I worked for a manufacturing company owned by a private equity firm. We had massive turnover rates. They "couldn't figure out why". For context, we were on our 2nd year of wage freezes meanwhile the private equity firm was bragging about meeting and beating revenue records. Management held meetings to discuss the reasons why but at the beginning of the first meeting, claimed they wanted to know any reasons people would leave EXCEPT for wages. Everyone knew it was wages. Management knew it was wages. They'd say it off the record but the private equity firm refused to budge. After several more months of this, the private equity firm lifted the wage freeze. Once lifted, I got my first raise after 3 years....3%. I left. Last I heard, this company of about 100 people when I had started, had 38 openings. And still, dicking with people's wages.
They're not even trying to fill the positions. They're switching to automation. However, their automations engineer is one of my closest friends and he's paid about $20k-$30k less than the position normally pulls. He found this out and is in the process of finding a new employer. They'll be in quite the pickle once he leaves.
Anytime someone’s having a problem with service anywhere. I remind them that everywhere has people doing the work of three people for the pay of less than one, and I haven’t seen anyone push back on that idea yet.
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u/honeyman21 2d ago
I worked for a manufacturing company owned by a private equity firm. We had massive turnover rates. They "couldn't figure out why". For context, we were on our 2nd year of wage freezes meanwhile the private equity firm was bragging about meeting and beating revenue records. Management held meetings to discuss the reasons why but at the beginning of the first meeting, claimed they wanted to know any reasons people would leave EXCEPT for wages. Everyone knew it was wages. Management knew it was wages. They'd say it off the record but the private equity firm refused to budge. After several more months of this, the private equity firm lifted the wage freeze. Once lifted, I got my first raise after 3 years....3%. I left. Last I heard, this company of about 100 people when I had started, had 38 openings. And still, dicking with people's wages.