Abusive - Anonymous employee New Era Technology Employee Review

I worked for a small company that was acquired by New Era Technology a few years ago. I can tell you in my experience of working at multiple companies over the years, both internal IT and MSP, I have never worked for a worse company. The treatment of people at a basic human level is abusive and upper management is to blame and should be ashamed of themselves. Below is a list of some of things I have seen and experienced, and there are many others I wouldn’t believe if I didn’t work here to see it with my own eyes. The CEO is absent and has never shown any plan or direction for the company. I wouldn’t be able to pick him out of a police lineup. The company does not have bonuses, profit sharing, merit increases, or raises of any kind. There are also no holiday parties, holiday bonuses or gifts, or team building activities. Spending has been frozen for years, which includes any training and hiring. No one has received a raise since the time the company was acquired by New Era, even with ridiculously high inflation and even though the company has taken the time to raise billable rates by at least 20-40% HR is completely inept and unqualified do their jobs. I was told by upper management and HR that profit sharing was going to be part of pay after my pay was reduced. Again, there is and never will be, any profit sharing. This was all a lie. HR was incapable of getting me correct tax forms for multiple years and reported incorrect amounts that I had to fight to get corrected and I was tasked with explaining to them how they were wrong. I was told that I should consult my tax attorney like he would have access to their books. 401K match is an absolute joke and is the lowest I’ve ever heard of. It is a % of your contribution and they like to state there is no limit. There is very much a limit as the max contribution to a 401K is $22,500 per IRS rules. New Era is private equity owned and if you are unfamiliar, private equity buys a business with leverage and uses the equity in the acquired business to continue buying up companies and taking it as profit. Once they have pulled as much profit out as they can, the company that was purchased is left to service the debt that the private equity firm initiated, and the private equity firm is not responsible while walking away with the profits. When this happens the company usually cannot service the massive amount of debt they have been saddled with and are left to fail or are sold off/taken public where they will eventually fail due to the debt. This process generally takes 3-5 years, which is all the longer private equity will hold a company and New Era is in that range now. This debt leaves no money for raises, research and development, or growth and expansion. This practice should very much be illegal, but sadly it isn’t, and it will continue to ruin businesses everywhere like it did this one. This practice also leads to growth that is not organic and a company structure where no one is integrated to form one company with a cohesive management structure and aligned businesses goals and processes. The entire company operates as a bunch of small separate entities in which no one knows who does what or what the other is doing. It is chaos and disorganization of the highest order. I continue to watch top tier talent leave for other opportunities and many more will do the same. I have also seen top tier billable resources that were booked solid with work let go to “save money”, which makes absolutely no business sense and shows what level of intelligence upper management has. Now customers are upset because there is no help left to do the work and sales cannot sell anything as there is no one left to do that work either. What’s even worse is that people leaving are not even being replaced. Company credit cards are maxed out and vendors are not being paid, no matter how important they are. An HSA plan is offered for health insurance in which they do not contribute to your HSA account after the first year, even though this was never disclosed meaning the company is saving on premiums while employees are left to foot the bill with high deductibles and out of pocket max amounts. This company has already been up for auction; however, a buyer was not found, which tells you much of a mess the organization is as well as how bad of financial shape they are in. I have never heard anyone speak highly of the CEO or this company so I’m guessing those reviews that are positive are shill posts. If you are looking to experience PTSD, hypertension, anxiety, and depression, as well as find out how unemployment works, this company can give you that, otherwise look elsewhere…as in ANYWHERE else.