Quote:
Originally Posted by Jewish Rabbi
This is a dumb narrative that needs to die. If I'm searching for a job, I don't ask for a P&L to see if I can work for the most profitable company. I'm worried about what they can pay me.
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look at you, JR, using industry terms like P&L. I can dig it! However, you should worry about how profitable the company you work for is. I'd recommend to anyone applying somewhere to pull up their most recent 10-K and/or 10-Q (assuming it's public) and see if that company is in the black or in the red.
There I was, a young auditor ready to leave the big 4 and go corporate. I interviewed with a company that after years of profitability, was in the red when I interviewed. The CFO pointed out that whether the company makes money or loses it, either way, they'll need financial statements, so who cares? I took the job. The following occurred in the couple ensuing years:
-mandatory furloughs! every employee in the company was required to take every other Friday off and not be paid for it. It cut payroll expense by 10% right off the top.
-coworkers being laid off! They spread their work around to those of us still standing.
-no bonus! The bonus pool required the company to make a profit and it never did while I was there, so the modest amount of bonus I would have been in line for just never happened.
-no more 401k match! The company amended their 401k to 'temporarily' cease match on 401Ks.
-super low materiality threshold set by the auditors, making way more transactions subject to scrutiny than ever before! When a company's net income is near $0, materiality gets real low.
-underwater options! Nothing like having the right to buy stock at $20 a share when its trading for $15.
-very low annual raises!
-company acquired! And that's the end of the whole finance staff.