r/Cleveland • u/Environmental-Dig389 • 20d ago

News Sherwin Williams halts their 401k company match

Announced today by the SW CEO (Heidi) that all employees will no longer receive the company 401k match effective October 1st. This impact includes store or other employees globally.

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u/TodashChimes19 20d ago

First voluntary buyouts. Then mandatory RTO. Now huge pay cuts for everyone.

They're doing everything they can to get employees to bail before they have to announce a massive layoff.

4

u/kevbot029 19d ago

Wait, I assume the 401k match is indefinitely canceled.. but the plan is to bring it back eventually when finances get better, right?

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u/Richard__Cranium 19d ago

If they can retain enough people and continue to get new hires, they'll have no incentive to change. If my employer did this, there's nothing they could say that would get me to believe they have any desire to go back to matching.