Flight Options Pilots Take Monthly Pay Cut

[Joe Jet Pilot]

Thanks management!!!!!!!!!!!

 

[fischman]

Wtfo???

 

[On Your Six]

Honestly, why do many of those pilots stick around? That ship is sinking faster than the Titanic. The other fracs are trending up while FLOPS is trending down... It was once a highly desirable place to get a job and now people are leaving. If I were a FLOPS pilot, I'd have my apps out to Netjets pronto............

It is painful to watch - I can't even imagine what this slow-death would be like as an employee...

 

[ITFL]

Let the games begin!!!!!!!!!!!!!!!

 

[RNObased]

Please tell me this is a sick joke??? Someone??

If not my heart goes out to the FLOPS pilots and their families.

Details please.

 

[netjetwife]

My sentiments exactly!
NJW

 

[simba]

It's not just the pilots taking it in the face

This time the company is screwing every single employee with the new pay schedule.

Doesn't matter if you're salary, salary non-exempt, or hourly. The company converts your yearly pay into hours for ease of calculation.

Check this out. We all know that 40 hours a week multiplied by 52 weeks equals 2080, right? Well, our fantastic friends in management (M.S. and G.M. - V.P. of H.R.) forgot that.

In the first 6 months of 2007 we have received 6 paychecks (bi-monthly) with 86.67 hours on them and on 4/13 we will start to receive 6 more paychecks (bi-weekly) with 80 hours on each one. You can check the math any way you like, it always adds up to 1000 hours. The last 6 months of 2007 we will receive 13 checks with 80 each = 1040 hours.

WHERE DID THE 40 HOURS FROM THE FIRST 6 MONTHS GO?

The change to a 2 week payroll will save Flight Options $1,500,000. That's just me using the number of active empoyees times 40 hours times an average hourly wage. It is definitely more.

WOW!!!!!!!!!!

Wouldn't you like to put that chunk of change in you bank account?

This "over sight" was brought to G.M.'s attention by numerous people from many different departments. He couldn't see the "error." Just like he couldn't see the "error" in his awesome Holiday Pay plan. He is a "special boy."

Incidentally, regarding that Holiday Pay plan. In case you haven't heard, the "salary non-exempt" folks are given a bank of 48 hours to use over the 6 holidays in the year. Initially it doesn't look bad but take this into consideration: the OCC, OSR, Flight Planning, International, and the entire Maintenance department do not work 8 hour shifts. They will run out of holiday pay on Thanksgiving Day. Since S.M. & G.M. believe everyone likes this plan and refuse to consider a change, odds are very good that there will be an incredible number of people with the creeping crud on Christmas Day. In fact, if I were a betting man, I'd bet the farm on that horse.

 

[bgaviator]

fracs.......

I honestly don't know how any of the fractionals make money. It just doesn't seem like it's a good business model. Let's see, we reposition empty flights 3-4 hours just to cover a trip that's going to take 30 minutes. We'll spend the gas to reposition a plane to another airport that's literally right across the street from where it's currently sitting just because Mr. Preston Prescott III wants to leave from there instead of driving a few more miles down the road. Our planes are constantly breaking because we're running Biz jets as if they were airliners designed to fly those kinds of hours. If we "upset" one of our rich customers for issues out of our control, we'll lose even more money by giving them free flights!
I know Flops hasn't made a profit since its existence...and I truly feel Raytheon is not going to keep shelling out the money to keep them afloat.
And I frankly don't know if the "profits" that NetJets posts are legit or not, because you can sugar coat all the numbers and make them sound good when they're really not when you have a mega company like Berkshire Hathaway.

 

[bgaviator]

fracs.......

I honestly don't know how any of the fractionals make money. It just doesn't seem like it's a good business model. Let's see, we reposition empty flights 3-4 hours just to cover a trip that's going to take 30 minutes. We'll spend the gas to reposition a plane to another airport that's literally right across the street from where it's currently sitting just because Mr. Preston Prescott III wants to leave from there instead of driving a few more miles down the road. Our planes are constantly breaking because we're running Biz jets as if they were airliners designed to fly those kinds of hours. If we "upset" one of our rich customers for issues out of our control, we'll lose even more money by giving them free flights!
I know Flops hasn't made a profit since its existence...and I truly feel Raytheon is not going to keep shelling out the money to keep them afloat.
And I frankly don't know if the "profits" that NetJets posts are legit or not, because you can sugar coat all the numbers and make them sound good when they're really not when you have a mega company like Berkshire Hathaway.

