I've seen this so many times at other companies that on the fringe of not doing well. First, the company leaders talk about saving money, and then HR together with bean counters start cutting back on some stupid things that won't make a dent into reducing cost, and then after about 1 quarter of realizing it doesn't work, the real cost cutting happens..The Q is no different. WTF is up with the 401k account maintenance fee? I mean, for most of us high earning people, it's not that it makes a dent in our retirement, it's just annoying and cheap. Is the rational everyone pays these fees so that Q can borrow money to sell bonds so that it can do a stock buyback to reward exec, the board, and JANA. I don't get it. Or maybe those fees are needed to pay for Steve's next bonus?
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These benefits used to be small gestures that meant a lot more than Q paid for them. Pennies for fierce loyalty. I'll look back on the good days as something I was priveleged to participate in while looking for new leadership.
@ 104155: Payback is a beyotch! Maybe next time JANA and SM will consider the "time sink" factor of time wasted by employees checking the internet for opinions on this site or info from LegalZoom before they cut costs--or employees. (As if most of the employees at the Q would spring for real lawyers....)
More $$$ in lost productivity while 27,000 employees sit in front of their screen trying to fathom how the health and 401K changes affect them.
HRAs and FSAs have been around long before "Obamacare." They weren't popular until about about 2004 because most employer health ins. coverage was fairly comprehensive and had a much lower minimum deductible than it does today. Then some wonk did the math and realized that most uninsured people under 40 only paid a little over $900 per year each on average, out-of-pocket, in medical care. If the deductible was raised to between $750--$1,000, not only would insurance rates be lower, but it would keep all of those coke-swilling hypochondriacs and their snotty urchins from showing up in the ER or local "dox-in-a-box" medical center to whine about stomach problems and the flu, on the employer's dime. Even better: If the insurance companies and BigCorps greased enough palms, the IRS would toss the peons a bone and let the FSA and HRA contributions be pre-tax dollars.
Anonymous103904: I know you're kidding about this. But if the Q is gonna be cheap, just get rid of the free sodas. Probably does cost the same, and it would probably reduce the hidden cost of all that extra medical insurance it needs to pay to take care of all the fat people and diabetics that results for drinking so much soda. While at it, might as well start charging employees to use the tesla charging stations in the same way employees need to start paying for yoga lessons. The HSA account is just a precursor to shipping more of the medical expenses onto employees eventually. I guess that isn't QCOM specific. More like a result of obamacare. (well at least it's the most popular excuses corporations like to give).Thanks obama and obamacare Fvcker.
The 401K maintenance fee pays for the "free" sodas. The reduced health benefits fund QSOL and the Dixie cups at the water coolers.