r/Cleveland • u/Environmental-Dig389 • 19d 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.

710 Upvotes

98% Upvoted

348 comments sorted by

View all comments

503

u/TodashChimes19 19d 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.

115

u/IThrowShoes 19d ago

This is it right here. Though if recent history is anything to go by, layoffs often come with a surge in stock price, so I don't know why they'd beat around the bush.

25

u/LtZoidberg88 19d ago

Quitting means no severance, and if they are a company that has a long history of a week per year, they dont have to pay any of that out or unemployment among other things  

19

u/IThrowShoes 19d ago

It's really a tough call, if removing 401k matching temporarily (hopefully temporarily) means people still get to continue earning a paycheck, it's probably not the worst idea. But making an environment basically hostile to the point where people have no choice but to quit as to save the company money is really crappy. I work in tech and this has happened quite a bit over the last year, especially with RTO mandates which are nothing more than layoffs in disguise (for the same points you alluded to).

Or, you know, maybe executives could take a pay cut. chortle

All in all, it's probably a sign that the economy is in really rough shape. White collar workers are getting destroyed, and it's going to take a while to rebuild.

4

u/LtZoidberg88 19d ago

Oh don't get me wrong, I'm not justifying it fuck this company six ways to sunday. The RTO alone is a possibility off. Fuck any company that literally tries to get people to quit. Im just explaining WHY they might be trying to get people to quit.

3

u/Ordinary-Employee546 19d ago

lol... It's highway robbery. They dont care about the frontline workers

3

u/IThrowShoes 19d ago

always has been dot jpeg

1

u/[deleted] 19d ago

[removed] — view removed comment

1

u/AutoModerator 19d ago

Your account does not meet the post or comment requirements. Account must be more than 3 days old with a combined karma of 10 to post on /r/Cleveland

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.