 

[FamilyGuy]

This time the company is screwing every single employee with the new pay schedule.

Doesn't matter if you're salary, salary non-exempt, or hourly. The company converts your yearly pay into hours for ease of calculation.

Check this out. We all know that 40 hours a week multiplied by 52 weeks equals 2080, right? Well, our fantastic friends in management (M.S. and G.M. - V.P. of H.R.) forgot that.

In the first 6 months of 2007 we have received 6 paychecks (bi-monthly) with 86.67 hours on them and on 4/13 we will start to receive 6 more paychecks (bi-weekly) with 80 hours on each one. You can check the math any way you like, it always adds up to 1000 hours. The last 6 months of 2007 we will receive 13 checks with 80 each = 1040 hours.

WHERE DID THE 40 HOURS FROM THE FIRST 6 MONTHS GO?

The change to a 2 week payroll will save Flight Options $1,500,000. That's just me using the number of active empoyees times 40 hours times an average hourly wage. It is definitely more.

WOW!!!!!!!!!!

Wouldn't you like to put that chunk of change in you bank account?

If you went from bi-monthly pay (paid twice a month) to bi-weekly pay (paid every two weeks) then the difference is simple. Bi-monthly means you will get 24 paychecks in a year, bi-weekly means you will get 26 paychecks in a year. (some months you would get 3 paychecks)

The year end numbers would work out the same, but the bi-weekly paycheck would be slightly smaller.

Is this what you are describing, or something else?

 

[FamilyGuy]

And I frankly don't know if the "profits" that NetJets posts are legit or not, because you can sugar coat all the numbers and make them sound good when they're really not when you have a mega company like Berkshire Hathaway.

Sounds like you need to brush up on a recent law called Sarbanes Oxley.

Federal law now requires company executives to sign off on all financial statements and swear that they are a true and accurate representation of the company's performance. If they lie they go to jail.

 

[bgaviator]

fracs......

I didn't know about that law.....sorry
I believe when Raytheon discloses their financials though, you can never really tell how Flops is doing because they list it in the "Other" category.....

 

[FamilyGuy]

I didn't know about that law.....sorry
I believe when Raytheon discloses their financials though, you can never really tell how Flops is doing because they list it in the "Other" category.....

If a conglomerate like Raytheon is reporting financial results by sector and combining the results of several operations into one line item then it does become very difficult to know exactly how any given operation is performing.

You may be able to get more insight by reading the annual report (or searching it for references to "Flight Options"). This is where you will learn more about the individual results.

You'll see the same issue with NetJets results. Berkshire combines the financial results with Flight Safetys when they report, but Buffett frequently talks about each company's performance.

 

[Rez O. Lewshun]

Paycuts means managment failed.

 

[Guitar Guy]

Paycuts means managment failed.

And that someone has to clean up their mess.

 

[Guitar Guy]

I honestly don't know how any of the fractionals make money. It just doesn't seem like it's a good business model.

As suggested, read up on Sarbanes Oxley (aka "Sox"). And for further reading, try this thread: http://forums.flightinfo.com/showthread.php?t=94801

Lastly, do you see Warren Buffett trying to sell off NetJets?

 

[NJAowner]

Bi-monthly and semi-monthly

A Bi-weekly paycheck comes every 2 weeks. A bi-monthly paycheck comes every 2 months. A semi-monthly paycheck comes twice per month. Most state's labor laws require employees to be paid at least twice per month.

No matter when the check arrives the annual pay should be the same.

Fly safe.

 

[RNObased]

Sounds like you need to brush up on a recent law called Sarbanes Oxley.

Federal law now requires company executives to sign off on all financial statements and swear that they are a true and accurate representation of the company's performance. If they lie they go to jail.

Nice work family guy. Someone needed to slap this guy down.

Back to our regular programming.

 

[futurepizzaguy]

I agree with NJAOwner....if the salary is the same...why does it matter how often the paycheck comes? There are many companies that pay now every 14 days....don't think its a paycut though. Am I missing something?

 

[Ultra Grump]

If you do the math, they are indeed shorted 40 hours in a Jan-Dec year. If they were going to make a change like that, they should do it at the beginning of the year, though looking at the dates he described, they are probably basing the change on the fiscal year.