Well this week started off swimmingly... at the annual company conference call it was announced that we would all be receiving pay freezes for this year.
Lots of promises from the company top management and owners that we are just riding out a rough tide in the economy and those who stick it out will be rewarded.
I have not been with the company long enough to know how this will play out. It makes me nervous.
I do think I'll start polishing up the ol' resume and keep an eagle eye on local openings for now.
For what it's worth, having been in a senior management role at one point, I think you are probably safe. Usually, though not always, when pay freezes are announced publicly it means there will not be a large layoff. That's because when you do a big layoff you scare the heck out of everyone. The best people find other jobs so you need to leave yourself enough leeway to offer them raises to stick around or you are left only with deadwood. So, while pay might actually stay level during layoffs, there would not usually be a big announcement about it.
It would not hurt to look for a backup plan but if I were in your shoes I would probably feel a little reassured by that announcement.
Just realize that this decision is probably based on some best estimate of what lies ahead. If things get worse they could always need to make deeper cuts. But you should have at least another 3 months while they wait for the next results.