I'll preface this with yes, I'm looking for a new job.
I just need to vent... I've been with the same small private company for 8.5 years - promoted several times until I made VP, HR. We've gone through multiple rounds of financing which we blew through with reckless spending. With the current economy - especially in biotech - we are finding ourselves having to really tighten the budget as we are running out of funds. We've had MULTIPLE rounds of layoffs and now we are around 40% of what we used to be. Morale is at an all time low.
We are having another layoff and my only employee (HR Manager) is going to be let go. I'm devastated for her and dreading the amount of work it's going to put on me. Then on Friday, I was called in to meet with the CEO and the President. They told me that they want to keep me over the HR Manager b/c my skillset is broader, but the BoD thinks that I'm "too expensive for HR". So they decided to cut my pay by 25%. I can take it or leave. I'm devastated - I've been a trusted employee for years and through a lot of crap. I looked in my offer letter and it does say "Such base salary may be adjusted from time to time in accordance with normal business practices and in the sole discretion of the Company."
I think I'm going to stay until I can find another job - I know it's going to take me a while to find one. How do I stay upbeat and take care of my employees when I'm doing 2 jobs at 75% pay? I think I'm just still in shock.