The corporation would have you believe that one of their core values is to provide a caring and nurturing environment so their employees can thrive and flourish emotionally as well as financially. But let's look at some data. Sometime around the Holidays, when no one is watching closely, the company filed the results from the 2008 Savings and Investment Plan. You will remeber that this was the last year of the old plan with the company matching 50 cents on the dollar of employee contributions up to 6% of their income. New employees were excluded from this program so these results are for "long service" DuPont employees. If employment at the corporation is the Uetopia some would have us believe, the ratio of employee contributions-to-company contributions should be 2:1 with excess, unmatched employee contributions driving the ratio even higher. However, plan results show this ratio was actually a paltry 1.16 ($210M employee contribution / $182M company contribution) for the plan year. This indicates that a significant and substantial number of long service employees did not have the financial resources to accept free money from the corporation in the form of matching savings.
So how did the company respond to their financially distressed "long service" employees in 2009? A raise? A one time service award? No, they allowed employees that were not CTP'd to volunteer for a 4% pay cut. These are the hard facts you should be reminded of whenever management want to tout corporate core values. Merry Christmas.
Disclaimer: These are merely the observations and opinions of a long time, snowed-in, individual DuPont investor.
Where I work now post duPont people make less salary but have a more pleasant atmosphere. The 401k is a 3+3+2 match and it is 25% of salary and 25% catch up for over 50 folk.
People save regularly to sizable amounts so it is not a dearth of salary at duPont but the culture that the pension will be there.
DuPonters spend it all and value the pension - which I never did.
No matter how much duPOnt paid the people would spend up and take 401k loans and basically screw themselves and blame a cheap management.
It is the culture of entitlement by the fact of having a relative got them in - they never paid any dues in life.
The people who have departed and landed on their feet are the ones who paid their dues and thought smart - they oaid themselves first and spent conservatively.
I am very happy to be out of duPont with a sizable 401k balance that pays more in interest now than the pension will in ten years.
Duponters who gripe are really out of touch -
the pension is not as secure as you may think - they are grossly undervested because they assumed very unrealistically high returns on the reporting sheet and now the market is not supporting those claims-
big cash influx needed just as the pharma disappears and the economy goes downwards again.
stock will go into the 20's before it goes 40.
Brokers are telling me they are all negative on duPonts prospects -
caught price fixing (not the workers doing)
caught falsifying incident reports to the US Feds - done by management - over hundreds of IR's
withholding documents in Benlate discovery process - management
environmental violations not reported - by management
Hardly anything to be proud of, these so-called Core Values
and a constantly shrinking company and workforce-
even the postings on the board are sparse - people preoccupied looking for employment, the laid off and soon to be CTP'd
(asuming they will get CTP)
seems like a lot of CTP'd folk are learing that there is life after duPont, if you were sharp and not just someone's relative
good for them !!!!!
More bad news coming before the Independence Day arrives.
In moments the pharma disappears and the reality of cash flow(not) comes into full swing.
Please start your sentences with CAPITAL letters Metkenw, else you look stupid and uneducated. It gives your arguement zero credibility sir. Just my opinion...........................................Smart
bally, way to go. very important to prepare for your own retirement. started a personal retirement account ~44 yrs ago, expecting SS would be bankrupt by this time. also as that quit work time nears, work very hard to pay off that home mortgage, as well as remaining totally debt free. credit card debt will bury you. there is no greater financial freedom than to be 100% debt free when you retire!!!
No where in the Core Values does it speak of a commitment to create a caring, nurturing environment. Nor do the Core Values commit to employees thriving and flourishing emotionally or financialy. They do speak of holding employees accountable to applicable laws and policies. Protecting the environment, safety and health of other employees, treating customers and suppliers honestly. Avoiding situations of personal interests or compromizing assests and information. Items that would reflect badly on Wall Street. The Core values are meant for the Stockholders and the high ranking executives to flourish emotionaly and financially. DuPont reinforced their desire to continue driving its workers closer to financial dependence to the company by eliminating the 1.2 multiplier. Find the emotional and financial freedom in that.
You gotta job with awesome benefits from Uncle Dupey. That should make for a Merry Xmas from any one. This aint no charity! Dupont leads the world in great pay and health care. Ellen pays those of us who work hard and are TEAM PLAYERS unlike Funnut.
Go Ellen Go!
Several years ago, DuPont announced their goal was to provide average benefits to their employees. I believe they have succeeded in this objective. Do you believe they have failed at one of their stated objectives? I have stated facts you can read on your mail-out or lookup in the Dept of Labor filing. Do you have any verifiable facts to support your opinion about the company failure to meet it's objective to provide average benefits? Your perception that DD provides superior benefits is fantasy.
The only thing DD is a world leader in is happy talk. By "team player" I assume you mean management team. That's the only team visible to a lowly worker bee like me.
You are correct to assert that DuPont is not a charity. I just hope that stop asking for contributions of my compensation to improve their bottom line.
I don't know why you cheerlead on Ellen Cullman so much. She is clearly the product of 20 years of intense diversity hiring and promoting.....do you really think she is that competent?
She might be, but I saw far too many people of color and women who were promoted in DuPont simply because of who they were and very little to do with merit.
DuPont stopped being a meritocracy the same time they went crazy with diversity programs. That was 20 years ago. And what kind of company and stock performance have you seen in the last 20 years?
I rest my case.
Lastley, any company with "awesome" benefits would offer a pension. A 401K is a loser's game when it comes to retirement income. You should know that by now after the Great Recession.
you are sick and your sight is blinded by all that pay and benefits but I assure you that things are not a rosy as you little life. By the way hard work is not even in the formula for retaining and compensating employees.