries like technology and manufacturing are also duly affected. Microsoft has plans to cut 5,000 jobs within the next one to two years.
While companies lay off staff by the thousands, those that are lucky enough to remain have had to let go of perks and other benefits. Yahoo! themselves cut 1,500 jobs. So isn’t this announcement laughable?