WWE Freezes Promotions/Raises for Employees

["Evil Brood" Jackson Vanik]

From PWInsider:

"World Wrestling Entertainment informed employees and staffers in different departments today that promotions and raises would not be going forward, PWInsider.com has confirmed with multiple sources.

The belief among those we have spoken to is that the company made those decisions over the last several weeks out of financial prudence stemming from the most recent earnings release.

Based on what we have been told, employees would still be eligible for bonuses based on their performance for the company. The edict would prevent them from being given promotions and being given official raises.

There is no word how long that edict will last, but given that so many employees are doing the work of several people do to pandemic related furloughs and firings, you can imagine how negatively this was received privately by those who were informed.

In regards to rumors that there was a huge company-wide meeting to inform everyone at once, we are told that is not the case. Supervisors and managers of different divisions held meetings with their staffers individually as groups over the course of the day but there was not one across-the-board all-hands-on-deck meeting to discuss the edict."

[Deleted]

Gonna be a lot of 2 weeks notices given to HR it seems.

[eJm]

Make more money then you’ve ever made before in your entire history, find a way to not share any of that with your employees, the people that mostly helped you get there.

Sounds about right for capitalism, yeah.

[The Dark Order Inferno]

Sorry folks, Vince needs all that sweet NBC money to fund his next vanity project! What will it be? A run for office for Stephanie? A baseball league where players can't kneel or have opinions he disagrees with? Or a giant pyramid in the heart of Connecticut with the WWE logo on it purely to piss off his neighbours. We'll soon find out!

[The Rick Jericho]

Pay raises are all elite?

[Spider2024]

Can't wait to see how they make Triple H an exemption to THIS rule.

[Jedi-El of Tomorrow]

Corporate America, ain't it grand?

[Super Duper Dragunov]

It'll be interesting to see how big of a bonus Vince gives himself this year.

[MrElijah]

Feb 12, 2021 22:01:55 GMT -5 Super Duper Dragunov said:

It'll be interesting to see how big of a bonus Vince gives himself this year.

Vince: A modest one, pal! I provide a service of entertainment. An entertainment vehicle, if you will. And so I'll just give myself a nice bit of coin, goddammit.

[Nickybojelais]

Sacrifices have to be made to keep supplying Vince with ivory backscratchers.

[Dub H]

morale: high

[Final Countdown Jones]

I'll admit to having little office 'real job' experience because self-employment has fit me a ton better, but typically, how high in a company does one have to be before they begin looking at 'performance bonuses'? I feel like I already know the answer to this, I'm just wondering how accurate those assumptions are in terms of how this dicks over most of the people working for them.

[floundertime]

Feb 12, 2021 22:01:48 GMT -5 Jedi-El of Tomorrow said:

Corporate America, ain't it grand?

This....

[Tenshigure]

Feb 12, 2021 22:48:45 GMT -5 Final Countdown Jones said:

I'll admit to having little office 'real job' experience because self-employment has fit me a ton better, but typically, how high in a company does one have to be before they begin looking at 'performance bonuses'? I feel like I already know the answer to this, I'm just wondering how accurate those assumptions are in terms of how this dicks over most of the people working for them.

In most stable companies with competent payroll, it would be an annual consideration. For example, at my place of business we receive a standard Cost-of-Living-Adjustment each year to match inflation (typically around 1.5% or so), and then we get a performance review where our average will increase that number by roughly 0.5% (up to a max of 3% total). 

Even so, for a company that has recorded all-time high revenue left and right (and operating more or less at full capacity minus their house shows and traveling even after furloughing/releasing full-timers last year), it's still shitty for the WWE to pull this crap. 

[Cranjis McBasketball]

[polarbearpete]

Feb 12, 2021 22:48:45 GMT -5 Final Countdown Jones said:

I'll admit to having little office 'real job' experience because self-employment has fit me a ton better, but typically, how high in a company does one have to be before they begin looking at 'performance bonuses'? I feel like I already know the answer to this, I'm just wondering how accurate those assumptions are in terms of how this dicks over most of the people working for them.

Depends on the company, but most companies in white collar jobs will give annual performance bonuses to people on all rungs of the corporate ladder.

[Rave]

Yet they're still hiring people. What in the actual f***, WWE.

[slaughterama]

Vince is saving all that money to provide me with my lifelong dream, a WWE Casino.

[J. Hova]

There's like no redeeming qualities of this company anymore.

Seriously, in what universe is it thought to be a good idea to report record profits and a few weeks later announce that the people who helped get you there get the old middle finger when it comes to their bottom line?

I sincerely hope important people who do the real work in that office to keep the beast going get better jobs and leave en masse.

[The Dark Order Inferno]

Feb 12, 2021 22:01:55 GMT -5 Super Duper Dragunov said:

It'll be interesting to see how big of a bonus Vince gives himself this year.

He'll forgo a bonus, make a bug deal about it then have the company issue a big dividend payment where most of the money 'saved' goes straight to him and his kids because they're majority shareholders.